San Marco Arranges $690,000 Private Placement
San Marco Resources Inc. (TSXV: SMN) announces that it has arranged a private placement of 3,000,000 units at a price of $0.23 per unit for gross proceeds of C$ 690,000. Each unit will consist of one common share and one share purchase warrant to purchase one common share for three years at a price of $0.30. No finder’s fees will be payable in connection with the placement.
The private placement is 100% subscribed by members of the Augusta Group including over 50% by Augusta Investments Inc. a company beneficially held by Richard W. Warke. The Augusta Group is a mining sector focused management group based in Canada and the United States. Augusta has an industry leading track record of value creation totalling over C$ 4.5 billion in exit transactions since 2011, and has strategic partnerships with the leading entrepreneurs in the mining sector. Additional information on the Augusta Group can be found at www.augustacorp.com
Proceeds of the private placement will be used for funding exploration of the Buck property and working capital.
All the securities issued pursuant to this private placement will be subject to a four month restricted resale period. Completion of the placement is subject to the approval of the TSX Venture Exchange.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration requirement is available.
About San Marco
San Marco is a Canadian mineral exploration company actively pursuing world class gold, silver, zinc and copper projects with a focus in mining friendly jurisdictions in both British Columbia, Canada and Mexico.
The Company’s principal focus and asset is the recently optioned Buck Property in north-central British Columbia that has large tonnage gold-silver-zinc potential in a mining-friendly region that includes many former and current operating mines. In addition, the Company’s portfolio includes the several prospective, early stage exploration properties in Mexico.
For further information, contact:
Robert Willis, P. Eng.
Executive Director
Nancy Curry
Corporate Communications
Sharyn Alexander, M.Sc.
VP Technical Services
Forward Looking Information
Information set forth in this document may include forward-looking statements. While these statements reflect management’s current plans, projections and intents, by their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the control of San Marco Resources Inc. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on these forward-looking statements. San Marco’s actual results, programs, activities and financial position could differ materially from those expressed in or implied by these forward-looking statements.
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES OF AMERICA
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/55925
- Published in Mining, News Home, San Marco Resources
San Marco Intercepts Shallow Gold at Buck Property
San Marco Resources Inc. (TSXV: SMN) (“San Marco”) is pleased to announce it has intersected wide zones of continuous gold mineralization from its recently completed Phase 1 drill program at its 100% optioned gold/silver/zinc Buck property in north-central B.C.
Highlights of the Phase 1 drill program include:
- 91 metres of 0.80 g/t AuEq (gold equivalent, gold and silver only) within 156 metres of 0.63 g/t AuEq, including 33 metres of 1.01 g/t AuEq.
- 81 metres of 0.78 g/t AuEq within 200.7 metres of 0.51 g/t AuEq, including 44 metres of 1.01 g/t AuEq.
- 2.15 metres of 6.3 g/t Au and 10.0 g/t Ag, including 0.3 metres of 20.7 g/t Au and 48.9 g/t Ag (within 4 metres of the bottom of BK20-002).
- Mineralization is hosted in highly clay altered, faulted and fractured, brecciated volcanic tuffs, as wide disseminated zones and high-grade veins.[*]
- Very consistent gold and silver grades intersected at shallow depths, some of which are projected to surface.
San Marco’s Executive Director, Bob Willis, states “We are very encouraged to see significant intervals of continuous gold mineralization at Buck, which confirms our preliminary findings that this is a large, near-surface gold/silver exploration opportunity. We intend to aggressively ramp up exploration efforts, with our ‘boots on the ground’ exploration team arriving on site in about three weeks. Our drill program gave us the first opportunity to see fresh core we could log and tie to gold mineralization, and to help target the best host rocks, alteration, and structural setting for gold deposition. We will use this new information to target drilling for Phase 2 and to prioritize numerous attractive, but previously poorly understood, target areas at Buck.”
The 1,806 metre drill program was centered in an area of historically explored mineralization and consisted of a total of five holes, where three holes were drilled in an area of known mineralization near surface. An additional two short holes were collared 350 metres to the northwest in an attempt to locate a previously postulated mineralized fault zone. Drill hole locations for the Phase 1 drill program can be seen in Figure 1 and were previously announced on April 8, 2020.
The primary objective of the Phase 1 campaign was to get fresh drill core to identify styles of mineralization and detailed analysis of subtle mineralizing controls that could then be applied project-wide. This has been successful, and these observations will be a key component in the design of the Phase 2 drill program.
Significant shallow drill intersections of gold and silver has shown the robust nature of mineralization, with most of the gold mineralization hosted as disseminations in the host rock, and as high-grade veins, commonly associated with sphalerite and pyrite (see Photo 1). Most of the mineralized system has been classified as felsic lapilli tuffs (volcanic rocks), with various degrees of brecciation. Rocks that are highly faulted and clay-altered have the most elevated gold values. Schematic cross sections can be seen in Figure 2 and Figure 3.
