Prospero Silver Corp.
TSX VENTURE : PSL

Prospero Silver Corp.

May 18, 2010 15:01 ET

Prospero Phase 1 Drilling Extends New Mineralized Discovery Zone at San Luis Del Cordero Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 18, 2010) - Prospero Silver Corp. (TSX VENTURE:PSL) ("Prospero" or the "Company") is pleased to announce the results from the first campaign of 11 diamond drill holes which totaled 1645 meters on its San Luis del Cordero, Durango silver-copper-zinc project. Drilling mainly targeted a new mineralized skarn zone buried under shallow alluvium cover located approximately 500 meters east of the historic Sta. Rosa Mine. The average true width of the skarn, over a length of 250 metres, is 8.25 meters with the mineralized hole intersections averaging an uncut grade of 89 g/t Ag, 0.8% Cu, and 0.88% Zn. Higher grade hangingwall and footwall segments of the skarn indicate an average true width of 3.7 meters with mineralized hole intersections averaging 138 g/t Ag, 1.2% Cu, and 1.28% Zn. Both the full width of the skarn zone or its higher grade better mineralized zones are exploration targets with potential for selected or bulk underground mining. 

Results are as follows, including the results of the first two holes (PSCL-10-01 & PSCL-10-02) reported in the news release of April 1, 2010, and an earlier hole (HCSR-02) drilled in 2007:

DDH VEIN TARGET FROM TO WIDTH (mts) TRUE WIDTH (mts) Ag g/t Cu % Zn %
PSCL-10-01 Sta. Rosa E 80.32 110.91 30.59 21.99 91.5 0.92 0.70
including   80.32 82.80 2.48 1.78 190.0 1.51 0.35
including   86.03 89.67 3.64 2.62 111.2 1.28 0.60
including   99.62 110.91 11.29 8.12 143.9 1.63 1.19
including   109.61 110.91 1.30 0.93 283.7 7.91 3.10
PSCL-10-02 Sta. Rosa E 53.90 71.20 17.3 12.44 106.0 0.82 0.70
including   53.90 60.15 6.25 4.49 189.8 0.63 0.42
including   66.10 71.20 5.10 3.67 115.9 1.78 1.63
HCSR-02 (Historic) Sta. Rosa E 24.10 28.95 4.85 3.20 102.0 0.64 2.00
PSLC-10-03 Sta. Rosa E 80.22 81.66 1.43 1.05 79.0 1.01 0.40
PSLC-10-03   94.55 99.86 5.21 3.88 126.0 0.52 1.74
PSLC-10-04 Sta. Rosa E 85.40 103.70 18.30 13.16 68.0 1.04 0.16
including   85.40 90.75 5.35 3.85 81.0 0.46 0.27
including   97.70 100.65 2.95 2.12 203.0 4.18 0.25
including   97.70 103.70 6.00 4.32 131.0 2.72 0.20
PSLC-10-04   110.60 112.20 1.60 1.15 115.0 1.65 1.62
PSLC-10-04   137.30 138.80 1.55 1.11 98.0 1.75 0.29
PSLC-10-05 Sta. Rosa 132.85 135.52 2.67 2.50 42.0 0.38 0.23
PSLC-10-06 India Bonita 163.94 165.26 1.92 1.90 69.0 0.05 0.05
PSLC-10-07 Sta. Rosa E 141.50 151.31 9.81 7.05 68.0 0.36 2.32
including   141.50 146.05 4.55 3.27 117.0 0.58 3.07
PSLC-10-07   157.00 158.55 1.55 1.11 229.0 1.41 0.28
PSLC-10-08 Sta. Rosa E No significant values, drilled to confirm position of intrusive body
PSLC-10-09 Sta. Rosa E 66.65 69.35 2.70 1.94 78.0 0.19 0.14
PSLC-10-09 Sta. Rosa E 108.70 112.45 3.75 2.70 78.0 0.33 0.11
including   109.00 111.00 1.11 0.80 183.0 0.67 0.11
PSLC-10-09   132.20 134.10 1.86 1.34 74.0 2.67 1.98
PSLC-10-09   140.00 140.72 0.69 0.50 74.0 1.81 0.08
PSLC-10-09   143.60 145.46 1.82 1.31 97.0 0.59 0.15
including   144.80 145.46 0.64 0.46 237.0 0.94 0.22
PSLC-10-10 GM vein 80.15 81.00 0.85 0.61 65.0 0.16 0.04
PSLC-10-11 Sta. Rosa E 104.92 106.53 1.61 1.16 87.0 0.29 1.02
including   106.10 106.53 0.43 0.31 205.0 0.74 2.79
PSLC-10-11   168.64 170.48 1.84 1.32 111.0 0.72 1.19
PSLC-10-11   179.63 179.92 0.29 0.21 81.0 0.31 3.52

