Prospero Receives San Luis del Cordero Project Back from Silver Standard After 5,135m of Diamond Drilling
14 Março 2014 - 2:42PM
Marketwired Canada
Prospero Silver Corp. (TSX VENTURE:PSL) ("Prospero" or the "Company") announces
that Silver Standard Resources Inc. ("Silver Standard") has decided not to
proceed to the second year of drilling/evaluation pursuant to an option to joint
venture agreement entered into in March 2013. Silver Standard completed a
15-hole 5,135 meter diamond drill program the results of which were provided in
a news release dated March 3, 2014.
Before drilling, Silver Standard completed an IP survey and rock geochemistry
over the project in Q3 2013. This survey identified three new areas of
geophysical interest in the eastern La Puerta and India Bonita target zones. The
diamond drilling program mounted in Q4 2013 and Q1 2014 was directed at these
new targets as well as testing previously drilled areas which had carried
encouraging results.
The targets, which had previous work, include:
-- The extension to depth of the old Santa Rosa mine of the approx. 600g/t
silver found in earlier drilling;
-- The extension to the northwest of the Santa Rosa trend;
-- A deep chargeability anomaly under the limestone plateau located in the
western zone, and
-- The extension to the east of the Santa Rosa East skarn zone.
Tawn Albinson, Prospero's Mexico City based President/CEO, said, "In discussions
with the Silver Standard team at PDAC they noted that their goal was to identify
the potential for 100 million ounces of silver. Evidently review of all the data
has led them to conclude this first phase of drilling did not meet that
expectation."
The drilling results from the 15-hole program are found below and shown on the
attached surface map of the central portion of the San Luis del Cordero project.
Albinson notes, "Silver Standard was not encouraged to pursue further the high
grade material in the Santa Rosa vein because of low tonnage potential. The
focus ended up on the skarns in the Santa Rosa East skarn and a continuation of
this contact." He added, "Cordero has seen an aggregate of 10,400 metres of
drilling since 2007 which could allow calculation of a preliminary resource
using an external Qualified Person. While the results Silver Standard turned up
did not support the size potential they seek, Prospero firmly believes a still
sizeable amount of ounces can be defined in the lower grade areas of the skarns
and potentially a small standalone operation in the higher grade Santa Rosa
area- or a combination of the two."
Prospero will continue to seek JV partners for Cordero for the silver potential
and, in addition, explore further the deeper copper potential, which has been
identified by other potential JV partners.
Discussion of results
The Santa Rosa vein and the Santa Rosa East skarn zones dip steeply to the south
towards the shoulder of the intrusive body, which appears, in general, to dip to
the north. The deeper holes drilled under the Santa Rosa vein (hole SSLC-13-20
and SSLC-14-31), and the Santa Rosa East skarn (hole SSLC-14-32) encountered
mostly intrusive phases and multiple dikes that are related to a complex
intrusive/sediment contact zone. The deeper holes encountered some weakly
mineralized quartz and calcite veins, which are likely a late vein-forming
event. The position of the deeper feeder zones of the Santa Rosa vein and the
blind-to-surface Santa Rosa East skarn remain uncertain, and could be controlled
by the north dipping intrusive/sediment contact zone. In this case it would be
necessary to test the as yet unexplored deeper extension of this contact zone
with drill holes directed from north to south rather than from south to north
(which is the direction in which most holes have been drilled to date).
Hole SSLC-13-28 was drilled under alluvium covered ground to the north of La
Puerta zone to investigate an IP anomaly. This hole encountered multiple quartz
porphyry dikes and skarn and quartz veins with an intersection 24 meters in
length with a grade of 20 g/t Ag 0.29% Cu, and 0.92% Zn. It indicates the
porphyritic dikes and skarn mineralization persist further north than previously
mapped at the surface.
Hole SSLC-13-30 was drilled towards the south to test the large La Puerta skarn
(700 meters long, 130 meters wide) and also encountered quartz porphyry dikes
and vein zones with significant silver values (62 to 72 g/t Ag). The skarn was
not reached indicating it dips stepper than anticipated. Drill holes positioned
closer to the skarn will be required to test La Puerta target at depth.
Most of the known mineralization in the San Luis Cordero project occurs along a
horseshoe shaped zone that wraps around a sizable intrusive body 2.5 km long and
approx. 1.5 km wide. Drilling to date has focused on the 2.5 km long northern
border of the intrusive. The full length (1.5 kms) of the south-eastern flank of
the intrusive body (from the Canal Zone in the SW to the La Puerta skarn to the
NE) remains unexplored (see attached diagram) and has the potential to host
Santa Rosa East skarn type ore bodies in the closer to surface environment, as
well as for deeper skarn and/or porphyry style mineralization. Highly
differentiated intrusive phases, including a broad swarm of quartz feldspar
porphyry dikes and both prograde and retrograde stages of primarily
silver-copper mineralization occurring close to the intrusive/sediment contact
zone, all indicate a favorable environment to identify new mineralized zones.
