Source Exploration Corp.
TSX VENTURE : SOP

Source Exploration Corp.

February 02, 2011 08:30 ET

Source Samples 12 Metres of 8.59 g/t Gold, 140.0 g/t Silver and 0.53% Copper at Las Boquillas; Sampling at Cinco Senores and Area Deposits Confirms Widespread Gold-Silver-Copper Mineralization

THUNDER BAY, ONTARIO--(Marketwire - Feb. 2, 2011) - Source Exploration Corp. ("Source" or the "Company") (TSX VENTURE:SOP) is pleased to announce additional assay results for its surface and underground rock sampling program at its recently acquired Las Minas project located in western Veracruz State, Mexico. Assay results have been received for sampling at the Las Boquillas, Cinco Senores, Yanillo and Las Minillas skarn targets as well as the La Miqueta, San Jose de Oro and El Alto historical mines. 

"These recent assay results for the Las Boquillas and Cinco Senores skarn zones are very encouraging as they confirm the potential for outlining a bulk tonnage skarn deposits with significant gold, silver and copper mineralization," states Brian Robertson, Source's President and CEO. "Sampling at other target areas on the property has also identified additional high priority drill targets." "These early results will guide our upcoming diamond drilling program, which is scheduled to commence in February."

Sampling Results

The samples for Las Boquillas and Cinco Senores were all located within the Endoskarn, with highlights of recent assay presented in Tables 1 and 2 below. Current work suggests that the Las Boquillas and Cinco Senores mineralized zones are from the same system. When combined with the El Dorado and Nopaltepec zones, the indicated strike length of the system is approximately 2 kilometres, with widths often in the tens of metres. Plan maps showing the various sites and location of the samples at Las Boquillas Adit #3 can be viewed on the Company's website at www.sourceexploration.com – see Project – Maps.

Table 1 Sampling Results Las Boquillas Adit #3

Sample No Location Width (M) Au g/t Ag g/t Cu %  
Type
2528 Adit #2 - Surface 2.0 5.19 3.8 0.11 Endoskarn
2529 Adit #2 - Surface 2.0 3.12 2.8 0.17 Endoskarn
2530 Adit #2 - Surface 2.0 6.39 7.1 0.43 Endoskarn
2532 Adit #2 - Surface 2.0 2.86 2.9 0.08 Endoskarn
Total Length & Average Grade 8.0 4.39 4.2 0.20  
 
2533 Adit #3 – Surface 2.0 1.71 2.0 0.10 Endoskarn
2534 Adit #3 – Surface 2.0 1.15 1.9 0.11 Endoskarn
2535 Adit #3 – Surface 2.0 1.20 1.5 0.11 Endoskarn
2536 Adit #3 – Surface 2.0 3.09 4.50 0.21 Endoskarn
2537 Adit #3 – Surface 2.0 5.21 3.8 0.48 Endoskarn
2538 Adit #3 – Surface 2.0 9.94 10.1 1.37 Endoskarn
Total Length & Average Grade 12.0 3.71 4.0 0.40  
 
2539 Adit #3 2.0 5.26 4.2 0.17 Endoskarn
2540 Adit #3 2.0 4.20 4.0 0.17 Endoskarn
Total Length & Average Grade 4.0 4.71 4.1 0.17  
 
2542 Adit #3 2.0 3.66 494.0 0.39 Endoskarn
2543 Adit #3 2.0 5.82 282.0 0.60 Endoskarn
2544 Adit #3 2.0 8.65 9.2 0.44 Endoskarn
2545 Adit #3 2.0 5.15 16.5 0.18 Endoskarn
2546 Adit #3 2.0 16.06 19.8 0.75 Endoskarn
2547 Adit #3 2.0 12.22 23.2 0.72 Endoskarn
Total Length & Average Grade 12.0 8.59 140.8 0.53  
 
