Source Exploration Corp is a Canadian based exploration and development company exploring for gold, silver and copper in historical mining districts in Mexico. Source's team is a highly successful group with extensive expertise in exploration, corporate finance, mine development and operations in Mexico, North America and off shore. The Company's Las Minas project is located in the State of Veracruz, Mexico.
Las Minas Project
Location, Access and Infrastructure
The Las Minas project is located approximately 270 kilometres east of Mexico City and is accessible by road. The project is comprised of six mineral concessions covering approximately 1,616 hectares in the heart of the historical Las Minas mining district in the State of Veracruz, Mexico. The project is located near a hydro-electric power plant and water is readily available.
Recent Drill Results
Recent drilling has focused on the Santa Cruz area, which is one of the six priority targets and forms part of the El Dorado corridor skarn zone. The skarn zone has been intersected by diamond drilling for 840 metres on strike and 420 metres in width, with mineralized intercepts varying from 20 to 245 metres in length. In August, 2014, drilling at Santa Cruz intersected long near surface intervals of high-grade gold, silver and copper mineralization, including 3.57 grams/tonne Au Eq(1) over 99.0 metres in diamond drill hole LM-14-SC-08. A higher grade intervall assaying 24.11 grams/tonne Au Eq is contained within the wider intersection.
- 3.57 g/t Au Eq over 99.0 metres in LM-14-SC-08, including
- 7.42 g/t Au Eq over 39.0 metres , including
- 24.11 g/t Au Eq over 9.60 metres
- 2.24 g/t Au Eq over 87.0 metres in LM-14-SC-07 , including
- 3.13 g/t Au Eq over 49.0 metres, including
- 4.36 g/t Au Eq over 25.0 metres
- 3.00 g/t Au Eq over 29.0 metres in LM-14-SC- 09 , including
- 5.00 g/t Au Eq over 15.0 metres
- 1.90 g/t Au Eq over 77.0 metres in LM-14-SC-10, including
- 5.1 g/t over 19.0 metres, including
Drilling carried out in mid-2014 also linked the Juan Bran and El Dorado zones. The Juan Bran target is located 300 metres north of Santa Cruz. Step-out holes at Juan Bran intersected skarn mineralization over an area measuring 350 metres by 250 metres and the system remains open for expansion.
- 1.55 g/t Au Eq over 42.5 metres in LM-14-JB-01
- 4.45 g/t Au Eq over 6.0 metres in LM-14-JB-02 Upper Zone including
- 12.67 g/t Au Eq over 2.0 metres, and
- 2.34 g/t Au Eq over 20.1 metres LM-14-JB-02 Lower Zone, including
- 3.10 g/t Au Eq over 15.1 metres
- 1.82 g/t Au Eq over 10.0 metres in LM-14-JB-04
(1) Gold equivalent (Au Eq) calculations use metal prices of US $1200/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% x1.71)
Historical mining at Las Minas dates back to the Aztec period when the indigenous people in the area mined gold to pay taxes to the Aztec empire. The district was exploited from Spanish Colonial time until the Mexican revolution. Since 1870, the area has seen over 30 small-scale mines, either milling on site or shipping high-grade ore averaging 15 to 30% copper and 20 to 40 grams/tonne gold to various smelters in Mexico and offshore.
The area saw little exploration activity after mining ceased following the Mexican Revolution. In the 1970's, Consejo De Recursos Minerales (CRM, a division of the Mexican government evaluated the area and concluded that the central part of the district (currently controlled by Source) has the potential for 80 million tonnes of mineralized skarn, which, while relevant from an exploration perspective, is not a 43-101 compliant and cannot be relied upon.
The geology of Las Minas area is represented by thick packages of limestone of Lower Cretaceous age, highly recrystallized with marble fronts formed by the presence of post Laramidic Intrusions, granodiorite to diorite, of mid-Tertiary age. A number of mineralized skarn bodies are observed in the lower parts of valleys, at the contact between the intrusions and the limestones. The main intrusive complex is more than 10 kilometres in diameter. Porphyry and epithermal occurrences are also present in the district.