Source Samples 12 Metres of 8.59 g/t Gold, 140.0 g/t Silver and 0.53% Copper at Las Boquillas; Sampling at Cinco Senores and Area Deposits Confirms Widespread Gold-Silver-Copper Mineralization
THUNDER BAY, ONTARIO -- (Marketwire) -- 02/02/11 -- Source Exploration Corp. ('Source' or the 'Company') (TSX VENTURE: SOP) is pleased to announce additional assay results for its surface and underground rock sampling program at its recently acquired Las Minas project located in western Veracruz State, Mexico. Assay results have been received for sampling at the Las Boquillas, Cinco Senores, Yanillo and Las Minillas skarn targets as well as the La Miqueta, San Jose de Oro and El Alto historical mines.
'These recent assay results for the Las Boquillas and Cinco Senores skarn zones are very encouraging as they confirm the potential for outlining a bulk tonnage skarn deposits with significant gold, silver and copper mineralization,' states Brian Robertson, Source's President and CEO. 'Sampling at other target areas on the property has also identified additional high priority drill targets.' 'These early results will guide our upcoming diamond drilling program, which is scheduled to commence in February.'
Sampling Results
The samples for Las Boquillas and Cinco Senores were all located within the Endoskarn, with highlights of recent assay presented in Tables 1 and 2 below. Current work suggests that the Las Boquillas and Cinco Senores mineralized zones are from the same system. When combined with the El Dorado and Nopaltepec zones, the indicated strike length of the system is approximately 2 kilometres, with widths often in the tens of metres. Plan maps showing the various sites and location of the samples at Las Boquillas Adit #3 can be viewed on the Company's website at www.sourceexploration.com - see Project - Maps.
Table 1 Sampling Results Las Boquillas Adit #3
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Sample No Location Width (M) Au g/t Ag g/t Cu % Type
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2528 Adit #2 - Surface 2.0 5.19 3.8 0.11 Endoskarn
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2529 Adit #2 - Surface 2.0 3.12 2.8 0.17 Endoskarn
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2530 Adit #2 - Surface 2.0 6.39 7.1 0.43 Endoskarn
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2532 Adit #2 - Surface 2.0 2.86 2.9 0.08 Endoskarn
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Total Length & Average Grade 8.0 4.39 4.2 0.20
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2533 Adit #3 - Surface 2.0 1.71 2.0 0.10 Endoskarn
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2534 Adit #3 - Surface 2.0 1.15 1.9 0.11 Endoskarn
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2535 Adit #3 - Surface 2.0 1.20 1.5 0.11 Endoskarn
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2536 Adit #3 - Surface 2.0 3.09 4.50 0.21 Endoskarn
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2537 Adit #3 - Surface 2.0 5.21 3.8 0.48 Endoskarn
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2538 Adit #3 - Surface 2.0 9.94 10.1 1.37 Endoskarn
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Total Length & Average Grade 12.0 3.71 4.0 0.40
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2539 Adit #3 2.0 5.26 4.2 0.17 Endoskarn
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2540 Adit #3 2.0 4.20 4.0 0.17 Endoskarn
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Total Length & Average Grade 4.0 4.71 4.1 0.17
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2542 Adit #3 2.0 3.66 494.0 0.39 Endoskarn
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2543 Adit #3 2.0 5.82 282.0 0.60 Endoskarn
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2544 Adit #3 2.0 8.65 9.2 0.44 Endoskarn
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2545 Adit #3 2.0 5.15 16.5 0.18 Endoskarn
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2546 Adit #3 2.0 16.06 19.8 0.75 Endoskarn
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2547 Adit #3 2.0 12.22 23.2 0.72 Endoskarn
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Total Length & Average Grade 12.0 8.59 140.8 0.53
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2548 Adit #3 2.0 6.97 5.2 0.50 Endoskarn
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2549 Adit #3 2.0 0.26 0.80 0.06 Endoskarn
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2551 Adit #3 2.0 3.09 4.5 0.09 Endoskarn
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2552 Adit #3 2.0 0.69 1.4 0.19 Endoskarn
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2553 Adit #3 2.0 0.73 1.1 0.28 Endoskarn
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Total Length & Average Grade 10.0 2.35 2.60 0.22
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2554 Adit #3 2.0 17.93 10.9 1.18 Endoskarn
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2555 Adit #3 2.0 1.94 2.6 0.06 Endoskarn
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Total Length & Average Grade 4.0 9.94 6.8 0.62
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2556 Adit #3 2.0 24.65 10.5 0.20 Endoskarn
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2557 Adit #3 2.0 4.22 5.5 0.23 Endoskarn
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2558 Adit #3 2.0 1.00 1.7 0.244 Endoskarn
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Total Length & Average Grade 6.0 9.95 5.9 0.22
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2559 Adit #3 2.0 8.71 9.60 1.05 Endoskarn
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2560 Adit #3 2.0 0.05 0.70 0.08 Endoskarn
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2562 Adit #3 2.0 0.08 1.10 0.20 Endoskarn
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Total Length & Average Grade 6.0 2.94 3.8 0.44
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2563 Adit #3 2.0 1.61 1.30 0.14 Endoskarn
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2564 Adit #3 2.0 0.38 39.7 0.08 Endoskarn
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2565 Adit #3 2.0 3.06 3.5 0.29 Endoskarn
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2566 Adit #3 2.0 2.85 4.1 0.23 Endoskarn
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2567 Adit #3 2.0 1.32 1.9 0.15 Endoskarn
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Total Length & Average Grade 10.0 1.85 10.1 0.12
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2568 Adit #3 2.0 1.67 3.30 0.20 Endoskarn
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2569 Adit #3 2.0 1.34 39.3 0.11 Endoskarn
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2570 Adit #3 2.0 1.47 2.10 0.04 Endoskar
n
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Total Length & Average Grade 6.0 1.47 14.90 0.12
