Proactiveinvestors USA & Canada Prospero Silver Corp https://ca.proactiveinvestors.com Proactiveinvestors USA & Canada Prospero Silver Corp RSS feed en Mon, 25 Mar 2019 04:24:20 -0400 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Prospero Silver gets TSX venture exchange approval for Fortuna option deal ]]> https://ca.proactiveinvestors.com/companies/news/214477/prospero-silver-gets-tsx-venture-exchange-approval-for-fortuna-option-deal-214477.html Prospero Silver Corp (CVE:PSL) has received TSX venture exchange approval of its option agreement with Fortuna Silver Mines Inc, in which the latter can acquire up to a 70% interest in the Pachuca SE project in Mexico.

To earn the interest, Fortuna must spend US$8 million and complete a preliminary economic assessment, with a minimum spend of $1 million in the first year.

WATCH: Prospero Silver Corp begins phase two drilling at Pachuca SE Project in Mexico

The near 7,000-hectare land package is 24 km southeast of the city of Pachuca, Hidalgo along strike from the historic Pachuca-Real del Monte epithermal vein camp.

Prospero shares were unchanged In Toronto at $0.065.

 

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Tue, 12 Feb 2019 10:34:00 -0500 https://ca.proactiveinvestors.com/companies/news/214477/prospero-silver-gets-tsx-venture-exchange-approval-for-fortuna-option-deal-214477.html
<![CDATA[Media files - Prospero Silver Corp begins phase two drilling at Pachuca SE Project in Mexico ]]> https://ca.proactiveinvestors.com/companies/stocktube/12097/prospero-silver-corp-begins-phase-two-drilling-at-pachuca-se-project-in-mexico-12097.html Mon, 04 Feb 2019 14:46:00 -0500 https://ca.proactiveinvestors.com/companies/stocktube/12097/prospero-silver-corp-begins-phase-two-drilling-at-pachuca-se-project-in-mexico-12097.html <![CDATA[News - Prospero Silver inks option deal with Fortuna for Mexico project ]]> https://ca.proactiveinvestors.com/companies/news/213374/prospero-silver-inks-option-deal-with-fortuna-for-mexico-project-213374.html Prospero Silver Corp (CVE:PSL) said it, along with Fortuna Silver Mines, had signed the previously announced option agreement meaning the latter can acquire up to a 70% interest in the Pachuca SE project in Mexico.

On Monday this week, the Vancouver-based company said drilling had begun on a six hole, 4,200-meter program to test a number of potential vein targets.

READ: Prospero Silver kicks off phase 2 drilling at Pachuca SE project, Mexico

To earn the interest, Fortuna must spend US$8 million and complete a preliminary economic assessment, with a minimum spend of $1 million in the first year.

The near-7,000-hectare land package is 24 km southeast of the city of Pachuca, Hidalgo along strike from the historic Pachuca-Real del Monte epithermal vein camp.

Shares were unchanged in Toronto at $0.06.

Contact Giles at giles@proactiveinvestors.com

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Fri, 25 Jan 2019 13:01:00 -0500 https://ca.proactiveinvestors.com/companies/news/213374/prospero-silver-inks-option-deal-with-fortuna-for-mexico-project-213374.html
<![CDATA[News - Prospero Silver kicks off phase 2 drilling at Pachuca SE project, Mexico ]]> https://ca.proactiveinvestors.com/companies/news/212995/prospero-silver-kicks-off-phase-2-drilling-at-pachuca-se-project-mexico-212995.html Prospero Silver Corp (CVE:PSL) has kicked off phase 2 drilling at the Pachuca SE project in Mexico.

It comes after Fortuna Silver Mines last month exercised its right for an option to acquire up to a 70% interest in the project.

READ THE BIG PICTURE:  Prospero Silver with potential catalysts ahead after Fortuna Silver Mines exercises option for Pachuca SE

To do so, it must spend US$8 million and complete a preliminary economic assessment, with a minimum spend of $1 million in the first year.

A six hole, 4,200m (meter) program started on January 14 to test a number of potential vein targets.

