Prospero Receives San Luis del Cordero Project Back from Silver
Standard After 5,135m of Diamond Drilling
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 14, 2014) -
Prospero Silver Corp. (TSX-VENTURE:PSL) ("Prospero" or the
"Company") announces that Silver Standard Resources Inc. ("Silver
Standard") has decided not to proceed to the second year of
drilling/evaluation pursuant to an option to joint venture
agreement entered into in March 2013. Silver Standard completed a
15-hole 5,135 meter diamond drill program the results of which were
provided in a news release dated March 3, 2014.
Before drilling, Silver Standard completed an IP survey and rock
geochemistry over the project in Q3 2013. This survey identified
three new areas of geophysical interest in the eastern La Puerta
and India Bonita target zones. The diamond drilling program mounted
in Q4 2013 and Q1 2014 was directed at these new targets as well as
testing previously drilled areas which had carried encouraging
results.
The targets, which had previous work, include:
- The extension to depth of the old Santa Rosa mine of the
~600g/t silver found in earlier drilling;
- The extension to the northwest of the Santa Rosa trend;
- A deep chargeability anomaly under the limestone plateau
located in the western zone, and
- The extension to the east of the Santa Rosa East skarn
zone.
Tawn Albinson, Prospero's Mexico City based President/CEO, said,
"In discussions with the Silver Standard team at PDAC they noted
that their goal was to identify the potential for 100 million
ounces of silver. Evidently review of all the data has led them to
conclude this first phase of drilling did not meet that
expectation."
The drilling results from the 15-hole program are found below
and shown on the attached surface map of the central portion of the
San Luis del Cordero project.
Albinson notes, "Silver Standard was not encouraged to pursue
further the high grade material in the Santa Rosa vein because of
low tonnage potential. The focus ended up on the skarns in the
Santa Rosa East skarn and a continuation of this contact." He
added, "Cordero has seen an aggregate of 10,400 metres of drilling
since 2007 which could allow calculation of a preliminary resource
using an external Qualified Person. While the results Silver
Standard turned up did not support the size potential they seek,
Prospero firmly believes a still sizeable amount of ounces can be
defined in the lower grade areas of the skarns and potentially a
small standalone operation in the higher grade Santa Rosa area- or
a combination of the two."
Prospero will continue to seek JV partners for Cordero for the
silver potential and, in addition, explore further the deeper
copper potential, which has been identified by other potential JV
partners.
Discussion of results
The Santa Rosa vein and the Santa Rosa East skarn zones dip
steeply to the south towards the shoulder of the intrusive body,
which appears, in general, to dip to the north. The deeper holes
drilled under the Santa Rosa vein (hole SSLC-13-20 and SSLC-14-31),
and the Santa Rosa East skarn (hole SSLC-14-32) encountered mostly
intrusive phases and multiple dikes that are related to a complex
intrusive/sediment contact zone. The deeper holes encountered some
weakly mineralized quartz and calcite veins, which are likely a
late vein-forming event. The position of the deeper feeder zones of
the Santa Rosa vein and the blind-to-surface Santa Rosa East skarn
remain uncertain, and could be controlled by the north dipping
intrusive/sediment contact zone. In this case it would be necessary
to test the as yet unexplored deeper extension of this contact zone
with drill holes directed from north to south rather than from
south to north (which is the direction in which most holes have
been drilled to date).
Hole SSLC-13-28 was drilled under alluvium covered ground to the
north of La Puerta zone to investigate an IP anomaly. This hole
encountered multiple quartz porphyry dikes and skarn and quartz
veins with an intersection 24 meters in length with a grade of 20
g/t Ag 0.29% Cu, and 0.92% Zn. It indicates the porphyritic dikes
and skarn mineralization persist further north than previously
mapped at the surface.
Hole SSLC-13-30 was drilled towards the south to test the large
La Puerta skarn (700 meters long, 130 meters wide) and also
encountered quartz porphyry dikes and vein zones with significant
silver values (62 to 72 g/t Ag). The skarn was not reached
indicating it dips stepper than anticipated. Drill holes positioned
closer to the skarn will be required to test La Puerta target at
depth.
Most of the known mineralization in the San Luis Cordero project
occurs along a horseshoe shaped zone that wraps around a sizable
intrusive body 2.5 km long and ~1.5 km wide. Drilling to date has
focused on the 2.5 km long northern border of the intrusive. The
full length (1.5 kms) of the south-eastern flank of the intrusive
body (from the Canal Zone in the SW to the La Puerta skarn to the
NE) remains unexplored (see attached diagram) and has the potential
to host Santa Rosa East skarn type ore bodies in the closer to
surface environment, as well as for deeper skarn and/or porphyry
style mineralization. Highly differentiated intrusive phases,
including a broad swarm of quartz feldspar porphyry dikes and both
prograde and retrograde stages of primarily silver-copper
mineralization occurring close to the intrusive/sediment contact
zone, all indicate a favorable environment to identify new
mineralized zones.
