|February 23, 2017|
Prospero Advances Bermudez Epithermal System to Drill-Ready Status
THIS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
February 23, 2017 - Vancouver, B.C. - Prospero Silver Corp (PSL.V; "the Company" or "Prospero") is pleased to announce that it has completed additional sampling and mapping at the Bermudez project in Chihuahua State, Mexico. The project is located 17km from the town of Yecora and close to the Sonora State boundary. Prospero has completed mapping and sampling over 4.5km strike length of outcropping high-level banded, low-sulphidation veins at Bermudez. A preliminary diamond drill program has been designed to test the three zones. The Bermudez project is available for joint venture and Prospero will be looking for a partner in the coming months.
Fifty one additional samples were collected from the epithermal veins, for a total of 144 channel and chip samples, with a best result to date of 1.94g/t Au. The sampling results define strongly anomalous Au, Ag, Ba, and Zn. Fifteen samples show Au values between 0.15 to 1.94 ppm (Figure 2); sixteen samples show silver values between 5 to 35 ppm (Figure 3) and eight samples have Zn values between 50 to 155 ppm. The highest geochemistry was obtained in bands of greenish silica, as well as in the hanging wall of the main veins where greenish silica clasts are cemented by a reddish oxidized silica matrix.
Fluid Inclusion Petrography
Prospero's work suggests that the outcropping veins at Bermudez are roughly 150m to 200m vertically above the epithermal "productive" zone. Fluid inclusion temperature data (153°C to 224°C and salinities between 0 wt% and 3.2 wt% NaCl equivalent) indicate that the current surface expression of the vein system sits between 150m to 280m below the elevation of the now-eroded-off paleo-water table. Most low sulphidation epithermal deposits in Mexico host mineralized zones with temperatures that range from 230°C to 270°C that begin several hundred meters below the paleo-surface. The highest precious metal grades in these deposits typically occur within the middle portion of the ore zones. Prospero's fluid inclusion and geochemical work indicates that drilling at Bermudez should target depths of 200m to 400m below the exposed high level portion the system.
The structural control at Bermudez consists of a well defined N30°W to N50°W fault system dipping 60° to 80° NE, and a subsidiary N-S to N20°E set of splits in the footwall and hanging wall related to a dextral trans-tensional structural system (Figure 1). The host rocks are a sequence of andesitic units interbedded with rhyolite tuffs and pyroclastic flows, likely belonging to the lower section of the Upper Volcanic Series, which hosts a number of similar deposits in the region such as Pinos Altos, Concheño, and Ocampo. A system of felsitic to quartz porphyry dikes is emplaced into the fault system, as well as a low sulfidation epithermal vein system consisting of multibanded quartz, predominantly cryptocrystalline silica phases, and pseudomorphed platy calcite. An unaltered post-vein system of andesitic to basaltic volcanics covers the system to the north.
The target area is claimed with Prospero's "Bermudez 2" claim which covers 430 hectares. The surface lands consist of a parceled ejido with individual owners holding title to their property parcels. The area is friendly to the mining industry given its close proximity to a number of operating mines. It is located within a part of the Sierra Madre Occidental which has no security issues.
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 news release. Mr. Albinson is a Member of the American Institute of Professional Geologists and a Certified Professional Geologist (CPG) No. 11368.
About Prospero Silver Corp.
Prospero is a Mexico-focused project generator listed on the TSX.V under the symbol PSL.V. Prospero's aim is to discover world-class precious metal projects in the major mineral belts of Mexico. The Company applies a unique blend of practical exploration experience, cutting-edge mineral deposit science, and an extensive knowledge of Mexico's geology to find new gold and silver systems. Our exploration programs are run by a small but highly-focused geological team based in Mexico.
For further information please contact:
Exec VP Business Development
Tel: 604 307 0055
Tel: 604 288 2553
Forward-Looking Statement Cautions:
This press release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, relating to, among other things, the Company's proposed use of the financing proceeds. 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. The Company cautions that Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include, possible, accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company's exploration plans, the risk that the Company will not be able to raise the additional funds in the future to continue to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company's business and prospects. The reader is urged to refer to the Company's reports, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com for a more complete discussion of such risk factors and their potential effects.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of securities of the Company in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The Company's securities have not been and will not be registered under the United States Securities Act of 1933 (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.
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: Mon Apr 17, 2017, Prospero Secures C$1.5-Million Strategic Investment From Fortuna Silver Mines
You can view the Previous News Releases item: Wed Feb 8, 2017, PROSPERO PROVIDES PROJECT UPDATES FOR 2017
You can return to the main News Releases page, or press the Back button on your browser.