Source Exploration Corp TSXV:SOP announced results from Las Minas Project in Veracruz State, Mexico. Highlights include 1.05 g/t gold, 2.1 g/t silver and 0.34% copper over 22 metres, 5.14 g/t gold, 8.6 g/t silver and 1.46% copper over 2 metres, 0.51 g/t gold, 8.35 g/t silver and 0.37% copper over 15.1 metres, 0.62 g/t gold, 6.3 g/t silver and 0.27% copper over 11 metres and 1.19 g/t gold, 13.38 g/t silver and 0.61% copper over 5.8 metres.
President/CEO Brian Robertson tells ResourceClips.com, “The project has a very long history. Mining at Las Minas goes back to the Aztec era, and the Spaniards were there of course. Between 1870 and 1910, there were 20 operating mines in the area. They were mining high-grade material; direct shipping was basically 20 g/t to 40 g/t gold and between 5% and 30% copper. Very selective. The Mexican Revolution shut everything down, and it’s been very quiet there since, with only some small-scale exploration going on in terms of sampling. The area has never been drilled.
“Geologically, there are two types of deposit in the area. There are skarn deposits, and the Mexican Geological Survey did a report and estimated the skarn deposits in the area were actually 80 million tonnes. There are also epithermal vein systems. These are the high-grade gold systems that were mined historically. Very narrow-vein systems but very high-grade.
I found these assays quite good. What we’re trying to do is extend the mineralization along strike—Brian Robertson
“We started the drill program in March—we’ve done a little over 2,500 metres of drilling—and we just expanded it to include another 5,000 metres of drilling. We’ve had one drill going since March, and we’re sending another drill to the site that should be there today or tomorrow as part of the expansion program. We are targeting the skarn zones. We’re looking for large-tonnage, lower-grade type deposits, and we’re also going to be drilling some of the narrow-vein systems.
“I found these assays quite good,” Robertson continues. “What we’re trying to do is extend the mineralization along strike over to the Cinco Senores area. We’ve got some assays at Cinco Senores, but we had some problems there with the drilling; we didn’t get into what we thought would be the higher-grade zone because we intercepted some old mine workings. Our hole caved on us, we lost the drill string, and we had to abandon it. So we didn’t complete everything we wanted to, but this was the initial test of Cinco Senores. What we did prove is that the mineralization continues on strike. We found similar results of what we got when we did the sampling of the underground workings there, and we made some discoveries of old workings that were much deeper than what we expected. So I think overall the numbers were good there.
“We also drilled Las Manillas. That one is exposed on surface. I’ve been there and had a look at it. Lots of mineralization and it’s higher grade. We encountered two metres there running up to about 8 g/t of gold equivalent. That was similar to what we saw in the sampling from the underground. We also had problems there, though. The mineralization is very friable, so we got poor core recovery in the mineralized zone. We think that zone could be wider, but we just didn’t get the core recovery. But it certainly met our expectations and demonstrated that the mineralization continues.
“From where we started our initial drilling at Los Boquillas, down to where we’re drilling right now, is about 750 metres. Then, from Los Boquillas further along to Cinco Senores, is about another 730 metres. We believe we see the mineralization of the skarn zone continuing south of where we’re drilling right now. So we’ve drilled it off over that strike length, somewhere around 1,400 metres. We’re now going to continue drilling it toward the south, and as it dips we want to drill it down dip. We’ll also be drilling Changaro, where we have some very high-grade numbers in our sampling. Again that’s an historical, high-grade mine. First of all we want to get some nice step-out holes, then do some infill holes.
“We’ve got a full drill program going this summer and into the fall. So the resource estimate won’t be until later on. Somewhere in the October range.
“Production is not our objective,” Robertson adds. “Our business plan is to be an exploration company, not a development company. We have talked to some people—companies in Mexico that are quite interested in the project—and they are producers. So we would take it to a certain stage, then turn it over to an operating company.
“Las Minas has met all my expectations. Going from Los Boquillas initially, with the extensions along strike and the recent drilling at Las Manillas, we’ve done 2500 metres of drilling. But it’s a big property. It has a number of showings over considerable strike length and we have not explored all of those yet. Obviously, we’ve committed to another 5,000 metres of drilling, so I think that says something about what we’re seeing.”
He concludes, “I think it’s still a very exciting project and we’re continuing to look for acquisitions and we’ve been very active in that area as well.”
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Source Exploration Corp
by Greg Klein and Ted Niles