Source Intersects 1.44 g/t Gold Equivalent Over 45.0 Metres With
Step-Out Drilling at Las Minas
Step-out drilling extends skarn mineralization, open in all
directions
THUNDER BAY, ONTARIO--(Marketwired - May 26, 2014) - SOURCE
EXPLORATION CORP. (the "Company" or "Source") (TSX-VENTURE:SOP) is
pleased to report step-out drilling at the Santa Cruz target of its
Las Minas project continues to intersect wide zones of gold-silver
and copper skarn mineralization including 1.44 g/t Gold Equivalent
(Au Eq) over 45.0 metres in hole LM-14-SC-04. A high-grade interval
grading 11.96 g/t over 2.0 metres was intersected in the upper
portion of the drill hole. Drilling at Las Minas is scheduled to
resume in the first week of June. Current activities at the site
include construction of drill roads and pads, with planned detailed
surface mapping and sampling for target generation.
Highlights from the remaining 3 holes from the 17-hole diamond
drilling program at the El Dorado and Santa Cruz targets (see press
release dated April 7, 2014) include:
Table 1 Selected Las
Minas Drill Results
Hole No. |
From (M) |
To (M) |
Interval (M) |
Gold g/t |
Silver g/t |
Copper % |
Au Eq(1) g/t |
Comments |
LM-14-SC-04 |
0.0 |
13.7 |
13.7 |
0.39 |
4.30 |
0.96 |
2.10 |
From Surface |
Including |
7.7 |
9.7 |
2.0 |
1.00 |
22.50 |
6.05 |
11.69 |
|
Within |
0.0 |
82.0 |
82.0 |
0.23 |
2.40 |
0.31 |
0.80 |
|
And within |
0.0 |
51.6 |
51.6 |
0.24 |
3.00 |
0.39 |
0.95 |
|
And |
159.0 |
186.5 |
27.5 |
1.49 |
1.77 |
0.25 |
1.94 |
|
Within |
159.0 |
204.0 |
45.0 |
1.03 |
1.52 |
0.22 |
1.44 |
|
|
|
|
|
|
|
|
|
|
LM-14-SC-05 |
13.0 |
19.0 |
6.0 |
1.90 |
5.20 |
0.42 |
2.70 |
|
|
|
|
|
|
|
|
|
|
LM-14-SC-06 |
51.0 |
59.0 |
8.0 |
0.47 |
4.20 |
0.25 |
0.96 |
|
"The Santa Cruz mineralized zone remains open in all directions
and continues to deliver high-grade intercepts contained within
wider zones of mineralized skarn," stated Brian Robertson,
President and CEO. "We are excited about the recent drill results
at Santa Cruz and Eldorado. As a result, we are preparing for Phase
2 of a multi-phase drilling program at Las Minas. The Phase 2
drilling program will consist of 2,000 metres and further the
development of an initial mineral resource estimate for the Santa
Cruz and Eldorado zones as well as test additional high priority
drill targets at Las Minas."
Step-out hole LM-14-SC-O4 is located approximately 125 metres
along strike from the high-grade hole LM-11-SC-45 (10.33 g/t Au Eq
over 20.0 metres) (see press release January 26, 2012). The hole
delineated a high-grade interval in the upper portion of the hole
as well as a 45.0 metre intersection from 159.0 metres to 204.0
metres grading 1.44 g/t Au Eq, including a 27.5 metre interval
assaying 1.94 g/t Au Eq.
Holes LM-14-SC-05 & 06 were drilled as step-out holes to
extend the mineralization intersected in hole LM-12-SC-54 (3.82 g/t
Au Eq over 28.0 metres) (see press release October 8, 2012) further
to the northeast. Both holes intersected wide zones of
mineralization suggesting the continuation of the mineralized zone
at depth to the northeast.
A drill map showing the location of the holes at Santa Cruz may
be viewed on the Company's website at www.sourceexploration.com -
see Projects - Las Minas - Current maps.
All intervals are reported as down-hole lengths and additional
information is required to determine true widths for the Santa Cruz
drilling. 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 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 & CEO807-474-4271or
807-251-1816807-474-4272info@sourceexploration.comwww.sourceexploration.com