Vancouver, B.C., Prospero Silver Corp (TSXV: PSL) (the “Company”): The Company is pleased to report the results of a 4,103 meter reverse circulation (RC) 16 drill hole program carried out by joint venture partner Minera Hochschild Mexico, SA de CV at its Baborigame project in southwestern Chihuahua state, Mexico.
All holes were drilled in the northern Cebollas target area from readily accessible existing forestry roads, and all holes exhibit encouraging gold values of varying grade and length as reported in Table 1 and shown in Figure 1. Permitting of new roads and drill pads for the high priority diamond drill targets in the southern part of the claim along the southeast extension of the largest vein in the district (Diente de Oso), has suffered excessive delays. Delays over the past 6 months lie entirely with the new SEMARNAT (Mexican environmental agency) administration in the state of Chihuahua. The delay in the permit resolution combined with the recent sharp drop in precious metal prices, which has caused many producers to cancel exploration, led Hochschild to suspend further drilling and return the property to Prospero. The permit delay represents a very unfortunate situation in that some of the best geochemical targets in the rhyolite unit are located in topographicaly difficult positions and remain unexplored for lack of timely road building and diamond drilling which was expected to add considerable structural and geologic information.
President Tawn Albinson, stated: “We are pleased to have worked with Hochschild over the past year. Baborigame has been advanced cost-effectively with refined targets that warrant follow-up drilling. In addition, several high priority drill targets have yet to be tested. We anticipate permits to complete shortly and we look forward to unlocking the potential of this property through exploration with a new joint venture partner.”
The following table lists the gold-silver bearing intervals of the RC holes. All holes host mineralization, ranging from vein-hosted intersections (such as RCBA13-15 with 3.0 meters of 3.01 g/t Au and 234.0 g/t Ag) to broad veinlet/stockwork zones (such as RCBA-13-03 with 33.0 meters of 0.33 g/t Au and 14.5 g/t Ag).
|RCBA-13-06||Sucara south||55.50||58.5||3.00||0.17||6.0||Fault zone|
|RCBA-13-10||Cebollas central||45.00||48.00||3.00||0.38||21.4||Quartz vein|
|RCBA-13-12||Cebollas north||18.00||24.00||6.00||0.19||2.2||Fault zone|
|RCBA-13-13||Cebollas north||51.00||54.00||3.00||0.22||6.7||Fault zone-vnlts|
As predicted by the surface sampling and geology, RC drilling of the zones shows disseminated mineralization hosted within the upper rhyolite pyroclastic flow/tuff, which outcrops and underlies most of the Cebollas area. The andesitic unit below the rhyolites also hosts mineralization over significant lengths in holes RCBA13-11 (48.0 meters of 0.22 g/t Au, and 6.5 g/t Ag) and RCBA-13-14 (12 meters of 0.70 g/t Au, 25.8 g/t Ag).The rhyolite unit is conspicuously fractured, shattered and brecciated over broad areas (15,000 to 125,000 m2) in surface outcrops.
Reconnaissance channel samples obtained in outcrops indicate fraction of a gram to multi-gram level anomalies are common particularly along the basal portion of the rhyolite over widths of several tens of meters. In the RC holes that did penetrate the base of the unit mineralization occurs over significant intersections such as RCBA-13-07 (51.0 meters of 0.20 g/t Au, 6.0 g/t Ag), and RCBA-13-15 (64.5 meters of 0.26 g/t Au, 12.2 g/t Ag).
Based on these results the Company will conduct semi-systematic continuous surface channel samples to better define the size and grade of the outcropping mineralization, and guide the best location for diamond drilling with a semi-portable rig that can be positioned in the more inaccessible pad locations.
The Cebollas vein/structure is 2.5 kilometers long and has only been explored at the location of 3 drill holes: RCBA13-15 (3 meters of 3.0 g/t Au, 234 g/t Ag), RCBA13-10 (1.5 meters of 0.38 g/t Au, 21.4 g/t Ag), and DDH PBAB-13 (5.5 meters of 0.41 g/t Au – from the 2010 drill campaign). The 2013 RC drill program was focused towards bulk tonnage targets. Future drilling will also focus on further testing the Cebollas vein.
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. The samples were analyzed by ALS Chemex, but the following methods, gold by AA-24 (with a lower limit of detection of 0.005 ppm), and silver by ME-ICP61 (with a lower limit of detection of 0.5 ppm). Each reverse circulation sample consisted of 8-15 kilograms of material, was bagged in micropore bags and shipped directly to sample preparation lab of ALS Chemex located in Chihuahua City.
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) 288-7813
Tel: (604) 561-3642
This news release contains forward-looking statements within the meaning of the Canadian provincial securities laws that are not historical facts. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements, including statements regarding future exploration plans. 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 public disclosure record which is available on SEDAR (www.sedar.com), including the risk factors discussed in Prospero’s November 27, 2009 prospectus. Although Prospero believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. 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 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.