Source Reports Channel Sample Results of up to 24 Metres of 5.5g/t Gold, 8.2g/t Silver and 0.38% Copper at Las Minas; Ewan S. Downie Appointed as Chairman of the Board
Shares Issued: 45,592,310 TSX‐V: SOP For Immediate Release January 12, 2011
Source Reports Channel Sample Results of up to 24 Metres of 5.5g/t Gold, 8.2g/t Silver and 0.38% Copper at Las Minas; Ewan S. Downie Appointed as Chairman of the Board
January 12, 2011 – Source Exploration Corp. ("Source" or the "Company") (TSX‐V: SOP) is pleased to announce preliminary assay results for its underground sampling program at the Company’s recently acquired Las Minas project located in western Veracruz state, Mexico, as well as the appointment of Ewan S. Downie as non – executive Chairman of the Board.
Sampling Program
Source recently carried out a sampling program at the Las Minas property. This work has been completed in advance of a diamond drilling program scheduled for the 1st quarter of 2011.
Preliminary sampling results have been received for the sampling of Adit # 2 at the historic Las Boquillas mine, one of the primary targets on the property. The walls of the existing openings were sampled and details are provided in the attached drawing of the underground workings. The highest assay values received include 20.5 g/t gold, 40.4 g/t silver and 2.08% copper. Thirty one samples taken at Las Boquillas, or 43 percent of the total samples, graded greater than 1.0 g/t gold. Results of the sampling program completed Las Boquillas are shown in Table 1 and a summary is provided in Table 2.
In addition to Las Boquillas, comprehensive sampling was undertaken at Cinco Senores prospect as well as preliminary sampling at La Miqueta, Las Minillas, San Jose de Oro, El Alto and Yanillo prospects (photos available at Source’s website). The Cinco Senores and Las Boquillas mineralized zones suggest a strike length of approximately 1 km with widths of up to 50 metres in places. Further assays are expected in the near future.”
Table 1 Sampling Results Las Boquillas
| Sample No | Location | Width (M) | Au g/t | Ag g/t | Cu % | Type |
|---|---|---|---|---|---|---|
| 847 | Adit #2 | 2.0 | 3.55 | 2.8 | 0.47 | Endo‐skarn |
| 848 | Adit #2 | 2.0 | 15.77 | 40.4 | 1.04 | Endo‐skarn |
| 849 | Adit #2 | 2.0 | 3.90 | 17.7 | 0.43 | Endo‐skarn |
| 850 | Adit #2 | 2.0 | 20.50 | 14.3 | 0.63 | Endo‐skarn |
| 851 | Adit #2 | 2.0 | 8.69 | 13.9 | 0.16 | Endo‐skarn |
| 852 | Adit #2 | 2.0 | 3.55 | 4.5 | 0.27 | Endo‐skarn |
| 853 | Adit #2 | 2.0 | 3.47 | 2.2 | 0.17 | Endo‐skarn |
| 854 | Adit #2 | 2.0 | 1.49 | 1.3 | 0.16 | Endo‐skarn |
| 855 | Adit #2 | 2.0 | 1.09 | 0.5 | 0.32 | Endo‐skarn |
| 857 | Adit #2 | 2.0 | 1.33 | 1.5 | 0.31 | Endo‐skarn |
| 858 | Adit #2 | 2.0 | 1.28 | 2.1 | 0.39 | Endo‐skarn |
| 859 | Adit #2 | 2.0 | 1.55 | 3.4 | 0.26 | Endo‐skarn |
| Total Length & Average Grade | 24.0 | 5.5 | 8.7 | 0.38 |
| Sample No | Location | Width (M) | Au g/t | Ag g/t | Cu % | Type |
|---|---|---|---|---|---|---|
| 860 | Adit #2 | 2.0 | 1.05 | 2.3 | 0.14 | Endo‐ skarn |
| 861 | Adit #2 | 2.0 | 2.49 | 4.2 | 0.53 | Endo‐ skarn |
| 862 | Adit #2 | 2.0 | 1.55 | 2.5 | 0.34 | Endo‐ skarn |
| 863 | Adit #2 | 2.0 | 1.75 | 3.3 | 0.19 | Endo‐ skarn |
| 864 | Adit #2 | 2.0 | 1.79 | 4.7 | 0.42 | Endo‐ skarn |
| 866 | Adit #2 | 2.0 | 0.50 | 1.0 | 0.28 | Endo‐ skarn |
| 867 | Adit #2 | 2.0 | 0.83 | 1.3 | 0.31 | Endo‐ skarn |
| 868 | Adit #2 | 2.0 | 1.04 | 2.3 | 0.47 | Endo‐ skarn |
| 869 | Adit #2 | 2.0 | 0.44 | 0.7 | 0.22 | Endo‐ skarn |
| 870 | Adit #2 | 2.0 | 0.36 | 1.3 | 0.11 | Endo‐ skarn |
| 871 | Adit #2 | 2.0 | 0.32 | 1.0 | 0.21 | Endo‐ skarn |
| 872 | Adit #2 | 2.0 | 0.46 | 1.4 | 0.29 | Endo‐ skarn |
