THUNDER BAY, ONTARIO–(Marketwired – April 13, 2017) – SOURCE EXPLORATION CORP. (the “Company” or “Source”) (TSX VENTURE:SOP)(OTC:SRXLF)(FRANKFURT:4QW1) is pleased to announce that drilling at its Las Minas gold project has intersected long intervals of high-grade gold, copper and silver mineralization. Diamond drilling at the El Dorado – Juan Bran zone cut 6.82 g/t Au Eq(1) over 12.0 metres, contained within a 24.0 metre interval grading 4.43 g/t Au Eq in diamond drill hole LM-17-ED-25. Hole LM-17-ED-28 graded 5.98 g/t Au Eq over 6.0 metres within a wider interval grading 3.48 g/t Au Eq over 36.0 metres. Hole LM-17-JB-12 graded 4.63 g/t Au Eq over a 6.0 metre interval, contained within 14.0 metres grading 2.97 g/t Au Eq.
The objective of the drilling program, which includes infill / extension and step-out drilling, is to advance the Las Minas project to a mineral resource estimate, scheduled for Q2. The resource estimate will focus on the El Dorado / Juan Bran and Santa Cruz zones, two of six known mineralized zones at the property. Drilling is continuing at the site and additional holes will be reported as soon as results are received, compiled and evaluated.
Highlights from the initial 9 holes include:
- 6.82 g/t Au Eq over 12.0 metres in LM-17-ED-25, within
- 5.88 g/t Au Eq over 16.0 metres, within
- 4.43 g/t Au Eq over 24.0 metres
- 5.88 g/t Au Eq over 16.0 metres, within
- 3.87 g/t Au Eq over 14.0 metres in LM-17-ED-26, within
- 3.32 g/t Au Eq over 28.0 metres
- 5.98 g/t Au Eq over 6.0 metres in LM-17-ED-28, within
- 4.18 g/t Au Eq over 26.0 metres, within
- 3.48 g/t Au Eq over 36.0 metres
- 4.18 g/t Au Eq over 26.0 metres, within
- 6.18 g/t Au Eq over 4.0 metres in LM-17-JB-12, within
- 2.97 g/t Au Eq over 14.0 metres
Selected drill results are included in Table 1 below.
| Eldorado – Juan Bran Zone Drill Results | ||||||||
| Hole ID (Az./Dip) (degrees) |
From (m) |
To (m) |
Intercept (m) |
Au (g/t) |
Ag (g/t) |
Cu % |
Au Eq (g/t) |
Comments |
| LM-17-ED-25 (130/-67) | 112.6 | 124.6 | 12.0 | 2.17 | 18.23 | 2.68 | 6.82 | Infill & Extension |
| 110.6 | 126.6 | 16.0 | 2.00 | 14.80 | 2.24 | 5.88 | ||
| within | 106.6 | 130.6 | 24.0 | 1.59 | 10.5 | 1.64 | 4.43 | |
| LM-17-ED-26 (62/-60) | 132.9 | 146.9 | 14.0 | 1.26 | 5.31 | 1.54 | 3.87 | Infill & Extension |
| within | 118.9 | 146.9 | 28.0 | 1.11 | 3.90 | 1.26 | 3.22 | |
| within | 116.9 | 160.9 | 44.0 | 0.86 | 3.11 | 0.93 | 2.43 | |
| LM-17-ED-27 (275/-60) | 106.0 | 110.0 | 4.0 | 1.98 | 6.50 | 0.78 | 3.41 | Infill |
| within | 106.0 | 120.0 | 14.0 | 0.97 | 4.43 | 0.63 | 2.07 | |
| within | 94.0 | 120.0 | 26.0 | 0.84 | 3.28 | 0.59 | 1.91 | |
| LM-17-ED-28(75/-75) | 110.4 | 116.4 | 6.0 | 2.69 | 4.6 | 1.96 | 5.98 | Infill & Extension |
| within | 100.4 | 116.4 | 16.0 | 2.93 | 2.53 | 1.11 | 4.78 | |
| 90.4 | 116.4 | 26.0 | 2.51 | 2.42 | 1.00 | 4.18 | ||
| within | 86.4 | 122.4 | 36.0 | 2.07 | 2.28 | 0.84 | 3.48 | |
| LM-17-ED-29(75/-45) | 158.3 | 166.3 | 8.0 | 0.67 | 3.64 | 0.36 | 1.31 | Extension |
| LM-17-JB -10 (0/-90) | Intersected weakly mineralized dike | Step Out | ||||||
| LM-17-JB-11 (90/-60) | 145.0 | 151.0 | 6.0 | 0.65 | 2.53 | 0.34 | 1.25 | Extension |
| LM-17-JB-12 (0/-85) | 65.4 | 69.4 | 4.0 | 3.58 | 17.70 | 1.36 | 6.18 | Infill |
| within | 65.4 | 79.4 | 14.0 | 1.22 | 7.29 | 1.01 | 2.97 | |
| LM-17-JB-13 (135/-85) | 62.4 | 66.4 | 4.00 | 0.86 | 2.15 | 0.81 | 2.21 | Infill |
For a map of drill collars and traces for the current release, please click here: http://media3.marketwire.com/docs/LasMinasProject.pdf
For a photo of drill core from hole LM-17-ED-25, please click here: http://media3.marketwire.com/docs/Pic%20LM-17-ED-25.pdf
Brian Robertson, Chairman and CEO, commented: “These initial drill results validate and extend the mineralized footprint of the El Dorado-Juan Bran zone, outlined by earlier exploration drilling. A zone measuring up to 430 metres in width and extending some 650 metres down dip, varying from 4 to 58 metres in thickness has been outlined. The zone remains open both on strike and down dip. The validation and expansion of the zone by the current drilling bodes well for defining a mineral resource estimate.”
| All reported intervals referred to in this news release are core lengths and additional information is required to determine true widths. Assays are uncut, length – weighted average values. | |||
| Gold equivalent (Au Eq) calculations use metal prices of US $1,250/oz. for gold, US $18.00/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 = Au g/t + [(Ag g/t x 0.014) + (Cu% x 1.64)] | |||
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 a number of 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 its 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, timing of the mineral resource estimate at the Las Minas Project, 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
807-474-4271 or 807-251-1816
807-474-4272 (FAX)
info@sourceexploration.com
www.sourceexploration.com