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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: info@sourceexploration.com
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.
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