Prospero drilled PSLC-17 in 2011 in the zinc rich "Canal zone". The intersection
was 4.29 meters of 11.5% Zn, 96 g/t Ag and 0.4% Cu and no holes were drilled in
this recent program. As noted above, all subsequent drill efforts focused on the
northern border of the intrusive body.
The geologic level of the San Luis del Cordero porphyritic intrusives, skarns
and veins remains high when compared to copper-rich skarn/porphyry deposits in
Mexico. Exploration for potential deeper and more sizable copper-dominant
mineralization will require deeper focused drilling.
----------------------------------------------------------------------------
WIDTH
DDH VEIN TARGET FROM TO (mts)(i) Ag g/t Cu % Zn %
----------------------------------------------------------------------------
SSLC-13-20 Sta. Rosa vein 270.90 273.35 2.45 No significant values
----------------------------------------------------------------------------
Sta. Rosa E
SSLC-13-21 skarn 137.45 157.15 19.70 142.4 0.68 1.09
----------------------------------------------------------------------------
including 141.00 144.05 3.05 386.0 0.53 1.39
----------------------------------------------------------------------------
SSLC-13-22 Sta. Rosa vein 172.35 177.95 5.60 196.4 0.16 0.36
----------------------------------------------------------------------------
including 172.35 173.85 1.50 433.0 0.32 0.56
----------------------------------------------------------------------------
SSLC-13-23 Sta. Rosa vein 138.90 141.00 2.10 544.0 1.02 6.57
----------------------------------------------------------------------------
including 139.90 141.00 1.10 834.0 1.74 10.45
----------------------------------------------------------------------------
Santa Rosa
SSLC-13-24 vein? 11.08 12.10 1.02 115.0 0.14 0.98
----------------------------------------------------------------------------
Sta. Rosa E
SSLC-14-33 skarn 196.55 198.45 1.90 275.0 1.44 1.15
----------------------------------------------------------------------------
including 197.05 197.65 0.60 843.0 4.16 1.51
----------------------------------------------------------------------------
and Skarn 144.32 147.45 3.13 23.9 0.45 1.16
----------------------------------------------------------------------------
Sta. Rosa E
SSLC-14-34 skarn 137.30 139.70 2.40 185.0 2.09 1.82
----------------------------------------------------------------------------
including 137.30 137.85 0.55 1020.0 6.59 0.23
----------------------------------------------------------------------------
India Bonita IP
SSLC-13-25 anomaly 145.50 147.00 1.50 110.0 0.07 0.10
----------------------------------------------------------------------------
India Bonita IP
SSLC-13-26 anomaly 248.87 251.95 3.08 16.5 ---- 0.53
----------------------------------------------------------------------------
WIDTH
DDH VEIN TARGET FROM TO (mts)(i) Ag g/t Cu % Zn %
----------------------------------------------------------------------------
Western deep IP
SSLC-13-27 anomaly no significant values
----------------------------------------------------------------------------
La Puerta north
SSLC-13-28 IP anomaly 381.25 383.65 2.40 37.8 0.92 0.75
----------------------------------------------------------------------------
Skarn & quartz
and veins 452.05 476.15 24.10 20.5 0.29 0.92
----------------------------------------------------------------------------
including " " 455.02 456.25 1.23 54.3 0.85 3.08
----------------------------------------------------------------------------
including " " 467.40 470.05 2.65 48.5 0.80 2.83
----------------------------------------------------------------------------
Western deep IP
SSLC-13-29 anomaly no significant values
----------------------------------------------------------------------------
La Puerta
SSLC-13-30 dikes-veins 236.00 236.90 0.90 72.5 0.02 0.04
----------------------------------------------------------------------------
and " " 244.70 250.90 6.20 67.0 0.03 0.05
----------------------------------------------------------------------------
and " " 270.70 271.90 1.20 62.5 0.07 0.14
----------------------------------------------------------------------------
Santa Rosa
SSLC-13-31 vein? 215.00 216.55 1.55 104.0 0.82 0.14
----------------------------------------------------------------------------
and 220.60 222.65 2.05 38.9 0.08 0.22
----------------------------------------------------------------------------
SSLC-14-32 Skarn 205.20 206.35 1.15 44.3 0.21 0.31
----------------------------------------------------------------------------
Sta Rosa E
and Skarn? 350.75 352.15 1.40 22.7 0.68 0.02
----------------------------------------------------------------------------
and " " 359.10 359.85 0.75 21.5 0.34 0.01
----------------------------------------------------------------------------
-- Widths represent intersected lengths. It is estimated most widths are
within 70% of true widths. True widths will be reported at a later date
once drill hole cross sections are interpreted.
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 Chihuahua City (ISO 9001).
Shipments include intermittent standards and blanks. 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 MineraFumarola, SA de CV
(Fumarola). Prospero's objective is to quickly evaluate the properties currently
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 the map associated with this press release, please visit the following
link: http://media3.marketwire.com/docs/Prospero_Silver_Corp_Map.pdf.
FOR FURTHER INFORMATION PLEASE CONTACT:
Prospero Silver Corp.
William Murray
Chairman
(604) 288-7813
Prospero Silver Corp.
Kirk Gamley
Contact Financial
(604) 561-3642
Prospero Silver (TSXV:PSL)
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