First Source Resources Inc.
TSX VENTURE : FSR

First Source Resources Inc.

April 06, 2009 15:44 ET

First Source Provides Exploration Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 6, 2009) -

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First Source Resources Inc. ("First Source" or the "Company") (TSX VENTURE:FSR) is pleased to announce that, based on results from its first two years of exploration at Lac des Pics (the "Property"), the Company has decided to proceed with the next phase of exploration at the Property, including a drilling program anticipated to commence this summer. There are a number of factors upon which the Company has concluded that Lac des Pics continues to be a highly prospective property worthy of further investment, including:



1. The Property is located in the middle of a region containing several
mines and/or major mineral discoveries;

2. Based on the Property's location and visible mineralization at surface,
companies have invested significant time and resources exploring the
Property over the past 50 years;

3. Airborne and ground geophysical surveys done by the Company in 2008 seem
to indicate that past exploration efforts may have missed substantial
conductive anomalies that occur throughout the Property;

4. The depth and width of these conductive anomalies, if mineralized with
copper and gold grades seen at the Property's surface, might constitute a
significant mineral discovery;

5. Drill targets have already been selected, and First Source should be able
to ascertain whether test high conductivity zones contain economic grades
of gold or copper with reasonable further investment.


1 Lac des Pics is located in the middle of a small region containing several mines and/or major mineral discoveries

To view map please click on the following link:
http://media3.marketwire.com/docs/FirstSourceMap1.pdf

2 Based on the Property's location and visible mineralization at surface, several companies have invested significant time and resources exploring the Property over the past 50 years

In 1963 Gaspex Mines Ltd. discovered sulphide mineralization (found in floats) at Lac des Pics as high as 6.0% Cu, 16.8 g/t Au, 89 g/t Ag and 7.88% Pb. Since then, Gaspex, as well as SOQUEM Inc., Lone Pine Exploration, and numerous other prospector groups have spent significant amounts of time and money exploring at Lac des Pics, only to have drilling fail to intersect economic mineralization. Meanwhile, soil and rock samples continue to show anomalous values for gold and copper, among other elements, with Lac des Pics rock samples taken by First Source yielding gold as high as 35 g/t and copper as high as 5.86%.

To view map please click on the following link:
http://media3.marketwire.com/docs/FirstSourceMap2.pdf

3 Airborne and ground geophysical surveys done by the Company in 2008 seem to indicate that past exploration efforts may have missed substantial conductive anomalies that occur throughout the Property

Aeroquest performed a high resolution airborne geophysical survey in July of 2008 using their IMPULSE electromagnetic system which is employed with a high-sensitivity cesium vapor magnetometer. A real-time differential GPS navigation system, radar altimeter, video recorder, and a base station magnetometer were also used.

To view map please click on the following link:
http://media3.marketwire.com/docs/FirstSourceMap3.pdf

Based on the results of the Aeroquest survey, five distinctive zones of interest were identified (with lower than normal resistance, and thus higher ground conductivity), and 4 of those zones were followed up with ground geophysics along lines shown in blue, above. Note again that most historic exploration was done along Base Line 00 above, where visible mineralization occurs at surface, but conductive masses (perhaps the source for surface mineralization) are mainly to the south. The most recent drill holes, LDP 95-01 and 95-02 are shown above to just miss zone 3 to the north.

4 The depth and width of these conductive anomalies, if mineralized with copper and/or gold grades seen at the Property's surface, might constitute a significant mineral discovery.

From low resistivity (high conductivity) zones identified by the Aeroquest survey, follow-up ground geophysical testing was done using a Stratagem EM system, which determines subsurface electrical resistivity distribution by measuring time dependent variations of the earth's natural electric and magnetic fields, as well as fields resulting from high frequency induced waves. This method is designed to investigate depths up to 1000 meters (far deeper than the IMPULSE survey), and it is often used to find structures and subsurface materials that have potential mineralization.

To view map please click on the following link:
http://media3.marketwire.com/docs/FirstSourceMap4.pdf

Note that Stratagem survey confirms not only the existence of highly conductive material, as indicated by the Aeroquest survey, but also indicates that these conductive zones may run to over 400 meters depth and, potentially, several hundred meters wide. A conductive host rock of this volume containing copper and/or gold would constitute a significant discovery. There are other possible explanations for the apparent presence of subsurface conductive masses (for example, the presence of other, non-valuable conductive elements) and thus follow up work, including a drill program, needs to be done to ascertain the mineral composition of these masses.

5 Drill targets have already been selected, and First Source should be able to ascertain whether these high conductivity zones contain economic grades of gold or copper with reasonable further investment.

Based on anomalies identified in the Airborne data, and further defined by Risk Reduction Resources using Stratagem, First Source has already identified several drill targets, and plans to do further mapping, surveying and sampling to streamline its drill program further. Given the data collected to date, and the favourable current climate for contracting drillers, it is anticipated that First Source will be able to make preliminary investigations of these large conductive zones in the coming exploration season, and at a reasonable exploration cost.

To view map please click on the following link:
http://media3.marketwire.com/docs/FirstSourceMap5.pdf

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 (www.sedar.com) or the Company's website at www.firstsourceresources.com.

Mr. Mike Anderson, P. Geo., of Risk Reduction Resources, who interpreted the airborne survey results and conducted the referenced Stratagem ground geophysical survey, and is a consulting geophysicist for First Source, acted as the Qualified Person for the technical content of this press release.

Airborne Survey

Aeroquest Limited performed a high resolution airborne geophysical survey, referenced above, in July and August of 2008 using their IMPULSE helicopter borne frequency domain electromagnetic system which is employed in conjunction with a high-sensitivity cesium vapor magnetometer. Ancillary equipment includes a real-time differential GPS navigation system, radar altimeter, video recorder, and a base station magnetometer (for more information about Aeroquest and the IMPULSE survey method, see www.aeroquestsurveys.com). The total survey coverage was 291 line-km. The flight line direction for the block was 155 degrees/335 degrees with 100m line separation.

Ground Geophysical Survey

The Stratagem EH-4 system was used for the ground geophysical survey referenced above, which is a controlled source audio magnetotellurics / magnetotellurics (CSAMT/MT) survey method. It determines the earth's subsurface electrical resistivity distribution by measuring time dependent variations of the earth's natural electric and magnetic fields, as well as the electric and magnetic fields resulting from high frequency induced waves.

The analysis or interpretation of airborne and ground data was performed in Geosoft Oasis Montaj.

Rock Samples

All rock samples taken from the Lac des Pics property by First Source to date have been grab samples, and such samples are analyzed at ALS Chemex. For more information, refer to the Property's 43-101 report, available on SEDAR.

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.

Neither TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

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