Near-Term Focus
San Marco’s plans for the next phase of exploration include:
- Continue to compile and analyse drill results and review drill core with assays in hand
- Mobilize a field crew to the property in about three weeks
- Commence exploration activities to include detailed mapping and sampling, and prospecting new areas radiating out from current drill location
- Re-interpret historical geophysical data to be used to assist in new drill target generation
- Complete initial 3-D geological model after all drill core interpretation and field work is complete
- Generate Phase 2 drill program
Significant intercepts for the Phase 1 drill program at Buck can be found below.
Hole | From (m) | To (m) | Width* (m) | AuEq (g/t) ** | Au (g/t) | Ag (g/t) | Zn (pct) |
BK20-001 | 29.35 | 30.35 | 1 | 1.93 | 1.87 | 6.1 | 0.5% |
and | 60.00 | 62.00 | 2 | 1.09 | 1.06 | 2.7 | 0.1% |
and | 76.50 | 80.00 | 3.5 | 0.54 | 0.53 | 1.0 | 0.1% |
and | 102.30 | 303.00 | 200.7 | 0.51 | 0.48 | 3.7 | 0.2% |
including | 120.00 | 136.00 | 16 | 0.56 | 0.52 | 4.0 | 0.2% |
and including | 123.00 | 127.45 | 4.45 | 0.73 | 0.68 | 4.9 | 0.1% |
and including | 124.35 | 125.00 | 0.65 | 1.84 | 1.77 | 7.6 | 0.2% |
including | 153.80 | 281.00 | 127.2 | 0.62 | 0.58 | 4.1 | 0.2% |
and including | 157.45 | 238.00 | 81 | 0.78 | 0.73 | 4.9 | 0.2% |
and including | 192.00 | 236.00 | 44 | 1.01 | 0.96 | 5.1 | 0.2% |
and including | 192.00 | 202.00 | 10 | 1.07 | 1.00 | 7.6 | 0.2% |
and including | 210.00 | 212.00 | 2 | 1.18 | 1.13 | 5.1 | 0.2% |
and including | 224.00 | 234.00 | 10 | 1.69 | 1.65 | 4.8 | 0.4% |
and including | 224.00 | 228.88 | 4.88 | 2.62 | 2.54 | 8.3 | 0.6% |
and | 343.75 | 345.00 | 1.25 | 0.64 | 0.61 | 2.7 | 0.1% |
BK20-002 | 50.25 | 56.00 | 5.75 | 0.48 | 0.47 | 1.8 | 0.1% |
including | 50.25 | 50.60 | 0.35 | 2.08 | 1.93 | 16.1 | 1.0% |
and | 90.20 | 90.50 | 0.3 | 2.43 | 2.19 | 25.2 | 1.0% |
and | 101.00 | 257.10 | 156.1 | 0.63 | 0.59 | 4.3 | 0.5% |
including | 111.00 | 202.00 | 91 | 0.80 | 0.75 | 5.6 | 0.5% |
and including | 111.00 | 113.00 | 2 | 4.19 | 4.08 | 11.2 | 1.2% |
and including | 132.00 | 142.00 | 10 | 1.01 | 0.95 | 6.3 | 0.2% |
and including | 146.00 | 147.50 | 1.5 | 1.56 | 1.50 | 6.2 | 0.5% |
and including | 152.10 | 153.60 | 1.5 | 1.66 | 1.62 | 4.5 | 1.2% |
and including | 169.00 | 202.00 | 33 | 1.01 | 0.94 | 7.4 | 0.7% |
and including | 169.00 | 175.20 | 6.2 | 1.05 | 0.98 | 6.7 | 1.1% |
and including | 169.00 | 171.00 | 2 | 1.55 | 1.49 | 6.3 | 1.0% |
and including | 173.00 | 175.20 | 2.2 | 1.08 | 1.00 | 8.6 | 1.7% |
and including | 181.00 | 202.00 | 21 | 1.09 | 1.02 | 8.0 | 0.7% |
including | 245.20 | 257.10 | 11.9 | 0.88 | 0.84 | 3.9 | 0.9% |
and including | 248.40 | 252.00 | 3.6 | 2.04 | 1.99 | 5.5 | 1.4% |
and | 325.00 | 329.00 | 4 | 1.39 | 1.29 | 11.1 | 0.4% |
and | 335.90 | 337.00 | 1.1 | 5.69 | 5.55 | 14.9 | 0.0% |
and | 414.50 | 415.00 | 0.5 | 6.21 | 5.75 | 49.3 | 0.2% |
and | 424.65 | 426.80 | 2.15 | 6.40 | 6.30 | 10.0 | 0.0% |
including | 426.50 | 426.80 | 0.3 | 21.16 | 20.70 | 48.9 | 0.0% |
BK20-003 | 84.40 | 85.00 | 0.6 | 1.62 | 1.48 | 14.9 | 2.0% |
and | 134.35 | 135.60 | 1.25 | 1.70 | 1.56 | 14.6 | 1.5% |
including | 134.35 | 134.65 | 0.3 | 5.75 | 5.37 | 40.4 | 3.6% |
BK20-004 | 101.50 | 103.00 | 1.5 | 0.54 | 0.52 | 2.9 | 0.1% |
including | 101.50 | 101.80 | 0.3 | 1.47 | 1.42 | 5.0 | 0.2% |
and | 186.00 | 188.00 | 2 | 0.72 | 0.70 | 1.6 | 0.1% |
