|March 03, 2014|
San Luis Cordero Project Drilling Results With Jv Partner Silver Standard Resources
|Vancouver, B.C. - Prospero Silver Corp. (TSXV: PSL) ("Prospero" or the "Company") is pleased to announce that its JV partner Silver Standard Resources, Inc. ("Silver Standard") has completed a 15 hole 5,135 meter diamond drill program at the San Luis Cordero project located in central Durango. |
This initial program was aimed at multiple targets including the extension at depth of the Santa Rosa mineralized zone, the extension to the northwest of the Santa Rosa trend, the deep chargeability anomaly under the limestone plateau located in the western zone, the extension to the east of the Santa Rosa East skarn zone, and new targets defined by an IP survey and geochemistry in the eastern La Puerta and India Bonita target zones.
This drill hole program continues to expand the Santa Rosa vein mineralized zone to the west, and the Santa Rosa East skarn zone to the east, and is open in both directions. In the Santa Rosa East skarn, drill hole SSLC-13-21 intersected mineralization hosted in hornfels, whereas holes SSLC-14-33 and SSLC-14-34 intersected mineralization hosted in calc-silicates. The intersection of hole SSLC-13-21 indicates highly fractured hornfels host-rock tends to represent favorable structural preparation for wider mineralization, whereas calc-silicate hosted mineralization tends to be narrower and higher grade. Other targets that remain to be tested include the Canal Zone and La Puerta skarn.
Under the terms of the Definitive Agreement, Silver Standard has the option to earn a 51% interest within 3 years by incurring total property expenditures of US$3.5M, a minimum of 4,000 meters of drilling in Year 1, and total cash payments of US$1.5M (see Prospero's News Release of March 20, 2013). Upon Silver Standard earning a 51% interest, the initial joint venture program shall have a minimum program cost of US$4M over 36 months and require the preparation of a pre-feasibility level study on the property. The Definitive Agreement also contains provisions related to additional joint venture exploration and development programs, including the dilution of a joint venture partner's participating interest if such partner does not fund its portion of a program.
Tawn Albinson, M.Sc., President of the Company, is a Qualified Person, as defined in NI 43-101, and is responsible for the technical content of this press release. A quality control program is adopted to ensure best practices in the sampling and analysis of drill core. Samples are shipped in sealed bags to ALS-Chemex Laboratory preparation facilities in Chihuahua City (ISO 9001). Shipments include intermittent standards and blanks. Sample pulps are shipped to ALS-Chemex Laboratories in North Vancouver, B.C. for analysis. All samples were assayed by multielemental ME-ICP41, and gold by ICP21 (Inductively Induced Plasma-Atomic Emission Spectroscopy) which consists of a 30 gram fire assay with an ICP-AES finish. Silver, lead, zinc and copper values in excess of 100 ppm, 1%, 1%, and 1% respectively were repeated with aqua regia digestion and with ICP-AES (Code OG46).
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 MineraFumarola, SA de CV (Fumarola). Prospero's objective is to quickly evaluate the properties currently optioned for their suitability to provide size potential and/or amenability for strategic joint ventures.
For further information please contact:
Tel: (604) 288--7813
- or -
Tel: (604) 561-3642
Forward-Looking Statement Cautions:
This news release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, relating to the closing of a non-brokered Private Placement. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "aims," "potential," "goal," "objective," "prospective," and similar expressions, or that events or conditions "will," "would," "may," "can," "could" or "should" occur, or are those statements, which, by their nature, refer to future events. 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 reports, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com, including the risk factors discussed in Prospero's November 27, 2009 prospectus. 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
You can view the Next News Releases item: Fri Mar 14, 2014, Prospero Receives San Luis Del Cordero Project Back From Silver Standard After 5,135m Of Diamond Drilling.
You can view the Previous News Releases item: Thu Nov 7, 2013, Drilling Starts at the San Luis Cordero Project with JV Partner Silver Standard Resources
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