Source Resources (SOP-V) drilling links Flat Dipping mineralized Zone extending 650 Metres Down- Dip
May 7, '15 - NR
Source Exploration is pleased to announce that initial step-out drilling at its Las Minas gold project (the "Las Minas project") has linked the flat dipping Eldorado/Juan Bran zone with earlier drilling completed in 2011 further south. The mineralized zone now extends approximately 650 metres down-dip.
2015 Drilling Highlights:
LM-15-ED-20
22.0 metres grading 2.00 g/t Au Eq(1) , including 3.38 g/t Au Eq over 12.0 metres, including 4.67 g/t Au Eq over 8.0 metres
LM-15-ED-21
14.0 metres grading 4.01 g/t Au Eq, including 5.17 g/t Au Eq over 10.0 metres, including 5.89 g/t Au Eq over 8.0 metres
LM-15-ED-22
14.3 metres grading 3.59 g/t Au Eq, including 4.14 g/t Au Eq over 12.3 metres
Composite assay results for these holes and previously drilled holes are included in Table 1 below.
David Baker, Chairman, commented: "We are thrilled with these high-grade drilling results from the step-out drilling at the Eldorado/Juan Bran Zone. The drilling has outlined a large zone with encouraging tonnage potential that remains open on dip and strike. These results, plus previously reported drilling results from the high-grade Santa Cruz zone, are indicative of the property's potential."
El Dorado/Juan Bran Drilling
Drilling in 2014 at the El Dorado/Juan Bran target outlined a flat-dipping mineralized zone measuring from 170 metres to 420 metres in width and extending approximately 270 metres down-dip. Discovery hole LM-14-JB-02 graded 4.45 g/ t Au Eq over 6.0 metres in the upper zone and 3.10 g/t Au Eq over 15.1 metres in the lower zone (see Press Release August 29, 2014).
Recently completed holes LM-15-ED-20 & 21 were drilled as step-out holes to drill test the down-dip extension of the zone. These holes were drilled from the same drill pad, located approximately 170 metres south of Juan Bran discovery hole LM-14-JB-02. Hole LM-15-ED-20, drilled at -45 degrees to the west, intersected 4.67 g/t Au Eq over 8.0 metres, contained within 22.0 metres grading 2.00 g/t Au Eq.
Hole LM-15-ED-21 was drilled as a vertical hole and returned 5.89 g/t Au Eq over 8.0 metres, contained within 14.0 metres grading 4.01 g/t Au Eq. The mineralized intercept cut in hole LM-15-ED-21 was located approximately 85 metres east of the intercept in hole LM-15-ED-20.
Hole LM-15-SC-22, located approximately 100 metres south of LM-14-JB-02, was drilled at -55 degrees to the west. The hole cut 4.14 g/t Au Eq over 12.3 metres, contained within 14.3 metres grading 3.59 g/t Au Eq.
Additional Step-Out Drilling with Results Pending
Additional step-out holes with assays pending include LM-15-ED-23 & 24 as well as LM-15-JB-09. Significant intercepts with chalcopyrite and bornite mineralization were visually identified in these holes.
Hole LM-15-ED-23 was located 120 metres to the south of hole LM-15-ED-21. Skarn mineralization was intersected from 93.6 to 112.3, totaling 18.7 metres. The upper portion was in exo-skarn with chalcopyrite mineralization, visually estimated to be approximately 3 to 5 % by volume. The lower zone, extending from 107.4 to 112.1 metres, was in endoskarn, with chalcopyrite visually estimated to be approximately 1 to 2 % by volume, decreasing downward.
Hole LM-15-ED-24 intersected skarn mineralization from 113.2 metres to 132.9 metres, totaling 19.7 metres and comprised mainly of 20 to 30 percent magnetite by volume, locally up to 40 to 60 percent. Both chalcopyrite and bornite mineralization were noted, with chalcopyrite occurring as masses and veins visually estimated to be 3 to 5 % by volume.
Hole LM-15-JB-09 was collared 140 metres to the west of hole LM-15-ED-24 to test the width of the southern extension of the zone. The hole cut 6.0 metres of exo-skarn and retrograde endoskarn, visually estimated to contain 3 % by volume of chalcopyrite and bornite mineralization. The mineralized zone was cut off by a late feldspar porphyry dyke.
