May 30, 2018 — Vancouver, B.C. – Prospero Silver Corp (PSL.V; the “Company” or “Prospero”) is pleased to announce that drilling started at the Buenavista project in northwest Durango State, Mexico on May 26 , 2018
This is the fourth project to be drilled under the terms of a second round of strategic investment from Fortuna Silver Mines Inc (NYSE: FSM, TSX: FVI) made in May 2018, as per the revised agreement and warrant exercise announced on May 7, 2018. As on the first three projects, the drill program is preliminary in nature and intended to confirm below surface structures and allow the Company to determine where in the vertical epithermal column an ore zone might lie.
The 3,000 meter core drill program, starting on Buensavista South Stockwork, will test at least 4 principal drill-ready zones. In addition to the Buenavista South Stockwork, other targets include the Buenavista NE dike/vein, the Camaleon vein and the Pajaro Stockwork. The surface expression of these targets occurs within the lower portion of a strong high-level argillic cap. The exploration program contemplates drilling down to a deeper more favorable geologic level to further investigate the grade potential of a possible preserved epithermal mineralized zone. Information on the Buenavista project can be found on Prospero’s website at:http://www.prosperosilver.com/s/BuenavistaDurangoState.asp
Prospero’s field crews have just completed channel sampling at the Pajaro zone and a structural consulting geologist is currently on site to conduct detailed structural mapping and assist in drill hole targetting.
Buenavista is a precious metal-bearing, structurally controlled vein systems centered on a rhyolite dome complex in in NW Durango, 270km northwest of Durango City. Fresnillo’s recently commissioned San Julian Mine lies 20 Km to the northwest. Alteration at surface is high-level argillic suggestive of the presence of an epithermal deposit at depth, possibly hosted in Lower Volcanic Series andesites.
Between 1996 and 2008, eleven drill holes were completed at the Buenavista NE zone testing for relatively shallow mineralization. The best historic intersections include:
- 2.37m of 400g/t Ag and 0.27g/t Au 100m in hole 96-1.
- 4.3m of 87g/t Ag and 0.08g/t Au in hole BE-04 including 245g/t Ag over 1.5m.
- 9.3m of 125g/t Ag and 0.35g/t Au in hole BE-05 including 276g/t Ag over 1.15m.
- 8.0m of 129g/t Ag and 0.07g/t Au in hole BE-06 including 206g/t Ag over 4.5m.
Note that these results are historic in nature. Prospero has not yet completed the work required to verify them and as such they cannot be relied upon. However, the drilling and assay work was believed to have been carried out to a high standard.
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 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.
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