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San Marco Announces Results of Exploration Program at Chunibas Project

San Marco Resources Inc. announces the results and recommendations of the recent Chunibas Project exploration program.

As noted in the Company's news release dated August 9th, 2017 regarding the Chunibas property, the discovery of breccias in the recent core drilling program has lead to the re-mapping of surface outcrops property wide, re-logging of the core, and generation of a revised exploration program based on the new, larger porphyry-related breccia gold model/target. As a result of this recent geological work, drilling is recommended, following a few additional surface exploration activities outlined below.

Exploration Results

The Chunibas Project is now viewed as a porphyry-related breccia gold system. Highlights include:

  • Surface mineralized footprint of 3 kilometres X 1.5 kilometres and remains open.
  • Gold mineralization occurs disseminated and vein controlled.
  • The Company is encouraged to see three stages of mineralizing development, which are apparent in the discovery:
    1. initial property-wide emplacement of an igneous breccia which intruded older diorite and andesite rocks;
    2. a magmatic hydrothermal pulse where mineralising fluids emplaced disseminated gold in the breccias; and
    3. late, overprinting epithermal gold-bearing quartz-carbonate veins cross cut all previous rock types.
  • Re-logging of the CHD-01 drill hole reveals it to host 88 metres grading 0.37 g/t gold disseminated in igneous breccias. The previously reported drill intercept in CHD 01 did not include this much wider zone of gold mineralization within breccias.
  • Several drill holes cut magnetite-bearing potassic alteration associated with elevated gold grades. In some cases holes ended in significant, but previously unrecognized mineralization. The last assay in CHD-03 is 1.05 g/t gold and last assay in CHD-02 is 2.4 g/t gold.
  • The alteration styles are indicative of a porphyry system.

For related images, please visit the Chunibas Project on the Company's website.

Exploration Plans

Integrating the recent exploration recommendations with the current Chunibas database has generated an exploration strategy moving forward. The Company plans to immediately initiate the exploration programs as indicated below:

  • Initiate a property-wide magnetic survey. There are indications gold mineralization may be associated with magnetite in potassic alteration. The magnetic survey could help map zones of potassic alteration beneath phyllically-altered rocks common at surface at Chunibas.
  • Further explore the western sector of the property where highly altered rocks contain quartz-sericite-tourmaline structures possibly indicative of a porphyry system in close proximity.
  • Extend several soil sample lines to the western area of the property to cover this zone.
  • Use known pathfinder elements as well as magnetics for vectoring future drill hole locations.
  • Drill defined targets to sufficient depths for an adequate test. Past drilling targeted the late epithermal vein zones at a shallow depth. The program wasn't designed to test a porphyry gold system now suspected to be present. Deeper drilling will be required.

1068 Project

The Company is waiting on some final exploration information regarding the 1068 Project and expect to issue an update on that Project shortly.


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