and | 211.10 | 221.20 | 10.1 | 0.49 | 0.42 | 7.1 | 0.5% |
including | 211.10 | 212.25 | 1.15 | 1.41 | 1.28 | 14.2 | 1.4% |
including | 220.85 | 221.20 | 0.35 | 2.74 | 2.61 | 14.0 | 2.7% |
and | 272.00 | 274.00 | 2 | 3.10 | 3.06 | 4.5 | 0.3% |
BK20-005 | 165.80 | 188.80 | 23 | 0.63 | 0.32 | 33.2 | 0.4% |
including | 165.80 | 172.10 | 6.3 | 1.08 | 0.46 | 65.4 | 0.5% |
including | 188.50 | 188.80 | 0.3 | 1.30 | 0.64 | 70.4 | 1.0% |
and | 208.20 | 208.50 | 0.3 | 1.10 | 1.01 | 9.6 | 2.3% |
and | 214.00 | 304.50 | 90.5 | 0.35 | 0.30 | 5.1 | 0.4% |
including | 226.00 | 230.00 | 4 | 0.78 | 0.66 | 13.6 | 0.2% |
including | 252.00 | 304.50 | 52.5 | 0.39 | 0.33 | 6.1 | 0.5% |
and including | 262.00 | 281.00 | 19 | 0.51 | 0.41 | 10.9 | 0.6% |
and including | 302.50 | 304.50 | 2 | 0.66 | 0.64 | 1.9 | 0.0% |
and | 324.00 | 326.00 | 2 | 0.61 | 0.58 | 3.2 | 0.3% |
and | 348.00 | 350.00 | 2 | 0.61 | 0.54 | 7.4 | 0.1% |
and | 418.00 | 420.00 | 2 | 1.09 | 1.00 | 9.1 | 0.1% |
- * Widths are drill core length. Insufficient drilling has been undertaken to determine true widths at this time.
- Average grades are weighted by width and calculated with uncapped gold assays.
- Average widths are calculated using a 0.2 g/t gold equivalent cut-off grade with less than five continuous metres of internal dilution below cut-off grade.
- ** Gold equivalent (AuEq) values were calculated using a gold price of US$ 1,600 per ounce and a silver price of US$ 15 per ounce. Gold equivalent values were calculated using the following formula: AuEq = (Au g/t) + (Ag g/t) x (15/1600).
- Gold equivalent assumes 100% recoveries.
Quality Assurance
All sample assay results have been monitored through a quality assurance / quality control (QA/QC) program. Industry best practices were used for defining a QA/QC program where 5% of the sampling stream was controlled by industry recognized certified reference material (CRM’s) and blanks. When necessary, additional QA/QC in the form of 5% of pulp and coarse reject duplicates were selected for laboratory verification. The drill core was logged in detail by geologists utilizing a logging approach designed by senior technical managers. Logging and sampling was completed at a secure facility in Smithers, B.C. by Coast Mountain Geological Ltd. (CMG). Drill core was sawn in half on site and half drill-core samples were securely transported to the ALS Global prep facility in Terrace, B.C. The samples were dried, crushed to 70% (< 2 mm), split to 250g, and pulverised to 85% (<75 µm). Sample pulps were sent to the ALS Global lab in North Vancouver, B.C., for analysis. Gold analysis was by 30g Fire Assay with AA finish and automatically re-analysed with Gravimetric finish if Au >5 g/t. Some samples underwent ore grade analysis using the Four Acid method. In addition, pulps underwent Multi-Element Analysis by ICP-AES. ALS Global is registered to ISO/IEC 17025:2017 accreditations for laboratory procedures.
Links to Figures
Figure 1:
http://sanmarcocorp.com/wp-content/uploads/2020/05/Buck_Drilling_Imagery_May2020_NR_sxns.jpg
Photo 1:
http://sanmarcocorp.com/wp-content/uploads/2020/05/Buck_CorePhotos.pdf
About San Marco
San Marco is a Canadian mineral exploration company actively pursuing world class gold, silver, zinc and copper projects with a focus in mining friendly jurisdictions in both British Columbia, Canada and Mexico.
