THUNDER BAY, ONTARIO–(Marketwired – Jan. 17, 2014) – SOURCE EXPLORATION CORP. (the “Company “or “Source”) (TSX VENTURE:SOP) is pleased to announce the signing of a diamond drilling contract for commencement of its 2014 exploration program at the Las Minas property, Veracruz, State, Mexico. Source has contracted with K.D.L. Mexico S.A de C.V. for a minimum of 2,800 metres of drilling, scheduled to get underway in the fourth week of January. The main focus of the program will be on delineation of the higher-grade portions of skarn mineralization identified in earlier drilling at the Santa Cruz and Eldorado discovery areas, in preparation for an initial resource calculation on these zones.
The drilling will also test a large scale magnetic anomaly proximal to high-grade mineralization intersected in the Santa Cruz area hole LM-11-SC-45, which graded 15.89g/t Au, 12.98g/t Ag and 2.25% Cu over 10.0 metres, including 37.26g/t Au gold, 25.4g/t Ag and 4.05% Cu over 4.0 metres* – see press release dated January 26, 2012. The high-grade gold values intersected in hole LM-11-SC-45 were associated with a magnetite content of approximately 80 percent.
Previous drilling at the Eldorado site intersected copper mineralization grading up to 3.05% copper, with a 21.10 metre interval averaging 1.60% copper in hole LM-11-ED-9. Drill hole LM-11-ED-15 intersected 55.4 metres of 0.54g/t gold, 5.52g/t silver and 0.71% copper within a larger intercept of 75.8 meters grading 0.46g/t gold, 4.36g/t silver and 0.60% copper – see press release dated May 31, 2011.
David Baker, Executive Chairman, stated, “We are excited about the commencement of drilling, which will allow us to follow up on the previous excellent drill results and move forward with developing a preliminary resource estimate for this part of the Las Minas project. The drill program will also test the strong magnetic anomalies located adjacent to recent high-grade drill intersections.”
*All intervals are reported as down-hole lengths and additional information is required to determine true widths. Assays are uncut, length weighted average values.
Quality Assurance/Quality Control
The technical information in this news release has been reviewed and approved by Brian Robertson, P. Eng., Source’s, President & CEO, a registered Professional Engineer in the Province of Ontario and a qualified person as defined by National Instrument 43-101. Mr. Robertson is responsible for ensuring that the information contained in this news release is an accurate summary of original reports and data provided to or developed by Source Exploration Corporation. The Company has implemented and adheres to a strict Quality Assurance/Quality Control program which includes inserting mineralized standards and blanks into the sample stream, about 1 for every 10 samples. The standards and blanks were obtained from CDN Resource Laboratories Ltd. of Langley, BC, Canada. Each sample bag is properly sealed and kept in a secured, restricted storage place prior to shipping to the lab. Samples are shipped directly by Source or picked-up by the lab vehicle with chain of custody/sample submittal signed and dated. The Company sends it samples to SGS Mineral Services (ISO/IEC 17025) at Durango, Mexico, an accredited laboratory.
About Source Exploration
Source Exploration is a Canadian based mineral exploration company committed to building long-term
value through ongoing discoveries and strategic acquisitions of prospective precious metals deposits in Mexico. Source is exploring the Las Minas project, which is located in the core of the Las Minas district in the Veracruz State, Mexico. The district is host to one of the largest under explored skarn systems known in Mexico and has a strong production history that dates back to the Aztec era.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain information that may constitute “forward-looking information” under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements about the magnitude or quality of mineral deposits, anticipated advancement of mineral properties or programs, future operations, results of exploration, prospects, commodity and precious metals prices, future work programs, anticipated financial and operational results, capital expenditures and objectives. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors, which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information, including the risks identified in the Corporation’s disclosure documents. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based on the opinions and estimates of management and information available to management as at the date hereof. The Corporation disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
Source Exploration Corp.