Prospero Silver Expands Au-Ag Bearing Epithermal Vein System at Pachuca Se Project, Mexico
TSX VENTURE: PSL
Vancouver, British Columbia--(Newsfile Corp. - March 29, 2018) - Prospero Silver Corp. (TSXV: PSL) ("Company" or "Prospero") is pleased to announce the results of the third hole of a 3-hole drill program at the Pachuca SE project close to the historic mining city of Pachua in Hidalgo State, Mexico. Prospero announced earlier this month that it had discovered a new gold and silver-bearing epithermal vein system with holes 1 and 2 of the program. Drilling has confirmed the presence of highly anomalous silver values hosted by blind epithermal veining in 3 widely separated zones hosted by 7km of structures on the property.
Hole 3 tested the east-west striking Aguayutla structure to the north of holes 1 and 2 and cut multiple zones of anomalous silver values hosted by structures in altered volcanics, including 121.3g/t Ag + 0.37g/t Au over 1.5m from 407.4m downhole. This intercept included a high-grade sample with abundant argentite which assayed 870ppm Ag over 20cm.
Drilling of the Pachuca targets continues drilling the third of three initial projects funded by Fortuna Silver in early stage "proof of concept" programs. Under the terms of a strategic investment from Fortuna Silver Mines Inc (NYSE: FSM, TSX: FVI) made in May 2017, phase one funding of $1,500,000 was applied of which 80% was to be allocated to drilling and 20% to new project generation. Prospero was the operator of all three drill projects. At Pachuca SE, an 1,800m drill program tested 3 targets with deep, angled holes. Drill collar maps and draft sections for the Pachuca drill holes are available on Prospero's website at: http://www.prosperosilver.com/s/Pachuca-SE.asp. The results published here are from initial priority assays. Additional samples are being processed for additional argillic alteration zones in all three holes.
Tawn Albinson, the President of Prospero said: "The limited program we've just finished demonstrates that the Pachua SE property hosts a number of blind epithermal veins with silver and gold mineralization; exactly what we'd hoped to see at the property. The discovery validates the science-based strategy we've applied to our exploration for blind epithermal targets; a strategy which we've implemented in the drilling and generative work with Fortuna. The next step at Pachuca will be additional drilling program to extend mineralization in the veins. "
Hole PSE-18-03 was drilled to a total downhole depth of 453.1m from north to south at an inclination of -47°. To test beneath structures exposed in clay pits along the Aguayutla structure. The hole cut a bimodal volcanic series of dacites and andesites. From surface to approximately 120m the hole cut dacites. Below 120m it cut predominantly andesites to the end of hole. The structures exposed in the pits were intersected roughly 245m downhole, or 170-200m vertically below surface. The main structures and a series of minor quartz ± calcite ± sulphide veins were cut with the highest assays as follows:
|From (m)||To (m)||Downhole Interval (m)*||Au ppm||Ag ppm|
*True thickness estimated at approximately 85% of the downhole interval.
These intersections and values are significantly higher and wider at depth when compared with centimetric-sized veinlets sampled in the surface pits which carried maximum silver values in the 1-5 ppm range. At 249.1 to 253.0m a flow banded rhyolite dike was intersected which was not observed at surface.
About the Pachuca SE Property
The 7,256 hectare Pachuca SE concession is 24km SE of the city of Pachuca, Hidalgo. Infrastructure is excellent. Major power lines and the Pachuca-Tulancingo freeway cross the middle of the property. Pachuca SE is on strike from the Pachuca-Real del Monte epithermal vein camp, one of the world's largest epithermal precious metal deposits and the local geology is typical of a high-level epithermal environment. The concession covers multiple kilometres of structurally controlled alteration at surface which Prospero's team believe is the surface expression of blind low-sulfidation epithermal-style veining.
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 Fortuna Silver Mines Inc.
Fortuna is a growth-oriented, precious metals producer focused on mining opportunities in Latin America. The company's primary assets are the Caylloma silver mine in southern Peru, the San Jose silver-gold mine in Mexico and the fully—permitted Lindero gold project in Argentina.
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.
For further information please contact:
Exec VP Business Development
Tel: 604 307 0055
Tel: 604 288 2553
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 drill results. 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.
THIS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES