Source Signs Drill Contract and Announces Phase 2 Drilling Program at Las Minas
29 Maggio 2014 - 2:00PM
Marketwired
Source Signs Drill Contract and Announces Phase 2 Drilling Program
at Las Minas
THUNDER BAY, ONTARIO--(Marketwired - May 29, 2014) - SOURCE
EXPLORATION CORP. (the "Company" or "Source") (TSX-VENTURE:SOP) is
pleased to announce the signing of a diamond drilling contract for
commencement of its 2014 Phase 2 exploration program 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 the first week of June,
2014.
The main focus of the program will be on expanding the
higher-grade skarn mineralization outlined by earlier drilling at
the Santa Cruz in preparation for an initial resource calculation
as well as drill testing high priority targets at the Juan Bran and
Cinco Senores sites.
"We are very excited about the results from our Phase 1 winter
program," stated David Baker, Executive Chairman. "The step-out
drilling at Santa Cruz intersected wide mineralized zones extending
from surface and containing high-grade intersections peaking at
10.06 g/t Au Eq(1) over 16.0 metres. Additionally, drilling at El
Dorado further delineated the down dip projection of the
mineralized zone. Both zones remain wide open for expansion. We
look forward to expanding the high-grade Santa Cruz zone and
testing additional high potential targets that have been identified
on the property."
Table 1 provides a summary of highlight results from the Phase 1
drilling program (see press releases dated April 7 and May 26,
2014).
Table 1 Selected Las
Minas Phase 1 Drill Results
Hole No. |
From (M) |
To (M) |
Interval (M) |
Gold g/t |
Silver g/t |
Copper % |
Au Eq g/t |
LM-14-SC-01 |
0.0 |
114.8 |
114.8 |
0.77 |
3.25 |
0.46 |
1.60 |
Including |
38.0 |
52.0 |
14.0 |
1.37 |
4.16 |
1.25 |
3.57 |
Within |
0.0 |
52.0 |
52.0 |
0.69 |
3.31 |
0.52 |
1.64 |
Including |
89.0 |
108.8 |
19.8 |
1.96 |
8.98 |
1.05 |
3.89 |
Within |
71.7 |
112.8 |
41.1 |
1.19 |
4.65 |
0.59 |
2.27 |
|
|
|
|
|
|
|
|
LM-14-SC-02 |
0.0 |
32.0 |
32.0 |
1.08 |
6.53 |
0.57 |
2.14 |
Including |
2.0 |
14.0 |
12.0 |
1.31 |
7.07 |
0.54 |
2.41 |
|
|
|
|
|
|
|
|
Hole No. |
From (M) |
To (M) |
Interval (M) |
Gold g/t |
Silver g/t |
Copper % |
Au Eq g/t |
LM-14-SC-03 |
0.0 |
97.2 |
97.2 |
1.19 |
9.42 |
0.79 |
2.70 |
Including |
75.2 |
91.2 |
16.0 |
4.39 |
37.82 |
2.96 |
10.06 |
Within |
52.7 |
97.2 |
44.5 |
2.30 |
19.07 |
1.57 |
5.30 |
|
|
|
|
|
|
|
|
LM-14-SC-04 |
0.0 |
13.7 |
13.7 |
0.39 |
4.30 |
0.96 |
2.10 |
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 |
|
|
|
|
|
|
|
|
LM-14-ED-08 |
54.6 |
82.9 |
28.3 |
0.46 |
2.66 |
0.66 |
1.64 |
Including |
54.6 |
64.7 |
10.1 |
0.68 |
4.40 |
1.13 |
2.68 |
|
|
|
|
|
|
|
|
LM-14-ED-09 |
18.9 |
48.2 |
29.3 |
0.29 |
1.54 |
0.26 |
0.76 |
Including |
18.9 |
26.4 |
7.5 |
0.99 |
4.62 |
0.97 |
2.72 |
|
|
|
|
|
|
|
|
LM-14-ED-10 |
24.3 |
34.6 |
10.3 |
0.32 |
2.81 |
0.19 |
0.69 |
Including |
29.2 |
32.6 |
3.4 |
0.59 |
4.56 |
0.30 |
1.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LM-14-ED-12 |
52.2 |
73.7 |
20.4 |
0.70 |
3.46 |
0.51 |
1.62 |
including |
54.8 |
60.8 |
6.0 |
1.37 |
5.10 |
1.13 |
3.38 |
Within |
52.2 |
76.4 |
11.1 |
1.14 |
5.07 |
0.89 |
2.74 |
|
|
|
|
|
|
|
|
LM-14-ED-14 |
75.8 |
85.0 |
9.2 |
0.86 |
3.36 |
0.46 |
1.69 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LM-14-ED-15 |
49.7 |
80.9 |
31.2 |
0.58 |
2.54 |
0.06 |
0.73 |
Including |
60.7 |
72.0 |
11.3 |
1.42 |
3.50 |
0.14 |
1.72 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LM-14-ED-16* |
88.6 |
93.0 |
4.4 |
0.48 |
4.25 |
0.63 |
1.62 |
|
|
|
|
|
|
|
|
LM-14-ED-17 |
84.7 |
90.3 |
5.6 |
0.41 |
4.68 |
0.45 |
1.26 |
|
|
|
|
|
|
|
|
LM-14-ED-18 |
28.3 |
33.9 |
5.6 |
0.61 |
1.23 |
0.49 |
1.46 |
Additional information is required to determine true widths. 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. Drill hole sections can be
found at Projects - Las Minas - Drill Sections.
(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). |
* Intersect an old adit
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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