Source Exploration Corp.
TSX VENTURE : SOP

Source Exploration Corp.

February 24, 2017 07:00 ET

Source Announces Commencement of Las Minas Diamond Drilling and Exploration Program

THUNDER BAY, ONTARIO--(Marketwired - Feb. 24, 2017) - SOURCE EXPLORATION CORP. (the "Corporation" or "Source") (TSX VENTURE:SOP) (the "Company") is pleased to announce the commencement of a diamond drill program for the Las Minas gold - silver - copper project located at Veracruz, State, Mexico. The program will include an initial 2,000 to 3,000 metres of infill and step-out diamond drilling at the El Dorado - Juan Bran mineralized zone, with the objective of expanding the zone and completing a maiden NI 43-101 resource estimate in early 2017.

In addition, continued prospecting mapping, trenching and sampling will be carried out to test for extensions of existing mineralization and identification of new gold, silver and copper mineralization at the Pueblo Nuevo concession.

El Dorado - Juan Bran Drilling Program

The El Dorado - Juan Bran exploration program will focus on infill and step-out drilling designed for expansion of the mineralized zone outlined by earlier drilling and completion of a maiden NI 43-101 resource estimate. Previous drilling has outlined a mineralized zone measuring 420 metres in width, varying from 6.0 metres to 82 metres in thickness, and extending approximately 650 metres down-dip. The zone remains open down-dip as well as on strike.

The planned step-out drilling will further test the down-dip extension of the zone. Diamond drill hole LM-15-NP-01, which was drilled at a higher elevation approximately 150 metres beyond down-dip limit of earlier drilling at El Dorado - Juan Bran, intersected 5.0 metres grading 15.70 g/t Au Eq - see press release May 28, 2015.

A longitudinal section of the El Dorado - Juan Bran mineralized zone is shown at the following link: http://media3.marketwire.com/docs/SourceExploration.jpg

Pueblo Nuevo Concession Exploration Program

The Pueblo Nuevo concession is the site of several historical underground mines and adits including the La Miqueta, La Miqueta Alta, Marangola, Murcielagos, Dos Rios and Banco de Cobre. The La Miqueta mine was extensively mined in the past and has 21 known levels. Historic mining activity was carried out on narrow (10-20 cm) quartz veins in both diorite and marble, extending approximately 100 metres on strike and over 100 metres vertically. Recent chip sampling of 1.0 to 3.0 metre wide veins at the historical La Miqueta mine graded up to 14.1 g/t and 25.0 g/t silver. The 2016 exploration program will include, prospecting, mapping, trenching and sampling.

All reported intervals referred to in this news release are core lengths and additional information is required to determine true widths. Assays are uncut, length - weighted average values.

(1) Gold equivalent (Au Eq) calculations use metal prices of US $1,200/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)

Samples containing free metallic gold were assayed by SGS Mineral Services at Durango, Mexico, an accredited and independent laboratory, using the FAS30K-Au metallic screen fire assay method.

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 high-grade, 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 parts of 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.

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.

Contact Information

  • Source Exploration Corp.
    David Baker
    Executive Chairman
    604-817-4211 or 604-970-8052

    Source Exploration Corp.
    Brian Robertson
    President & CEO
    807-474-4270 or 807-251-1816

    Source Exploration Corp.
    Camille Turner
    Investor Relations
    604-669-7840 or 604-970-8052
    807-474-4272 (FAX)
    info@sourceexploration.com
    www.sourceexploration.com