2548 Adit #3 2.0 6.97 5.2 0.50 Endoskarn
2549 Adit #3 2.0 0.26 0.80 0.06 Endoskarn
2551 Adit #3 2.0 3.09 4.5 0.09 Endoskarn
2552 Adit #3 2.0 0.69 1.4 0.19 Endoskarn
2553 Adit #3 2.0 0.73 1.1 0.28 Endoskarn
Total Length & Average Grade 10.0 2.35 2.60 0.22  
 
2554 Adit #3 2.0 17.93 10.9 1.18 Endoskarn
2555 Adit #3 2.0 1.94 2.6 0.06 Endoskarn
Total Length & Average Grade 4.0 9.94 6.8 0.62  
 
2556 Adit #3 2.0 24.65 10.5 0.20 Endoskarn
2557 Adit #3 2.0 4.22 5.5 0.23 Endoskarn
2558 Adit #3 2.0 1.00 1.7 0.244 Endoskarn
Total Length & Average Grade 6.0 9.95 5.9 0.22  
 
2559 Adit #3 2.0 8.71 9.60 1.05 Endoskarn
2560 Adit #3 2.0 0.05 0.70 0.08 Endoskarn
2562 Adit #3 2.0 0.08 1.10 0.20 Endoskarn
Total Length & Average Grade 6.0 2.94 3.8 0.44  
 
2563 Adit #3 2.0 1.61 1.30 0.14 Endoskarn
2564 Adit #3 2.0 0.38 39.7 0.08 Endoskarn
2565 Adit #3 2.0 3.06 3.5 0.29 Endoskarn
2566 Adit #3 2.0 2.85 4.1 0.23 Endoskarn
2567 Adit #3 2.0 1.32 1.9 0.15 Endoskarn
Total Length & Average Grade 10.0 1.85 10.1 0.12  
 
2568 Adit #3 2.0 1.67 3.30 0.20 Endoskarn
2569 Adit #3 2.0 1.34 39.3 0.11 Endoskarn
2570 Adit #3 2.0 1.47 2.10 0.04 Endoskarn
Total Length & Average Grade  6.0 1.47 14.90 0.12  

Table 2 Sampling Results Cinco Senores

2817 Cinco Senores 2.0 1.12 5.6 0.14 Endoskarn
2818 Cinco Senores 2.0 1.38 18.0 0.52 Endoskarn
2819 Cinco Senores 2.0 0.39 3.1 0.15 Endoskarn
2820 Cinco Senores 2.0 0.42 2.7 0.05 Endoskarn
2822 Cinco Senores 2.0 1.80 10.3 0.18 Endoskarn
2823 Cinco Senores 2.0 0.61 4.5 0.29 Endoskarn
Total Length & Average Grade 12.0 0.96 7.37 0.22 Endoskarn
             
2824 Cinco Senores 2.0 0.78 5.0 0.14 Endoskarn
2825 Cinco Senores 2.0 0.05 0.15 0.02 Endoskarn
2826 Cinco Senores 2.0 0.05 0.15 0.03 Endoskarn
2827 Cinco Senores 2.0 0.36 2.5 0.07 Endoskarn
2828 Cinco Senores 2.0 0.84 4.3 0.06 Endoskarn
2829 Cinco Senores 2.0 3.07 23.9 0.67 Endoskarn
2830 Cinco Senores 2.0 0.27 2.3 0.04 Endoskarn
2832 Cinco Senores 2.0 0.17 1.8 0.03 Endoskarn
2833 Cinco Senores 2.0 1.44 7.4 0.25 Endoskarn
Total Length & Average Grade 18.0 0.78 5.28 0.15  
 
2834 Cinco Senores 2.0 1.72 2.9 0.23 Endoskarn
2835 Cinco Senores 2.0 4.24 2.1 0.16 Endoskarn
2836 Cinco Senores 2.0 1.56 1.7 0.16 Endoskarn
2837 Cinco Senores 2.0 6.20 3.1 0.16 Endoskarn
2838 Cinco Senores 2.0 0.07 0.7 0.03 Endoskarn
2839 Cinco Senores 2.0 0.08 0.7 0.00 Endoskarn
2840 Cinco Senores 2.0 0.65 2.0 0.01 Endoskarn
Total Length & Average  Grade 14.0 2.07 1.9 0.18  
           