The Company’s principal focus and asset is the recently optioned Buck Property in north-central British Columbia that has large tonnage gold-silver-zinc potential in a mining-friendly region that includes many former and current operating mines. In addition, the Company’s portfolio includes the several prospective, early stage exploration properties in Mexico.
San Marco is committed to environmental and social responsibility with a focus on responsible development to generate positive outcomes for all stakeholders.
Further details are available on the Company’s website at www.sanmarcocorp.com
On behalf of the Board of Directors:
Robert Willis, P.Eng.
Executive Director
For further information, contact:
Nancy Curry
Corporate Communications
Sharyn Alexander, M.Sc.
VP Technical Services
National Instrument 43-101 Disclosure
This news release has been approved by San Marco’s Executive Director, 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. He has verified the data disclosed, including sampling, analytical and test data, underlying such technical information.
Forward Looking Information
Information set forth in this document may include forward-looking statements. While these statements reflect management’s current plans, projections and intents, by their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the control of San Marco Resources Inc. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on these forward-looking statements. San Marco’s actual results, programs, activities and financial position could differ materially from those expressed in or implied by these forward-looking statements.
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
[*] Widths are drill core length
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/55698
- Published in Mining, News Home, San Marco Resources
San Marco Completes Phase 1 Drilling at Buck Property, Central BC
2020-04-08 07:30 ET – News Release
Vancouver, British Columbia–(Newsfile Corp. – April 8, 2020) – San Marco Resources Inc. (TSXV: SMN) (“San Marco”) is pleased to announce that the previously announced Phase I diamond drilling program (March 17, 2020) has been completed at its 100% optioned gold/silver/zinc Buck property in north-central B.C.
The 1,806 metre drill program was centered in an area of historic mineralization and consisted of a total of five holes, with three collared in the Horseshoe Zone and two approximately 300 metres to the northwest in the Adit Zone (see Figure 1).
Highlights of the Phase I drill program include:
- All five holes intersected mineralization from surface.
- Three of the five holes intersected mineralization to depths in excess of 400 metres, which is approximately 150 metres below historic drilling depths.
- Mineralization is hosted in highly altered and fractured volcanic breccias as disseminations, veins/veinlets, and mineralized fractures.
- Initial logging suggests a large, highly altered gold/silver/zinc volcanic breccia system, open in all directions.
Drill hole locations are set out below in Table 1.
Hole ID | Easting | Northing | Azimuth | Dip | Length (m) |
BK20-001 | 654649 | 6019613 | 45o | -55o | 467 |
BK20-002 | 654625 | 6019637 | 30o | -55o | 431 |
BK20-003 | 654596 | 6019937 | 225o | -45o | 164 |
BK20-004 | 654593 | 6019934 | 180o | -65o | 296 |
BK20-005 | 654824 | 6019867 | 215o | -50o | 448 |
Total Length (m) | 1806 |
Table 1. Phase I Drill Hole Locations at the Buck Property
The drill core samples are being processed by ALS Chemex in North Vancouver and results will be announced when available.
San Marco’s Executive Director, Bob Willis, commented “We are very excited to have completed our initial drill program at Buck. We look forward to analyzing the results and receiving assays, which will help guide planning of Phase II exploration. I thank the entire team for diligently completing this drill program ahead of schedule and on budget. During this time of COVID-19 awareness, I especially thank the front-line team of Coast Mountain Geological and JT Thomas Drilling, who operated under strict COVID-19 protocols and completed the program in a safe and healthy manner.”
Industry best practices were used for defining a QA/QC program where 5% of the sampling stream was controlled by industry recognized certified reference material (CRM’s) and blanks. When necessary, an additional 5% of QA/QC in the form of pulp and coarse reject duplicates were selected for laboratory verification. The drill core was mapped and logged in detail by geologists utilizing a logging approach designed by senior technical managers.
About San Marco
San Marco is a Canadian mineral exploration company actively pursuing world class gold, silver, zinc and copper projects with a focus in mining friendly jurisdictions in both British Columbia, Canada and Mexico.
The Company’s principal focus and asset is the recently optioned Buck Property in north-central British Columbia that has large tonnage gold-silver-zinc potential in a mining-friendly region that includes many former and current operating mines. In addition, the Company’s portfolio includes the several prospective, early stage exploration properties in Mexico.
San Marco is committed to environmental and social responsibility with a focus on responsible development to generate positive outcomes for all stakeholders.
For further information, contact:
Sharyn Alexander, M.Sc.
VP Technical Services
Nancy Curry
Corporate Communications
info@sanmarcocorp.com
www.sanmarcocorp.com
National Instrument 43-101 Disclosure
This news release has been approved by San Marco’s Executive Director, 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. He has verified the data disclosed, including sampling, analytical and test data, underlying such technical information by reviewing the data and reports from previous exploration of the property which he believes to be accurate and were provided to San Marco by the optionors.
