Prospero Silver Corp.: San Luis Cordero Project Drilling Results with JV Partner Silver Standard Resources
March 03 2014 - 7:05AM
Marketwired Canada
Prospero Silver Corp. (TSX VENTURE: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.
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VEIN WIDTH
DDH TARGET FROM TO(mts)(i) Ag g/t Cu % Zn %
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Sta. Rosa
SSLC-13-20 vein 270.90 273.35 2.45 No significant values
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Sta. Rosa E
SSLC-13-21 skarn 137.45 157.15 19.70 142.4 0.68 1.09
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including 141.00 144.05 3.05 386.0 0.53 1.39
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Sta. Rosa
SSLC -13-22 vein 172.35 177.95 5.60 196.4 0.16 0.36
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including 172.35 173.85 1.50 433.0 0.32 0.56
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Sta. Rosa
SSLC-13-23 vein 138.90 141.00 2.10 544.0 1.02 6.57
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including 139.90 141.00 1.10 834.0 1.74 10.45
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Santa Rosa
SSLC-13-24 vein 11.08 12.10 1.02 115.0 0.14 0.98
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Sta. Rosa E
SSLC-14-33 skarn 196.55 198.45 1.90 275.0 1.44 1.15
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including 197.05 197.65 0.60 843.0 4.16 1.51
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and Skarn 144.32 147.45 3.13 23.9 0.45 1.16
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Sta. Rosa E
SSLC-14-34 skarn 137.30 139.70 2.40 185.0 2.09 1.82
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including 137.30 137.85 0.55 1020.0 6.59 0.23
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India Bonita
SSLC-13-25 IP anomaly 145.50 147.00 1.50 110.0 0.07 0.10
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India Bonita
SSLC-13-26 IP anomaly 248.87 251.95 3.08 16.5 ---- 0.53
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Western deep
SSLC-13-27 IP anomaly no significant values
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La Puerta
north IP
SSLC-13-28 anomaly 381.25 383.65 2.40 37.8 0.92 0.75
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Skarn &
and quartz veins 452.05 476.15 24.10 20.5 0.29 0.92
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including " " 455.02 456.25 1.23 54.3 0.85 3.08
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including " " 467.40 470.05 2.65 48.5 0.80 2.83
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Western deep
SSLC-13-29 IP anomaly no significant values
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La Puerta
SSLC-13-30 dikes-veins 236.00 236.90 0.90 72.5 0.02 0.04
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and " " 244.70 250.90 6.20 67.0 0.03 0.05
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and " " 270.70 271.90 1.20 62.5 0.07 0.14
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Santa Rosa
SSLC-13-31 vein 215.00 216.55 1.55 104.0 0.82 0.14
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and 220.60 222.65 2.05 38.9 0.08 0.22
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SSLC-14-32 Skarn 205.20 206.35 1.15 44.3 0.21 0.31
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Sta Rosa E
and Skarn 350.75 352.15 1.40 22.7 0.68 0.02
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and " " 359.10 359.85 0.75 21.5 0.34 0.01
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-- Widths represent intersected lengths. It is estimated most widths are
within 70% of true widths. True widths will be reported at a later date
once drill hole cross sections are interpreted.
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.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
William Murray
Chairman
(604) 288-7813
Kirk Gamley
Contact Financial
(604) 561-3642
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