SOURCE EXPLORATION CORP. (the “Corporation or “Source) (TSX-V: SOP) (the “Company) is pleased to announce that its wholly owned Mexican Subsidiary Roca Verde Exploration de Mexico has signed an option agreement with Empresa Minera Caprice, JC, S.A. de C.V. to acquire up to a 100% interest in its Capricho mineral exploration concessions located in Sinaloa, Mexico. The terms of the option agreement were detailed in a previous press release dated November 9, 2011. Drilling prospective high grade targets is scheduled to commence in January.
The Capricho property (approximately 652 hectares) is located approximately 110 kilometres northeast of the capital city Culiacan in gentle terrain and is readily accessible on paved and gravel roads. Historical mining on the property, dating back to the Spanish Colonial period, was focused on high grade gold and silver deposits. Currently, small-scale artisan mining is being carried out at the site to mine free gold that is exposed in surface outcrops.
Brian E. Robertson, President and CEO, stated, “As demonstrated by our due diligence sampling program, historical mining, as well as current small-scale mining activities, the Capricho Property hosts significant mineralization over a large area that has both bulk tonnage and high-grade vein potential. This Property provides Source with a drill-ready prospect and an excellent opportunity to define a significant high-grade gold-silver-copper deposit.
The Capricho concessions are host to high-grade gold and silver mineralization contained within iron-skarn units and mineralized shear zones. As part of its due diligence program, Source carried out a surface sampling program at a number of sites on the property, including both current and historical workings. All samples were collected within the skarn zone (mineralized contact zone between calcareous sedimentary rock and intrusive-granodioric rock). The samples are rock chip samples cut with a hammer and moil, with individual samples measuring 2.0 metres in length. The vertical samples are perpendicular to the skarn zone, while the horizontal samples are parallel to sub-parallel. The true width of the skarn zone is not known because the lower part is covered with talus and debris.
Summarized below are highlights of the surface sampling program a complete set of results is available on Sources website at www.sourceexploration.com.
Table 1 Highlight Assay Results Capricho Property
Location | Description | Width (m) | Au g/t | Silver g/t | Copper % | Sample Direction |
Ramon | Mina Fiero | 22.0 | 3.95 | 1.16 | 0.02 | Horizontal |
Including | | 2.0 | 13.46 | 2.3 | 0.01 | |
| | | | | | |
Tranquilino | Near old adit | 18.0 | 5.56 | 5.46 | 0.01 | Vertical |
Including | | 10.0 | 9.94 | 9.20 | 0.01 | |
and | | 2.0 | 26.13 | 35.8 | 0.01 | |
and | | 2.0 | 18.12 | 1.2 | 0.01 | |
| | | | | | |
Tranquilino | Near old adit | 26.0 | 9.88 | 47.68 | 0.01 | Horizontal |
Including | | 18.0 | 14.21 | 68.44 | 0.02 | |
and | | 2.0 | 99.28 | 569.0 | 0.03 | |
| | | | | | |
Tranquilino | East “Shear” – skarn | 24.0 | 1.95 | 27.68 | 0.03 | Horizontal |
Including | | 2.0 | 8.98 | 63.2 | 0.04 | |
| | | | | | |
Tranquilino | “Shear” – skarn | 4.0 | 3.83 | 0.75 | 0.01 | Vertical |
| | | | | | |
Mina Don Chavelo | Adit – skarn | 8.0 | 8.41 | 10.13 | 0.10 | Horizontal |
| | | | | | |
All assay values are uncut.
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 inserting mineralized standards and blanks into the sample stream, 1 for about 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 laboratory. The technical information in this news release has been reviewed and approved by Sonny Bernales, P. Geo., Sources, Exploration Director, a registered Professional Geoscientist in the Province of British Columbia and a qualified person as defined by National Instrument 43‑101. Mr. Bernales is responsible for logistics and supervision of all exploration activity conducted by Source on the property.
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 gold and silver deposits in Mexico. The Las Minas Project is the Companys current focus and is comprised of five mineral concessions covering approximately 1,271 hectares in the core of the Las Minas district in the State of Veracruz, 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.
For more information, please contact:
Brian Robertson, President & CEO
Phone: 807-251-1816
Fax: 807-474-4272
E-mail: [email protected]
Website at www.sourceexploration.com
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
