Source Exploration Corp.
TSX VENTURE : SOP

Source Exploration Corp.

March 17, 2015 08:30 ET

Source Commences 2,000 Metre Drill Program and Grants Options

Program Targets High-Grade Santa Cruz and Juan Bran Zones

THUNDER BAY, ONTARIO--(Marketwired - March 17, 2015) - Source Exploration Corp. (the "Company" or "Source") (TSX VENTURE:SOP) announces the commencement of a 2,000 metre diamond drilling program at its Las Minas property. The drilling will focus on delineating high-grade zones outlined by earlier drilling programs at the Santa Cruz and Juan Bran discovery areas in preparation for an initial mineral resource estimate.

The Santa Cruz zone, which is defined by a strong magnetic high anomaly, has returned multiple high-grade intercepts in recent drilling. Discovery hole LM-11-SC-45 graded 19.56 g/t Au Eq(1) over 10.0 metres, including 43.83 g/t Au Eq over 4.0 metres, within 20.0 metres grading 10.33 g/t Au Eq (Press Release January 26, 2012). Hole LM-14-SC-08 cut 3.57 g/t Au Eq over 99.0 metres, including 24.11g/t Au Eq over 9.60 metres, within 39.0 metres grading 7.42 g/t g/t Au Eq. And Hole LM-14-SC-10 assayed 5.62 g/t Au Eq over 17.0 metres (Press Release August 6, 2014).

Mineralized intercepts at Juan Bran included an upper zone of 6.0 metres grading 4.45 g/t Au Eq within a 42.5 metre interval assaying 1.55 g/t Au Eq. A lower zone assayed 3.10 g/t Au Eq over 15.1 metres (Press Release August 29, 2014). Step-out drilling to the north of the Juan Bran discovery holes intersected skarn mineralization over an area approximately 350 metres by 250 metres, with the system remaining open for expansion.

The Santa Cruz and Juan Bran zones are located 300 metres apart and form part of the mineralized Eldorado corridor skarn zone. The zones are believed to be contiguous. The El Dorado corridor has been intersected by drilling over 840 metres along strike and 400 metres down dip, with mineralized drill intercepts varying from 20 to 245 metres in length.

Brian Robertson, President & CEO, stated, "We are excited to kick off the 2015 drill program. The upcoming drill program will focus on systematically expanding the high-grade drill intercepts from the highly successful 2014 drilling. Although the property has a number of excellent exploration targets, we will be focused on resource drilling to quickly advance an initial mineral resource estimate."

Previous drill highlights for Santa Cruz and Juan Bran include:

Santa Cruz Target Drill Results
Hole No. From
(M)
To
(M)
Interval
(M)
Gold
g/t
Silver
g/t
Copper
%
Au Eq(1)
g/t
Comments
LM-11-SC-45 55.6 75.6 20.0 8.22 7.40 1.29 10.33
Including 55.6 59.6 4.0 37.26 25.40 4.01 43.83
56.6 65.6 10.0 15.89 12.98 2.25 19.56
LM-14-SC-03 0.0 97.2 97.2 1.19 9.42 0.79 2.70 From Surface
Including 75.2 91.2 16.0 4.39 37.82 2.96 10.06
Within 52.7 97.2 44.5 2.30 19.07 1.57 5.03
LM-14-SC-07 10.0 97.0 87.0 1.17 4.70 0.60 2.24 From near surface
Including 48.0 97.0 49.0 1.53 6.88 0.87 3.13
Including 48.0 71.0 25.0 2.29 10.61 1.11 4.36
LM-14-SC-08 7.0 106.0 99.0 1.64 7.63 1.05 3.57 From near surface
Including 36.0 96.2 60.2 2.52 11.32 1.57 5.39
Including 36.0 75.0 39.0 3.37 15.84 2.22 7.42
Including 38.0 61.0 23.0 5.41 24.80 3.59 11.95
Including 43.4 53.0 9.6 10.60 48.47 7.44 24.11
Juan Bran Target Drill Results
LM-14-JB-01 105.0 118.0 13.0 0.55 1.77 0.53 1.48 Upper zone
And 131.5 174.0 42.5 0.77 2.35 0.48 1.55 Lower zone
LM-14-JB-02 13.5 19.5 6.0 4.43 0.33 0.01 4.45 Upper zone
Including 13.5 15.5 2.0 12.65 0.70 0.01 12.67
And 98.4 118.5 20.1 0.87 3.76 0.83 2.34 Lower zone
Including 99.4 114.5 15.1 1.15 4.93 1.10 3.10
Note
All reported intervals 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).

Stock Options Granted

Source has granted 2,300,000 incentive stock options under its stock option plan to directors, officers and consultants. The options are exercisable at a price of $0.08 per share for a period of five years. The grant of options is subject to the approval and requirements of the TSX Venture Exchange.

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 are similar to the famous 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 for purposes of National Instrument 43-101 Standards of Disclosure Mineral Project ("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 laboratory. CDN Resource Laboratories and SGS are independent of the Company.

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

Contact Information

  • Source Exploration Corp.
    Brian Robertson
    President & CEO
    807-474-4270 or Cell 807-251-1816
    807-474-4272 (FAX)

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

    Source Exploration Corp.
    Camille Turner
    Investor Relations
    604-669-7840 or 604-970-8052

    info@sourceexploration.com
    www.sourceexploration.com