Prospero Silver Corp.
TSX VENTURE : PSL

Prospero Silver Corp.

February 28, 2011 09:35 ET

Prospero Commences Phase 2 Drilling at Cordero Copper/Silver Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 28, 2011) - Prospero Silver Corp. (TSX VENTURE:PSL) ("Prospero" or the "Company") is pleased to announce the commencement of a 2,000 meter Phase 2 diamond drilling program at its San Luis del Cordero ("Cordero") project in Durango, Mexico. The program will target the depth extension of a skarn copper zone indicated by earlier drilling and also test the extent of a higher grade silver system adjacent to the historic Santa Rosa mine.

The program will build on the Company's first campaign at Cordero in February 2010 of 11 diamond drill holes, totaling 1,645 meters. Phase 1 drilling targeted a new mineralized skarn zone located approximately 500 meters east of the historic Santa Rosa Mine. Results suggested a skarn with an average true width of 8.25 meters over a length of 250 meters, with mineralized intersections averaging uncut grades of 89 g/t Ag, 0.8% Cu, and 0.88% Zn. Higher grade hanging wall and footwall segments of the skarn indicated an average true width of 3.7 meters with mineralized hole intersections averaging 138 g/t Ag, 1.2% Cu, and 1.28% Zn.

The exploration strategy for Phase 2 is to follow the mineralized skarn body laterally to the west and downward (see illustration accompanying this news release). A thrust fault mapped by Prospero suggests a massive limestone formation (Cretaceous Aurora formation) could underlie the zone drilled in 2010, thus representing an exploration target with the potential to outline more pervasive and larger skarn mineralization.

The Company will also pursue the Santa Rosa style silver potential by drilling at the intersection of the E-W Santa Rosa East skarn zone and the NW-SE striking Santa Rosa vein (see illustration accompanying this news release), as well as in the western part of the property where a field of jasperoid veins has the potential to host additional silver-rich Santa Rosa style veins.

The San Luis del Cordero project is located 155 kilometers NNE of Durango City in Durango state. The property consists of 2,825 hectares and covers the full extent of known mineralization in the district. The most important known vein is Santa Rosa which was mined during the middle part of the 20th century. Earlier production, based on the extent of old workings, came from a stope of approximately 70,000 tons mined to a depth of 100 meters. During the late 1950's and early 1960's about 300 tons/month of Cu-Ag mineralization was shipped directly to the San Luis Potosi copper smelter.

The drilling and sampling program will be supervised by Martin Soto Moran and Lino Larraga Rodriguez, geologists each with over 20 years of exploration/development experience in Mexico.

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 and quality assurance of the exploration data and analytical results.

Quality Control

Prospero has a quality control program to ensure best practices in the sampling and analysis of all drill core. Samples are collected by Company employees and shipped in sealed bags to ALS-Chemex Laboratory preparation facilities in Guadalajara, Hermosillo or Chihuahua City (Certification 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 multi-elemental 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. Gold values in excess of 10 g/t were re-analysed by a 30 gram fire assay and a gravimetric finish (Code Au-GRAD21). Silver, lead, zinc and copper values in excess of 100 ppm, 1%, 1% and 1% respectively were repeated with agua 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 working for wholly owned subsidiary Minera Fumarola, SA de CV (Fumarola). Prospero's objective is to quickly evaluate the properties in its portfolio and focus on bringing one into near-term production.

Cautionary Statement:

This news release contains forward-looking statements that are not historical facts. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include those risks set out in Prospero's public documents filed on SEDAR at www.sedar.com. Although Prospero believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. 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 map accompanying this press release please click on the following link: http://media3.marketwire.com/docs/0228PSL.pdf

Contact Information

  • Prospero Silver Corp.
    Warwick Smith
    Director
    1(604) 484-4954