2841 Cinco Senores 2.0 0.71 6.7 0.31 Endoskarn
2843 Cinco Senores 2.0 1.43 11.3 0.58 Endoskarn
2844 Cinco Senores 2.0 0.83 6.0 0.46 Endoskarn
2845 Cinco Senores 2.0 1.93 7.6 0.27 Endoskarn
Total Length & Average  Grade 8.0 1.22 7.90 0.40  
 
2846 Cinco Senores 2.0 4.05 0.2 0.02 Endoskarn
2847 Cinco Senores 2.0 0.79 5.1 0.25 Endoskarn
2848 Cinco Senores 2.0 1.13 2.2 0.07 Endoskarn
2849 Cinco Senores 2.0 0.36 1.8 0.13 Endoskarn
Total Length & Average  Grade 8.0 1.58 2.3 0.12  

New Target Areas

Table 3 below provides a summary of highlights from initial sampling results from other target areas and historical mines located on the property. Recent work has focused on the Yanillo target area where extensive mineralization has been identified over a large area with significant indicated widths. Full results from the Yanillo sampling are expected in the coming weeks. Preliminary field work has also identified potential drill targets at the Las Minillas (bulk tonnage) mineralized zone, San Jose de Oro mine and the Changaro vein deposit. The Las Minillas zone outcrops on surface and is connected by a 200 metre access drift to the underground workings of the historical San Jose de Oro mine. The Changaro vein deposit measures approximately 20 metres in width and is on strike with the El Alto vein system. Sampling has recently been completed at the Changaro vein deposit and further sampling is planned for the Las Minillas zone and San Jose de Oro mine.

Table 3 Sampling Results Area Deposits

846 Yanillo 2.0 4.99 30.6 0.97 Skarn Outcrop
             
833 La Miqueta  Mine 0.28 8.92 11.7 0.32 Vein
836 La Miqueta Mine 0.15 6.57 14.8 0.43 Vein
 
838 Las Minillas 2.00 2.54 1.0 0.12 Skarn
839 Las Minillas 2.00 2.40 0.02 0.05 Skarn
             
840 San Jose de Oro Mine 2.0 3.89 26.6 0.83 Skarn
841 San Jose de Oro Mine 2.0 2.48 17.3 0.22 Skarn
             
843 El Alto Mine 2.0 3.95 17.2 0.16 Vein
844 El Alto Mine 2.0 2.46 22.1 1.02 Skarn
845 El AltoMine 2.0 3.56 35.6 2.05 Skarn

Quality Assurance/Quality Control

The Source exploration program has been conducted under the supervision of Mr. Sonny Bernales, P. Geo. The Company has implemented and adheres to a strict Quality Assurance/Quality Control program which includes mineralized standards and blanks for each batch of samples. Samples were shipped to SGS Mineral Services (ISO/IEC 17025) at Durango, Mexico, an accredited laboratory.

The technical information in this news release has been reviewed and approved by Sonny Bernales, P. Geo., Source's, Project Manager, a certified professional geologist and a qualified person as defined by National Instrument 43-101.

About Source Exploration

Source Exploration is a well-financed Canadian based mineral exploration company focused on the evaluation, acquisition and development of economic gold and silver deposits in Mexico.

Certain terms or statements made that are not historical facts, such as anticipated advancement of mineral properties or programs, productions, sales of assets, exploration plans or results, costs, prices, performance are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, and involve a number of risks and uncertainties that could cause actual results to differ materially from those projected, anticipated, expected or implied. These risks and uncertainties include, but are not limited to; metals price volatility, volatility of metals production, project development risks and ability to raise financing. Certain statements included in this news release constitute "forward-looking information" within the meaning of applicable securities legislation. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.

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