Drilling continues to demonstrate the consistency of the mineralization hosted in the Angeles fault structure. Following a 3 week break, drilling recently recommenced at the Bonanza zone. Additional drilling is designed to test the Angeles mineralized system on 150 metres to 200 metres step outs along strike (east and west) from previous drilling
Composites from drill hole pulps and rejects, have been sent to the Metallurgical Division of ALS Chemex in Kamloops B.C, where testing will not only include possible recovery alternatives for gold and silver, but include base metals which could have an impact on the overall economic analysis of Angeles.
Blanks and certified standards were inserted into the sample stream as part of San Marco's quality assurance and control program, which complies with National Instrument 43-101 requirements. Core samples are split using a hydraulic splitter, with one half retained in secure storage for logging, and the other half sent to ALS Chemex Lab in Hermosillo, Sonora, Mexico. All samples are prepared using the PREP -31 method. 125 gram pulps are sent to ALS Chemex Lab. in Vancouver, B.C. A 30 gram split is analyzed for gold, using the Au-AA23 method. Sample results greater than 10 ppm are re-assayed, using AA23 fire assay and gravimetric finish. For silver, copper, lead and zinc, a multi-element, four acid digestion (ME - ICP 61 is used. For initial assays of silver greater than 100 ppm, copper, lead and zinc greater than 10,000 ppm (over limits), the OG62 method is used for re-analysis.
Exeter Resource Corp. (TSX: XRC)(NYSE MKT: XRA) is currently funding a $1.0 million committed exploration program at Angeles, which is largely related to a planned 2,500 metres of drilling at the La Bonanza and La Verde target areas, pursuant to an agreement whereby it can earn an initial 51% in the Angeles property by staged expenditures totalling $10 million over 4 years and an additional 19%, over the next 3 years, for a total of 70% by spending an additional $10 million in exploration expenditures.
Exeter will also make cash payments, totalling $950,000 staged over 7 years, by way of a private placement purchase of San Marco's common shares at a price equal to a premium of 25% to the 20 day volume weighted average price .
San Marco has elected not to proceed with an "Option agreement" on the 280 hectare Los Carlos concession, (news release dated November 7, 2011), located in the "Megashear" western Sonora state. The Company will however, proceed with generating an initial exploration program on its wholly owned 15,635 hectare Los Carlos II property. The Company's website details this exciting prospect.
The technical information contained in this press release has been verified, and this news release has been approved, by San Marco's CEO, Robert D. Willis, P. Eng. a 'qualified person' for the purpose of National Instrument 43-101, Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators.
This news release contains "forward-looking information" and "forward-looking statements" (together, the "forward-looking statements"), which are not historical facts are forward-looking statements that involve risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause such differences, without limiting the generality of the following, include: risks inherent in exploration activities; volatility and sensitivity to market prices; volatility and sensitivity to capital market fluctuations; the impact of exploration competition; the ability to raise funds through private or public equity financings; imprecision in resource and reserve estimates; environmental and safety risks including increased regulatory burdens; unexpected geological or hydrological conditions; changes in government regulations and policies, including trade laws and policies; failure to obtain necessary permits and approvals from government authorities; weather and other natural phenomena; and other exploration, development, operating, financial market and regulatory risks. These forward-looking statements are made as of the date of this news release. San Marco Resources Inc. disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
San Marco Resources Inc.
V.P. Corporate Development
604-568-5951 or 604-868-3164
San Marco Resources Inc.
Robert D. Willis
604-568-5951 or 604-813-2606
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