Source Exploration Corp.

Published : December 01st, 2010

Signs Final Agreements to Acquire Las Minas Project and Commences Exploration Program

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Keywords :   Copper | Diamond | G Mexico | Gold | Mexico | Silver | Volatility |
December 1, 2010 TSX-V: SOP

Source Signs Final Agreements to Acquire Las Minas Project and Commences Exploration Program

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 options to acquire a 100 % interest in the Las Minas and La Miqueta Projects, collectively referred to as the Las Minas Project.

A Phase I exploration program is underway at the property, which includes geological mapping, sampling and prospecting. The program is focused on identifying high priority drill targets. Diamond drilling is planned to commence early in the first quarter of 2011.

The Project is located in the Las Minas district in the state of Veracruz and covers a substantial portion of one of the largest gold-copper skarn systems known in Mexico. The district is highly prospective for both bulk tonnage gold-silver–copper skarn deposits and high-grade gold-silver-copper epithermal vein deposits. The outcrop of the granitic intrusive on the property measures over 700 hectares, with numerous known mineralized skarn as well as multiple epithermal gold–silver–copper vein zones. A number of historical mine workings with limited bedrock production are noted on the Source concessions with little apparent systematic exploration or drilling

The Council of Mineral Resources (Federal Government geological survey agency) carried out a sampling program of the skarn deposits in the Las Minas area. In a report dated February, 1996, it is reported that the copper-gold distribution, which was found in the sampling of a skarn outcrop of about 70 ha, shows a homogeneous mineralization with a presence of rich sections in the shape of irregular lens ranging from 2 g/t to 9 g/t of gold.(Source's Qualified Person has not verified these historical results).

Highlights of a recently completed sampling program by Source around a number of small former producers are listed in Table 1.

Table 1: Sampling Highlights, Las Minas Property skarn horizon (Source Exploration, 2010)

Prospect

Description

Width (m)

Rock Chip Channel Samples

Los Boquillos Mine

Endoskarn at portal of adit

10.0

3.55 g/t Au; 4.8 g/t Ag; 0.40% Cu

Endoskarn along stope wall

12.0

2.38 g/t Au; 3.3 g/t Ag; 0.45% Cu

Endoskarn stope pillar

3.0

4.20 g/t Au; 2.5 g/t Ag; 0.08% Cu

Cinco Senores

Endoskarn Adit # 2 wall rock

2.5

2.58 g/t Au; 20.4 g/t Ag; 0.18% Cu

Endoskarn Adit # 2 wall rock

2.5

2.65 g/t Au; 20.8 g/t Ag; 0.58% Cu

Endoskarn Adit # 2 wall rock

2.5

0.33 g/t Au; 3.0 g/t Ag; 0.13% Cu

Endoskarn Adit #2 wall rock

2.5

1.07 g/t Au; 8.8 g/t Ag; 0.18% Cu

Endoskarn Adit #2 wall rock

2.5

2.23 g/t Au; 26.7 g/t Ag; 0.19% Cu

Mineralized granite intrusive

15.0

0.49 g/t Au; 6.5 g/t Ag; 0.42 % Cu

Mineralized boulder

Grab

2.19g/t Au; 8.6 g/t Ag;0.51% Cu

Barrancon Mine

Porphyry Felsic Intrusive

10.0

0.312 g/t Au; <0.5 g/t Ag: 0.028% Cu.

Nopaltepec

Breccia –marble contact

2.0

0.452 g/t Au;0.90 g/t ag, 0,23% Cu

Breccia – marble contact

2.0

0.166g/t Au;<0.50 g/t Ag;0.49% Cu

 

 

 

 

 

 

 

 

 

 

 

Exploration Program Underway to Define High Priority Drill Targets

Key personnel have been engaged and an exploration program is underway on the property. Mr. Sonny Bernales, P. Geo. has been retained to manage the exploration program. Mr. Bernales is a qualified person (as defined by National Instrument 43-101) and has extensive experience in directing exploration programs for large scale gold – copper deposits and epithermal vein deposits. The company has also retained the services of Geoconsulting Ingenieros, S.C., a geological consulting engineering firm focused on providing technical services for exploration, mining, construction, and environmental programs. The firm provides technical services throughout Latin America and is based in Mexico City. Source has also initiated a Community Relations program to introduce the project to local municipalities.

Brian E. Robertson, President and CEO, stated, "We are very excited about the substantial potential of the Las Minas project especially given the early results and visuals from the current field exploration program. Recent surface work has identified areas of extensive mineralization that measure in the hundreds of meters along strike and over substantial widths in an area that has seen limited historical production but little previous drilling.”

Brian E. Robertson, P. Eng. is the qualified person as described in National Instrument 43-101, and is responsible for the technical content of this News Release.

About Source Exploration

Source Exploration is a Canadian based mineral exploration company focused on the evaluation, acquisition and development of mineral properties in Mexico with high potential for precious or base metals.

For more information, please contact:

Brian Robertson, President& CEO

Phone: 807-251-1816

Fax: 807-474-4272

e-mail: info@sourceexploration.com

Website at http://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.

