Source Gold Corp. (OTC:SRGL) announced on Monday that it has begun its 2011 exploration program on its U.S. Property, Source's wholly owned Vulture Peak claims in Maricopa County near the town of Wickenburg, Arizona. These claims are adjacent to and encompass some of the old Vulture Mine site. As I write, shares of Source Gold are up 19 percent at $0.50 per share on light volume. The company has a market cap of $25 million and a 52-week range between $0.16 and $2.03 per share.Phase 1 - Additional data compilation, geological mapping, trenching, and sampling. This work will include geo-referencing of historical geological maps, sampling and trenching data, and collecting available historical production records from shafts and mines either previously existing on the claims or from the surrounding area.
Phase 2 - Ground Geophysical Surveying, and Diamond drilling based on Phase 1 information. 3D Induced Polarization (IP), Magnetometer Surveying, and Electromagnetic VLF will be carried out at specific locations determined by Phase 1 information.
The initial results of Phase 1 are expected in the spring, and Phase 2, will begin upon Phase 1 completion.
Source Gold’s corporate philosophy is to build shareholder value through the exploration and development of high quality mining and exploration projects in Canada and the USA, concentrating on gold in the prolific Beardmore-Geraldton Gold Camp in North Western Ontario.
For more information, please visit: www.sourcegoldcorp.com.
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