Cut the meat into small to medium cubes (about .5 inch size). Cut the bacon in small pieces.
Dissolve the salt and sugar in the water and add the evaporated milk, mixing everything well.
In a large, deep skillet melt the pork lard and fry the meat and bacon over medium heat. Once the meat and bacon have browned, add the water/milk mix and the herbs to the skillet. Keep cooking, stirring often.
Once this boils, turn down the heat and continue cooking for about an hour until the meat floats.
Turn off the heat at let the meat cool down some. Line a large strainer with the two cheesecolthes and place it over a large bowl to drain the fat from the meat. Place the meat in the prepared strainer and press down with a heavy object on the meat (hence the name in Spanish "prensado" which translates to "pressed"). Keep pressing to drain as much fat as possible.
Wrap the meat with the cheesecloth and place it inside a plastic bag. Place the bag in the fridge and keep the heavy object on top of the bag, so the meat stays compacted. Refrigerate overnight of for at least 4 - 5 hours.
Your homemade Chicharrón Prensado is ready to use as is, or in your favorite sauce.
Notes
In Mexico "papada" (pork chin) is used instead of bacon, but because it is so hard to come across it here in the US, we have substituted it. By all means use "papada" if you live close to a Mexican market or butcher.