THUNDER BAY, ONTARIO–(Marketwired – June 29, 2015) – Source Exploration Corp. (the “Company” or “Source”) (TSX VENTURE:SOP) (FRANKFURT:4QW) is pleased to report results for preliminary metallurgical test work, indicating recoveries of 95% copper, 89% gold and 84% silver for its Las Minas gold-silver-copper project (the “Las Minas project”) located in, Veracruz State, Mexico. The metallurgical test work, included flotation testing and was undertaken by ALS Metallurgy of Kamloops, British Columbia, Canada.
Preliminary work included assessment of chemical and mineralogical characteristics, comminution tests including Bond ball mill work index and Bond abrasion, a preliminary flotation program, Davis tube magnetic separation, and a Trace Mineral Search using QEMSCAN.
Approximately 59 kilograms of sample was collected from drill core and constructed as a composite sample for test work. The average grade of the composite sample measured 2.2% copper, 1.3 g/tonne gold, and 7.0 g/tonne silver. The iron content measured 31.5%.
Metallurgical Test Results
In addition to characterization test work, a series of rougher and cleaner test were carried out to optimize a preliminary flotation flow sheet, followed by a locked cycle flotation test to test metallurgical performance under closed circuit conditions. Highlights from the test work were:
- Locked cycle test work recorded recoveries of 95% copper, 89% gold and 84% silver.
- The bulk concentrate from the locked cycle test graded 22% copper, 13 g/tonne gold and 57 g/tonne silver.
- Bond ball work index was 13.3 kW-hr/ tonne, indicating a moderately soft mineralized sample in terms of ball milling.
- Bond abrasion index was 0.14, indicating only mildly abrasive mineralized sample
Davis Tube Magnetic Separation Results
A Davis tube magnetic separation conducted on the rougher tail produced a magnetic concentrate grading 67% iron, with 65% of the iron in the tail recovered. This would be considered a high grade magnetic concentrate, which may require little further treatment to meet saleable grade requirements.
Brian Robertson, President and CEO, stated, “We are very pleased with the results from the preliminary characterization test work on mineralization from the Las Minas project. Recoveries for gold, silver and copper were excellent, and the Bond ball mill index and Bond abrasion indexes indicated that the sample tested was relative soft and only mildly abrasive. Both of these results reduce operating costs for milling operations. The high recoveries for all metals suggest the potential for the recovery of gold, silver and copper from the mineralization into a clean concentrate. Most importantly, high recoveries for all metals may be attainable without using cyanide for the extraction of precious metals. The preliminary magnetic separation suggests that a high grade magnetic concentrate can be produced, which could provide a by-product credit.”
Additional test work would focus on a more comprehensive program to optimize recoveries, reagent mix and circuit design, including detailed magnetic testing on the rougher tailings to test the viability of producing iron concentrate.
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 a number of untested targets.
The district is host to one of the largest under explored gold – silver 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.
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 NI43-101. 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. Check samples are also sent to ALS-Chemex Laboratories in North Vancouver, Canada.
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.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the accuracy or adequacy of this release.
David Baker, Executive Chairman
604-817-4211 or 604-970-8052
Brian Robertson, President & CEO
807-474-4270 or 807-251-1816
Camille Turner, Investors Relations
604-669-7840 or 604-970-8052