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Be the first with the news that moves the market- San Marco Resources (SMN) has launched a Phase 2 diamond drilling campaign at its Buck gold and silver property in north-central British Columbia
- The company expects to drill an initial 5,000 metres over the next few months, continuing into next year
- It follows the success of a Phase 1 program, and has been designed to test the lateral and vertical extent of mineralisation within the Buck structural corridor
- The program is fully-funded with a C$4 million private placement that was completed in late July
- San Marco Resources (SMN) is currently down 3.57 per cent and is trading at 27 cents per share
San Marco Resources (SMN) has launched a Phase Two diamond drilling campaign at its Buck gold and silver property in north-central British Columbia.
The 22,000-hectare property, located approximately 12 kilometres south of Houston and accessible by an all-weather access road, was wholly optioned to San Marco under the terms of a July 2019 agreement.
The program is expected to consist of an initial 5,000 metres, which will be completed over the next few months and into next year. It builds on the success of a Phase One campaign, and has been designed to test the lateral and vertical extent of mineralisation within the Buck structural corridor.
San Marco recently undertook extensive geological data compilation and structural interpretation work in preparation for the program, which resulted in the definition of a significant mineralised breccia complex.
This breccia system is transected by the Buck structural corridor, which is thought to be a first-order control on mineralisation that extends throughout the property.
Bob Willis, CEO of San Marco Resources, said he is excited to begin the second phase of drilling.
“Our recent completion of an extensive field program has given us a much better understanding on the controls of Buck-style mineralisation and gives us confidence that we’re on the right track for additional discoveries,” he added.
San Marco says the drill program is fully-funded by a private placement financing that was completed in late July. The company raised a total of C$4 million through the issuance of 6.5 million charity flow-through units at a price of 34 cents each and 7.25 million regular flow-through units at a price of 26 cents.
San Marco Resources (SMN) is currently down 3.57 per cent to $0.27 per share at 2:25pm EDT.