Based on down hole reflex surveying, deviations in dip (< 2°) and azimuth (<6°) are generally low as shown in the following table:

DDH UTM NORTH UTM EAST (NAD 27) AZIMUTH (degrees) DIP (degrees)   DEVIATION AZIMUTH DEVIATION DIP
PSLC-10-01 2,812,675 572,040 0 -50   0° at 120 mts -51.0° at 120 mts
PSLC-10-02 2,812,677 572,140 0 -50   0° at 70 mts -50.9° at 70 mts
PSLC-10-03 2,812,674 571,989 0 -49   358.7° -50.4° at 70 mts
350° at 138 mts -51.2° at 138 mts
PSLC-10-04 2,812,655 572,191 0 -50   360.9° at 142 mts -51.7° at 142 mts
PSLC-10-05 2,812,700 571,718 30 -50   32.7° at 158 mts -50.3° at 158 mts
PSLC-10-06 2,813,591 572,953 0 -65   365.6° at 185 mts -58.0° at 185 mts
PSLC-10-07 2,812,617 572,090 0 -50   Not measured Not measured
PSLC-10-08 2,812,649 572,088 180 -50   177.8° at 80 mts -50.3° at 80 mts
PSLC-10-09 2,812,655 572,241 0 -50   360.1° at 80 mts -50.0° at 80 mts 
360.2°at 120 mts -49.9° at 120 mts
361.6° at 170 mts -49.1° at 170 mts
PSLC-10-10 2,812,973 570,837 0 -70   362.4° at 105 mts -68.0° at 105 mts
PSLC-10-11 2,812,608 572,191 0 -50   359.0° at 150 mts -49.9° at 150 mts
350.0° at 220 mts -46.5° at 220 mts

Eight holes (PSLC-01, 02, 03, 04, 07, 08, 09 and 11) were drilled into the Sta. Rosa East skarn zone, which consists of prograde grossularite calc-silicate-chalcopyrite, and two retrograde stages of mineralization, an early quartz-chalcopyrite-sphalerite stage and a later stage of quartz-calcite-tetrahedrite-sphalerite mineralization. The new skarn zone has been explored at 50 meter centers for a distance of 250 meters to a maximum depth of 120 meters, where it is an E-W striking steeply dipping (80° - 85° to the south) tabular zone which is widest (12-22 meters) between holes PSLC-1 to PSLC-04. To the east the skarn zone splits into various narrower mineralized zones.

A district zoning pattern is apparent in that the wider Sta. Rosa East skarn zone which hosts more abundant early copper-rich mineralization than at the Sta. Rosa mine, 500 meters to the west, which hosts predominantely the later higher silver tetrahedrite style of mineralization.

The principal exploration strategy for a second phase of drilling is to follow laterally to the west and downwards the mineralized skarn body (see links to Figures 1 & 2 posted in the company website). The calc-silicate zone, explored at relatively shallow depths (<150m), is located within hornfels formed by recrystallizing shale and sandstone of the Jurassic Casita formation. Cretaceous Aurora massive limestones are postulated to occur at greater depth under a mapped thrust fault on the property, and present an exploration target for more pervasive and larger development of skarn mineralization.

The Company will also pursue the Santa Rosa style silver potential by drilling at the intersection of the E-W Sta. Rosa East skarn zone, and the NW-SE striking Sta. Rosa vein (see Figures 1 & 2 posted in the company website), and in the western part of the property where a field of jasperoid veins has potential to host additional silver-rich Sta. Rosa style veins. 

The drilling and sampling program was supervised by Martin Soto Moran and Lino Larraga Rodriguez both professional geologists with over 20 years of exploration experience in Mexico. Samples were assayed by certified laboratory ALS Chemex in North Vancouver, and follow QA/QC procedures which include the inclusion of blanks, duplicates and standards for all metals reported.

Peter Christopher, PhD, P. Eng is the Qualified Person, in accordance with NI 43-101 of the Canadian Securities Administrators, and is responsible for the technical content of this press release, and reviewed the quality assurance program.

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 projects. 

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, 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