In the first quarter of 2018, Prospero, with financing provided by Fortuna, completed a 1,800-metre drill program, in three holes, which tested three distinct targets with deep, angled holes.

"Our 2018 program appears to have successfully cut the upper parts of a series of blind epithermal veins hosting silver and gold mineralization,"  Tawn Albinson, the President of Prospero told investors today.

"This is particularly exciting given how close the project is to the historic Pachuca-Real Del Monte camp."

Albinson said the current Phase two program was designed to follow up on the 2018 hits and to drill test a number of additional altered structures that weren't tested in the first phase.

The 6,669 hectare Pachuca Southeast land package lies 24 km 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.

Contact giles at giles@proactiveinvestors.com

Follow him on Twitter @Gile74

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Mon, 21 Jan 2019 11:28:00 -0500 https://ca.proactiveinvestors.com/companies/news/212995/prospero-silver-kicks-off-phase-2-drilling-at-pachuca-se-project-mexico-212995.html
<![CDATA[News - Prospero Silver with potential catalysts ahead after Fortuna Silver Mines exercises option for Pachuca SE ]]> https://ca.proactiveinvestors.com/companies/news/211480/prospero-silver-with-potential-catalysts-ahead-after-fortuna-silver-mines-exercises-option-for-pachuca-se-211480.html Prospect generator group Prospero Silver Corp (CVE:PSL) reached another key moment in its evolution as mid-tier gold producer and the firm's largest investor Fortuna Silver Mines Inc (TSE:FVI) picked one of its projects to acquire an interest in.

It fires the starting pistol on a drill program potentially in early 2019 and advancing Prospero's Pachuca SE project in Mexico.

WATCH: Prospero Silver Corp make deal with Fortuna Silver on Pachuca Southeast project

Fortuna, an established mine builder, has pumped in well over $2 million, which Prospero has used to drill a number of its projects.

But now the former has opted to exercise its right to be granted an option to acquire up to a 70% interest in Pachuca SE.

The site lies 25km east of the old Pachucha mine, which produced around 1.2 billion ounces of silver and drove much of the Spanish Empire.

"The Prospero team is excited to be returning for a second round of drilling on the project," said Tawn Albinson, the president of Prospero in the regulatory release.

"We hope to recommence work in January 2019, subject to completion of a definitive option and joint venture agreement with Fortuna.

"There are several distinct targets that we hope to test and planning will begin shortly with Fortuna's technical team."

It means Fortuna must spend a total of US$8 million in expenditures to earn a 70% interest and complete a preliminary economic assessment (PEA). There is a minimum spend of $1 million in the first year.

In the first quarter of this year, Prospero completed a 1,800m (meter), three-hole drill program, testing three distinct targets.

In March, the firm said it had uncovered a new gold-and-silver-bearing vein system at the Pachuca Southeast project in Mexico.

The firm said it had "cut new vein systems within 25km of one of the world's great silver-gold districts, the Pachuca-Real Del Monte system, which produced over 1.2-billion ounces of silver".

Ralph Rushton, Prospero's executive vice president of business development, suggested in a recent interview with Proactive that this is what had piqued Fortuna's interest in Pachuca SE.

What is Prospero Silver?

The group is a Mexico-focused grass-roots explorer aiming to discover world-class precious metal projects.

It has an existing portfolio of drill-ready targets and a pipeline of additional projects.

In a nut shell, its prospect generator model means it has a portfolio of grassroot properties on which it aims to create joint venture partnerships with other, usually bigger firms, which spend their own money and time advancing the project in exchange for a majority ownership position.

Its Buenavista project in Durango state is an epithermal vein system, with gold, silver and some copper, lead, zinc sulphides.

At El Petate, 12 holes were completed last year in an initial drill program. The property lies up to three hours from Mexico City and has an extensive local mining with historic production of 1.2 billion ounces of silver and 6 million ounces of gold.

The Bermudez property in Northwest Chihuahua is an epithermal gold-silver vein system, which was acquired by staking in 2010. So far the group has spent up to $100,000 on the property.

