May 3 2017
San Marco Resources Inc. announces that results from ongoing geological mapping and prospecting have confirmed and expanded the size potential of Target #1068 in Sonora State, Mexico, elevating the target to project status.
San Marco field crews completed geological and alteration mapping, stream sediment and rock chip sampling and petrographic analyses of select samples on the 1068 Project, a porphyry Gold-Copper- Molybdenum system identified by the Company's generative program (see News Release January 19th, 2017).
Program Highlights:
- Mapping increased the phyllic alteration (quartz, sericite, pyrite) halo surrounding the potassic alteration core to 1000m X 450 m, and defined an internal zone of strong phyllic stockwork developed in the volcanic lithocap.
- The primary target remains hypogene (sulphide) copper-gold-molybdenum mineralization hosted in feldspar/quart/biotite porphyry.
- Initial exploration program complete
- Surface access rights secured over main targets
- Application for drilling approval from the Mexican Ministry of Environment and Natural Resources (SEMARNAT) in process.
- Project is deemed to be drill ready.
Surface exposures of the potassic altered feldspar-quartz-biotite porphyry core, exhibit multi-directional to sheeted quart sulphide veinlets (chalcopyrite, pyrite and molybdenite) with rock chip samples up to 0.59% copper, 0.4 g/t gold and 276 ppm molybdenum The Company believes that the 1068 Project is a classic zoned porphyry system with a broad envelope of quartz-sericite-pyrite alteration surrounding a potassic altered core. Recent mapping and sampling to the north and east of the overlying volcanic lithocap, extended the footprint of alteration and anomalous copper/gold geochemistry, suggesting the mineralized system will extend under the lithocap and beyond the limit of current exposure.
San Marco's CEO, Bob Willis stated; "We are very fortunate to have discovered a copper, gold, moly porphyry environment so early in our regional generative exploration program. Phase I exploration at Project 1068 is complete, however, ongoing detailed geological and structural mapping, additional petrographic analysis will continue. The system is large and robust but complete testing requires sampling below the lithocap. Drilling is the next logical step to confirm
if 1086 is the significant new porphyry discovery it currently appears to be.".
San Marco is currently evaluating options for further exploration on the 1068 Project, including discovery drilling of mineralized exposures on a 100% basis. The Company is also entertaining joint venture discussions with third parties. Due to the strength of the 1068 Project, any deal offered will have to be substantially accretive to San Marco shareholders to outweigh the favourable risk-reward management thinks is presented by the Company carrying out Phase I drilling itself. A final decision will be made while drill permits with SEMARNAT are being processed.
Source: http://www.sanmarcocorp.com/