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San Marco Acquires Cuatro de Mayo Project

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San Marco Acquires Cuatro de Mayo Project

 

 

 

 

 

San Marco Resources Inc. (TSX-V:SMN) has signed an agreement granting the Company an option to acquire a 100% interest in the Cuatro de Mayo Project in eastern Sonora State, Mexico, subject to regulatory approval including the approval of the TSX Venture Exchange.
 

The Cuatro de Mayo project comprises roughly 18,500 hectares in nine exploration concessions located 160 km east of Hermosillo, Mexico. The property hosts numerous styles of mineralization including: CRD-type (mantos, skarns) silver-lead-zinc showings; high-sulfidation epithermal volcanoclastic-hosted gold showings; and, mesothermal silver showings. Old mineral workings have been noted throughout the property. Surface channel sampling by San Marco at the entrance to one such historic working returned 124 g/t silver, 0.86 g/t gold and 4.7% lead over 9.5 m in one sample, and 197 g/t silver, 0.89 g/t gold, 7.1% lead and 0.22% zinc over 2.0 metres in a second sample. San Marco is in the process of prioritizing targets at the Cuatro de Mayo property and formulating an exploration plan in anticipation of drill target definition.
 

Robert Willis, CEO of San Marco states “The Cuatro de Mayo property provides San Marco with another prospective, low-opportunity cost exploration project with multiple known mineralization styles, and further enhances the Company’s existing portfolio of exploration properties in Mexico. Although Cuatro de Mayo is an early stage exploration opportunity, it has many of the hallmarks of other deposits in Mexico currently in operation and we look forward to thoroughly testing its potential.”
 

To acquire a 100% interest in the Cuatro de Mayo Project, San Marco must pay the property owners an aggregate of USD $2.0 million and issue them 50,000 common shares over five years (as per the schedule below), and pay all annual taxes on the concessions. The Agreement also grants the property owners a 3% net smelter returns royalty of which San Marco can purchase 1% for USD $1.5 million at any time and maintain a right of refusal for a third party sale on the entire royalty. A USD $500,000 bonus will be paid to the property owners if 1.0 million or more gold-equivalent ounces are defined in the Proven and Probable Reserve categories according to a NI 43-101 technical report.

 

 

 
 
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Anniversary of Signing    Common Shares of SMN           Cash Payments (USD)
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Upon signing              50,000                                           -
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1 year                    -                                          $10,000
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1.5 Year                  -                                          $10,000
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2 years                   -                                          $10,000
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2.5 Years                 -                                          $25,000
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3 years                   -                                          $50,000
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3.5 years                 -                                         $100,000
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4 Years                   -                                         $200,000
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4.5 Years                 -                                         $810,000
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5 Years                   -                                         $785,000
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Total                     50,000                                  $2,000,000
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About San Marco

 

San Marco Resources Inc. is a Canadian mineral exploration company with a current portfolio of four promising properties in mining-friendly Mexico and an aggressive project generation program focused on high-calibre, low-opportunity cost projects. San Marco has a committed management team with extensive experience in Mexico and a proven track record of building shareholder value.

Posted May 14, 2014

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