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San Marco Resources(TSXV:SMN) announced that it has entered an option to acquire 100% interest in the Angeles property, Sonora State, Mexico. As there are has been no historical mining at the property, the Company are attempting underground workings and if successful, will carry out mapping and sampling.
Primary terms of the Option include:
Option to purchase 100% interest for payment of $1M over 4 years and 2 months. Staged payments of $35,000 (total) in year 1 and $70,000 (total) in year 2;
Optionor retains a 1.5% NSR, which can be purchased by San Marco at any time for US $1.5M;
A bonus payment of $1.5M to be paid to the Optionor if 1M Au/Eq ounces of gold reserves are generated in the ‘Proven” category according to 43-101 compliant regulations.
San Marco, Chairman, Bob Willis, commented:
The Angeles property acquisition adds to the Company’s very significant platform of properties that we expect to be drilling over the next few months. The assay results from the dumps and tailings indicate very significant grades of mineralization were mined in the past. Our ongoing exploration, including drilling, will focus on areas where our geological team expects similar results.
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