Source Exploration (SOP-V) extends Pepe, San Jose options by two years
June 6, 2013 - News Release
Source Exploration Corp. has successfully negotiated an extension to its option agreement to acquire the Pepe, Pepe Tres and San Jose concessions located at the Las Minas property in Veracruz state, Mexico. The new agreement extends the term of the option agreement by an additional two years to Dec. 5, 2015. Scheduled payments as per the terms of the agreement are $130,000 (U.S.) on Dec. 5, 2013, $150,000 (U.S.) on Dec. 5, 2014, with a final payment of $1.3-million (U.S.) on Dec. 5, 2015. All payments are subject to VAT (value-added tax). Source also retains the right to exercise the option at the latest on Dec. 5, 2013, upon payment of $1-million (U.S.) as per the terms of the original option agreement. All other terms of the original agreement remain unchanged -- see press release dated Oct. 13, 2010.
"I am very pleased with this substantial extension to the term of the option agreement," said Brian Robertson, president and chief executive officer. "The extension provides additional time to maximize the potential resource that has been outlined by drilling programs as well as the recently completed geophysical surveys. We are currently evaluating options for advancing the property."
The Las Minas gold-silver and copper project is the company's current focus, and comprises six mineral concessions covering approximately 1,617 hectares in the core of the Las Minas district in the state of Veracruz, Mexico. Drilling in 2011 resulted in high-grade discoveries, including diamond drill hole LM-11-SC-45, grading 37.26 grams per tonne gold, 25.4 grams per tonne silver and 4.05 per cent copper over four metres, within 10.0 metres grading 15.89 grams per tonne gold, 12.98 grams per tonne silver and 2.25 per cent copper.
A recently completed high-resolution ground magnetic survey delineated two significant anomalies measuring 1,300 metres by 700 metres, and 500 metres by 500 metres immediately east of the high-grade mineralization intersected in diamond drill hole LM-11-SC-45. A large magnetic high anomaly measuring approximately 1,000 metres by 750 metres was also outlined next to the underground workings of the historical San Jose de Oro gold mine. Diamond drilling at the mine intersected 5.14 grams per tonne gold, 8.6 grams per tonne silver and 1.46 per cent copper over two metres -- see press release dated Feb. 14, 2013.
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