Day: September 7, 2016

Bruce Winfield, President & CEO of Defiance, stated, “We are very excited by the prospect of bringing the project to the next stage of advanced drilling with the goal of continually expanding the current resource to depth and along strike. With over 5.6km of strike length that is still well under-explored with similar geology, there still remains the potential for further discoveries at the San Acacio Project.”

Dunham Craig, P.Geo., Interim CEO commented, “While we suspected the William Tell Vein would extend to the south, we are very pleased to see this discovery in an area where we did not know what the vein mineralization, location or geometry would be. The high grade continuity in four of the drill holes within the potentially mineralized corridor is very encouraging and we are eager to begin a Phase 2 drilling program as soon as possible to further delineate the strike extension and depth. In addition, the discovery of two new vein intercepts grading above 700 gpt AgEq*, combined with all of the results received to date from drilling and underground channel sampling, reiterate a possible discovery of a district-wide area play. The crew in Mexico continues to gain further access within the estimated 11.5 kilometres of historic underground workings in both the Las Chispas area and Babicanora area for mapping, sampling and future drilling program design. We expect to report on further drill results and underground activities over the coming weeks.”

Source Exploration Corp. is pleased to announce that it has entered into a non-binding letter of intent which sets forth the basic terms upon which an extension to the option agreement to acquire the Pepe, Pepe Tres and San Jose concessions located at its Las Minas property may be granted. These concessions are part of the six concessions held under option or wholly owned by Source at Las Minas, Veracruz State, Mexico.

“The Property is located in very close proximity to the Rosario Mine and the Company has successfully milled mineralized material from the Property at the Rosario Mine milling facility in prior years,” said Arturo Préstamo, President and CEO of Santacruz. “Entering the Agreement was a logical strategic step for the Company to take as the initial capital expenditures required to produce mineralized material from the Property are anticipated to be modest, while simultaneously making use of excess capacity at the Rosario Mine milling facility.”