A strong team

Prospero has a strong team at the helm. Rushton has over 18 years exploration and mining experience in Africa and the Middle East.

Chairman William Murray has over 30 years' of international experience in engineering and mine development and served as a director on various public companies including Polymet Mining and the former Baja Mining.

President and vice-president of Exploration Tawn Albinson has over 25 years' experience in exploration and mine development in Mexico.

Silver to shine?

Despite a lacklustre performance this year, there is optimism the silver price will bounce back in 2019 and for Prospero, which is still at such an early stage, can only be positive.

According to analysts, the precious metal, which is also used significantly in industry, was dragged down by weak base metals, in particular, copper which fell from a four-year high in June.

It is expected to outperform gold in 2019 as the U.S. dollar weakens as the Federal Reserve slows down monetary tightening. It also has safe haven credentials amid uneasy global trade tensions.

So the ducks may be lining up nicely in a row for Prospero and investors should be on the lookout for a good deal of newsflow in the coming months.

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Tue, 18 Dec 2018 09:30:00 -0500 https://ca.proactiveinvestors.com/companies/news/211480/prospero-silver-with-potential-catalysts-ahead-after-fortuna-silver-mines-exercises-option-for-pachuca-se-211480.html
<![CDATA[Media files - Prospero Silver Corp make deal with Fortuna Silver on Pachuca Southeast project ]]> https://ca.proactiveinvestors.com/companies/stocktube/11599/prospero-silver-corp-make-deal-with-fortuna-silver-on-pachuca-southeast-project-11599.html Wed, 12 Dec 2018 16:21:00 -0500 https://ca.proactiveinvestors.com/companies/stocktube/11599/prospero-silver-corp-make-deal-with-fortuna-silver-on-pachuca-southeast-project-11599.html <![CDATA[News - Prospero Silver "excited" at Fortuna Silver Mine's option on Pachuca Southeast ]]> https://ca.proactiveinvestors.com/companies/news/210886/prospero-silver--excited--at-fortuna-silver-mine-s-option-on-pachuca-southeast-210886.html Prospero Silver Corp (CVE:PSL) announced progress in Mexico Monday as it revealed Fortuna Silver Mines had exercised its right to be granted an option to acquire up to a 70% interest in the Pachuca SE project.

It follows the strategic co-operation agreement between the two companies in May last year.

READ: Prospero Silver Completes Buenavista Drilling in Mexico

The near 7,000-hectare land package is 24km south-east of the city of Pachuca, Hidalgo along strike from the historic Pachuca-Real del Monte epithermal vein camp.

It means Fortuna must spend a total of US$8 million in qualifying expenditures and complete a preliminary economic assessment (PEA), with a minimum spend of $1 million in the first year.

"We're happy that Fortuna has exercised its right to be granted an interest in Pachuca SE," said Tawn Albinson, the president of Prospero.

"The Prospero team is excited to be returning for a second round of drilling on the project.

"We hope to recommence work in January 2019, subject to completion of a definitive option and joint venture agreement with Fortuna.

"There are several distinct targets that we hope to test and planning will begin shortly with Fortuna's technical team."

Prospero said the pair were now preparing a definitive option and joint venture agreement.

In the first quarter of this year, Prospero, with funding provided by Fortuna, completed a 1,800m (meter), three-hole drill program, testing three distinct targets.

In March, significantly, the firm said it had uncovered a new gold-and-silver-bearing vein system at the Pachuca Southeast project in Mexico.

The firm said it had "cut new vein systems within 25km of one of the world's great silver-gold districts, the Pachuca-Real Del Monte system, which produced over 1.2-billion ounces of silver".

Vancouver-based Prospero's aim is to discover world-class precious metal projects in the major mineral belts of Mexico.

Prospero shares were unchanged at $0.060 in Toronto. 