| 873 | Adit #2 | 2.0 | 0.39 | 1.0 | 0.18 | Endo‐ skarn |
| 874 | Adit #2 | 2.0 | 0.46 | 1.1 | 0.09 | Endo‐ skarn |
| Total Length & Average Grade | 28 | 0.96 | 2.0 | 0.27 | ||
| 887 | Adit #2 | 2.0 | 1.55 | 4.5 | 0.98 | Endo‐ skarn |
| 888 | Adit #2 | 2.0 | 0.68 | 1.7 | 0.27 | Endo‐ skarn |
| 889 | Adit #2 | 2.0 | 0.77 | 2.1 | 0.41 | Endo‐ skarn |
| 890 | Adit #2 | 2.0 | 1.10 | 2.9 | 0.45 | Endo‐ skarn |
| 891 | Adit #2 | 2.0 | 0.33 | 1.1 | 0.13 | Endo‐ skarn |
| 892 | Adit #2 | 2.0 | 1.54 | 4.9 | 1.05 | Endo‐ skarn |
| 893 | Adit #2 | 2.0 | 0.89 | 2.9 | 0.65 | Endo‐ skarn |
| 894 | Adit #2 | 2.0 | 0.07 | 0.15 | 0.05 | Endo‐ skarn |
| 895 | Adit #2 | 2.0 | 0.03 | 0.15 | 0.01 | Endo‐ skarn |
| 897 | Adit #2 | 2.0 | 0.04 | 0.15 | 0.02 | Endo‐ skarn |
| 898 | Adit #2 | 2.0 | 0.14 | 0.15 | 0.00 | Endo‐ skarn |
| 899 | Adit #2 | 2.0 | 0.04 | 0.15 | 0.00 | Endo‐ skarn |
| 900 | Adit #2 | 2.0 | 0.19 | 0.15 | 0.01 | Endo‐ skarn |
| 2683 | 2.0 | 0.06 | 0.15 | 0.03 | Endo‐ skarn | |
| Total Length & Average Grade | 28.0 | 0.52 | 1.5 | 0.29 | ||
| 875 | Adit #2 | 2.0 | 3.69 | 3.3 | 0.28 | Endo‐skarn |
| 877 | Adit #2 | 2.0 | 1.89 | 2.2 | 0.28 | Endo‐skarn |
| 878 | Adit #2 | 2.0 | 5.28 | 3.9 | 0.55 | Endo‐skarn |
| 879 | Adit #2 | 2.0 | 14.68 | 10.3 | 0.87 | Endo‐skarn |
| 880 | Adit #2 | 2.0 | 3.09 | 2.7 | 0.09 | Endo‐skarn |
| 881 | Adit #2 | 2.0 | 1.38 | 1.4 | 0.08 | Endo‐skarn |
| 882 | Adit #2 | 2.0 | 1.33 | 2.6 | 0.06 | Endo‐skarn |
| 883 | Adit #2 | 2.0 | 1.60 | 3.2 | 0.19 | Endo‐skarn |
| 884 | Adit #2 | 2.0 | 1.35 | 2.4 | 0.10 | Endo‐skarn |
| 886 | Adit #2 | 2.0 | 1.76 | 3.6 | 0.13 | Endo‐skarn |
| Total Length & Average Grade | 20.0 | 3.66 | 3,6 | 0.27 | ||
| 2658 | Adit #2 | 2.0 | 0.55 | 2.1 | 0.12 | Endo‐skarn |
| 2659 | Adit #2 | 2.0 | 0.60 | 2.6 | 0.20 | Endo‐skarn |
| 2660 | Adit #2 | 2.0 | 0.55 | 2.2 | 0.13 | Endo‐skarn |
| 2662 | Adit #2 | 2.0 | 0.11 | 0.5 | 0.06 | Endo‐skarn |
| Total Length & Average Grade | 8.0 | 0.43 | 1.9 | 0.13 |
| Sample No | Location | Width (M) | Au g/t | Ag g/t | Cu % | Type |
|---|---|---|---|---|---|---|
| 2663 | Adit #2 | 2.0 | 0.48 | 0.7 | 0.24 | Endo‐skarn |
| 2664 | Adit #2 | 2.0 | 0.37 | 1.2 | 0.08 | Endo‐skarn |
| 2665 | Adit #2 | 2.0 | 0.44 | 1.2 | 0.22 | Endo‐skarn |
| 2666 | Adit #2 | 2.0 | 0.86 | 2.2 | 0.57 | Endo‐skarn |
| 2667 | Adit #2 | 2.0 | 0.75 | 2.1 | 0.56 | Endo‐skarn |
| 2668 | Adit #2 | 2.0 | 0.27 | 0.9 | 0.15 | Endo‐skarn |
| 2669 | Adit #2 | 2.0 | 0.18 | 1.4 | 0.12 | Endo‐skarn |
| 2670 | Adit #2 | 2.0 | 0.9 | 0.5 | 0.07 | Endo‐skarn |
| Total Length & Average Grade | 16.0 | 0.43 | 1.3 | 0.25 | ||
| 2672 | Adit #2 | 2.0 | 1.22 | 2.7 | 0.55 | Endo‐skarn |
| 2673 | Adit #2 | 2.0 | 7.81 | 13.6 | 2.08 | Endo‐skarn |
| 2674 | Adit #2 | 2.0 | 4.00 | 6.3 | 0.90 | Endo‐skarn |
| 2675 | Adit #2 | 2.0 | 4.35 | 9.5 | 0.97 | Endo‐skarn |
| 2676 | Adit #2 | 2.0 | 1.80 | 5.4 | 0.49 | Endo‐skarn |
| 2677 | Adit #2 | 2.0 | 0.81 | 2.1 | 0.24 | Endo‐skarn |
| 2678 | Adit #2 | 2.0 | 2.10 | 6.7 | 0.94 | Endo‐skarn |
| 2679 | Adit #2 | 2.0 | 0.46 | 1.8 | 0.13 | Endo‐skarn |
| 2681 | Adit #2 | 2.0 | 1.22 | 5.8 | 0.80 | Endo‐skarn |
| 2682 | Adit #2 | 2.0 | 0.10 | 0.4 | 0.11 | Endo‐skarn |
| Total Length & Average Grade | 20.0 | 2.39 | 5.4 | 0.72 |
Table 2 Summary of Las Boquillas Sampling
| Location | Sample Numbers | Width (M) | Au g/t | Ag g/t | Cu % | Type |
|---|---|---|---|---|---|---|
| # 2 Adit | 847 to 859 | 24.0 | 5.5 | 8.7 | 0.38 | Endo‐skarn |
| # 2 Adit | 860 to 874 | 28.0 | 0.96 | 2.0 | 0.27 | Endo‐skarn |
| #2 Adit | 887 to 900 & 2683 | 28.0 | 0.52 | 1.5 | 0.29 | Endo‐skarn |
| # 2 Adit | 875 to 886 | 20.0 | 3.66 | 3.6 | 0.27 | Endo‐skarn |