2011 Drilling on Southern Boundary
Holes LM-11-SC-36 and LM-11-SC-49 were drilled in 2011 as deep holes from the Santa Cruz target Hole LM-11-SC-36, which is located approximately 360 metres south of hole LM-14-JB-02, cut 3.58 g/t Au Eq over 10 metres, contained within 82.0 metres grading 1.73 g/t Au Eq.
Hole LM-11- SC-49, located a further 185 metres to the south of hole LM-11-SC-36, cut 3.28 g/t Au Eq over 18.0 metres, contained within 42.0 metres grading 1.78 g/t Au Eq.
For a drill map showing the hole locations, please click here:
http://media3.marketwire.com/docs/SOP-drill-map-050715.pdf
For a plan of outlining the El Dorado/Juan Bran mineralized zone, please click here:
http://media3.marketwire.com/docs/SOP-plan-050715.pdf
For a long section of the El Dorado/Juan Bran mineralized zone, please click here:
http://media3.marketwire.com/docs/SOP-long-section-050715.pdf
Table 1 Composite Assay Results for El Dorado/Juan Bran Zone
| | | El Dorado/Juan Bran Zone Current Drill Results | | | | | | | | | | | | | Hole ID (Az/Dip) | From
(m) | To
(m) | Intercept
(m) * | Au
(g/t) | Ag
(g/t) | Cu
(%) | Au Eq
(g/t) | | Comments | | | | | | | | | | | | | LM-15-ED-20 (270/-45) | 110.7 | 132.7 | 22.0 | 0.64 | 5.54 | 0.74 | 2.00 | | | | | including | 114.7 | 132.7 | 18.0 | 0.74 | 5.90 | 0.86 | 2.30 | | | | | including | 114.7 | 126.7 | 12.0 | 1.09 | 8.53 | 1.26 | 3.38 | | | | | including | 114.7 | 122.7 | 8.0 | 1.58 | 12.03 | 1.70 | 4.67 | | | | | | | | | | | | | | | LM-15-ED-21 (0/-90) | 85.6 | 99.6 | 14.0 | 1.56 | 7.50 | 1.36 | 4.01 | | | | | including | 85.6 | 97.6 | 12.0 | 1.80 | 8.49 | 1.56 | 4.61 | | | | | including | 85.6 | 95.6 | 10.0 | 2.05 | 9.27 | 1.74 | 5.17 | | | | | including | 85.6 | 93.6 | 8.0 | 2.37 | 10.21 | 1.96 | 5.89 | | | | | | | | | | | | | | | LM-15 ED-22 (270/-55) | 68.2 | 82.5 | 14.3 | 0.76 | 5.65 | 1.60 | 3.59 | | | | | including | 68.2 | 80.5 | 12.3 | 0.87 | 6.55 | 1.85 | 4.14 | | | | | | | | | | | | | | | Assays Pending | | | | | | | | | | | | | LM-15-ED-23 | Mineralized - Assays pending | | | | | | | | | | | | | LM-15-ED-24 | Mineralized - Assays pending | | | | | | | | | | | | | LM-15-JB-09 | Mineralized - Assays pending | | | | | | | | | | | | | Previously Reported Results | | | | | | | | | | | | | LM-14-JB-01 | 131.5 | 174.0 | 42.5 | 0.77 | 2.35 | 0.48 | 1.55 | | Press Release
Aug. 29, 2014 | | | | | | | | | | | | | LM-14-JB-02 | 13.5 | 19.5 | 6.0 | 4.43 | 0.33 | 0.01 | 4.45 | | Press Release
Aug. 29, 2014 | | Lower zone | 99.4 | 114.5 | 15.1 | 1.15 | 4.93 | 1.10 | 3.10 | | | | | | | | | | | | | | LM-14-JB-03 | 111.9 | 119.9 | 8.0 | 0.88 | 0.46 | 0.17 | 1.18 | | Press Release
Aug. 29, 2014 | | | | | | | | | | | | | LM-14-JB-04 | 64.3 | 74.3 | 10.0 | 0.70 | 4.40 | 0.61 | 1.82 | | Press Release
Aug. 29, 2014 | | | | | | | | | | | | | LM -11-SC-36 | 220.6 | 302.6 | 82.0 | 1.08 | 2.54 | 0.40 | 1.73 | | Press Release
Dec. 12, 2011 | | | Including | 220.6 | 230.6 | 10.0 | 2.98 | 2.90 | 0.36 | 3.58 | | | | | | | | | | | | | | LM-11-SC-49 | 251.6 | 293.6 | 42.0 | 1.08 | 3.05 | 0.42 | 1.78 | | Press Release
Jan. 26, 2012 | | | Including | 261.6 | 279.6 | 18.0 | 2.21 | 5.18 | 0.64 | 3.28 | | | | | | | | | | | | |
A total of 16 diamond drill holes were drilled in the 2015 drill program to drill test the Eldorado/Juan Bran ( 6 holes), Santa Cruz (7 holes) and Nopaltepec (3 holes) targets. Assay results are pending for an additional nine holes and will be reported when received from the laboratory.
