Prospero Silver Z-TEM Survey Identifies Multiple, Large Targets at Campana Project, Mexico
July 14 2011 - 7:17AM
Marketwired
Prospero Silver Corp. (TSX VENTURE: PSL) ("Prospero" or the
"Company") announced today the results of a Z-TEM (z-Axis Tipper
Electromagnetic System) and magnetic helicopter airborne
geophysical survey recently completed at its Campana and San Luis
del Cordero projects in central Durango State, Mexico. The survey,
which covered 192 square kilometres, revealed three large
high-resistivity anomalies and several minor anomalies at the
Campana Project. These will be immediately followed up using an
Induced Polarization (IP) ground survey to determine the existence
of disseminated sulfides as targets for drilling, which Prospero
expects to begin in late summer.
The most striking and largest of the anomalies occurs in the
vicinity of Campana 1 Hill in the SE quadrant of the surveyed area
and appears as a deep blue circular feature, measuring 2 x 1.5
kilometers (see Figure 1). 2-D inversions of this anomaly show it
extending in pipe-like fashion with steep walls to depths over
1,200 meters from surface (Figure 2). Diamond drilling carried out
in 2007 by Esperanza Silver Corp. on the NW edge of this anomaly
showed disseminated low grade precious metal and base metal
mineralization associated with a diatreme dike breccia complex.
This combination is commonly referred to as "Penasquito style"
mineralization, given its similar polymetallic signature to the
well-known Penasquito deposit in Zacatecas State, Mexico.
Other elevated resistivity anomalies identified by the Z-TEM
survey include:
-- A second, circular anomaly lying immediately to the south of the largest
anomaly, measuring 1 x 1 kilometer,
-- A very large zone of high resistivity measuring 1.5 kilometers wide and
several kilometers long, located at the southern margin of a large, deep
magnetic anomaly,
-- Several other circular resistivity highs with smaller dimensions (under
400 meters) between Campana 1 and Campana 2 hills,
-- This suggests other mineralized targets may occur in the 7 kilometer
north-south corridor between the two hills.
"The results of this survey exceeded our expectations," said
Tawn Albinson, Prospero Silver President and head of exploration.
"Given that the 2007 drilling evidenced that the style of
mineralization we seek exists on the property, we are eager to
further refine our understanding with IP and begin choosing drill
targets." Albinson further commented, "A ground-based Magnetic
Tellurics survey carried out in 2004 demonstrated that the altered
and mineralized zones drilled in 2007 displayed a strong
resistivity response, which we felt would be detected by the Z-TEM
technology."
The Company will immediately conduct a 30-day IP survey (48.1
line-kilometres distributed in 21 lines) over the zones shown in
Figure 1. The highest density of IP lines will focus on the two
large circular high resistivity anomalies in the southeast
quadrant. The objective of the IP survey is to detect chargeability
responses (i.e. the presence of disseminated sulfides) which can be
considered targets for reverse circulation and diamond drilling
programs.
The presence of a distal style of disseminated low grade
precious metal and base metal mineralization associated with a
diatreme dike breccia complex at Campana 1 Hill (as described on
the Company's website) provides substantial evidence of Penasquito
style mineralization in a peripheral position to the largest
circular resistivity high defined by the Z-TEM survey. This
provides strong encouragement to carry out the district-wide IP
survey outlined in Figure 1.
The Z-TEM method of data collection is propriety technology
owned by Geotech Ltd. of Ontario and is widely used in Mexico.
Z-TEM surveys can map structure, bedrock geology and alteration
from surface up to 1,500 meters in depth. This survey included
1,048 line-kilometres over the alluvium covered valley between
Campana and Cordero. The Company's consultant, Condor Consulting
Ltd. of Lakewood, Colorado performed data processing and
interpretation.
Condor also processed the airborne magnetic data. There is a
large and broad magnetic high measuring 7 x 3 kilometers, oriented
northeast, under the valley to the west of the Campana 1 and
Campana 2 hills. Modelling of this magnetic high indicates it could
correspond to a deep intrusive body. The outline of the intrusive
is shown in Figure 1.
Tawn Albinson, M.Sc., the 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.
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 for their
suitability to provide size potential and/or amenability for early
production.
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.
To view the figures associated with this press release, please
visit the following link:
http://media3.marketwire.com/docs/psc_fg1fg2_714.pdf
Neither 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.
Contacts: Contact Financial Peter Murray 604-689-7422
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