Forward Looking Information
Information set forth in this document may include forward-looking statements. While these statements reflect management’s current plans, projections and intents, by their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the control of San Marco Resources Inc. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on these forward-looking statements. San Marco’s actual results, programs, activities and financial position could differ materially from those expressed in or implied by these forward-looking statements.
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/54236
- Published in Gold, Mining, News Home, San Marco Resources
SAN MARCO BEGINS DRILLING AT BUCK PROPERTY, CENTRAL BC
Vancouver, B.C. – March 17, 2020: San Marco Resources Inc. (TSX-V: SMN) (“San Marco” or the “Company”) is pleased to announce that it has commenced drilling at its 100% optioned gold/silver/zinc Buck property in north central B.C.
Highlights of the fully-funded Phase I drill program include:
- Up to 2,000 metres of HQ diamond drilling
- Investigate potential depth extensions of known mineralized zones
- Step-out drilling in areas of potential new discoveries
- Step-out drilling in areas of potential new discoveries
- Confirm bulk tonnage potential as well as zones of high grade mineralization
Since very little drill core from historical drilling is available for review, this initial drill program will provide fresh drill core for detailed logging and support of what appears to be a large, highly altered gold/silver/zinc breccia system. San Marco’s Vice President of Technical Services, Sharyn Alexander, commented “We are very excited to begin drilling at our Buck property. We have a strong technical team with years of combined experience, and we are eager to test some very interesting targets outlined during our data compilation and review. Data to date indicates the Buck property hosts large areas of surface and near surface mineralization and it is anticipated that the current drilling will confirm this and give indications of depth potential.
The Buck property is thought to be structurally complex, such that the Company has retained Chris Gallagher of Rogue Geoscience, who specializes in 3D geologic and structural modeling, oriented core procedures and integration of field portable analyzers. The drill program is being conducted under the supervision of Coast Mountain Geological Ltd, mineral exploration consultants, of Vancouver B.C. Local operator J.T. Thomas of Smithers, B.C., is carrying out the drilling.
About San Marco
San Marco is a Canadian mineral exploration company actively pursuing world class gold, silver, zinc and copper projects with a focus in mining friendly jurisdictions in both British Columbia, Canada and Mexico. The Company’s principal focus and asset is the recently optioned Buck Property in north-central British Columbia that has large tonnage gold-silver-zinc potential in a mining-friendly region that includes many former and current operating mines. In addition, the Company’s portfolio includes the several prospective, early stage exploration properties in Mexico. San Marco is committed to environmental and social responsibility with a focus on responsible development to generate positive outcomes for all stakeholders.
For further information, contact:
Robert Willis, P. Eng. | Executive Director
Sharyn Alexander, M.Sc. | VP Technical Services
info@sanmarcocorp.com
National Instrument 43-101 Disclosure
This news release has been approved by San Marco’s Executive Director, 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. He has verified the data disclosed, including sampling, analytical and test data, underlying such technical information by reviewing the data and reports from previous exploration of the property which he believes to be accurate and were provided to San Marco by the optionors.
Forward Looking Information
Information set forth in this document may include forward-looking statements. While these statements reflect management’s current plans, projections and intents, by their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the control of San Marco Resources Inc. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on these forward-looking statements. San Marco’s actual results, programs, activities and financial position could differ materially from those expressed in or implied by these forward-looking statements.
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
- Published in Gold, Mining, News Home, San Marco Resources
San Marco Initiates Site Preparation for Buck Drilling and Confirms Receipt of 5-Year Exploration Permit
San Marco Resources Inc. (TSXV: SMN) confirms receipt of a 5-year, area-based exploration permit for its 100% optioned Buck gold/silver/zinc project. The permit allows for substantial drilling on the property, which will help test the known mineralized footprint, as well as outline additional targets for potential new discoveries.
The fully funded Phase I drilling program will consist of approximately 2,000 metres of HQ drill core, most of which is in areas where known gold/silver/zinc mineralization is open in all directions. For more information, see our Corporate Presentation. Access to Phase I drill sites consists of clearing out previously constructed trails from historical exploration works. This work is expected to take a few days.
The company’s geoscience team has spent many months re-evaluating the 50-plus years of previous exploration data. As a result of this work, the Buck property is believed to host large, altered breccia system, with gold and silver mineralization widespread throughout and open in all directions. Historical drill data indicates mineralization is contained in high-grade sub-sections that are either at surface or near surface, supporting a potential bulk tonnage deposit model. The team intends to continue to analyze historic data, including surface samples, trenching, and geophysical data, to better outline and expand the mineralized footprint and generate additional regional targets.
About San Marco
San Marco is a Canadian mineral exploration company actively pursuing world class gold, silver, zinc and copper projects with a focus in mining friendly jurisdictions in both British Columbia, Canada and Mexico.
