First Source Resources Inc.

First Source Resources Inc.

September 17, 2009 17:22 ET

First Source Announces Results of 2009 Drill Program

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 17, 2009) -


First Source Resources Inc. ("First Source" or the "Company") (TSX VENTURE:FSR) announces that it has received results and a corresponding geological report from its most recent drill program at the Lac des Pics property in Gaspe, Quebec. The drill program occurred during July and August of 2009, and five holes were drilled over 1191 meters. The goal of the drill program was to investigate geophysical anomalies detected using airborne and ground geophysical survey methods in 2008. During 2008, five distinctive geophysical anomalies were defined, and three of those anomalous zones were tested during the most recent drill program (two holes were drilled in each of zone two and three, and one hole was drilled in zone four). The five zones of interest and the five drill locations are identified in the diagram below.

To view the diagram accompanying this release please click the following link:

The report, authored by the supervising geologist for the program, Jean-Pierre Cloutier, indicates that core sample analysis results suggest that geophysical anomalies in zones two, three and four appear to have been caused by graphite, with some but very little pyrite, associated with siltstone and shale, and by magnetite mineralization associated with magnetite bearing sandstone. Fifty-seven core samples were analyzed for a suite of 51 elements and no anomalous values were reported. The sampling, transportation and analysis of samples have been verified by Jean-Pierre Cloutier as supervising geologist.

Based on these results, the report concludes that the economic exploration potential of the Lac des Pics property is limited, with two qualifications. First, the report notes that the exploration potential of untested geophysical conductors (anomalous zones one and five, which have not yet been drilled) remains unknown. Second, the report recommends that all previous work results (from First Source and previous groups/companies) should be compiled and integrated before any future decisions are made.

At this point, the Company plans to compile, integrate and analyze all the information it has, and can reasonably obtain, regarding the Lac des Pics property. This done, the Board will meet and decide whether it is in the best interests of the Company to conduct further drilling (either to investigate the two remaining, undrilled geophysical anomalies or to further test one or more of the other three), or to explore other options.

First Source intends to make a full copy of the report available on the First Source Resources web-site ( as soon as possible.

About the Company

First Source Resources Inc. is a mineral exploration company headquartered in Vancouver, British Columbia. The Company's objective is to develop a balanced portfolio of properties through a combination of grassroots prospecting, property acquisition and the formation of strategic relationships. The Company currently holds a 100% interest in the Lac des Pics Property in the Province of Quebec.

For further information about the Company, please refer to the Company's filings on SEDAR ( or the Company's website at

Jean-Pierre Cloutier, consulting geologist for First Source, supervised the drill program, and acts as Qualified Person for the technical content of this press release.

Forward-Looking Information

This press release contains "forward-looking information" that is based on the Company's current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, statements with respect to the Company's mineral property, plans, outlook and business strategy. The words "may", "would", "could", "should", "will", "likely", "expect", "anticipate", "intend", "estimate", "plan", "forecast", "project" and "believe" or other similar words and phrases are intended to identify forward-looking information.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: uncertainties related to exploration results; the ability to raise sufficient capital to fund exploration; changes in economic conditions or financial markets; changes in prices for mineral products or increases in costs; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or inability to obtain permits encountered in connection with exploration activities; and labour relations matters.

This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. The Company disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this press release.

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