The company’s share price rose by 14.29 percent on the TSX Venture Exchange on the news from its Espiritu SMR project.
In a Tuesday (January 8) release, the company said that the discovery was the result of the “first critical phase of exploration and evaluation” at the property, which it was awarded by the Mexican government in Q2 2018 as part of a mineral concession lottery.
With the news, San Marco’s share price increased by 14.29 percent on the TSX Venture Exchange, reaching C$0.12 by the end of Tuesday.
The company commissioned consulting geologist Luciano Bocanegra to lead the evaluation of the property, using geological mapping, rock sampling, historical drill sampling and rock geochemical data to make the discovery.
“The important data compilation and invaluable insights from Luciano Bocanegra has confirmed the porphyry copper-moly-gold potential of the Espiritu SMR project and heightened our understanding of its ongoing exploration potential,” said San Marco CEO Chris T. Grijalva.
“This extensive interpretive work and recent re-mapping of the project area has better determined the surface extent of the porphyry system(s) and evidenced several of these zones remain open for ongoing exploration,” he continued.
“We are now utilizing this new information, interpretations and recommendations as a means of optimizing and streamlining our future work which is expected to include the recommended magnetic and ZTEM surveys to assist in locating a deeper source of the mineralization in advance of possible drilling at the project,” added Grijalva.
According to the Tuesday release, the work by Bocenegra included confirmation of a multi-stage copper-molybdenum-gold porphyry system measuring 2.5 kilometers by 1.2 kilometers open in all directions.
He has recommended that the company conduct additional deeper-penetrating geophysical surveying to assist in locating the potential source of the mineralization seen in drill holes.
The property is located 230 kilometers east of Hermosillo in Sonora state in Mexico, and covers an estimated 4,697 hectares. According to the company, the Espiritu SMR property has indications of widespread gold and copper mineralization from historical drill records.
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Securities Disclosure: I, Scott Tibballs, hold no direct investment interest in any company mentioned in this article.