The Company’s principal focus and asset is the recently optioned Buck Property in north-central British Columbia that has large tonnage gold-silver-zinc potential in a mining-friendly region that includes many former and current operating mines. In addition, the Company’s portfolio includes the several prospective, early stage exploration properties in Mexico.
San Marco is committed to environmental and social responsibility with a focus on responsible development to generate positive outcomes for all stakeholders.
For further information, contact:
Robert Willis, P. Eng.
Executive Director
Sharyn Alexander, M.Sc.
VP Technical Services
- Published in Mining, News Home, San Marco Resources
San Marco Closes Over-Subscribed $785,000 Private Placement
San Marco Resources Inc. (TSXV: SMN) announces that it has closed its over-subscribed non-brokered private placement by raising C$ 784,849.91 from the issuance of 5,813,703 units at a price of $0.135 per unit. Each unit consisted of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to purchase one common share for $0.20 until February 19, 2023. If, after June 19, 2020, the closing price of San Marco’s shares is at least $0.40 per share for 10 trading days, San Marco may accelerate the expiry of the warrants to 30 calendar days after the expiry of that 10 trading day period.
The Company paid finders fees of 7% and issued finder warrants (each exercisable to purchase one share for $0.135 until February 19, 2021) of 7% to Haywood Securities Inc. ($32,848.20 and 243,320 finder warrants), Canaccord Genuity Corp. ($1,417.50 and 10,500 finder warrants) and T-Bone Ventures Inc. ($2,835 and 21,000 finder warrants).
The shares issued and issuable under the private placement are subject to a four month hold period expiring on June 20, 2020.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration requirement is available.
About San Marco
San Marco is a Canadian mineral exploration company actively pursuing world class gold, silver, zinc and copper projects with a focus in mining friendly jurisdictions in both British Columbia, Canada and Mexico.
The Company’s principal focus and asset is the recently optioned Buck Property in north-central British Columbia that has large tonnage gold-silver-zinc potential in a mining-friendly region that includes many former and current operating mines. In addition, the Company’s portfolio includes the several prospective, early stage exploration properties in Mexico.
For further information, contact:
Robert Willis, P. Eng.
Executive Director
- Published in Mining, News Home, San Marco Resources
San Marco Receives Subscriptions for $716,800 in Over-subscribed Non-brokered Private Placement
San Marco Resources Inc. (TSXV: SMN) announces that its non-brokered private placement to raise C$ 500,000 has been over-subscribed. It has received subscriptions totalling C$ 716,799.92.
The private placement now consists of 5,309,629 units at a price of $0.135 per unit. Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one common share for three years at a price of $0.20. If, after four months following closing of the placement, the closing price of San Marco’s shares is at least $0.40 per share for 10 trading days, San Marco may accelerate the expiry of the warrants to 30 calendar days after the expiry of that 10 trading day period.
The Company will pay finders fees in cash of 7% and issue finders warrants (each exercisable to purchase one share for $0.135 for one year) of 7% to eligible finders in accordance with the policies of the TSX-V.
Proceeds of the private placement will be used for funding exploration of the Buck property and working capital.
Bob Willis, San Marco’s Executive Director states; “We are very pleased about the overwhelming support received for the initial funding for exploration at Buck. We have received our permit and drilling will begin shortly to test key targets discovered during historic data compilation and to allow potential expansion of the existing mineralized footprint.”
All the securities issued pursuant to this private placement will be subject to a four month restricted resale period. Completion of the placement is subject to the approval of the TSX Venture Exchange.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration requirement is available.
About San Marco
San Marco is a Canadian mineral exploration company actively pursuing world class gold, silver, zinc and copper projects with a focus in mining friendly jurisdictions in both British Columbia, Canada and Mexico.
The Company’s principal focus and asset is the recently optioned Buck Property in north-central British Columbia that has large tonnage gold-silver-zinc potential in a mining-friendly region that includes many former and current operating mines. In addition, the Company’s portfolio includes the several prospective, early stage exploration properties in Mexico.
For further information, contact:
Robert Willis, P. Eng.Executive Director VP
Sharyn Alexander, M.Sc.
Technical Services
- Published in Mining, News Home, San Marco Resources
San Marco Resources Inc. (TSX-V: SMN) Ready To Rebound On Improving Fundamentals
San Marco Resources Inc. (TSX-V: SMN) has registered substantial price gains as investors react to improving fundamentals tied to the company’s flagship Buck gold/silver/zinc project. Renewed investor interest has seen the stock rally by more than 30% after a steep pullback in 2019. The bounce-back stems from growing confidence about the company’s long-term prospects as it continues to work on its flagship mining project.
The Canadian mineral and exploration company’s focus in 2020 remains fixed on the flagship Buck gold/silver/zinc Property[SA1] [R2] , located in north-central British Columbia. The 100% optioned 15,000 ha project is at the heart of the company’s long-term prospects as well as the generation of long-term shareholder value.
