Capricho drilling program 50% complete, Source says

Canadian firm Source Exploration (TSX-V: SOP) has completed approximately 50% of a 2,000m drilling program at its Capricho gold-silver project in Mexico, exploration director Sonny Bernales told BNamericas on the sidelines of the 2012 PDAC convention in Toronto. "We've completed six holes and some 1,000m so far and expect to finish the remainder in 4-6 weeks," he said, adding that Source has submitted samples from three holes and results are anticipated in the coming days. In January, Source's local subsidiary Roca Verde Exploration de México signed an option agreement with Empresa Minera Caprice to acquire up to a 100% stake in Capricho, located in Sinaloa state. Based on the results of this program - which is costing approximately Cdn$500,000 (US$499,986) - Source could proceed with a 5,000m, phase two campaign later in H1, Bernales said. Last week, Source wrapped up a Cdn$2.99mn non-brokered private placement.