Prospero Silver Corp (TSXV: PSL) (the “Company” or “Prospero”) is pleased to announce that Phase 2 drilling has started at the Pachuca SE project, close to the historic mining city of Pachuca in Hidalgo State, Mexico.
On December 10, 2018 Prospero announced that Fortuna Silver Mines Inc. (“Fortuna”) exercised its right to be granted an option to acquire up to a 70-per-cent interest in the Pachuca Southeast project located close to the historic mining city of Pachuca in Hidalgo state, Mexico, by spending a total of $8-million (U.S.) in qualifying expenditures and completing a preliminary economic assessment, with a minimum spend of $1-million in the first year.
Prospero has mobilized a drill rig which arrived at Pachuca SE in early January. A six hole, 4,200m program started on January 14 to test a number of potential vein targets. In Q1 2018, Prospero, with financing provided by Fortuna, completed a 1,800-metre drill program (three holes) testing three distinct targets with deep, angled holes. Drill collar maps and draft sections for the Pachuca drill holes are available at Prospero`s website. PSE-18-01 and PSE-18-03 each cut the possible tops of new vein systems. PSE-18-02 intersected three argillic caps in the shallow portion of the hole and three mineralized veins at depth. For full results of the drill program, please see the company`s press releases dated March 14, 2018, and March 29, 2018.
Tawn Albinson, the President of Prospero commented: “Our 2018 program appears to have successfully cut the upper parts of a series of blind epithermal veins hosting silver and gold mineralization. This is particularly exciting given how close the project is to the historic Pachuca-Real Del Monte camp. The current Phase 2 program is designed to follow up on the 2018 hits and to drill test a number of additional altered structures that weren`t tested in Phase 1. I look forward to reporting on the drilling during Q1.”
The 6,669-hectare Pachuca Southeast land package is 24 kilometres southeast of the city of Pachuca, Hidalgo, along strike from the historic Pachuca-Real del Monte epithermal vein camp, one of the world`s largest epithermal precious metal deposits. The local geology at Pachuca Southeast is typical of the high-level epithermal environment seen over the Pachuca-Real del Monte mines. Prospero`s land package covers at least six to seven kilometres of linear, structurally controlled argillic alteration caps at surface, which Prospero`s team considers are the surface expression of blind, low-sulphidation, epithermal-style veining. Infrastructure is excellent, with nearby major power lines and a major freeway.
Epithermal-style argillic alteration is associated with anomalous Au, Ag and Zn geochemistry, exposed in an erosional window into an andesitic and felsic volcanic pile. The anomalous geochemistry and clay alteration are essentially identical to that seen in the Vizcaina structure above the Pachuca Mine. Prospero`s technical team have mapped hydrothermal alteration and geochemical anomalies associated with structures which indicate the alteration could host a preserved Pachuca-type epithermal deposit at depth. The first hole of Phase 2 will target Varal West, a series of silicified rhyolite reef structures with alunite alteration. Varal West is located approximately 1 km west and along strike of the veins intersected in PSE-18-02.
This article provided by NewsEdge.