VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 8, 2017) -
THIS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Prospero Silver Corp. (TSX VENTURE:PSL) ("Prospero") is pleased to provide an update on recent exploration work on its Mexican project portfolio. In October 2016, Prospero raised C$1.85mvia a private placement to fund its generative programs through 2017 (see news release dated October 14, 2016).
- Prospero now holds 5 projects in its portfolio and plans to add two more in the near future via staking. Extensive permitting work has been completed to bring the projects to drill-ready status.
- Joint venture negotiations are on-going for the Company's most advanced project, El Petate. Prospero's objective is to secure a minimum drilling commitment for the project in the first 12 months of a joint venture.
- Two of the Company's100%-owned projects(Santa Maria del Oro and Pachuca SE) have been advanced to drill-ready status and drill permit and environmental approvals are imminent.
- Additional field work has been completed at Bermudez to bring the project to drill-ready/Joint Venture status and drill permits will also be sought for the project.
- The field-work program which started in early November 2016 has resulted in the acquisition of the Florida Project (news release December 7, 2016) and the evaluation of 6 other projects. Two of these new projects are now in the advanced stages of evaluation for purposes of claiming.
Prospero's Existing Projects.
Petate, Hidalgo State.
The 6,868 hectare Petate property is the most advanced of Prospero's projects with drill permits granted for 27 drill sites and surface access secured from the land owners. High-level epithermal alteration is exposed over a 5x4 km area with highly anomalous gold and silver hosted in extensive outcrops and float of steep to strata-bound jasperoid. The significant size of the silicified zones indicates that Petate is a robust mineralized system with excellent potential to host a replacement type deposit at depth. Joint venture negotiations are underway for Petate.
Santa Maria del Oro Project, Durango State
Matorral and Lineament targets
The Matorral target, with over 7km of prospective structures, is one of two targets on the 9,066 hectare Santa Maria del Oro claims. A drill permit has now been received by Prospero for 20 drill pads in 3 different areas to test for down-dip precious metal mineralization. Prospero's sampling has returned silver values form trace up to 460g/t Ag at surface.
Surface access permits have been obtained and drill permitting is now in progress for the second target, the Magistral Lineament on the western side of the district, which is approximately 1.8km away from the historic Santa Maria del Oro mine. The Lineament structure was located by geophysics (see news release dated November 23, 2011).
Both targets are available for joint venture but Management have included funding in the 2017 budget for a 3,000m drill program at Matorral in the event that the Company is unable to secure a favorable JV on the project.
Pachuca Southeast, Hidalgo State
The Pachuca SE target consists of high-level epithermal-style alteration exposed in clay pits adjacent and on-strike from the historic Pachuca mining district. Prospero recently received approvals from the Mexican archaeological agency (INAH) paving the way for permit applications for 4 drill sites on the 7,256 hectare Pachuca SE land package.
The anomalous geochemistry and clay alteration at Pachuca SE target are very similar to that seen in the Vizcaina structure above the historic Pachuca Mine. The target has size potential, strong hydrothermal alteration and a number of geochemical anomalies have been identified associated with structures that could host a preserved Pachuca-type epithermal deposit at depth.
The 430 hectare Bermudez project is in Chihuahua, about 150km west of the City of Chihuahua. Additional mapping and sampling has been completed on the 2.5km strike length of the high-level low-sulfidation vein system. Assay results are pending for 51 new samples, and based on the results the best locations for drill sites will be selected to test the potential for deeper mineralization.
Acquisition of New Projects.
Prospero's geologists have been reviewing potential targets in the field for the last 3 months and successfully identified 6 projects for possible staking. The acquisition of the 100% owned Florida project was reported by news release dated December 7, 2016. Two other projects are in the advanced stage of staking and Prospero is currently in the process of completing the relevant paperwork. These will be reported on once Prospero has completed the staking process.
Warrant Exercise and Share Structure
Management are pleased to report that a total of 2,401,257 warrants was exercised in the last quarter of 2016 and into early 2017, bringing an additional $275,657 into Prospero's treasury. The Company currently has 30.57-million shares issued with 845,000 options and 15.1-million share purchase warrants. Fully diluted shares are 46.53-million. Cash on hand is approximately C$1.47-million, sufficient for the Company's 2017 work program.
TawnAlbinson, 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 news release. Mr. Albinson is a Member of the American Institute of Professional Geologists and a Certified Professional Geologist (CPG) No. 11368.
About Prospero Silver Corp.:
Prospero is a Mexico-focused project generator listed on the TSX.V under the symbol PSL.V. Prospero's aim is to discover world-class precious metal projects in the major mineral belts of Mexico. The Company applies a unique blend of practical exploration experience, cutting-edge mineral deposit science, and an extensive knowledge of Mexico´s geology to find new gold and silver systems. Our exploration programs are run by a small but highly-focused geological team based in Mexico.
Forward-Looking Statement Cautions:
This press release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, relating to, among other things, the Company's plan to undertake the Offering and the proposed use of proceeds. 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. The Company cautions that Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include, the risk that the Company will not be able to secure sufficient subscriptions from investors to complete the proposed Offering, possible, accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company's exploration plans, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company's business and prospects. The reader is urged to refer to the Company's reports, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com for a more complete discussion of such risk factors and their potential effects.
The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States except pursuant to registration or an available exemption from registration under such Act.
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.