Atico Mining Announces Completion NI 43-101 Feasibility Study for the La Plata Project in Ecuador

Atico Mining Announces Completion NI 43-101 Feasibility Study for the La Plata Project in Ecuador

 

Atico Mining Corporation (the "Company" or "Atico") (TSX.V: ATY | OTC: ATCMF) is pleased to announce the results of the Definitive Feasibility Study (the "DFS" or the "Study") for its 100% owned La Plata Project ("La Plata") located in Ecuador. The DFS was prepared in accordance with the National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). Please note that all financial figures in this press release are in United States dollars, unless otherwise noted.

 

   Key Highlights:   

 
  • Initial Probable Mineral Reserves for the La Plata project 2.51 Mt with an average grade of 1.59% Cu, 2.28 g/t Au, 30.41 g/t Ag, and 2.18% Zn.
    •  
  • Updated Indicated Resources of 2.345 Mt with an average grade of 2.13% Cu, 2.98 g/t Au, 40 g/t Ag, 3.05% Zn and Inferred Resources of 380 Kt at average grade of 0.96% Cu, 1.75 g/t Au, 38 g/t Ag, 2.29% Zn.
    •  
  • Average annual production of 9.71 Mlbs Cu, 15,929 oz Au, 226,299 oz Ag, and 13.25 Mlbs Zn in concentrates over 8.1 years Life of Mine ("LOM")
    •  
  • Initial Capex of US$91 Million, including a 9.8% contingency
    •  
  • Average AISC of US$2.70 1 per payable lb of Cu equivalent produced over LOM
    •  
  • After Tax NPV of US$93M at a 5% discount rate and an IRR of 25.1%
    •  
  • Underexplored VMS camp, currently identified resources are contained in only 1.6% of total land package
    •  

Fernando E. Ganoza, CEO and Director, commented, "Completion of this study is yet another important milestone that the Company has achieved this year as it provides for an important foundation upon which to continue building the La Plata project. As a next step, we have already commenced and advanced basic and detailed engineering where we continue to see significant opportunities yet to be captured." Mr. Ganoza continued, "The current reserves and resources at the La Plata project are a good starting point, however, historic and recent exploration work performed here tells us that these areas still provide significant exploration potential. We intend to test this hypothesis in the very near future. In addition, the currently identified resources are contained in only 1.6% of the total land package, where we see tremendous opportunities for further exploration success in the regional target areas."

 

   Metallurgy and Processing   

 

Metallurgical testwork has shown that the production of two concentrates provide the best economic performance for the operation, a zinc concentrate and a bulk concentrate. The testwork results are shown in Table 1 and were used in the estimation of the Mineral Reserve.

 

  Table 1. Metallurgical Testwork Results  

 
                                                              
  Parameter    Algorithm    Models     Parameter    Algorithm    Models  
  Bulk conc recovery, % - Au       58     Zn conc Recovery, % - Au       12  
  Bulk conc recovery, % - Ag  
  Cu>=3.33    69.3     Zn conc Recovery, % - Ag  
  Cu>=3.33    8.1  
  Cu   53.5     Cu   21.1  
  Bulk conc recovery, % - Cu  
  Cu>=3.33    92.64     Zn conc Recovery, % - Cu  
  Cu>=3.33    1.73  
  Cu   79.53     Cu   9.65  
  Bulk conc recovery, % - Pb  
  Cu>=3.33    87.05     Zn conc Recovery, % - Pb  
  Cu>=3.33    4  
  Cu   max(0.6675-0.0639*(Cu/Zn),0.474)     Cu   12.9  
  Bulk conc recovery, % - Zn  
  Fe>=9.34    59     Zn conc Recovery, % - Zn  
  Fe>=9.34    33.1  
  Fe   18.2     Fe   70.7  
 

 
The process plant design for the La Plata Project is based on a conventional metallurgical flowsheet to treat sulphide ore to produce bulk copper and zinc concentrates. The flowsheet is based on metallurgical test work, industry standards and conventional unit operations.

 

The process plant will nominally treat 850 tonnes per day (t/d) of ore and will consist of comminution and flotation circuits. Flotation tailings will be dewatered to produce a filtered tailings for storage onsite. The figure below represents the overall flowsheet for the La Plata Project.

 

The key project design criteria for the process plant are listed below:

 
  • Throughput of 310 kilo-tonnes per year (kt/y) of ore
    •  
  • Crushing plant availability of 75%
    •  
  • Grinding and flotation circuits availability of 92%
    •  
  • Filtered tailings availability of 85%
    •  
  • Comminution circuit to produce a particle size of 80% passing (P80) of 75 µm
    •  
  • Bulk concentrate average mass pull of 12%
    •  
  • Zinc concentrate average mass pull of 6%
    •  
  • Equipment selection based on suitability for the required duty, reliability, and ease of maintenance
    •  

 Flowsheet

 

The Feasibility study proposes to construct, at a cost of US$1.6M, a 69kV transmission line for the power usage at the mine site using a new 8-kilometer connection to the power grid. Rain water will be collected from contact areas and fresh water will be pumped by pipeline from surface collection sumps. The company will also construct a filtered, stacked tailings impoundment facility to accommodate tails from the milling operations.

 

   Mineral Resource Estimate   

 

The Mineral Resource Estimate ("MRE") of the La Plata volcanogenic polymetallic massive sulphide ("VMS") project (the "Project" or "La Plata") presented herein represents an update from the previous MRE issued in the La Mina Preliminary Economic Assessment ("PEA") report, completed by SGS Canada Inc. ("SGS") in March 2019.

