San Marco Resources Inc. (TSXV:SMN) announced the first results from the newly discovered copper and silver mineralization at the company’s 100-percent-owned Chunibas property, located approximately 160 kilometers east of Hermosillo, Sonora State, Mexico.
As quoted in the press release:
A strong copper/silver soil anomaly was defined in the northwest sector of the Chunibas project, an area that has seen little exploration by San Marco or past workers. Copper oxides have now been recognized and sampled from random outcrop exposures scattered over at least 1.2 kilometre of strike, and at least 100 metres of width. Additional sampling is ongoing in an effort to determine the full extent of mineralization, which remains open in all directions. Copper oxides (malachite and minor azurite) appear as the result of oxidation of chalcocite and bornite.
Over 1,000 drill holes define the current extents of oxide mineralization that was the focus of mining by Kinross in the 1990s, but was shut down due to low gold and silver prices. Furthermore, as is the case at DeLamar, the past drilling conducted at Florida Mountain was very shallow (less than 150 m depth on average) and in some cases intersected high grade gold-silver vein mineralization, in addition to bulk-low grade intercepts.
Bob Willis, CEO, commented:
This most recent discovery is further evidence of the regional implications of this very large mineralized system. Our recent drilling at the Santa Fe target at Chunibas discovered wide intervals of gold mineralization in hydrothermal breccias. Our newest discovery is primarily copper and silver mineralization in a different geological environment, over an area, which is open in all directions. While sampling is, by necessity, confined to outcrop exposures it is important to note that mineralization has been discovered in most exposures within a large and growing area. Every effort was made to generate representative rock chip samples of entire individual outcrop exposures. There is no evidence that this zone was previously explored or sampled. Management considers this new discovery highly significant and is following up on it aggressively