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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| TSXV:SOP | TSX Venture | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0 | - |
Hot Features
Premium
SOURCE EXPLORATION CORP. (the "Company" or "Source") (TSX VENTURE:SOP) is
pleased to announce that step - out drilling at the Santa Cruz target of its Las
Minas project (the "Las Minas Project") has intersected a wide mineralized zone
extending from the surface to 97.2 metres (m) and grading 2.70 g/t Gold
Equivalent(1) (Au Eq) in diamond drill hole LM-14-SC-03. A high-grade interval
assaying 10.06 g/t Au Eq over 16.0 metres is contained within the wider
intersection.
Hole LM-14-SC-01, collared approximately 32 metres to the southeast of
LM-14-SC-03, intersected 1.60 g/t Au Eq over a core length of 114.8 metres,
commencing at the collar. The intersection includes a higher-grade zone of 3.89
g/t Au Eq over 19.8 metres.
The step-out drilling at Santa Cruz extended the high-grade mineralization cut
in hole LM-11-SC-45, which returned 19.56 g/t Au Eq over 10.0 metres, by a
further 75 metres to the northwest.
Delineation drilling at the El Dorado target of the Las Minas Project, which is
located approximately 550 metres to the north and on strike, cut 3.38 g/t Au EQ
over 6.0 metres in hole LM-14-ED-12. The higher-grade intersection is contained
within a wider 20.4 metre interval grading 1.62 g/t Au Eq. Infill hole
LM-14-ED-08, collared approximately 125 metres southwest of hole LM-14-ED-12,
cut 28.3 m of mineralized exoskarn and endoskarn grading 1.64 g/t Au Eq.
The drilling has been successful in expanding the high-grade mineralized zone at
Santa Cruz. In addition, drilling at the El Dorado target continued to support
earlier results to delineate the down-dip projection of the mineralized skarn
zone. The El Dorado corridor mineralized skarn zone has been defined over a
strike length of approximately 840 metres and intersected at about 400 metres
down-dip, with drill intercepts varying from 20 to 245 metres in thickness - see
press release dated January 26, 2012.
The Phase 1 drill program totaled 2,737 metres of drilling and is part of a
planned multiple-phase program to develop an initial mineral resource estimate
for the Santa Cruz and Eldorado zones. Drill layouts are being prepared for the
Phase 2 drill program, and the diamond drill remains on site for the
commencement of drilling.
Santa Cruz Drilling Results:
Step out drilling at Santa Cruz cut wide mineralized zones starting from surface
and grading up to 2.70 g/t Au Eq over 97.2 metres. The wide zones contained
high-grade intersections peaking at 10.06 g/t Au Eq over 16.0 metres, within a
zone of 44.5 metres assaying 5.03 g/t Au Eq.
Highlights include:
----------------------------------------------------------------------------
From To Interval Gold Silver Copper Au Eq(1)
Hole No. (M) (M) (M) g/t g/t % g/t Comments
----------------------------------------------------------------------------
From
LM-14-SC-01 0.0 114.8 114.8 0.77 3.25 0.46 1.60 Surface
----------------------------------------------------------------------------
including 89.0 108.8 19.8 1.96 8.98 1.05 3.89
----------------------------------------------------------------------------
within 71.7 112.8 43.1 1.19 4.65 0.59 2.27
----------------------------------------------------------------------------
----------------------------------------------------------------------------
From
LM-14-SC-02 0.0 32.0 32.0 1.08 6.53 0.57 2.14 Surface
----------------------------------------------------------------------------
----------------------------------------------------------------------------
From
LM-14-SC-03 0.0 97.2 97.2 1.19 9.42 0.79 2.70 Surface
----------------------------------------------------------------------------
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 5.03
----------------------------------------------------------------------------
The high-grade gold, silver and copper mineralization at the Santa Cruz target
is comprised of significant chalcopyrite and bornite, with high magnetite
content ranging from 40 to 90% by volume. Pictures of the core can be viewed at
www.sourceexploration.com - see Projects - Photo Gallery - Diamond Drill Core
Santa Cruz. The zones of massive high-grade magnetite sulphide mineralization
are located within a large magnetic anomaly outlined by a recent ground based
high-resolution magnetic survey and measuring approximately 1,300 metres by 700
metres - see press release dated February 14, 2013.
Brian Robertson, President & CEO, commented: "Drilling continues to expand the
high-grade mineralized zone at Santa Cruz as well as further delineate the El
Dorado target. Hole LM-14-SC-03 is an extraordinary drill hole and extends the
high-grade mineralization outlined in hole LM-11-SC-45 a further 50 metres to
the north. The spatial relationship between the high-grade mineralized zones
outlined by the drilling and the strong magnetic anomaly is significant. There
are several untested magnetic anomalies on the property supported by strong
surface and underground sampling results that appear to have considerable
potential for additional high-grade discoveries."
El Dorado Drilling Results:
Infill drilling at the El Dorado target confirmed the results outlined by
earlier exploration drilling to delineate the down-dip extension of the
mineralized skarn zone. A total of 12 holes were drilled at El Dorado,
completing the planned Phase 1 program. Significant assay results are reported
below.
Highlights include:
----------------------------------------------------------------------------
From To Interval Gold Silver Copper Au Eq(1)
Hole No. (M) (M) (M) g/t g/t % g/t Comments
----------------------------------------------------------------------------
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-12 52.2 73.7 20.4 0.70 3.46 0.51 1.62
----------------------------------------------------------------------------
From To Interval Gold Silver Copper Au Eq(1)
Hole No. (M) (M) (M) g/t g/t % g/t Comments
----------------------------------------------------------------------------
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-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
----------------------------------------------------------------------------
Table 1 provides a summary of highlight results from the Phase 1 drilling
program. Drill hole sections can be found at the website - see Projects - Las
Minas- Drill Sections.
Table 1 Selected Las Minas Phase 1 Drill Results
----------------------------------------------------------------------------
From To Interval Gold Silver Copper Au Eq
Hole No. (M) (M) (M) g/t g/t % 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
----------------------------------------------------------------------------
----------------------------------------------------------------------------
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 Assays pending
----------------------------------------------------------------------------
----------------------------------------------------------------------------
LM-14-SC-05 Assays Pending
----------------------------------------------------------------------------
----------------------------------------------------------------------------
LM-14-SC-06 Assays Pending
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
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
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Hole No. From To Interval Gold Silver Copper Au Eq
(M) (M) (M) g/t g/t % g/t
----------------------------------------------------------------------------
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(i) 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
----------------------------------------------------------------------------
(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).
(i)Intersected old adit.
All intervals for the El Dorado target are reported as down-hole lengths, and
based on down-hole structural data, the intervals may be approximately 95% of
true thickness. Additional information is required to determine true widths for
the Santa Cruz drilling. Assays are uncut, length weighted average values.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Source Exploration Corp.
David Baker
Executive Chairman
604-817-4211
604-970-8052
Source Exploration Corp.
Brian Robertson
President & CEO
807-474-4271 or 807-251-1816
807-474-4272 (FAX)
info@sourceexploration.com
www.sourceexploration.com
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