Source Exploration Corp.

TSX VENTURE : SOP


Source Exploration Corp.

March 13, 2014 08:00 ET

Source Exploration Corp.: Infill Drilling at Las Minas Project Supports Results of Prior Drilling at El Dorado Target

THUNDER BAY, ONTARIO--(Marketwired - March 13, 2014) - SOURCE EXPLORATION CORP. (the "Company" or "Source") (TSX VENTURE:SOP) is pleased to announce that seven new infill drill holes drilled at the El Dorado target of the Las Minas Project have confirmed the results outlined by earlier exploration drilling. The seven holes are part of a planned two phase program totaling approximately 2,800 metres of delineation drilling at the El Dorado and Santa Cruz discovery areas.

The mineralized skarn zone at El Dorado remains fully open to the east and west and continues towards the south where it is believed to merge with the higher grade Santa Cruz zone. Previously reported exploration drilling at Santa Cruz intersected high-grade mineralization in hole LM-11-SC-45, which returned 15.89 grams per tonne gold (g/t Au) 12.98 grams per tonne silver (g/t Ag) and 2.25 percent copper (% Cu) over 10.0 metres(m) - see press release January 26, 2012. The El Dorado and Santa Cruz zones are only two of the several known mineralized skarn zones that occur on the property.

The gold - silver and copper mineralization zone outlined in the infill drilling is genetically related to the Las Minas granodiorite intrusive and the hydrothermal systems that accompanied granitoid emplacement. The Las Minas granodiorite intrusive measures approximately 10 kilometres in diameter and underlies the Las Minas concessions.

NEW DRILL RESULTS

Selected drill highlights from the first seven holes of infill drilling include:

Hole LM-14-ED-03 returned:

  • 0.77 g/t Au, 13.4 g/t Ag, 5.37% Cu or 10.2 g/t Au Eq over 2.0 metres within
  • 6.9 m grading 0.28 g/t Au, 4.74 g/t Ag, 1.76% Cu or 3.37 g/t Au Eq within
  • 18.2 m grading 0.27 g/t Au, 3.35 g/t Ag, 0.93% Cu or 1.91 g/t Au Eq

Hole LM-14-ED-05 returned:

  • 1.60 g/t Au, 5.56 g/t Ag, 0.92% Cu or 3.26 g/t Au Eq over 6.0 m

Hole LM-14-ED-07 returned:

  • 1.66 g/t Au, 8.31 g/t Ag, 0.91% Cu or 3.36 g/t Au Eq over 2.4 m
  • 0.57 g/t Au, 4.32 g/t Ag, 1.10% Cu or 2.52 g/t Au Eq over 11.4 m.

President & CEO, Brian Robertson said, "We are excited about these new drill results, which supports the results of previous drilling and bodes well for the development of an initial resource estimate. Recent results confirmed that the mineralized skarn zone at El Dorado remains open both on strike and down dip."

Table 1 Selected Las Minas Project Drill Results, March 2014

Hole No. From
(M)
To
(M)
Interval
(M)
Gold
g/t
Silver
g/t
Copper
%
Au Eq1
g/t
LM-14-ED-01 111.7 117.7 6.0 0.74 1.60 0.53 1.67
LM-14-ED-02 103.0 112.2 9.2 0.38 2.00 0.43 1.15
LM-14-ED-03 110.3 128.2 18.2 0.27 3.35 0.93 1.91
Including 110.0 114.0 4.0 0.75 6.80 1.17 2.85
Including 121.3 128.2 6.9 0.28 4.74 1.76 3.37
Including 124.1 126.1 2.0 0.77 13.4 5.37 10.17
LM-14-ED-04 125.7 139.8 14.1 0.44 1.55 0.39 1.14
Including 125.7 135.8 10.1 0.56 1.95 0.49 1.43
LM-14-ED- 05 135.4 141.4 6.0 1.60 5.56 0.92 3.26
LM-14-ED-06 51.2 53.6 2.4 0.23 4.77 0.63 1.39
LM-14-ED- 07 12.9 15.4 2.4 1.66 8.31 0.91 3.36
and 41.4 44.4 3.0 1.38 3.28 0.17 3.04
and 59.3 70.7 11.4 0.57 4.32 1.10 2.52

1 Gold equivalent (Au Eq) calculations use metal prices of US$ 1200/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)

All intervals are reported as down-hole lengths and based down - hole structural data, the intercepts may be approximately 95% of true thickness. Assays are uncut, length weighted average values.

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 National Instrument 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.

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. 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 Corporation's disclosure documents. 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 Corporation 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.

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