Certain terms or statements made that are not historical facts, such as anticipated advancement of mineral properties or programs, productions, sales of assets, exploration plans or results, costs, prices, performance are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, and involve a number of risks and uncertainties that could cause actual results to differ materially from those projected, anticipated, expected or implied. These risks and uncertainties include, but are not limited to; metals price volatility, volatility of metals production, project development risks and ability to raise financing. Certain statements included in this news release constitute "forward-looking information" within the meaning of applicable securities legislation. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.

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Source Exploration Corp.

EXPLORATION STAGE
CODE : SOP.V
ISIN : CA83614T1003
CUSIP : 83614T100
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Source Expl. is a silver exploration company based in Canada.

Its main exploration property is LA MINAS VERACRUZ in Mexico.

Source Expl. is listed in Canada. Its market capitalisation is CA$ 262 900 as of today (US$ 193 508, € 175 105).

Its stock quote reached its highest recent level on December 10, 2010 at CA$ 0.69, and its lowest recent point on September 05, 2024 at CA$ 0.01.

Source Expl. has 26 290 000 shares outstanding.

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Financings of Source Exploration Corp.
12/2/2009Announces $750,000 Brokered Private Placement
Option Grants of Source Exploration Corp.
7/13/2011(angl) Grants 1,315,000 options at $0,35
Nominations of Source Exploration Corp.
10/25/2013Announces Board Resignation
6/17/2010Appoints Interim CFO and announces Relocation of Corporate H...
9/23/2009Announces Appointment of New President and CEO
Project news of Source Exploration Corp.
8/8/2011Intersects 1.05 g/t Gold, 2.10 g/t Silver and 0.34% Copper (...
7/26/2011Awards 5,000 Metre Drilling Contract and Adds Second Drill a...
6/1/2011(La Minas Veracruz)Intersects 55.4 Metres Grading 0.54 g/t Gold, 5.52 g/t Silve...
5/3/2011(La Minas Veracruz)Drilling Intersects Wide Spread Gold, Silver and Copper Mine...
2/28/2011(La Minas Veracruz)Commences Drill Program to Test Bulk Tonnage Potential of La...
2/2/2011(La Minas Veracruz)Samples 12 Metres of 8.59 g/t Gold, 140.0 g/t Silver and 0.5...
1/12/2011(La Minas Veracruz)Reports Channel Sample Results of up to 24 Metres of 5.5g/t ...
12/1/2010(La Minas Veracruz)Signs Final Agreements to Acquire Las Minas Project and Comm...
4/13/2010Announces NI 43-101 Indicated and Inferred Mineral Resource ...
4/8/2010Commences Underground Drilling Targeting Extensions of Histo...
1/7/2010Discovers High Grade Silver Vein
10/22/2009Drilling Targets High Grade Silver Zones at San Acacaio Silv...
1/30/2009(San Acacio)Source Expl. granted extension on San Acacio
12/3/2008(San Acacio)Consolidates its Interest in the San Acacio Silver Project
Corporate news of Source Exploration Corp.
10/1/2015Source Extends Las Minas Purchase Option Agreement
9/1/2015Source Announces CFO Appointment
6/29/2015Source Preliminary Metallurgical Test Work Yields Excellent ...
3/19/2015Sopra Steria: Proposed Acquisition of CIMPA SAS
3/17/2015Source Commences 2,000 Metre Drill Program and Grants Option...
2/26/2015Source Exploration Corp. Closes Non-Brokered Private Placeme...
2/25/2015Source Signs Drill Contract and Announces Drilling Program a...
2/20/2015Source to Exhibit at PDAC Booth 2746
1/21/2015Source to Exhibit at the 2015 Vancouver Roundup Booth 421
1/16/2015Source to Exhibit at the 2015 Vancouver Resource Investment ...
8/29/2014Source Drilling Links Juan Bran and El Dorado Zones Signific...
8/6/2014Source Expands High-Grade Mineralization at Las Minas
6/20/2014Source Commences 2,000 Metre Phase 2 Drill Program at Las Mi...
5/29/2014Source Signs Drill Contract and Announces Phase 2 Drilling P...
5/26/2014Source Intersects 1.44 g/t Gold Equivalent Over 45.0 Metres ...
5/16/2014Source Exploration Corp. Closes Non-Brokered Private Placeme...
4/7/2014Source Intersects 2.70 G/T Gold Equivalent Over 97.2 Metres ...
2/14/2013Geophysical Survey Identifies Large Scale Magnetic Anomalies...
11/7/2012Begins Ground Magnetic Geophysical Survey at Las Minas
10/18/2012Reports More High-Grade Mineralization in Step-Out Drilling ...
9/12/2012Intersects Significant Mineralization in Step-Out Drilling a...
9/1/2011Retains Investor Relations Consultant
8/15/2011CEOCFO Interview
5/10/2011Samples 9.92 g/t Gold, 20.78 g/t silver and 0.63 % Copper ov...
5/19/2010Announces Completion of $551,250 Financing
4/23/2010Announces $551,250 Financing
12/23/2009Granted Extension on San Acacio Earn-In
1/26/2009To Retire One Million Shares
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