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Table 2 Sampling Results Cinco Senores
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2817 Cinco Senores 2.0 1.12 5.6 0.14 Endoskarn
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2818 Cinco Senores 2.0 1.38 18.0 0.52 Endoskarn
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2819 Cinco Senores 2.0 0.39 3.1 0.15 Endoskarn
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2820 Cinco Senores 2.0 0.42 2.7 0.05 Endoskarn
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2822 Cinco Senores 2.0 1.80 10.3 0.18 Endoskarn
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2823 Cinco Senores 2.0 0.61 4.5 0.29 Endoskarn
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Total Length & Average Grade 12.0 0.96 7.37 0.22 Endoskarn
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2824 Cinco Senores 2.0 0.78 5.0 0.14 Endoskarn
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2825 Cinco Senores 2.0 0.05 0.15 0.02 Endoskarn
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2826 Cinco Senores 2.0 0.05 0.15 0.03 Endoskarn
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2827 Cinco Senores 2.0 0.36 2.5 0.07 Endoskarn
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2828 Cinco Senores 2.0 0.84 4.3 0.06 Endoskarn
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2829 Cinco Senores 2.0 3.07 23.9 0.67 Endoskarn
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2830 Cinco Senores 2.0 0.27 2.3 0.04 Endoskarn
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2832 Cinco Senores 2.0 0.17 1.8 0.03 Endoskarn
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2833 Cinco Senores 2.0 1.44 7.4 0.25 Endoskarn
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Total Length & Average Grade 18.0 0.78 5.28 0.15
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2834 Cinco Senores 2.0 1.72 2.9 0.23 Endoskarn
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2835 Cinco Senores 2.0 4.24 2.1 0.16 Endoskarn
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2836 Cinco Senores 2.0 1.56 1.7 0.16 Endoskarn
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2837 Cinco Senores 2.0 6.20 3.1 0.16 Endoskarn
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2838 Cinco Senores 2.0 0.07 0.7 0.03 Endoskarn
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2839 Cinco Senores 2.0 0.08 0.7 0.00 Endoskarn
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2840 Cinco Senores 2.0 0.65 2.0 0.01 Endoskarn
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Total Length & Average Grade 14.0 2.07 1.9 0.18
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2841 Cinco Senores 2.0 0.71 6.7 0.31 Endoskarn
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2843 Cinco Senores 2.0 1.43 11.3 0.58 Endoskarn
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2844 Cinco Senores 2.0 0.83 6.0 0.46 Endoskarn
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2845 Cinco Senores 2.0 1.93 7.6 0.27 Endoskarn
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Total Length & Average Grade 8.0 1.22 7.90 0.40
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2846 Cinco Senores 2.0 4.05 0.2 0.02 Endoskarn
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2847 Cinco Senores 2.0 0.79 5.1 0.25 Endoskarn
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2848 Cinco Senores 2.0 1.13 2.2 0.07 Endoskarn
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2849 Cinco Senores 2.0 0.36 1.8 0.13 Endoskarn
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Total Length & Average Grade 8.0 1.58 2.3 0.12
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New Target Areas
Table 3 below provides a summary of highlights from initial sampling results from other target areas and historical mines located on the property. Recent work has focused on the Yanillo target area where extensive mineralization has been identified over a large area with significant indicated widths. Full results from the Yanillo sampling are expected in the coming weeks. Preliminary field work has also identified potential drill targets at the Las Minillas (bulk tonnage) mineralized zone, San Jose de Oro mine and the Changaro vein deposit. The Las Minillas zone outcrops on surface and is connected by a 200 metre access drift to the underground workings of the historical San Jose de Oro mine. The Changaro vein deposit measures approximately 20 metres in width and is on strike with the El Alto vein system. Sampling has recently been completed at the Changaro vein deposit and further sampling is planned for the Las Minillas zone and San Jose de Oro mine.
Table 3 Sampling Results Area Deposits
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Skarn
846 Yanillo 2.0 4.99 30.6 0.97 Outcrop
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833 La Miqueta Mine 0.28 8.92 11.7 0.32 Vein
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836 La Miqueta Mine 0.15 6.57 14.8 0.43 Vein
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838 Las Minillas 2.00 2.54 1.0 0.12 Skarn
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839 Las Minillas 2.00 2.40 0.02 0.05 Skarn
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840 San Jose de Oro Mine 2.0 3.89 26.6 0.83 Skarn
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841 San Jose de Oro Mine 2.0 2.48 17.3 0.22 Skarn
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843 El Alto Mine 2.0 3.95 17.2 0.16 Vein
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844 El Alto Mine 2.0 2.46 22.1 1.02 Skarn
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845 El Alto Mine 2.0 3.56 35.6 2.05 Skarn
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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 focused on the evaluation, acquisition and development of economic gold and silver deposits in Mexico.
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 the Private Securities Litigation Reform Act of 1995, and involve a number of risks and uncertainties that could cause actual results to differ materially from those projected, anticipated, expected or implied. These risks and uncertainties include, but are not limited to; metals price volatility, volatility of metals production, project development risks and ability to raise financing. Certain statements included in this news release constitute 'forward-looking information' within the meaning of applicable securities legislation. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.
Shares Issued: 45,592,310
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Source Exploration Corp.
Brian Robertson
President & CEO
807-251-1816
807-474-4272 (FAX)
info@sourceexploration.com
www.sourceexploration.com