Prospero Silver Corp.
TSX VENTURE : PSL

Prospero Silver Corp.

December 07, 2016 09:30 ET

Prospero Stakes Epithermal Vein System in Hidalgo State, Mexico

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 7, 2016) -

THIS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Prospero Silver Corp. (TSX VENTURE:PSL) ("the Company" or "Prospero") is pleased to announce that it has staked a high level epithermal vein system 85 kilometers northwest of Pachuca, Hidalgo State, Mexico; the closest town is Zimapan. Known as La Florida, the property covers 4,690 hectares.

The La Florida vein system is at least 3.5 kilometers long and strikes N70°W, dipping steeply to the SW. The property is located close to excellent infrastructure, and Hidalgo is one of the safest states in the Mexican Republic. The target area occurs within the western boundary of Sierra Madre Oriental where other proximal deposits such as Pachuca-Real del Monte, Zimapan, and La Negra are located.

Tawn Albinson, the President of Prospero said: "La Florida has been on our watch list since 2011. Our staking program there is a reflection of Prospero's renewed commitment to its shareholders to aggressively pursue promising properties and build a first class portfolio of early stage projects for potential joint venture.

"Our sampling at La Florida returned anomalous Au and Ag values locally occurring with pyrite and stibnite. We also see the anomalous epithermal pathfinder elements antimony, arsenic and mercury. Taken together, the results indicate that we're looking at the upper portions of a low-sulfidation type epithermal system, possibly close to a potential mineralized zone at depth. We plan to carry out more detailed field work at the property to outline the size of the hydrothermal system, and to define the best drill targets."

Background

Prospero carried out basic reconnaissance work including chip and grab sampling and alteration mapping. Twenty two samples have been collected to date over 2 short programs in 2011 and 2016. Gold and silver are anomalous with 36% of the samples returning between 0.11 to 0.52 ppm Au, and 1.4 to 11.1 ppm Ag. A suite of high level epithermal pathfinder elements are consistently anomalous in the samples, such as As (up to 525 ppm), Hg (1-6 ppm), Sb (up to 6,860 ppm), and Ba (up to 2260 ppm). Weak anomalies are also present in Cu (up to 203 ppm) and Mo (up to 111 ppm). Most of the silicification noted is cryptocrystalline in nature, hosting abundant iron oxides and some preserved pyrite and stibnite. Silicification and argillization are related to structures with strong displacement which uplift Cretaceous sediments in the footwall and down drop Tertiary volcanics in the hanging wall.

An additional structure at least 1 kilometer in length was identified 3km further north of the principal structure. Two rock-chip samples obtained at this location contain 0.60 to 0.61 ppm gold, 2 ppm Ag, 1,595 to 1,945 ppm As, and 1.7 to 2.1 ppm Hg.

Qualified Person

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 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 proposed use of the financing 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, 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 the additional funds in the future to continue 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.

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of securities of the Company in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The Company's securities have not been and will not be registered under the United States Securities Act of 1933 (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.

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.

Contact Information

  • Ralph Rushton
    Exec VP Business Development
    604 307 0055

    William Murray
    Chairman
    604 288 2553