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

Fortuna must spend US$8 million and complete a preliminary economic assessment

Map of Mexico with pin stuck in it
The Pachuca SE project, not shown above, is in Mexico

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 [email protected]

Follow him on Twitter @Gile74

Quick facts: Prospero Silver Corp.

Price: 0.045 CAD

TSX-V:PSL
Market: TSX-V
Market Cap: $2.59 m
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Prospero Silver Corp begins phase two drilling at Pachuca SE Project in Mexico

Prospero Silver Corp (CVE:PSL) Executive Vice President of Business Development Ralph Rushton sat down with Proactive Investors Vancouver to tell Steve Darling about phase two of their drilling program on the Pachuca Project in Mexico. Rushton told Proactive about the scope of drilling...

on 4/2/19

2 min read