|February 22, 2010|
Commencement of Drilling on Cordero
|Prospero Silver Corp. (TSX-V: PSL) ("Prospero" or the "Company") is pleased to announce the commencement of a 1,500 meter diamond drilling program on its San Luis del Cordero ("Cordero") silver project. The drill rig will move from Cordero to the Baborigame project which has recently completed a National Instrument 43-101 ("NI 43-101") report. Prospero has three drill ready projects, all located in Mexico:|
The San Luis del Cordero project is located 155 kilometers NNE of Durango City in Durango state. The property consists of 2825 hectares and covers the full extent of known mineralization in the district. The Cordero project is a polymetallic vein-replacement-skarn type deposit which exhibits strong structural controls and vein-hosted mineralization. The most important known vein is Sta. Rosa which was mined during the mid part of the 20th century. Earlier production, based on the extent of old workings, came from an orebody of approximately 70,000 tons mined to a depth of 100 meters. During the late 1950's and early 1960's about 300 tons/month of Cu-Ag ore with a grade, believed to be in the order of, 600-700 g/t Ag and 2%-2.5% Cu was shipped directly to the San Luis Potosi copper smelter. Production records are no longer available and these figures have not been verified by Prospero.
The Sta. Rosa oreshoot exhibits a marked zonation with higher grade Ag-Cu mineralization associated with coarse crystalline quartz hosted in the La Casita Formation, zoning vertically upwards within a distance of 50 meters into geochemically anomalous stibnite-bearing jasperoids hosted in Aurora limestones. An area approximately 1,200x600 meters WNW of the Sta. Rosa mine exhibits abundant high-level jasperoids, similar to those overlying the Santa Rosa oreshoot. Prospero believes this is prospective ground for underlying vein-hosted and carbonate replacement polymetallic mineralization, similar in grade to the Santa Rosa oreshoot.
An IP/Resistivity geophysical survey was carried out over this area and indicates the presence of a strong chargeability anomaly under the limestones at the western side of the jasperoid field. This western area is at the intersection of the two major structural trends in the district - an E-W trend characterized by strike-slip displacement (India Bonita trend), and the NW trending Sta. Rosa structure.
Besides the potential for high-grade polymetallic veins under the field of low-temperature jasperoids a number of geologic features in the district are also favorable for the generation of replacement skarn deposits at greater depth. These include the presence of narrow intersections in the core of Ag-Cu mineralization associated with calc-silicates, the presence of highly differentiated granitic intrusive bodies, and the presence of favorable calcareous host rocks in the stratigraphic sequence.
The exploration strategy for the district involves following Sta. Rosa type veins and a quartz-porphyry contact zone downwards, searching for the area where they would intersect deeper massive limestones both within the Jurassic and Cretaceous stratigraphy.
Two diamond drill hole programs have been carried out, exploring the immediate extensions of the Sta. Rosa and India Bonita veins. The best intersections of these programs were as follows:
Follow-up drill programs will continue to offset the well mineralized intersections of DDH's SL-00-1, HCSR-2, and HCIB-2 which are open in all directions.
Baborigame is an old mining camp located in the south western corner of Chihuahua State about 270 Km SW of Chihuahua City. It is an epithermal gold-silver target and, with its location in Sierra Madre Occidental. Prospero believes it is similar in stratigraphic position and mineralization to two other active mines located to the south - Cienega and Bacis.
The project area comprises a large cohesive claim position of approximately 8,000 hectares which hosts at least 6 veins that were mined during the 19th and early 20th centuries for higher grade Au-Ag ores which were processed in 2 small stamp mills located within the district.
Since acquiring the option in November 2008, Prospero has mapped and sampled in detail some of the larger veins in the district. Notable amongst defined targets is the Diente de Oso ("Beartooth") vein which is approximately 10 kilometers long, up to 15 meters wide, and has not been drilled in the past due to lack of road access. This vein is largely covered by post-mineral volcanics. Prospero has drill ready targets for Diente de Oso, Los Angeles, Encerradora and Cebollas veins.
The Campana project is located in north central Durango state 70 kilometers west of Torreon. It comprises a large cohesive claim position totaling 13,263 hectares. While the project area is covered by alluvium, two outcropping hills have had historic mining. Narrow higher grade silver-gold veins were mined from an historic shaft (100 meters deep) located on Tepalcateno Hill. A previous diamond drill program in 2007 encountered multiple intersections of veinlets in both the diatremes and the basement sediments.
The known occurrence outcrops along a small ridge within an alluvium covered valley in a Peñasquito-like (Zacatecas) geological environment. Detailed ground magnetic surveys have been completed to aid target definition under alluvium cover in search for the more central (proximal) igneous-associated portion of the system. The zone of stronger alteration/mineralization is associated with magnetic lows. Work to date is centered around a diatreme dike complex 300 meters wide by 600 meters long which is associated with strong argillic alteration (illite-sericite), pyritization. This area is expected to be the third drilling project after Baborigame.
An IP/resistivity survey is being considered to define chargeability anomalies in selected potentially demagnetized target areas.
Prospero believes Campana has potential to host bulk-tonnage low grade precious metal and polymetallic mineralization (Au-Ag-Pb-Zn).
A NI 43-101 technical report has been commissioned on this property.
Prospero's mandate also includes project acquisition by staking or by negotiation with existing claim holders. More detailed descriptions of the projects can be found on Prospero's website (www.prosperosilver.com).
About Prospero Silver Corp.:
Prospero is a Canadian resource company with the majority of its staff based in Mexico and who work for its wholly owned subsidiary Minera Fumarola, SA de CV (Fumarola). Prospero's objective is to quickly evaluate the properties currently optioned and focus on bringing one into early production. Priority will be given to high grade gold projects.
This news release contains forward-looking statements that are not historical facts. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements, including statements regarding future exploration plans and the completion of a Campana technical report. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, the Company's inability to obtain any necessary permits, consents or authorizations required for its planned activities, and the Company's inability to raise the necessary capital or to be fully able to implement its business strategies. The reader is referred to the Company's public disclosure record which is available on SEDAR (www.sedar.com), including the risk factors discussed in Prospero's November 27, 2009 prospectus. Although Prospero believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except as required by securities laws and the policies of the TSX Venture Exchange, Prospero disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
You can view the Next News Releases item: Thu Apr 1, 2010, New Skarn Zone Includes 11 Meters Of 143 G/T Ag And 1.63% Cu At San Luis Del Cordero, Durango Project
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