Contact Giles Gwinnett at giles@proactiveinvestors.com

Follow him on Twitter @ Gile74

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Mon, 10 Dec 2018 09:23:00 -0500 https://ca.proactiveinvestors.com/companies/news/210886/prospero-silver--excited--at-fortuna-silver-mine-s-option-on-pachuca-southeast-210886.html
<![CDATA[Media files - Prospero Silver releases encouraging drill results from Buenavista project in Mexico ]]> https://ca.proactiveinvestors.com/companies/stocktube/10468/prospero-silver-releases-encouraging-drill-results-from-buenavista-project-in-mexico-10468.html Thu, 13 Sep 2018 16:43:00 -0400 https://ca.proactiveinvestors.com/companies/stocktube/10468/prospero-silver-releases-encouraging-drill-results-from-buenavista-project-in-mexico-10468.html <![CDATA[News - Prospero Silver Completes Buenavista Drilling in Mexico ]]> https://ca.proactiveinvestors.com/companies/news/204564/prospero-silver-completes-buenavista-drilling-in-mexico-204564.html Prospero Silver Corp (CVE:PSL) unveiled drill results from its Buenavista project in northwest Durango state, Mexico, and revealed that all holes hit anomalous silver.

Drilling has now been completed at the project, which was the fourth under the terms of a second round of strategic investment from Fortuna Silver Mines Inc (TSE:FVI) .

The programme saw 11 holes totalling 2,811m completed.

Highlight intervals were 1.6m (meters) at 353g/t (grams per ton) silver from 185.6m downhole, within a broader interval of 49m at 43g/t silver in one hole.

Buenavista is a precious metal-bearing, structurally controlled vein system in northwest Durango, 270km northwest of Durango city.

Silver giant Fresnillo's (LON:FRES) recently commissioned San Julian mine lies 20km to the northwest.

The drill rig has been moved to the nearby Bermudez project which is permitted and ready to drill and will be the fifth and final project to be drilled under the terms of a strategic investment by Fortuna, added Prospero.

Bermudez is a low sulphidation epithermal system with multiple kilometres of exposed veining at the surface. An initial program of three holes for a total of 1,500m (meters)of core drilling is planned.

Prospero shares were unchanged at C$0.085.

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Mon, 10 Sep 2018 13:48:00 -0400 https://ca.proactiveinvestors.com/companies/news/204564/prospero-silver-completes-buenavista-drilling-in-mexico-204564.html
<![CDATA[News - Prospero Silver gets C$356,000 investment from Fortuna Silver Mines Inc ]]> https://ca.proactiveinvestors.com/companies/news/204376/prospero-silver-gets-c356000-investment-from-fortuna-silver-mines-inc-204376.html Prospero Silver Corp (CVE:PLS) has secured around C$356,000, or US$270,000 of investment from Fortuna Silver Mines Inc, a mid-tier precious metal producer.

The deal completes the private placement phase of the amended strategic agreement between Prospero and Fortuna which was announced in May last year.

Fortuna currently owns 20.32% of the Prospero shares and after the placing will have around 26.9%.

Drilling

Prospero says the proceeds will be aimed at drilling its Bermudez project in Chihuahua State, Mexico.

Drilling began at Bermudez in late August and Prospero plans to complete a three hole, approximately 1,500m, diamond drill program at Bermudez.

The 430-hectare Bermudez project is in Chihuahua, about 150km west of the City of Chihuahua.

Fortuna will buy around 4.74mln  Prospero shares at C$0.075 per share.

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Thu, 06 Sep 2018 14:20:00 -0400 https://ca.proactiveinvestors.com/companies/news/204376/prospero-silver-gets-c356000-investment-from-fortuna-silver-mines-inc-204376.html
<![CDATA[News - Prospero Silver shares tick higher as drilling starts at Buenavista ]]> https://ca.proactiveinvestors.com/companies/news/197953/prospero-silver-shares-tick-higher-as-drilling-starts-at-buenavista-197953.html Project generator Prospero Silver Corp (CVE:PSL) says drilling has started on the Buenavista project in northwest Durango state, Mexico, sending shares higher.

The work started on May 26 and this is the fourth project to be drilled, funded by a second round of strategic investment from Fortuna Silver Mines.

Buenavista is a precious metal-bearing, structurally controlled vein system in northwest Durango, 270km northwest of Durango city.

