THUNDER BAY, ONTARIO–(Marketwired – April 3, 2017) – SOURCE EXPLORATION CORP. (the “Company” or “Source”) (TSX VENTURE:SOP)(OTC:SRXLF)(FRANKFURT:4QW1) provides an update on the diamond drilling and exploration program currently underway at its Las Minas property, Veracruz State, Mexico.
Diamond Drilling Program Update
The Company mobilized a diamond drill at the Las Minas site in mid-February to commence a 2,800 metre drilling program at its gold, copper and silver project. The program consists of infill/extension as well as step-out drilling to expand the mineralized footprint of the El Dorado/Juan Bran zone. The drilling builds on previous drilling campaigns at this high priority target (See press releases dated February 4, 2014, March 13, 2014 and August 29, 2014. A total of 2,290 metres in 17 holes have been completed. Samples for 9 holes have been sent to SGS Mineral Services laboratory in Durango, Mexico for assaying, with results expected by the middle of April.
An initial mineral resource estimate for the mineralized zone is planned for Q2. John T. Boyd, Mining and Geological Consultants, has been engaged to commence work on the resource estimate, with a site visit scheduled for early April.
Brian Robertson, Chairman and CEO of Source Exploration, commented, “We have achieved significant progress with the drilling program due to the high proficiency of the KDL drilling crew and our geological team and support contractors at site. This drilling program will allow us to complete an initial mineral resource estimate as well as identify prospective targets for additional work.”
Earlier drill campaigns at the Eldorado/Juan Bran skarn zone outlined a mineralized zone measuring over 420 metres in width and extending over 650 metres down dip, with mineralized intercepts varying from 8 to 60 metres in thickness. The zone remains open for expansion.
Pueblo Nuevo Exploration Program Update
In addition to the drilling program, detailed geological mapping, sampling and target definition are underway at the Pueblo Nuevo concession. The concession hosts a number of historical mines with high- grade mineralized vein systems. The La Miqueta mine, which is located within the concession, has at least 21 known levels. The mine is believed to have been operated sometime in the early 1900s as a small scale high-grade mine. Underground sampling results of the vein system at the Miqueta mine in 2007 -2008 by a prior owner ranged up to 14.06 g/t gold, 24.7 g/t silver and 020% copper over 3.0 metres.
Quality Assurance/Quality Control
The 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 Exploration Director, a certified professional geologist and a qualified person for the purposes of NI 43-101.
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 high-grade, 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 parts of 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.
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, timing for the completion of the drilling program at Las Minas, timing for the completion of a mineral resource estimate at Las Minas, 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.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) have reviewed or accepts responsibility for the accuracy or adequacy of this release.
Chairman, President & CEO
807-474-4270 or 807-251-1816
807-474-4272 (FAX)
[email protected]
www.sourceexploration.com