Prospero drilled PSLC-17 in 2011 in the zinc rich "Canal zone".
The intersection was 4.29 meters of 11.5% Zn, 96 g/t Ag and 0.4% Cu
and no holes were drilled in this recent program. As noted above,
all subsequent drill efforts focused on the northern border of the
intrusive body.
The geologic level of the San Luis del Cordero porphyritic
intrusives, skarns and veins remains high when compared to
copper-rich skarn/porphyry deposits in Mexico. Exploration for
potential deeper and more sizable copper-dominant mineralization
will require deeper focused drilling.
DDH |
VEIN TARGET |
FROM |
TO |
WIDTH (mts)* |
Ag g/t |
Cu % |
Zn % |
SSLC-13-20 |
Sta. Rosa vein |
270.90 |
273.35 |
2.45 |
No |
significant |
values |
SSLC-13-21 |
Sta. Rosa E skarn |
137.45 |
157.15 |
19.70 |
142.4 |
0.68 |
1.09 |
including |
|
141.00 |
144.05 |
3.05 |
386.0 |
0.53 |
1.39 |
SSLC-13-22 |
Sta. Rosa vein |
172.35 |
177.95 |
5.60 |
196.4 |
0.16 |
0.36 |
including |
|
172.35 |
173.85 |
1.50 |
433.0 |
0.32 |
0.56 |
SSLC-13-23 |
Sta. Rosa vein |
138.90 |
141.00 |
2.10 |
544.0 |
1.02 |
6.57 |
including |
|
139.90 |
141.00 |
1.10 |
834.0 |
1.74 |
10.45 |
SSLC-13-24 |
Santa Rosa vein? |
11.08 |
12.10 |
1.02 |
115.0 |
0.14 |
0.98 |
SSLC-14-33 |
Sta. Rosa E skarn |
196.55 |
198.45 |
1.90 |
275.0 |
1.44 |
1.15 |
including |
|
197.05 |
197.65 |
0.60 |
843.0 |
4.16 |
1.51 |
and |
Skarn |
144.32 |
147.45 |
3.13 |
23.9 |
0.45 |
1.16 |
SSLC-14-34 |
Sta. Rosa E skarn |
137.30 |
139.70 |
2.40 |
185.0 |
2.09 |
1.82 |
including |
|
137.30 |
137.85 |
0.55 |
1020.0 |
6.59 |
0.23 |
SSLC-13-25 |
India Bonita IP anomaly |
145.50 |
147.00 |
1.50 |
110.0 |
0.07 |
0.10 |
SSLC-13-26 |
India Bonita IP anomaly |
248.87 |
251.95 |
3.08 |
16.5 |
---- |
0.53 |
DDH |
VEIN TARGET |
FROM |
TO |
WIDTH (mts)* |
Ag g/t |
Cu % |
Zn % |
SSLC-13-27 |
Western deep IP anomaly |
|
|
|
no |
significant |
values |
SSLC-13-28 |
La Puerta north IP anomaly |
381.25 |
383.65 |
2.40 |
37.8 |
0.92 |
0.75 |
and |
Skarn & quartz veins |
452.05 |
476.15 |
24.10 |
20.5 |
0.29 |
0.92 |
including |
" " |
455.02 |
456.25 |
1.23 |
54.3 |
0.85 |
3.08 |
including |
" " |
467.40 |
470.05 |
2.65 |
48.5 |
0.80 |
2.83 |
SSLC-13-29 |
Western deep IP anomaly |
|
|
|
no |
significant |
values |
SSLC-13-30 |
La Puerta dikes-veins |
236.00 |
236.90 |
0.90 |
72.5 |
0.02 |
0.04 |
and |
" " |
244.70 |
250.90 |
6.20 |
67.0 |
0.03 |
0.05 |
and |
" " |
270.70 |
271.90 |
1.20 |
62.5 |
0.07 |
0.14 |
SSLC-13-31 |
Santa Rosa vein? |
215.00 |
216.55 |
1.55 |
104.0 |
0.82 |
0.14 |
and |
|
220.60 |
222.65 |
2.05 |
38.9 |
0.08 |
0.22 |
SSLC-14-32 |
Skarn |
205.20 |
206.35 |
1.15 |
44.3 |
0.21 |
0.31 |
and |
Sta Rosa E Skarn? |
350.75 |
352.15 |
1.40 |
22.7 |
0.68 |
0.02 |
and |
" " |
359.10 |
359.85 |
0.75 |
21.5 |
0.34 |
0.01 |
- 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.
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.
To view the map associated with this press release, please visit
the following link:
http://media3.marketwire.com/docs/Prospero_Silver_Corp_Map.pdf.
Prospero Silver Corp.William MurrayChairman(604)
288-7813Prospero Silver Corp.Kirk GamleyContact Financial(604)
561-3642
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