Silver giant Fresnillo's (LON:FRES) recently commissioned San Julian mine lies 20km to the northwest.

Prospero noted that, as with the first three projects, the programme is preliminary and intended to confirm below surface structures to determine where in the vertical epithermal column an ore zone might lie.

The 3,000-metre drill programme, starting on Buensavista South Stockwork, will test at least four principal drill-ready zones.

As well as the Buenavista South Stockwork, other targets include the Buenavista northeast dike/vein, the Camaleon vein and the Pajaro Stockwork.

Prospero's field crews have just completed channel sampling at the Pajaro zone and a geologist is currently on site to conduct detailed structural mapping and assist in drill hole targeting, the group added.

Prospero noted that between 1996 and 2008, 11 holes were completed at the Buenavista northeast zone testing for relatively shallow mineralization.

Best intersections included 2.37 metres (m) of 400 grams per tonne silver (Ag) and 0.27 g/t (grams per ton) gold over 100m in one hole, and 4.3m of 87 g/t (grams per ton) silver, and 0.08 g/t (grams per ton) gold in another.

In a separate statement on Wednesday, Prospero said it had completed its second and final tranche of a placing, raising in total, around C$1.009mln gross.

For the second tranche, the firm sold over 5.4mln units at C$0.09 each for gross proceeds of around C$492,200

Each unit consisted of one share and one half a share purchase warrant, with each whole warrant entitling the holder to buy a further share for C$0.16 for two years.

As previously stated, the net proceeds will be used for project generative exploration programs in Mexico, adding value to its existing property portfolio and other exploration expenditure.

In Toronto on Wednesday, Prospero shares gained 4.35% to C$0.12 each.

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Wed, 30 May 2018 13:43:00 -0400 https://ca.proactiveinvestors.com/companies/news/197953/prospero-silver-shares-tick-higher-as-drilling-starts-at-buenavista-197953.html
<![CDATA[News - Prospero Silver brings in near C$1.9mln as it updates on exploration plans ]]> https://ca.proactiveinvestors.com/companies/news/197668/prospero-silver-brings-in-near-c19mln-as-it-updates-on-exploration-plans-197668.html Prospero Silver Corp (TSX:PSL) told investors it had closed a placing, bringing in C$517,479 and plans to raise around C$495,000 in a second tranche, as it updated on exploration plans.

"With the closing of our private placement and the Fortuna warrant exercise, we will have received close to C$1.9mln in cash to continue first-pass drilling of three of our projects and other value added work to our existing project portfolio, and on-going marketing of the company, Bill Murray, Prospero chairman said.

"We've got a busy drill schedule planned with Fortuna for 2018 and I'm looking forward to reporting on our drill results from Buenavista later this summer."

For the $517,479, Prospero issued over 5.7mln units at $0.09 each. Each unit consisted of one share, and one-half of a share purchase warrant.

Fortuna Silver Mines Inc has also now exercised warrants to acquire over 5.35mln shares, from which Prospero received C$803,571.

Notably, Prospero has now authorised its drill contractor, Intercore, to mobilise to the Buenavista project in northern Durango state in Mexico.

This is expected to take between two and three days.

As reported last month, at Buenavista, two main zones of alteration and mineralisation have been identified: the Buenavista vein and the El Pajaro vein.

The high level argillic alteration, and the stratigraphic position of the mineralisation suggests the presence of a preserved epithermal system at depth.

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Thu, 24 May 2018 13:57:00 -0400 https://ca.proactiveinvestors.com/companies/news/197668/prospero-silver-brings-in-near-c19mln-as-it-updates-on-exploration-plans-197668.html
<![CDATA[News - Prospero Silver shares advance as it amends financing with Fortuna and is poised to start drilling ]]> https://ca.proactiveinvestors.com/companies/news/196677/prospero-silver-shares-advance-as-it-amends-financing-with-fortuna-and-is-poised-to-start-drilling-196677.html Prospero Silver Corp (TSX:PSL) saw shares advance nearly 6% in Toronto as it gets ready for this year's drilling after amending its planned work programme and revealed it had amended its strategic financing agreement with partner Fortuna Silver Mines.