Likewise, San Marco Resources balance sheet has received a boost with a series of capital raises that leaves the company well positioned to bring to fruition its flagship mining project. A strengthened balance sheet means the company is financed to pursue strategic initiatives that have the potential to generate long-term value.
About San Marco resources
San Marco is a Canadian mineral exploration company actively pursuing world class gold, silver, zinc and copper projects with a focus in mining friendly jurisdictions in both British Columbia, Canada, and Mexico. The Company’s principal focus and asset is the recently optioned Buck Property in north-central British Columbia that has large tonnage gold-silver-zinc potential in a mining-friendly region that includes many former and currently operating mines. In addition, the Company’s portfolio includes the several prospective, early stage exploration properties in Mexico.
San Marco 2020 Outlook
Buck Project Prospects
After a quiet 2019, 2020 promises to be a busy year for San Marco Resources. The company is set to begin drilling at their flagship Buck Property with the imminent approval of their drill permits.
Located 15 km south of Houston, British Columbia, the Buck Property is a bulk tonnage gold/silver/zinc exploration target believed to be a large, altered breccia system. Historical exploration activities included drilling, sampling, as well as ground and airborne geophysics, meaning the company won’t be starting from scratch.
The Buck property is located in a mining friendly jurisdiction that will support year-round exploration. Likewise, the project has excellent road access allowing support to drilling and processing operations.
The company’s geologists have compiled data and generated a 3-D model of historical drill assays. The analysed data indicates the presence of a large, altered breccia system with widespread gold, silver, and zinc mineralization. The surface footprint of the mineralization is over an area approximately 700 m by 300 m with mineralized breccia also known to exist up to 200 m in depth. Alongside this surface area, multiple unexplored target areas are also located within the claim group.
According to San Marco Resources Executive Director, Bob Willis, “the Buck gold/silver/zinc project provides an excellent opportunity to generate significant shareholder value once drilling operations commence”.
Capital Raise
The company has already carried out a string of capital raises to support the imminent drilling operation at the Buck project. In November of last year, San Marco Resources closed a $448,000 non-brokered unit private placement [SA3] on the issuance of 3.7 million shares priced at $0.12 a unit. Likewise, the company has confirmed the pricing of a flow through private placement [SA4] made up of 266,667 shares priced at $0.15 a share.
Similarly, San Marco has confirmed it has retained the services of public relations firm Momentum Public Relations. The firm is tasked with the responsibility of assisting in strategic business development activities as the company shifts focus to drilling operations at its British Columbian Buck gold/silver/zinc flagship project.
The public relations firm is also tasked with the responsibility of assisting in increasing the company’s public awareness in addition to handling corporate communications and marketing activities. The firm will facilitate dialogue with the company’s shareholders as well as finance professionals and other media contacts.
Bottom Line
San Marco Resources has recovered nicely after experiencing a pullback in 2019. The bounce-back has coincided with the release of important updates pertaining to exploration activities at the flagship Buck gold/silver project. As the company eyes drilling operations, 2020 can only be a good year for the company as it seeks to generate shareholder value.
That said, the stock market sentiments can only continue to edge higher on the company providing positive updates about the exploration program at the Buck gold/silver project. If you are looking for a company with plenty of opportunities on the horizon, San Marco Resources fits the bill.
- Published in Gold, Mining, News Home, San Marco Resources
San Marco to Prepare for Drilling at Its Gold/Silver/Zinc Buck Property and Announces Attendance at VRIC Conference
San Marco Resources Inc. (TSXV: SMN) (“San Marco” or the “Company”) is pleased to announce the imminent approval of a five year area-based exploration permit for the Company’s Buck gold/silver/zinc property near Houston, B.C. The permit includes 30 drill sites of where multiple holes may be drilled from the same drill pad. Geophysics may be included in the initial exploration program.
Phase I exploration program activities will utilize existing access trails to construct new drill pads, which will be followed by a diamond drill program consisting of HQ oriented core. Specific drill hole locations, hole depths, number of holes etc. will be determined over the next few weeks, with the drill expected to be turning shortly thereafter.
At surface and near surface mineralized breccia, which hosts significant gold, silver and zinc values, will be the drill targets for the entire program. Examples of some historical drill intercepts over the last 50 years include;
- 30.75 metres (“m”) at 2.70 grams per ton (“g/t”) gold within 143.33 m at 0.75 g/t gold (Hole 84-1),
- 27.43 m at 2.74 g/t gold within 91.4 m at 0.93 g/t gold (Hole 68-4),
- 12.19 m at 2.58 g/t gold within 170.68 m at 0.61 g/t gold (Hole 04-01), and
- 26.5 m at 2.50 g/t gold within 265.86 m at 0.65 g/t gold (Hole 88-02).
