San Marco Resources and GlobeTrotters Resource Group have signed a formal Alliance Agreement respecting their initiative to generate and acquire new high potential mineral targets primarily in the state of Sonora, Mexico announced on March 7, 2016.
Pursuant to the Agreement, GlobeTrotters has acquired imagery and data files for the state of Sonora and carried out analysis, filtering and initial target selection and San Marco has been granted an exclusive three year licence to use the data so generated.
San Marco’s personnel will carry out ground-proofing and, where warranted, stake or otherwise acquire tenure to protect the highest priority areas with follow up input and further target focusing by GlobeTrotters.
San Marco CEO, Bob Willis, stated: "The first stage of target definition is now complete. The incorporation of additional geological information and target prioritization is expected to be completed within two to three weeks.
"The mere number and quality of targets generated at this point is mind boggling. We have a lot of work to do, such that over the next couple of weeks, the SMN field team is making field access, logistics and personnel preparations so we can ‘hit the ground running.’"
GlobeTrotters President, Richard Osmond, stated, "We are excited to partner with San Marco in a world class mining district through this exploration alliance.
"Bob and his team have a proven track record of exploration success and provide the level of expertise necessary to make a significant new discovery with their ‘boots on the ground’ technical approach to exploration."
San Marco will hold all properties and interests in properties acquired as part of the collaborative effort and will grant GlobeTrotters a 2% net smelter returns royalty on all properties in which it acquires a 100% interest. For properties in which San Marco acquires less than a 100% interest, it will pay GlobeTrotters 20% of all future consideration received in respect of the property, reducing to 10% after the commencement of commercial production.
In consideration of GlobeTrotters services, San Marco has agreed to issue, following receipt of TSX Venture Exchange approval, 1,000,000 common shares to GlobeTrotters.
San Marco Resources Inc. is a Canadian mineral exploration company with a portfolio of three promising projects in mining-friendly Mexico, including the Cuatro de Mayo Project in Sonora State on which the Company is currently active.
San Marco maintains a strategic project generation program focused on high-calibre, low-cost acquisition opportunities in the Northwestern Mexico. The Company has a committed management team with extensive experience in Mexico and a proven track record of building shareholder value.
GlobeTrotters Resource Group Inc. is a privately held company incorporated in 2009. The company is focused on acquiring low-cost, low-risk base and precious metal opportunities in emerging world class mineral belts throughout the Americas with a primary focus in key mineral belts in Peru.