This means a repricing and exercising of Fortuna's over 54.3mln share purchase warrants, which will provide additional financing for the 2018 drill programme.

The Prospero-Fortuna team has now set upon a 6,000-metre drill program to test three additional Prospero targets, in the following order of priority -  Buenavista, Bermudez and Trias.

"Prospero is an explorer; our aim is to find and test new precious metals discoveries. It is very encouraging to have this renewed commitment by Fortuna for first-pass drilling and rapid assessment of as many of our projects as possible," said Tawn Albinson, Prospero's president and chief executive.

"In the context of the current market, the repricing and exercising Fortuna's warrants is a non-dilutive way for us to secure additional funding for the planned work. It removes warrant overhang and provides a premium-to-market financing.

"In discussions with Fortuna, and drawing on advice from our field crews, we've rejigged our programme slightly to take into account the availability of water for drilling and the general conditions at the Buenavista project.

"We are approaching a perfect window for drilling at Buenavista and we plan to get under way before the rigours of the rainy season in the high Altiplano. The team is moving as fast as it can to get started at Buenavista and generate results for our shareholders."

As reported last month, at  Buenavista, two main zones of alteration and mineralisation have been identified: the Buenavista vein and the El Pajaro vein.

The high level argillic alteration, and the stratigraphic position of the mineralisation suggests the presence of a preserved epithermal system at depth.

Regarding the financing, Prospero will amend the Fortuna warrants to reduce the exercise price to 15 cents a share, on the condition that, within three business days of the exercise price reduction becoming effective, Fortuna will fully exercise the Fortuna warrants for gross proceeds to Prospero of $803,571.

The funds will be applied toward the initial phases of work under the 2018 drill programme.

For the remainder of this year's drill programme, by the end of September, Prospero has agreed to undertake an additional private placing with Fortuna as the only subscriber, and at a price per Prospero share equal to then-current market price, to raise US$570,000, which is around US$730,000 based on the current United States/Canadian exchange rate.

Prospero shares added 5.88% to C$0.090 on the day.

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Wed, 09 May 2018 15:09:00 -0400 https://ca.proactiveinvestors.com/companies/news/196677/prospero-silver-shares-advance-as-it-amends-financing-with-fortuna-and-is-poised-to-start-drilling-196677.html
<![CDATA[News - Prospero Silver targets four projects for remainder of 2018 ]]> https://ca.proactiveinvestors.com/companies/news/195899/prospero-silver-targets-four-projects-for-remainder-of-2018-195899.html Prospero Silver Corp (TSX:PSL) has updated investors on its planned exploration work on its Mexican projects for the remainder of 2018.

In a statement, the company said the key objective for Prospero and its strategic partner Fortuna Silver Mines Inc. is to complete first-pass, proof-of-concept drill testing of key projects in the Altiplano belt of northern Mexico.

Three projects - Bermudez, Buenavista and Trias - have been shortlisted.

A fourth hole is tentatively planned for the Pachuca SE project towards the end of the year once drilling is complete at the 3 projects.

READ: Prospero Silver poised to raise up to C$1mln to advance portfolio

While Bermudez and Buenavista are covered by granted concessions, Prospero anticipates that the Trias concession should be granted shortly.

The company said Trias nor Bermudez have not been drilled historically, and Buenavista has had some limited drill testing in the past.

A total of approximately 6,000m of diamond core drilling is planned for the 3 projects as follows:

Buenavista (Durango) 3,450m of core drilling Trias (Chihuahua) 1,200m of core drilling Bermudez (Chihuahua) 1,200m of core drilling.

A 4th hole is tentatively planned for the Pachuca SE project towards the end of the year once drilling is complete at the 3 projects.

All 3 projects are low sulphidation epithermal type targets, although Buenavista exhibits some intermediate sulphidation characteristics with elevated base metal levels at depth in the system.