Recent re-logging of drill core from one historical hole, and detailed review and re-interpretation of historical drill logs, indicates mineralization of economic interest is related to and contained in a diatreme geological environment, with breccia pipe features. The Buck Property currently has surface drill targets in breccia over an area approximately 700 m by 300 m with mineralized breccia also known to exist up to 200 m in depth and open in all directions. For details, please review the Company’s corporate presentation.
Most of the previous drilling has been located outside of the diatreme/breccia target model, leaving large areas of under-explored breccia targets and virgin ground. A recent alteration study from historical drill logs has been completed by Dr. David Bailey, P. Geo., and resulted in recognition that a specific level and intensity of alteration is related to the zones of best grades and widest drill hole intercepts. This, along with additional detailed data re-interpretation, has enabled San Marco’s geological team to vector into very highly prospective drill targets.
Sharyn Alexander, V.P. Technical Services, stated: “We are excited to move forward with our drill program on the Buck Property, as it will allow us to test some very interesting targets discovered during historic data compilation and re-interpretation. Our exploration plan includes obtaining fresh core in known mineralized areas to assist us in identifying the controls of mineralization and testing new targets to allow potential expansion of the existing mineralized footprint.”
San Marco holds an option to acquire a 100% interest in the Buck Property, subject to a 2.5% net smelter returns royalty which can be reduced to 1.5% for $2,500,000. See news release dated July 15, 2019.
Vancouver Resource Investment Conference
San Marco cordially invites you to visit us at Booth #630 at the Vancouver Resource Investment Conference (VRIC) to be held at the Vancouver Convention Centre West (1055 Canada Place, Vancouver) on Sunday, January 19th through Monday, January 20th, 2020.
For more information or to register for the conference please visit:
About San Marco
San Marco is a Canadian mineral exploration company actively pursuing world class gold, silver, zinc and copper projects with a focus in mining friendly jurisdictions in both British Columbia, Canada, and Mexico.
The Company’s principal focus and asset is the recently optioned Buck Property in north-central British Columbia that has large tonnage gold-silver-zinc potential in a mining-friendly region that includes many former and current operating mines. In addition, the Company’s portfolio includes the several prospective, early stage exploration properties in Mexico.
For further information, contact:
Robert Willis, P. Eng.
Executive Director
Sharyn Alexander, M.Sc.
VP Technical Services
National Instrument 43-101 Disclosure
This news release has been approved by San Marco’s Executive Director, 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. He has verified the data disclosed, including sampling, analytical and test data, underlying such technical information by reviewing the data and reports from previous exploration of the property which he believes to be accurate and were provided to San Marco by the optionors.
- Published in Albert Mining, Mining, San Marco Resources
San Marco Retains Momentum Public Relations Inc. for Strategic Business Development
San Marco Resources Inc. (TSXV: SMN) (“San Marco” or the “Company”) is pleased to announce that it has retained Momentum Public Relations Inc. (“Momentum”) to assist with strategic business development activities.
Momentum, a Montreal, Quebec based public relations firm, will assist the Company in increasing public awareness by managing the Company’s corporate communications and marketing activities and facilitating dialogue with the Company’s shareholders, finance professionals, analysts and media contacts within the North American investment community.
Max Gagne-Godbout, Momentum’s President, commented: “We are proud to add San Marco to our umbrella of carefully chosen mining clients. The San Marco team comprises experts with impressive track records. We are confident in their ability to enhance shareholder value by developing current assets, as well as adding new opportunities, which they are actively involved.”
The agreement with Momentum has a term of 12 months at $8,500 per month. After the initial 4-month period, either party may terminate the agreement on 30 days written notice without penalty. Under the agreement, the Company will grant Momentum a stock option to purchase 150,000 shares for a period of one year exercisable at the market price per share at the time of granting. The option will vest quarterly on granting, and three, six, and nine months after granting pursuant to the terms of the Company’s stock option plan.
The agreement with Momentum is subject to approval by the TSX Venture Exchange.
About Momentum
Momentum assists public companies in distributing their messaging to target audiences within the North American investment community. Through a national network of institutional investors, analysts and financial media relationships, the team may communicate the clients’ value drivers, growth potential and development vision clearly and efficiently. The experienced team of communications specialists work closely with senior management to build campaign objectives and market activity while executing on a long-term investor relations strategy and respond to immediate changes.
About San Marco
San Marco is a Canadian mineral exploration company actively pursuing world class gold, silver, zinc and copper projects with a focus in mining friendly jurisdictions in both British Columbia, Canada, and Mexico.
The Company’s principal focus and asset is the recently optioned Buck Property in north-central British Columbia that has large tonnage gold-silver-zinc potential in a mining-friendly region that includes many former and current operating mines. In addition, the Company’s portfolio includes the several prospective, early stage exploration properties in Mexico.
For further information, contact:
Robert Willis, P. Eng.
Executive Director
Sharyn Alexander, M.Sc.
VP Technical Services
- Published in Mining, News Home, San Marco Resources