All reported intervals referred to in this news release are core lengths and additional information is required to determine true widths. Assays are uncut, length-weighted average values.
| | | | (1) | Gold equivalent (Au Eq) calculations use metal prices of US $1,200/oz. for gold, US $19.00/oz. for silver and US $3.00/lb. for copper. No adjustments have been made for potential relative differences in metal recoveries. Au Eq g/t equals Au g/t + (Ag g/t x 0.016) + (Cu% x 1.71) Metal prices for gold equivalent values report in Dec. 12, 2011 and Jan. 26, 2012 news releases were US $1300/oz gold, US$25.00 /oz silver and us$3.00 lb copper. |
Samples containing free metallic gold were assayed by SGS Mineral Services at Durango, Mexico, an accredited and independent laboratory, using the FAS30K-Au metallic screen fire assay method.
About Las Minas
The Las Minas Project hosts near-surface gold-silver and copper skarn mineralization and high-grade gold-silver epithermal vein deposits. The project is comprised of six mineral concessions covering approximately 1,616 hectares (3,995 acres), with several small scale, past-producing mines and a number of untested targets.
The district is host to one of the largest under explored gold-silver copper skarn systems known in Mexico, and has a production history that extends back to the Aztec era. The Las Minas granodiorite intrusive measures approximately 10 kilometres in diameter and underlies the Las Minas concessions. The mineralization controls and association with magnetite appear to be similar to the Guerrero Gold belt, which is the site of the Los Filos and Morelos gold deposits.
The El Dorado/Juan Bran target is one of six priority drill targets at Las Minas. It forms part of the El Dorado corridor skarn zone that has been intersected by diamond drilling for approximately 1000 metres N-S and over 400 metres E-W, with mineralized drill intercepts varying from 20 to 245 metres in length.
Las Minas is an early-stage exploration project and does not contain any mineral resource estimates as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). The potential quantities and grades disclosed herein are conceptual in nature and there has been insufficient exploration to define a mineral resource for the targets discussed herein. It is uncertain if further exploration will result in these targets being delineated as a mineral resource.
Quality Assurance/Quality Control
The technical information in this news release has been reviewed and approved by Sonny Bernales, P. Geo., a registered Professional Geoscientist in the Province of British Columbia and a qualified person as defined by NI 43-101. Mr. Bernales is responsible for logistics and supervision of all exploration activity conducted by Source on the property.
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, about 1 for 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 and independent laboratory. Check samples are also sent to ALS-Chemex Laboratories in North Vancouver, Canada.
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 precious metals deposits in Mexico. Source is exploring the Las Minas Project, which is located in the core of the Las Minas district in the Veracruz State, 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.
David Baker
Executive Chairman
604-817-4211 or 604-970-8052
Brian Robertson
President & CEO
807-474-4272
807-474-4271or 807-251-1816
Camille Turner
Investor Relations
604-669-7840 or 604-970-8052
info@sourceexploration.com
www.sourceexploration.com |