Additional field work for Buenavista

At  Buenavista, two main zones of alteration and mineralization have been identified: the Buenavista vein and the El Pajaro vein. The high level argillic alteration, and the stratigraphic position of the mineralization suggests the presence of a preserved epithermal system at depth.

Additional field work is planned for Buenavista prior to drilling. A structural geologist will be on site shortly to refine Prospero's structural geological interpretation of the system, and additional sampling is also planned.

All necessary permits on hand for Bermudez

The first 1,200m drilling is being planned for the Bermudez project in Chihauhua State, Mexico.

All of the necessary permits are in hand for this project, and a preliminary diamond drill program has been designed to test three zones for precious metal mineralization.

Trias property

The main target area for the Trias property, is located adjacent and to one side of the Chihuahua-Cuauhtemoc freeway within the General Trias (Santa Isabel) township.

A low sulphidation epithermal vein system are multi-banded and exhibit a number of distinct textures and silica phases, including bands of coarse crystalline drussy quartz, originally amorphous silica crystallized to jigsaw quartz, bands with some barite, chalcedony bands, and platy calcite bands pseudomorphed to silica phases.

Some of the bands host preserved very fine to medium grained pyrite. Vein breccias exhibit fragments of the multi-banded vein material cemented by reddish sugary quartz with iron oxides.

Surface channel sampling shows anomalous silver values in the 25 to 95 ppm range, and anomalous gold values in the 0.23 to 1.1 ppm range.

Pachuca Southeast

The Pachuca SE drilling is to test a structure that was not drilled in the initial drilling reported earlier this year.

A limited 3-hole drill program was completed in early 2018 at the Pachuca SE project close to the historic mining city of Pachua in Hidalgo State, Mexico. Drilling discovered a new gold and silver-bearing epithermal vein system.

The fourth hole will investigate an untested structure associated with strong surface alteration.

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Thu, 26 Apr 2018 14:53:00 -0400 https://ca.proactiveinvestors.com/companies/news/195899/prospero-silver-targets-four-projects-for-remainder-of-2018-195899.html
<![CDATA[News - Prospero Silver poised to raise up to C$1mln to advance portfolio ]]> https://ca.proactiveinvestors.com/companies/news/195076/prospero-silver-poised-to-raise-up-to-c1mln-to-advance-portfolio-195076.html Prospero Silver Corp (CVE: PSL) is poised to raise up to C$1mln via a placing to advance exploration in Mexico and for working capital.

"Prospero's plan for the coming field season is to continue value-added work to our existing project portfolio, and to finalize arrangements to acquire more projects," said William Murray, chairman at Prospero.

Murray said the 'first-pass' drilling of three projects in 2017 with strategic partner Fortuna Silver had essentially validated president Tawn Albinson's exploration strategy for epithermal systems.

"Pachuca SE, for example, was totally blind at surface, and yet all three holes have identified extensive mineralized structures," he said.

"We now look forward to the continuation of this rapid assessment exploration approach on three other projects, namely Buenavista; Trias and Bermudez.

"This private placement is an important first step toward raising what we hope will be sufficient funding for roughly 6,000m of core drilling during 2018."

The company will issue up to 11.1mln units at C$0.09 each for gross proceeds of up to C$1mln.

Each unit consists of one share and one-half of a non-transferable share purchase warrant, which is exercisable for two years.

Each warrant entitles the bearer to buy a further share for C$0.16 each.

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Mon, 16 Apr 2018 11:42:00 -0400 https://ca.proactiveinvestors.com/companies/news/195076/prospero-silver-poised-to-raise-up-to-c1mln-to-advance-portfolio-195076.html
<![CDATA[News - Project generation serves Prospero Silver well in lean times for junior explorers ]]> https://ca.proactiveinvestors.com/companies/news/94065/project-generation-serves-prospero-silver-well-in-lean-times-for-junior-explorers-42343.html When Prospero Silver Corp. (CVE:PSL) announced the signing of a joint venture option agreement with highly respected miner Silver Standard (TSE:SSO) last month, it marked somewhat of a halfway point for the company in executing the current stage of its corporate strategy.

