|Vancouver, B.C. – Prospero Silver Corp. (TSXV: PSL) (“Prospero” or the “Company”) is pleased to announce completion of a detailed ground magnetic survey on two of its claims over an area of approximately 9km x 9km in the “Western Lineament” zone of its Santa Maria del Oro Project in Durango State, Mexico. Prospero controls 33,800 Ha in the district and has identified three distinct target areas: The Western Lineament zone, the Matorral zone, and the Pastoria-Llanos de Cabrera valley. Collectively, these target areas virtually surround the past-producing Magistral del Oro high-grade gold mines (refer to Figure 1). The survey addressed in this news release focuses on the Western Lineament zone. |
Data from the ground magnetic survey was independently reviewed by Wright Geophysics and their full report can be found on the Company’s web site. Two large and distinct targets emerged from the survey in the Western Lineament zone (see Figure 2):
1. The Lineaments. Prospero initially identified two lineaments under gravel cover using aero-mag data from the Servicio Geologico Mexicano (Mexico’s USGS). The first and largest, the Magistral Lineament, is located 4km to the west of the historic Magistral del Oro mines.
The Company initiated a ground magnetic survey (200m to 300m line spacing) in November 2011. The results from this survey were sent to Wright Geophysics in Elko, Nevada, for processing and interpretation. Figure 2 shows the full extent of the surveyed area and of the Magistral Lineament.
The magnetic model of the Magistral Lineament indicates the presence of a magnetic body dipping at a shallow angle to the east along 5km of the northwestern portion of the lineament, which exhibits a west flanking magnetic low (Figure 2). Figure 3 (also taken from the Wright Geophysics report) shows geologic contacts superimposed on the magnetics. Tan (andesites) and Tvr (rhyolites) represent Tertiary volcanic strata which dip approximately 45° to the west, opposite the dip of the structure responsible for the lineament. Further to the southeast the west flanking magnetic low diminishes and the lineament is observed as a change in the magnitude and texture of the magnetics. This is interpreted as reflecting a steeper inclination in the southeastern extension of the controlling structure, which then rotates to a shallow easterly dip along its northwestern extension.
The geophysical interpretation of the shallow easterly dip of the Magistral Lineament is similar to the dip suggested by historic mining records from the historic Magistral del Oro mines. Inspection of a historic plan view and longitudinal section of the Cocinera vein (and stopes) along 1,000m of strike length indicates the structure has a shallowing dip from the northwest (70° dip to the east) to the southeast (55° dip to the east). The largest mineralized body along the vein coincides with the shallowest (55° to the east) 400m length in the southeastern extension of the vein.
Given the historic veins of the district exhibit similar strike (northwest) and dip (to the east) as the Magistral Lineament, preliminary drilling from east to west is justified to investigate the Magistral Lineament structure at depth.
Mapping of the Manantiales Lineament (Figure 2) indicates the controlling structure marks the boundary between conglomerates of the Sta. Ines conglomerates to the west and Tertiary volcanics to the east. The lineament represents a range-boundary fault, with active hot spring activity, that downdrops the valley 50m to the west, with respect to the uplifted block to the east. The potential of this structure to host mineralized veins is as yet uncertain.
2. Wright’s report also identifies two possible intrusive bodies in the southwest portion of the area (Figure 2), under the Sta. Ines conglomerates. These prominent magnetic highs are interpreted as intrusions and the magnetic model indicates a … “geometry best described as a steep sided vertical cylinder with depth to top of approximately 125 meters and radius of approximately 1000 meters.”
The interpreted intrusions under gravel cover in the southwestern area of the district will require an IP/Resistivity survey. A combination of magnetic highs with electrical responses would justify drilling geophysical targets under the young gravels.
“The results of the detailed ground magnetic survey carried out by the Company support our initial appraisal of the sizeable magnetic lineament we identified after processing the data from the Servico Geologico Mexicano. We are calling the larger of the two lineaments El Magistral. The orientation is the same as the old Cocinera mine 4km away and is typical of structures which host mines in this part of Mexico,” said Prospero President and CEO Tawn Albinson. “Wright’s report confirms our initial assessment that we have an east-dipping structure that abruptly cuts off the westward dipping volcanic strata. The shallow eastward dipping character justifies a preliminary drill program to investigate the potential of the structure to host mineralized veins at depth.”
Other Prospero Ground in the Santa Maria del Oro District
In March 2012, Prospero staked an additional 19,700 hectares to the north and northwest of the historic Magistral del Oro mines covering two other areas of interest. The Company now holds a total of 33,800 hectares that virtually surround the historic Magistral del Oro mines. Records from these mines indicate historic grades exceeded 15 g/t Au from oxide ores mined through the mid 20th century. Semi-systematic sampling and detailed ground magnetics are in the process of being completed in the northeastern extensions of the district, both in the Matorral target area, as well as in the Pastoria-Llanos de Cabrera valley.
Results of the mapping, multielemental geochemistry and the ground magnetic survey in both target areas will be reported in coming weeks.
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.
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 optioned for their suitability to provide size potential and/or amenability for strategic joint ventures.
For further information please contact:
Tel: (604) 248–0797
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.
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