Source Commences 2,000 Metre Phase 2 Drill Program at Las Minas and Grants Options
June 20 2014 - 3:01PM
Marketwired
Source Commences 2,000 Metre Phase 2 Drill Program at Las Minas and
Grants Options
THUNDER BAY, ONTARIO--(Marketwired - Jun 20, 2014) - SOURCE
EXPLORATION CORP. (the "Company" or "Source") (TSX-VENTURE:SOP) is
pleased to report drilling has resumed at its Las Minas property,
Veracruz, State, Mexico. The 2,000 metre diamond drill program has
commenced after a very successful Phase 1 winter program.
David Baker, Executive Chairman, stated, "We are excited about
the commencement of the 2014 Phase 2 drill program, which will
allow us to build on the excellent drill results from the recently
completed Phase 1 drill program. In addition, the program will test
high priority targets with strong magnetic - high anomalies
coincident with historical small scale mining operations and
high-grade sampling results."
Priority 2014 Phase 2
Drill Targets Include:
- Santa Cruz Zone: Phase 1 step-out drilling at Santa
Cruz expanded the high-grade zone outlined in earlier drilling and
intersected wide zones of mineralization extending from surface.
Hole LM-14-SC-03 graded 2.70 g/t Gold Equivalent (Au Eq)(1) over
97.2 metres, including 10.06 g/t Au Eq over 16.0 metres (see press
release April 7, 2014 and May 26, 2014).
- Juan Bran Zone: The Juan Bran zone is the site of
historical mine workings located approximately 450 metres north of
hole LM-11-SC-45 that graded 19.56 g/t Au Eq over 10.0 metres (see
press release January 26,2012) and believed to be an extension of
the Santa Cruz zone. Recent sampling at Juan Bran returned 5.51 g/t
Gold Equivalent (Au Eq) (2.82 g/t gold (Au), 7.45 g/t silver (Ag)
and 1.50% copper (Cu) over 12.0 metres in one sample and 2.03 g/t
Au Eq (0.52 g/t Au, 3.77 g/t Ag and 0.85% Cu) over 22.0 metres in a
second sample. All samples are chip samples cut in continuous 2.0
metre intervals using a hammer and moil.
- Cinco Senores: The Cinco Senores is the site of
historical workings and a large magnetic - high anomaly measuring
approximately 1,000 metres by 750 metres. Earlier drilling at Cinco
Senores intersected 1.69 g/t Au Eq over 22.0 m (see press release
August 8, 2011).
(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 additional
information is required to determine true widths. Assays are uncut,
length weighted average values.
Stock Options
Granted
Source has granted 4,455,000 incentive stock options under its
stock option plan to directors, officers and consultants. The
options are exercisable at a price of $0.135 per share for a period
of five years. The last option grant was approved in 2012.
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.
Shares Issued: 74,133,401
Source Exploration Corp.David BakerExecutive
Chairman604-817-4211 or 604-970-8052Source Exploration Corp.Brian
RobertsonPresident & CEO807-474-4270 or
807-251-1816807-474-4272info@sourceexploration.comwww.sourceexploration.com
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