The El Tecomate gold-silver district is located 80 kilometres east of Mazatlan in Durango State, Mexico. The El Tecomate project consists of three mineral concessions covering 10,495 hectares.
To date three discrete zones containing seven mineralized structures have been identified, with individual structures ranging from 500 meters to 1,500 meters in length and 5 to 60 metres in width. The low- to intermediate-sulfidation epithermal system can be traced for 4 kilometres along the northwest trending structural corridor and occurs over a vertical relief of at least 400 meters. The epithermal-type mineralization consists of quartz vein-breccia filled structures surrounded by broader zones of quartz stockwork. Preliminary channel sampling across individual structures commonly returned widths of 20 to 40 metres averaging +1 g/t gold.
The mineralized system is hosted within upper Tertiary fragmental rhyolitic rocks and is localized by a set of northwest trending structures along the margin of a 10 kilometre diameter volcanic caldera. The epithermal vein breccias and stockwork mineralization are associated with broader zones of silicification and argillization. The silicification is characterized by chalcedonic silica infill and replacement of the host volcanic. Adularia is also present.
Exploration at El Tecomate has consisted of stream sediment sampling, soil sampling, geological mapping, rock chip and channel sampling. Sampling results indicate that several bulk tonnage structures are mineralized with typical average grades of +1 g/t gold (equivalent).
Chesapeake has sold its interest in El Tecomate to San Marco Resources Inc. (SMN:TSX.V). For 100% ownership, San Marco has made a cash payment of US$50,000 and issued 400,000 common shares of its capital stock to Chesapeake. In addition, Chesapeake retains a 1% NSR within a five kilometer radius of the core claims.
