THUNDER BAY, ONTARIO, Jun 20, 2014 (Marketwired via COMTEX) — SOURCE EXPLORATION CORP. (the “Company” or “Source”) CA:SOP +7.41% is pleased to report drilling has resumed at its Las Minas property, Veracruz, State, Mexico. The 2,000 metre diamond drill program has commenced after a very successful Phase 1 winter program.
David Baker, Executive Chairman, stated, “We are excited about the commencement of the 2014 Phase 2 drill program, which will allow us to build on the excellent drill results from the recently completed Phase 1 drill program. In addition, the program will test high priority targets with strong magnetic – high anomalies coincident with historical small scale mining operations and high-grade sampling results.”
Priority 2014 Phase 2 Drill Targets Include:
— Santa Cruz Zone: Phase 1 step-out drilling at Santa Cruz expanded the
high-grade zone outlined in earlier drilling and intersected wide zones
of mineralization extending from surface. Hole LM-14-SC-03 graded 2.70
g/t Gold Equivalent (Au Eq)(1) over 97.2 metres, including 10.06 g/t Au
Eq over 16.0 metres (see press release April 7, 2014 and May 26, 2014).
— Juan Bran Zone: The Juan Bran zone is the site of historical mine
workings located approximately 450 metres north of hole LM-11-SC-45 that
graded 19.56 g/t Au Eq over 10.0 metres (see press release January
26,2012) and believed to be an extension of the Santa Cruz zone. Recent
sampling at Juan Bran returned 5.51 g/t Gold Equivalent (Au Eq) (2.82
g/t gold (Au), 7.45 g/t silver (Ag) and 1.50% copper (Cu) over 12.0
metres in one sample and 2.03 g/t Au Eq (0.52 g/t Au, 3.77 g/t Ag and
0.85% Cu) over 22.0 metres in a second sample. All samples are chip
samples cut in continuous 2.0 metre intervals using a hammer and moil.
— Cinco Senores: The Cinco Senores is the site of historical workings and
a large magnetic – high anomaly measuring approximately 1,000 metres by
750 metres. Earlier drilling at Cinco Senores intersected 1.69 g/t Au Eq
over 22.0 m (see press release August 8, 2011).
(1) Gold equivalent (Au Eq) calculations use metal prices of US $1200/oz. for gold, US $19.00/oz. for silver and US $3.00/lb. for copper. No adjustments have been made for potential relative differences in metal recoveries.
Au Eq g/t equals Au g/t + (Ag g/t x 0.016) + (Cu% x1.71).
All intervals are reported as down-hole lengths and additional information is required to determine true widths. Assays are uncut, length weighted average values.
Stock Options Granted
Source has granted 4,455,000 incentive stock options under its stock option plan to directors, officers and consultants. The options are exercisable at a price of $0.135 per share for a period of five years. The last option grant was approved in 2012.
About Las Minas
The Las Minas Project hosts near-surface gold-silver and copper skarn mineralization and high-grade gold-silver epithermal vein deposits. The project is comprised of six mineral concessions covering approximately 1,616 hectares (3,995 acres), with several small scale, past-producing mines and numerous untested targets.
The district is host to one of the largest under explored gold-silver and copper skarn systems known in Mexico, and has a production history that extends back to the Aztec era. The Las Minas granodiorite intrusive measures approximately 10 kilometres in diameter and underlies the Las Minas concessions. The mineralization controls and association with magnetite appear to be similar to the Guerrero Gold belt, which is the site of the Los Filos and Morelos gold deposits.
Las Minas is an early-stage exploration project and does not contain any mineral resource estimates as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”). The potential quantities and grades disclosed herein are conceptual in nature and there has been insufficient exploration to define a mineral resource for the targets discussed herein. It is uncertain if further exploration will result in these targets being delineated as a mineral resource.
Quality Assurance/Quality Control
The technical information in this news release has been reviewed and approved by Sonny Bernales, P. Geo, a registered Professional Geoscientist in the Province of British Columbia and a qualified person as defined by NI 43-101. Mr. Bernales is responsible for logistics and supervision of all exploration activity conducted by Source on the property.
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 and independent 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 and the completion and timing of mineral resource estimates. 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 Company’s disclosure documents available at www.sedar.com . 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 Company 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.
Shares Issued: 74,133,401
Source Exploration Corp.
604-817-4211 or 604-970-8052
Source Exploration Corp.
President & CEO
807-474-4270 or 807-251-1816
SOURCE: Source Exploration Corp.