Prospero Silver Corp.
TSX VENTURE : PSL

Prospero Silver Corp.

September 01, 2010 10:11 ET

Prospero Drills 3.12 Meters of 13 g/t Au, 24.5 g/t Ag at the Baborigame Project, Chihuahua

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 1, 2010) - Prospero Silver Corp (TSX VENTURE:PSL) (the "Company") is pleased to report the results of Phase 1 drilling at its Baborigame project in southwestern Chihuahua state, Mexico. The project area has a total of 9 vein systems some of which had historic mining. In this first drilling program, 4 of the veins were drilled. Highlights include diamond drill hole PBAB-10-11 with 13 g/t Au and 24.5 g/t Ag over a core length of 3.12 meters; diamond drill hole PBAB-10-09 with 6.1 g/t Au and 75.2 g/t Ag over a core length of 1.4 meters, and diamond drill hole PBAB-10-08 with 2.3 g/t Au and 11 g/t Ag over a core length of 1.58 mts. All three intersections were under the historic Los Angeles mine (see figure at bottom of this News Release). Three other vein systems were drilled in the district including the Diente de Oso vein; the Encerredora North vein and the Cebollas vein (one drill hole). The following table exhibits the results of all the drill holes:

          TRUE    
  VEIN     WIDTH WIDTH Au Ag
DDH TARGET FROM TO (mts) (mts) g/t g/t
PBAB-10-08 Los Angeles vein 96.42 98.00 1.58 1.20 2.20 11.1
including   97.60 98.00 0.40 0.34 8.05 29.3
PBAB-10-09 Los Angeles vein 95.00 96.40 1.40 1.00 6.10 75.2
including   96.00 96.40 0.40 0.30 21.20 64.9
PBAB-10-10 Los Angeles vein 148.81 149.58 0.77 0.65 0.66 2.0
including   148.81 148.85 0.04 0.03 11.75 19.1
PBAB-10-11 Los Angeles vein 80.28 83.40 3.12 2.10 13.00 24.5
including   80.48 81.70 1.22 0.80 18.60 25.5
including   82.00 83.20 1.20 0.78 14.70 34.7
and   88.11 88.66 0.55 0.35 4.54 7.8
PBAB-10-01 Diente de Oso Central 137.00 138.70 1.17 0.95 0.02 1.6
and   140.64 143.82 3.18 2.26 0.03 1.8
and   194.71 194.88 0.17 0.08 24.00 43.4
PBAB-10-02 Diente de Oso Central 231.93 238.25 6.32 3.30 0.03 4.2
PBAB-10-03 Diente de Oso Central 124.50 128.81 4.31 3.65 0.03 0.4
and   134.20 136.70 2.50 2.10 0.05 1.3
PBAB-10-04 Diente de Oso East 72.60 77.36 4.76 3.55 0.14 0.7
PBAB-10-05 Diente de Oso East No vein, cut off by late faulting          
PBAB-10-06 Diente de Oso East 123.62 127.42 3.80 3.00 0.04 47.0
including   126.35 127.42 1.07 0.90 0.03 118.0
PBAB-10-07 Diente de Oso East 205.15 205.40 0.25 No significant values    
PBAB-10-12 Encerradora N vein 129.20 132.46 3.26 2.40 0.01 0.5
PBAB-10-13 Cebollas vein 194.28 199.85 5.57 4.80 0.41 1.1
including   197.25 198.61 1.36 1.15 1.04 0.2

The drill holes on the Los Angeles vein indicate increasing grades and widths of mineralization towards the west, the area believed to represent the feeder zone of the vein as discussed in the website disclosure of the Company for the Baborigame property. A revised longitudinal section of the Los Angeles vein is shown at the end of this news release. The new drill hole data starts verification of the historical gold assays and vein widths shown in the section.

In plan view the intersections are located further west and at the approximate elevation of the western end of level 5. The vein changes strike from east-west to a WNW orientation which may reflect a more dilational trend hosting wider vein material as observed in the increase in both grade and width in hole PBAB-10-11.

The drill holes in Diente de Oso, Encerradora North and Cebollas veins intersected structures hosting robust veins with low grades. A high grade stringer was encountered in the footwall of drill hole PBAB-10-01.

Most of the mineralization in the Baborigame district tops out close to elevation 2100 meters above sea level. The Cebollas vein dips 75 degrees to the north which was shallower than anticipated and the drill hole intersected the vein with anomalous values at elevation 2100 meters. Deeper drilling is required to reach to test the better mineralized zone of the district.

The Company is encouraged by the results from this initial phase of drilling. A follow on drill program will target:

(a) additional holes along the western extension of Los Angeles vein where the presence of high grade hypogene gold mineralization has been identified,
(b) deeper drilling on the Cebollas vein, and
(c) drilling under old stopes of the Dolores, Encerradora, Encerradora South and Encerradora Central veins systems.

To view the map accompanying this press release please click on the following link: http://media3.marketwire.com/docs/PSL0901.pdf

Tawn Albinson, MsC, 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 and quality assurance of the exploration data and analytical results.

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 and focus on bringing one into early production. Priority will be given to high grade gold or silver projects.

Cautionary Statement:

This news release contains forward-looking statements within the meaning of the Canadian provincial securities laws 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, including statements regarding future exploration plans. 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 public disclosure record which is available on SEDAR (www.sedar.com), including the risk factors discussed in Prospero's November 27, 2009 prospectus. 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. 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 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.

Contact Information

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