The agreement calls for Silver Standard to spend $3.5 million within three years to earn 51 percent of Prospero’s San Luis del Cordero silver project in Durango State, Mexico, and also to make cash payments to Prospero totaling $1.5 million.  A minimum of 4,000 metres of drilling is required in the first year.

These are unforgiving times for junior explorers, with the raise-and-drill model leaving an increasing number of companies to wither on the vine as they necessarily use up cash in an environment where new capital is scarce.

Enter the project generator approach, a structure whereby a company takes a carefully constructed portfolio of projects through early exploration so that potential partners have a sense of the promise its components hold.

The next step sees a percentage of a given project optioned to another company in exchange for substantial exploration spending, and sometimes also cash payments and other considerations.

Among the benefits is that multiple projects can be moved forward simultaneously, whereas most juniors typically can do just one at a time.  Increased odds of success and shorter time horizons are the result.

Mexico-focused Prospero sealed its first joint venture option agreement last year with Peruvian precious metals producer Hochschild Mining (LON:HOC).

That deal covers Prospero’s Baborigame gold/silver project, where drilling recently commenced.  It calls for Hochschild to spend $3.7 million to earn 51 percent and make $1.9 million in cash payments to Prospero.

The Cordero project optioned to Silver Standard was Prospero’s listing project and has seen close to $3.5 million spent on exploration and drilling thus far.  There are two distinct zones, both of which have been through Phase 1 drilling.

The high-grade zone under and to the west of the historic Santa Rosa mine is rich not only in silver, but also in copper and zinc.  Among drill intercepts reported by the company is 781 grams per ton silver over 2.62 metres, with 1.2% copper and 4.1% zinc.

Splaying away from the historic mine to the east is a lower grade skarn with an average true width of 7 metres.  Grades here are reasonably consistent, with 106 g/t silver, 0.82% copper and 0.70% zinc over 17.3 metres among the holes reported.

Drilling by Silver Standard is likely to focus on these two zones first, and there is potential further east for additional mineralized skarns at the La Puerta target, not to mention a zinc rich area to the south known as the Canal zone.

The balance of the portfolio contains plenty for possible new partners to consider, including the Penasquito look-alike Campana project, the 33,800 hectare Santa Maria project that virtually surrounds a historic high-grade gold mine, and two promising projects on either side of the world famous Pachuca Real del Monte mining district.

“If you have a portfolio of superior projects and the ability to network with the right people, the project generator model is a good way to go in the current market,” says Prospero Silver president, Tawn Albinson, speaking from Mexico.  

“Cordero is a great example of what it requires.  It took 15 years to piece together the claim mosaic.  You can’t just go out and pick these things up.  We are fortunate to have the types of projects people want, but it’s the old story of the overnight success that took 20 years to achieve.”

Albinson’s goal is to have at least two more of Prospero’s properties optioned to strong partners before year-end.  That would leave the company with substantial stakes in four projects enjoying active exploration, four incoming payment streams, and little in the way of ongoing spending requirements to eat into the treasury until at least one of the projects reaches a level of success that marks earn-in for the optionee.

That sudden spending requirement would be a nice challenge to have, and one that Albinson looks forward to facing.

“In Hochschild and Silver Standard, we have top-flight partners with the expertise and capital to move projects forward. If a project is going well they can bring the resources required to really shift it into high gear,” he says.

Halfway there means you still have halfway to go, but Albinson is confident in the quality of his portfolio and in his Mexican team, which has worked together for the past 30 years focused on Mexican geology, both in operating mines as well as in project generation.

“It takes a while to get everything where you want it, but we are hitting our stride now and good deals are getting done,” Albinson affirms.  “Give us several more months and I think you’ll see a firm that can sustain a very busy level of activity with modest capital requirements until we record that major success.”

***Disclosure*** The author of this article has a shareholding in the capital of Prospero Silver. 

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Thu, 04 Apr 2013 13:17:00 -0400 https://ca.proactiveinvestors.com/companies/news/94065/project-generation-serves-prospero-silver-well-in-lean-times-for-junior-explorers-42343.html