Source Exploration Corp.
TSX VENTURE : SOP

Source Exploration Corp.

February 25, 2015 08:30 ET

Source Signs Drill Contract and Announces Drilling Program at Las Minas

THUNDER BAY, ONTARIO--(Marketwired - Feb. 25, 2015) - SOURCE EXPLORATION CORP. (the "Company" or "Source") (TSX VENTURE:SOP) announced today the signing of a diamond drilling contract for commencement of its 2015 drill campaign at the Las Minas property, Veracruz State, Mexico. Source has contracted with K.D.L. Mexico S.A de C.V. for a minimum of 2,000 metres of drilling, scheduled to get underway in early March.

The program will focus on extending and infilling the Santa Cruz zone, where previous drilling returned grades that included a 10 metre interval averaging 10.6 g/t gold, 48.47 g/t silver and 7.44% copper or 24.11 g/t gold equivalents(1), contained within a wider zone grading 3.57 g/t Au Eq over 99.0 metres (Press Release August 6, 2014). The program will also include step-out drilling at the Juan Bran target to extend the zone to the south. Drilling at Juan Bran in 2014 returned 3.10 g/t Au Eq over 15.1 metres (Press Release August 29, 2014).

"We are very excited to commence our 2015 exploration program at Las Minas and build on our outstanding results achieved in 2014," stated David Baker, Executive Chairman. "The 2014 drilling program intersected high grades over significant widths at Santa Cruz. Drilling at the Juan Bran resulted in a new discovery, linking the Juan Bran target to Eldorado and extending the flat -lying mineralization from 170 metres to 420 metres in width. Both systems remain open for expansion."

Drill highlights from the 2014 program include:

Santa Cruz

  • 3.57 g/t Au Eq over 99.0 metres in LM-14-SC-08, including
    • 7.42 g/t Au Eq over 39.0 metres, including
      • 24.11 g/t Au Eq over 9.60 metres
  • 2.24 g/t Au Eq over 87.0 metres in LM-14-SC-07, including
    • 3.13 g/t Au Eq over 49.0 metres, including
      • 4.36 g/t Au Eq over 25.0 metres
  • 3.00 g/t Au Eq over 29.0 metres in LM-14-SC- 09, including
    • 5.00 g/t Au Eq over 15.0 metres
  • 1.90 g/t Au Eq over 77.0 metres in LM-14-SC-10, including
    • 5.1 g/t over 19.0 metres, including
      • 6.2 g/t over 15.0 metres

Juan Bran

  • 1.55 g/t Au Eq over 42.5 metres in LM-14-JB-01
  • 4.45 g/t Au Eq over 6.0 metres in LM-14-JB-02 Upper Zone including
    • 12.67 g/t Au Eq over 2.0 metres, and
      • 2.34 g/t Au Eq over 20.1 metres LM-14-JB-02 Lower Zone, including
        • 3.10 g/t Au Eq over 15.1 metres

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$ 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).

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 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 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.

Contact Information

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

    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
    807-474-4272 (FAX)
    info@sourceexploration.com
    www.sourceexploration.com