Drilling Intersects Wide Spread Gold, Silver and Copper Mineralization
Including 21.1 Metres Grading 0.88 g/t Gold, 5.05 g/t
Silver and 1.60% Copper at Source's Las Minas Project
May 3, 2011 – Source
Exploration Corp. ("Source" or the "Company") (TSX-V: SOP) is pleased to report encouraging
preliminary results from the initial drill program at the Company's Las Minas
project located in western Veracruz, State, Mexico. The holes were drilled as
part of a Phase 1 program to define primary targets for a planned expanded
drilling program and to test the strike extension of mineralization outlined by
Source's recent sampling program. To-date drilling has intersected mineralized
zones hosting significant gold, silver and copper values extending up to 180 metres beyond the historical mine workings at El Dorado.
These zones have apparent widths of 15 to 30 metres
in thickness and have been delineated over a strike length of more than 300 metres.
Drilling highlights from
initial drilling at El Dorado include 21.1 metres
of 0.88 grams per tonne gold, 5.05 grams per tonne silver and 1.60 percent copper or 3.79 grams/tonne gold equivalents* in hole LM -11-ED-9. Highlights
at the Las Boquillas include 16 metres grading 1.35 grams per tonne
gold, 2.74 grams/ tonne silver and 0.45% copper or
2.20 grams/ tonne gold equivalents in hole LM-11-LB-5.
Brian E. Robertson, Source
Exploration's President and CEO stated, "We are very encouraged by these
early drilling results and the discovery of extensive mineralized zones at Las
Minas that contain significant gold, silver and copper values. On-going
drilling continues to delineate significant mineralization over appreciable
widths; assays will be released as they become available. Future drilling will
test the high priority targets including the Cinco
Senores, Las Minillas and San Jose de Oro mineralized
zones as part of the Phase 1 drill program.
Phase 1 Drilling
Program.
The Phase 1 drilling
program at the El Dorado and Las Boquillas zones has
focused on the potential extension of known zones beyond the historical mine
workings and the potential along strike. Drilling at El Dorado indicates a
strongly mineralized zone that extends up to 180 metres
beyond the historical mine workings and remains open on strike and down dip.
Assay results for eight holes remain pending. The mineralization at Las Boquillas may represent the on-strike extension of the El
Dorado zone. Current drilling and rock chip sampling results reported in
earlier press releases have indicated that the zone may extend up to 2 kilometres along strike.
The planned Phase 2
drilling program will test the full extent of the mineralization by infill
drilling between the Las Boquillas and El Dorado
zones as well as step-out drilling along strike. A plan map showing the drill
site locations at Las Boquillas and El Dorado can be
viewed on the Company's website at http://www.sourceexploration.com/ – see Project – Maps.
El Dorado Drilling
Drill hole LM-11-ED -8 was
drilled to test the extension of mineralization proximal to the historical El
Dorado adits. The hole drilled at minus 5 degrees
intersected 33.8 metres grading 0.73 g/t gold,
2.85 g/t silver and 0.68 % copper or 1.99 g/t gold equivalents before
entering the undulating footwall of the mineralized zone at 51.3 metres.
Drill hole LM-11-ED-9
drilled at minus 5 degrees intersected 0.33 g/t gold, 3.17 g/t silver and
0.78 % copper from 0 to 13.4 metres or 1.77 g/t gold
equivalents, followed by a further 21.1 metres
grading 0.87 g/t gold, 5.04 g/t silver and 1.60% copper or 3.79 g/t gold
equivalents before entering the undulating footwall of the zone at 115 metres.
Las Boquillas
Drilling
Drill hole LM-11-LB-5 was
drilled to test the extension of previously mined mineralization at the contact
zone between the granodiorite intrusive and limestone
cap rock. The hole intersected several skarn zones
mineralized with pyrite, magnetite, epidote and
chlorite. A 16 metre interval graded 1.35 g/t
gold, 2.74 g/t silver and 0.45 % copper or 2.20 g/t gold equivalents.
Drill holes LM-11-LB 1, 2,
3, and 4 were drilled as fan holes from the same drill site to define the dip
of the mineralized skarn zone. Highlights include 17.0
metres assaying 0.68 g/t gold, 1.34 g/t silver and
0.37 % copper or 1.06 g/t gold equivalents in hole LM -11-LB – 1, and 8.0
metres grading 0.94 g/t gold, 2.15 g/t silver and
1.97 % copper or 4.46 g/t gold equivalents in hole LM -11-LB- 3.
A summary of the drilling
results to-date is listed below.
LAS MINAS PROJECT
|
SUMMARY OF SIGNIFICANT ASSAYS
|
Hole
|
Location
|
From
(M)
(M)
|
To
(M)
|
Interval
(M)
|
Au g/t
|
Ag g/t
|
Cu %
|
AuEQ
*
g/t
|
LM-11-LB-1
|
Las Boquillas
|
0
|
17.0
|
17
|
0.61
|
1.34
|
0.24
|
1.06
|
|
Las Boquillas
|
113.40
|
114.75
|
1.35
|
2.25
|
1.45
|
0.37
|
2.94
|
|
|
|
|
|
|
|
|
|
LM-11-LB-2
|
Las Boquillas
|
0
|
8.9
|
8.90
|
0.76
|
1.47
|
0.24
|
1.21
|
|
|
|
|
|
|
|
|
|
LM-11-LB-3
|
Las Boquillas
|
0
|
8.0
|
8.00
|
0.94
|
2.15
|
1.97
|
4.46
|
|
|
|
|
|
|
|
|
|
LM -11-LB-4
|
Las Boquillas
|
0
|
2.8
|
2.8
|
0.37
|
0.96
|
0.29
|
0.90
|
|
|
|
|
|
|
|
|
|
LM-11-LB-5
|
Las Boquillas
|
0
|
16.0
|
16
|
1.35
|
2.74
|
0.45
|
2.20
|
|
|
|
|
|
|
|
|
|
LM -11-ED-8
|
El Dorado
|
4.7
|
38.3
|
33.6
|
0.73
|
2.85
|
0.68
|
1.99
|
|
|
|
|
|
|
|
|
|
LM-11-ED-9
|
El Dorado
|
0
|
13.4
|
13.4
|
0.33
|
3.17
|
0.78
|
1.77
|
|
|
|
|
|
|
|
|
|
LM-11-ED-9
|
El Dorado
|
29.9
|
51
|
21.1
|
0.88
|
5.05
|
1.60
|
3.79
|
|
|
|
|
|
|
|
|
|
Widths reported are drill
widths; Assays are uncut, length-weighted average values.
|
(*) Gold equivalents
calculations use metal prices of US$ 1300/oz. for gold, US$ 25.00/ oz. for
silver and US$3.50/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 0.019) + (Cu%
x1.77)
Quality
Assurance/Quality Control
The Source 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, Project Manager, a certified
professional geologist and a qualified person as defined by National Instrument
43-101.
About Source Exploration
Source Exploration is a
well-financed Canadian based mineral exploration company committed to building
long term value through ongoing discoveries and strategic acquisitions of
economic gold and silver deposits in Mexico.
For more information, please
contact:
Brian Robertson, President& CEO
Phone: 807-251-1816
Fax: 807-474-4272
E-mail: info@sourceexploration.com
Website at www.sourceexploration.com
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or accuracy of this release. Certain terms or statements made that are not historical
facts, such as anticipated advancement of mineral properties or programs,
productions, sales of assets, exploration plans or results, costs, prices,
performance are "forward-looking statements" within the meaning of
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