San Marco Resources (SMN-V) Feb 25, '15 has signed an agreement with Argonaut Gold (AR-T) to acquire 100% ownership of the Mariana property, a 73,902 hectare land package in the vicinity of the Company's Cuatro de Mayo project in eastern Sonora State, Mexico. As a result, San Marco now owns or has optioned full ownership of approximately 93,000 hectares of highly prospective ground in the Sierra Madre Occidental Gold Belt and is one of the largest exploration landholders in the area.
The Mariana property (now part of the Company's Cuatro de Mayo Regional Project) extends roughly 60 km in a northwest direction, has a width of approximately 20 km, and surrounds the Company's existing CdM East concession. Its southeastern boundary is within 20 km of the La India and Mulatos gold mines to the south and the Dolores silver/gold mine to the east. A map of the Cuatro de Mayo concessions including the Mariana property is available at http://www.sanmarcocorp.com/i/maps/Cuatro-de-Mayo-Concessions.jpg.
Robert Willis, President and CEO of San Marco, stated, "Our acquisition of the extensive and well-positioned Mariana concessions is another step in the fulfilment of our objective to build a significant land position in a proven mineral belt through the low-cost acquisition of exploration concessions with known mineral targets and considerable upside potential. Our exploration team will commence field work in early March in order to evaluate and prioritize existing and potential new targets. Concurrently, we continue to evaluate additional acquisitions in the vicinity of our Cuatro de Mayo properties."
Previous work by Argonaut on the Mariana property includes GIS analysis (including Landsat 7 imagery), which resulted in the identification of 63 potential anomalies related to argillic and advanced argillic alteration, iron oxide zones and silicified zones. Nine of these anomalies are considered to be very high priority and seventeen are high priority for further investigation. Minimal follow-up fieldwork by Argonaut consisted of geological mapping and the analysis of 460 rock chip samples, which to date have identified three areas of interest containing gold and silver mineralization. Less than one quarter of the Mariana property area has been explored to date.
The payment terms of the Mariana agreement consist of a 1% royalty to Argonaut on future production from the property (one half of which can be purchased back by the Company for US $2.0 million), and a one-time bonus payment of US $6 per ounce of gold contained in the Proven and Probable categories as estimated in a bankable feasibility study, payable at the commencement of commercial production.
About San Marco
San Marco Resources Inc. is a Canadian mineral exploration company with a portfolio of three promising properties in mining-friendly Mexico, including the 93,000 hectare Cuatro de Mayo Regional Project in Sonora State. The Company maintains a strategic project generation program focused on high-calibre, low-opportunity cost projects in northern Mexico. San Marco has a committed management team with extensive experience in Mexico and a proven track record of building shareholder value.
National Instrument 43-101 Disclosure
The technical information contained in this document has been verified, and the disclosure of such technical information in this news release has been approved, by San Marco's CEO, Robert D. Willis, P. Eng. a "Qualified Person" as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators.
San Marco Resources Inc.
Robert Willis
CEO
604-568-5951 or Cell: 604-813-2606
rwillis@sanmarcocorp.com
San Marco Resources Inc.
Barbara Henderson
Investor Relations Officer and Corporate Secretary
604-568-5951 or Cell: 604-789-7689
bhenderson@sanmarcocorp.com
www.sanmarcocorp.com |
