San Marco Resources Inc. announces that it is continuing surface exploration at its 100% owned 1068 and Chunibas Projects. As well, discussions and property site visits continue with numerous third parties regarding their potential acquisition of an interest in San Marco's projects.
San Marco's CEO, Bob Willis stated: "As we continue preparations to drill our 1068 copper, molybdenum and gold porphyry system, ongoing corporate strategic planning relating to new acquisitions and joint ventures could lead to significant opportunities for our shareholders. Our goal is, and has always been, to maximize stakeholder value through efficient use of our treasury for exploration and expanding our property portfolio."
The Project is an undrilled copper, molybdenum and gold porphyry system discovered in San Marco's generative program (see news release dated September 26th, 2017). Highlights include:
- Geological mapping completed to date, has confirmed that phyllically altered and veined zones extend approximately one kilometre ("km") to the east and 400 metres ("m") to the south from previously identified potassic altered porphyritic rocks.
- Rock chip assay and spectroscopy results from a grid rock sampling survey (0.8 km by 1.6 km), show a coincidental footprint.
- Drill target definition from geological mapping completed to date.
- Commence induced polarization ("IP") survey in December.
- All data integration of geology, geochemistry and IP will allow San Marco to pinpoint additional drill targets.
- One obvious drill target at a small erosional potassic alteration window already identified.
As noted in the Company's news release dated August 9th, 2017 regarding the Chunibas Project, the discovery of breccias in the recent core drilling program has led 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. Highlights include:
- The San Marco team has identified a new style/type of mineralization on the property during the recent soil sampling program. Mapping of the mineralization confirms a NW-SE trend for at least 1.2 km and remains open in all directions. Rock chip samples have been submitted to the lab, the results of which will assist geologists to further understand this exciting new discovery.
- Field mapping and prospecting mostly completed.
- Grid soil sampling covering an area of 1.2 km by 1.3 km over western segment of the property was conducted and completed. Samples have been submitted to the lab, a three week turnaround period is expected.
- The sampling crew was accompanied by a geologist, as a result of which new showings of copper mineralization were discovered in the southern section of the grid. These new mineralized occurrences do not appear to have been previously sampled.
- In these new mineralized occurrences, green and blue copper oxides are hosted in an intermediate to mafic volcanic sequence, which alteration assemblage consists of epidote-calcite and specular hematite. Oxidation of a disseminated a steel gray coloured mineral appears to be the source of the copper oxides mineralization.