| #2 Adit | 2658 to 2662 | 8.0 | 0.45 | 1.9 | 0.13 | Endo‐skarn |
| #2 Adit | 2663 to 2670 | 16.0 | 0.43 | 1.3 | 0.25 | Endo‐skarn |
| # 2 Adit | 2672 to 2682 | 20.0 | 2.39 | 5.4 | 0.72 | Endo‐skarn |
| Average Length and Grade | 23.0 | 2.1 | 3.6 | 0.35 |
Brian Robertson, Source’s President and CEO, said, “These robust preliminary results clearly demonstrate the potential to define significant bulk tonnage zones at Las Minas and will help to guide our upcoming drill program. The “Endo‐skarn” mineralization (within the intrusion) at Las Boquillas bodes well for continuation of the mineralized zones to depth in the host intrusion.”
Chairman Appointment
Mr. Ewan Downie has been appointed as non‐ executive Chairman of Source. Mr. Downie is currently the President and CEO of Premier Gold Mines Limited and serves as a Director of Source. Prior to Premier, Ewan founded Wolfden Resources Inc. that was acquired by Zinifex Limited in 2007. Ewan was a member of the Wolfden team that received the prestigious PDAC "Bill Dennis Prospector of the Year" award for being a part of the team that discovered the West Zone deposit at High Lake, Nunavut. In 2004 and 2005, Wolfden received NWOPA awards for discoveries in Ontario’s burgeoning RedLake gold camp, and in 2010 as Developer of the Year for Premier’s Hardrock Project.Mr. Downie also sits on the boards of several other publicly traded companies including Newstrike Resources, Benton Resources, Mega Precious Metals Inc., and Gold Standard Ventures Corp.
“I am also excited about Ewan’s appointment as Chairman”, said Brian Robertson, President and CEO. “As a Director of Source, he has played a large part in the development of the Company. His intuitive sense for identifying high potential early stage property opportunities and successfully advancing them to development will provide Source with the expertise for meeting its corporate objectives of continuing growth through strategic property acquisitions and development.”
Sonny Bernales, P.Geo.,Project Manager is the Qualified Person for the technical information contained in this press release and is a qualified Person within the meaning of National Instrument 43‐101. Samples were shipped to SGS Mineral Services (ISO/IEC 17025) at Durango, Mexico for assaying. In addition to the laboratory’s quality control program, a rigorous on‐site quality assurance and control quality control program was implemented involving the insertion of certified standard reference materials including blanks.
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.
For more information, please contact:
Brian Robertson, President & CEO Phone: 807‐474‐4270 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.
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 use of proceeds of the Offering. Forward‐ looking information is based on the opinions and estimates of management that, which considered reasonable, are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward‐ looking information. Such risks and uncertainties include, but are not limited to, risks associated with the mining industry, the risk of commodity price and foreign exchange rate fluctuations, the ability of the Corporation to fund the capital and operating expenses necessary to achieve the business objectives of the Corporation, as well as those risks described in public disclosure documents filed by the Corporation. Due to the risks, uncertainties and assumptions inherent in forward‐looking information, prospective investors in securities of the Corporation should not place undue reliance on such forward‐looking information. The Corporation 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.