Prospero Silver Corp.
Prospero Silver Corp.
Projects
Santa Maria del Oro
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Santa Maria del Oro, Durango State

Available for joint venture
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Overview



Overview

High-level epithermal system with 2 target zones including a major outcropping jasperoid with elevated precious and base metals, and a geophysical lineament. Potential for a productive epithermal Zone at depth.

The Santa Maria del Oro project consists of a number of high-level epithermal targets in close proximity to the historic Magistral del Oro mines in Durango state. Staked by Prospero between late 2011 and early 2012, the resulting 9,066 hectare land package almost completely surrounds the historic mines. Prospero has obtained historic mining records that indicate production of over 1 million ounces of gold from oxide ores with an average grade exceeding 15 g/t Au.

There are 2 target zones at the Santa Maria del Oro project defined by location and geology: the Matorral Zone, and the Western Lineament Zone. (Figure 1). Prospero has started planning for an initial drill campaign to test Matorral in 2017.

In April 2017, we secured a C$1.5-million strategic investment from Fortuna Silver Mines Inc -- a growth oriented min-tier silver and gold producer- to fund first-pass, proof of concept drilling on 3 of our key targets, including Santa Maria del Oro.

Property Description

Prospero has staked a significant land position surrounding the Santa Maria del Oro mining camp. Field work, consisting of mapping, geophysics, prospecting, grab and chip sampling and follow-up fluid inclusion analysis has identified 2 distinct targets: Matorral, and the Western Magistral Lineament.

Matorral

The structural and hydrothermal setting of Matorral is typical of a high-level epithermal environment. Prospero's sampling has returned elevated precious and base metal geochemistry that are characteristic of the upper portions of a potentially large, productive ore zone at depth. It's particularly encouraging that the elevated geochemistry at Matorral is significantly higher than the geochemical responses noted in the high-level epithermal environments above known high-grade epithermal ore bodies such as Fresnillo and Guanajuato.

Three distinct structural regimes have been mapped in the Matorral system (Figure 2) with a total prospective length of over 7km.
  1. Matorral East. At 2.5km long, Matorral east is the largest zone. It is structurally controlled and strikes between N20°W to N40°W.
  2. Matorral West is a 2km long structural zone along the western border and within a set of felsite dikes which strike N-S to N60°W and dip SW.
  3. Matorral North is 1.3km in length and strikes N20W to N55°W dipping to the southwest
Prospero has carried out systematic multi-element geochemical sampling of jasperoids and banded veins across Matorral. The sampling returned precious metals grades from trace up to 178 g/t Ag and 0.42 g/t Au in the northern Matorral Pit Zone (Figure 3). Anomalous base metals --up to 0.46% Zn, 0.12% Pb, 0.11% Mo- we returned from the Matorral North and Matorral East Zones (Figure 4).

Elevated levels of mercury, antimony and arsenic -which are the typical epithermal pathfinder elements- were noted (up to 100s of ppm) from the Matorral West and East Zones (Figure 5). In fact, there are several small pits along the western margins of the Matorral West Zone which appear to have been for mining mercury (Figure 5). Lead, iron, zinc, mercury and barium are particularly high in the northernmost jasperoid in Matorral North (Figures 4 & 5).

Alteration at Matorral consists mainly of low temperature jasperoid development, either as massive brecciated bodies or in veins and stockworks. Fluid inclusion petrography on the scarse crystalline quartz indicates low temperatures of formation (200°C).

The Company has identified six attractive targets both from structural and geochemical standpoints that warrant drilling. The most attractive target is the North Matorral Pit area, where outcropping open-space filling veins with elevated precious metal values could indicate closer proximity to the top of a mineralized system.

The Western Magistral Lineament Zone

The Western Lineament zone is southwest of the historic Magistral del Oro mines (Figure 1). An aeromag' survey identified this lineament under relatively thin gravel cover running parallel and adjacent to the historic mine. In early 2012, an extensive ground magnetic survey was completed which identified two target types and reinforced the key similarities between the Lineament zone and the historic Magistral del Oro mines.

The lineament is 12km long and sits 2-3km west of the old mines. It strikes northwest and appears to dip to the east, similar to the veins in the historic mines, and appears to start about 50-100m below the surface. Prospero proposes drilling the lineament from east to west to investigate the structure at depth for vein-hosted mineralization. The magnetic model of the Lineament indicates the presence of a magnetic body dipping shallowly to the east along 5km of the northwestern portion of the lineament. (Figure 6). This is similar to the dip suggested by mining records from the historic Magistral del Oro mines: one of the largest mineralized bodies coincided with the shallowest dipping portion of the vein (55° to the east).

Regional Geology

The large epithermal districts in the Mexican Altiplano metallogenic province, for example Fresnillo, Zacatecas, and Guanajuato, are Oligocene in age, and are typically associated with basement highs. The ore zones are hosted at depth within the basement rocks, whereas the paleosurfaces were located in the overlying coeval Oligocene volcanics.

Age dating by Prospero indicates that hydrothermal activity at Santa Maria del Oro occurred during a hiatus in volcanism within an overlying Oligocene volcanic pile: Pre-hydrothermal andesites and rhyolites are overlain by post-hydrothermal ignimbrites.

The known historic veins of the district and the Matorral high-level hydrothermal system are both hosted in a Jurassic age volcano-sedimentary sequence consisting of phyllites, limestones, andesitic tuffs and flows, and lesser rhyolitic units, all of which are intruded by Jurassic granites and a felsitic dike and dome complex.

Satellite images show two possible nested calderas of Oligocene age. The inner caldera's western margin is associated with the Matorral system, and the outer caldera's western margin coincides with the historic veins and the Magistral lineament (Figure 1).

Back-arc basin and range-type normal faulting was active pre-hydrothermalism and was responsible for initial uplift of basement rocks, and also provided the deeper plumbing for the subsequent emplacement of large epithermal deposits. The association of the Santa Maria del Oro district with a large structural basement high, and the extensive evidence of hydrothermal activity within an area of 20 x 10km are evidence for the possible presence of another major epithermal district within the Altiplano metallogenic province.

Future Work

Prospero's work in 2016 and into 2017 at Santa Maria del Oro will focus on Matorral, and will be aimed to work up drill targets for testing Q1 or Q2 of 2017. Our extensive experience and knowledge of similar high-level epithermal camps in Mexico suggest that the surface geochemistry points to the presence of a substantial mineralized system at depth.
Drilling at Matorral will comprise 2 or 3 fans of holes- a combination of one short hole and one long hole- to explore the veins at varying depths. Prospero recently secured additional funding from Fortuna Silver Mines Inc. which will allow first-pass drill testing of Santa Maria del Oro in mid 2017.

The Western Magistral Lineament zone is our second priority: its structural similarity to the veins at the Magistral del Oro mines is compelling. A ground magnetic survey has allowed us to precisely locate a number of sizeable geological structures which may represent blind epithermal veins beneath an estimated 50-100m or so of gravels and post-mineral rhyolite volcanics.


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