06:28:19 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



San Marco Resources Inc (2)
Symbol SMN
Shares Issued 67,916,082
Close 2019-04-18 C$ 0.045
Market Cap C$ 3,056,224
Recent Sedar Documents

San Marco notes termination of Chunibas deal

2019-04-18 10:34 ET - News Release

Mr. Christian Grijalva reports

SAN MARCO RESOURCES PROVIDES CORPORATE UPDATE AND GROWTH STRATEGY FOR 2019

San Marco Resources Inc. has provided a corporate update on continued exploration activities at its existing projects in Sonora, Mexico, along with continuing evaluation of possible new project acquisitions currently under review.

San Marco continues to hold a diversified portfolio of prospective property assets in Mexico's mining-friendly Sonora state and is continually pursuing its efforts to identify potential new property acquisitions to add value to the company's portfolio. The company's near-term strategy for 2019 is expected to include the following:

  • Near-term exploration programs and budgets being finalized for the company's 100-per-cent-owned Espiritu SMR and 1068 properties with a focus on target delineation;
  • Follow-up work programs being contemplated for multiple underexplored areas within the 100-per-cent-owned Chunibas project (see details herein);
  • Multiple submissions for highly prospective new property acquisitions becoming available through the Mexican government lottery (libertad de terrenos);
  • Strategic targeting and evaluation of multiple potential new property acquisitions in various jurisdictions;
  • Ongoing potential partnership discussions regarding the company's existing assets.

Christian Grijalva, chief executive officer of San Marco, stated: "We are excited about the outlook for San Marco in the months ahead. The company maintains a comfortable working capital balance and relatively tight share structure. This, combined with the company's current suite of property assets and extensive in-country intelligence to source possible new acquisitions under reasonable terms, provides the company numerous avenues to bring growth and value for its shareholders. We look forward to providing additional details as our work progresses."

As announced in August, 2018, San Marco signed an earn-in agreement with a wholly owned subsidiary of Antofagasta PLC over San Marco's 100-per-cent-owned Chunibas project in Sonora state, Mexico (see news release dated Aug. 9, 2018). A firm exploration expenditure commitment of $700,000 (U.S.) financed by Antofagasta was deployed for an initial phase of drilling in the partnership. Results from the drill program were announced in December, 2018.

Though the initial program evidenced encouraging characteristics associated with a possible mineralized system warranting additional follow-up, Antofagasta determined the results did not meet its required threshold at this time and has elected not to proceed.

The company thanks Antofagasta for its interest in Chunibas and financing of the initial drill program, which provided valuable, additional technical information applicable to continuing exploration work at multiple underexplored prospective targets within the project. San Marco once again retains a 100-per-cent interest in the project and management believes it remains prospective for follow-up exploration that may be conducted by the company or other potential interested parties in the future.

About San Marco Resources Inc.

San Marco is a Canadian mineral exploration company with a portfolio of promising projects in mining-friendly Mexico, including the Espiritu SMR, Mariana and 1068 projects in Sonora state.

San Marco actively pursues strategic project generation program focused on high-calibre, low-acquisition-cost opportunities in northwestern Mexico.

National Instrument 43-101 disclosure

This news release has been approved by San Marco's co-chairman, Robert D. Willis, PEng, a qualified person as defined in NI 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 assay reports provided to San Marco by its independent testing laboratory.

San Marco has implemented quality assurance and quality control programs to ensure sampling and analysis of all exploration work are conducted in accordance with the best-possible practices. All sampling programs are carried out in a careful and diligent manner using scientifically established sampling practices designed and tested to ensure that the results are representative and reliable. Quality control programs appropriate to the type of sample and the mineralization are implemented, including such measures as external blanks, standards and duplicate samples. The security of samples from sample acquisition to analysis is a vital component of the sampling process. Procedures include the use of secure core logging, sampling, storage and preparation facilities as appropriate as well as the prompt, secure and direct shipping of samples to the laboratories. Appropriate sample security procedures are employed given the geographic and topographic conditions and the logistics created by the site location.

We seek Safe Harbor.

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