Prospero Silver Corp.
TSX VENTURE : PSL

Prospero Silver Corp.

November 17, 2014 10:29 ET

Prospero Silver Corp.: Mine Sampling in the Canal Target Zone Assays Return Elevated Ag-Cu-Zn Values

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 17, 2014) - Prospero Silver Corp. (TSX VENTURE:PSL) ("Prospero" or the "Company") reports on sampling of old underground workings in the zinc rich "Canal Zone". This southern leg of the Skarn Rim Zone of the San Luis Cordero project in Durango, has potential to host similar mineralization as reported in the Company's last news release of October 7, 2014- initial San Luis Cordero Resource Estimate. The Canal Zone is located along the SE border of the intrusive complex. The old mine winze (5 meters deep) is located 100 meters NE of drill hole PSLC-11-17 and mapping clarifies the strike and dip initially intersected by drill hole PSLC-11-17 which intersected 4.29 meters (true width) of 96 g/t Ag, 0.38% Cu, and 11.9% Zn (Figures 1, 2) in sulfide mineralization.

Highlights include:

  • Nine channel samples over 20 m averaged 133 g/t Ag, 1.92% Cu, and 5.6% Zn.
  • Oxide mineralization over an exposed width of 1-2 meters (Figure 2).
  • The mine is located 100 meters NE of PSLC-11-17 and is located at the same correlatable geologic contact between a mineralized feldspar porphyry dike in the HW, and an unmineralized quartz porphyry dike in the FW.
  • The mineralization is open in all directions under alluvium cover longitudinally and at depth.

The old Canal Mine exposes feldspar porphyry and quartz porphyry intrusive phases along a contact oriented ENE (Figure 2). The feldspar porphyry in the near surface mine is highly altered and mineralized with oxides, which carry elevated values of silver-copper-zinc. The quartz porphyry is barren.

  • One of the underground samples is highly anomalous in silver (2000 g/t) and copper (5.66%).
  • Excluding this sample brings the average grade of the samples obtained within the feldspar porphyry to 133 g/t Ag, 1.92% Cu, and 5.68% Zn (Figure 2).

The intersection of drill hole PSLC-11-17 also occurs at the contact of a feldspar porphyry in the HW and a quartz porphyry in the FW and correlates with the geology in the Canal mine, indicating the control for the mineralization is the southeastern contact of the quartz porphyry dike mapped on the surface (Figure 1). The grade of the drill hole and of the mine are also similar, in that they both contain highly elevated zinc values with significant silver and copper values.

The NW side of the quartz porphyry dike exhibits some outcropping gossans, which were initially the target for holes PSLC-11-17 and PSL-11-19. Surface sampling of the gossans indicate the presence of anomalous silver-copper-zinc values as shown in Figure 1. However the mineralization along the NW side of the dike does not appear to persist at depth in the drill holes.

Mapping and sampling of the Canal Mine shows that the sulfide mineralization of drill hole PSLC-11-17, and the mineralization in the mine shows a NE to ENE strike which can be drilled with relatively short holes from the southwest, as shown in Figure 1. The Canal Target is practically a blind mineralized zone, in that only a small mineralized outcrop occurred at the mouth of a 5 meter winze that connects with the Canal mine level. The soft character of the mineralized feldspar porphyry in the mine explains a lack of outcrop for the mineralization above the mine.

Given the lack of development of calc-silicates (skarn) in the Canal mineralization it is best described as a carbonate replacement deposit. It may be more closely associated with skarn development at depth in that some skarn is present near the bottom of holes PSLC-11-17 and PSLC-11-19. The Canal zone represents an additional tangible target with better defined geometry, and potential to expand the resource base at the San Luis del Cordero project.

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 Zacatecas City (ISO 9001). 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 Minera Fumarola, SA de CV (Fumarola). Prospero's objective is to quickly evaluate the properties currently owned or 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 Figure 1 and Figure 2, please visit the following link: http://media3.marketwire.com/docs/prospero_silver_corp_nov17.pdf

Contact Information

  • Prospero Silver Corp.
    William Murray
    Chairman
    (604) 288-7813

    Kirk Gamley
    Contact Financial
    (604) 561-3642