 

The current MRE is based on the updated drillhole database received on March 8, 2021, which includes additional data from the 2020 and 2021 infill drilling programs completed since the previous MRE. Since the 2019 PEA, there has been significant progress in the geological understanding of the deposit due to infill drilling programs conducted on the Project. Most of the drilling was dedicated to infill drilling to convert Inferred resources to Indicated category for inclusion in this Feasibility Study ("FS").

 

  Table 2. La Plata Project Mineral Resource Statement as of August 1   st   , 2023  

 
                                                                          
  Resource Classification    Tonnes (t)  
(Mt)  		  CuEq (%)    Au (g/t)    Ag (g/t)    Cu (%)    Pb (%)    Zn (%)  
   Indicated   
North Block 1.148 5.21 2.61 30 2.44 0.36 2.66
South Block 1.014 6.00 3.79 56 1.84 0.70 3.85
Guatuza 0.183 2.66 0.75 9 1.78 0.10 1.04
  Total    2.345    5.36    2.98    40    2.13    0.49    3.05  
   Inferred   
North Block 0.022 3.43 2.16 29 0.97 0.43 2.54
South Block 0.308 3.24 1.81 42 0.91 0.44 2.45
Guatuza 0.051 2.51 1.16 17 1.23 0.19 1.24
  Total    0.380    3.16    1.75    38    0.96    0.41    2.29  
 

 

 
                                
   *Notes on Mineral Resources:  
  1.    The Mineral Resource described above have been prepared in accordance with the CIM Standards (Canadian Institute of Mining, Metallurgy and Petroleum, 2014) and follow the Best Practices outline by the CIM (2019).  
  2.    The Qualified Person (QP) for this Mineral Resource Estimate is Christian Beaulieu, P.Geo. consultant for G Mining Services inc. Mr. Beaulieu is a member of the l'Ordre des géologues du Québec (#1072).  
  3.    The lower cut-offs for reporting underground mineral resources are US$70 NSR for Long Hole and US$90 NSR for Cut and Fill/Room and Pillar projected mining methods. The NSR was calculated based on the following assumptions (described in detail in Section 15 and Table 15.3 of the ucoming Technical Report except for different commodity prices):  
 
  •  
    •  
  Commodity price assumptions: Gold = US$1,900 per ounce, Silver = US$26.50 per ounce, Copper = US$4.50 per lb, Zinc = US$1.40 per lb, Lead = US$0.92 per lb.  
 
  •  
    •  
  Various project related economic assumptions considered, including sale terms and conditions (% payables by metal and concentrate type, treatment and refining costs ($88/dmt, $0.09/lb Cu, $0.60/oz Ag, 0.8% Gold price with min $8/oz Au), penalties ($2/dmt min. for Pb and Zn)), transportation costs ($68/t).  
  4.    Metal grades outlined above have not been adjusted for metallurgical recoveries. Copper Equivalent grade calculation (CuEq) is based on metal prices above and has not been adjusted for metallurgical recoveries or related economic assumptions as presented above.  
  5.    The La Plata deposit has been classified as Indicated and Inferred Mineral Resources depending on drill spacing and estimation pass. No Measured Mineral Resources are quoted.  
  6.    Known underground workings have been incorporated into the block model with a zero-density value within voids to exclude them from the resource tabulation.  
  7.    Bulk Density has been estimated in the block model using ID2 from drill core measurements. Other geological units were assigned by lithology and weathering types.  
  8.    A minimum thickness of 1.5 m was used when interpreting the wireframes. Areas of isolated clusters of blocks and where minimum thickness was not reached have been removed from the calculations.  
  9.    The tonnages and grades outlined above are reported inside a block model with a parent block size of 5 m x 5 m x 3 m, and subblocks 1 m x 1 m x 1 m.  
  10.    Tonnage and metal content have been expressed in the metric system, except for gold and silver metal content which is expressed in troy ounces. Tonnages have been rounded to the nearest 1,000 tonnes, and metal content has been rounded to the nearest 100 tonnes or 1,000 ounces. Differences may occur in totals due to rounding.  
  11.    Mineral resources are not mineral reserves as they have not demonstrated economic viability. The quantity and grade of reported inferred mineral resources are uncertain in nature. The QP is not aware of any factors or issues that materially affect the MRE other than normal risks faced by mining projects in the country in terms of environmental, permitting, taxation, socio-economic and marketing factors, and additional risk factors regarding indicated and inferred resources. Political and social factors that may influence the MRE is the current instability in the country of Ecuador related to the recent events tied to drug trafficking, which may affect market perception of the project's risk profile;  
  12.    There is no guarantee Mineral Resources will become Mineral Reserves and no guarantee that Mineral Resources will be mined.  
  
 

   Mineral Reserve Estimate   

 

The mine design and Mineral Reserve estimate were completed to a level appropriate for feasibility studies. The Mineral Reserve estimate stated herein is consistent with the CIM definitions and is suitable for public reporting. As such, the Mineral Reserves are based on Measured and Indicated Mineral Resources and do not include any Inferred Mineral Resources. The Inferred Mineral Resources contained within the mine design are treated as waste.

 

The Mineral Resources estimate reported below are the basis for the Mineral Reserve Estimate. Only Measured and Indicated Resources are deemed to have sufficient confidence to be used for the Mineral Reserve estimate. Indicated Resources are the basis for the estimate of Probable Mineral Reserves.

 

The Mineral Reserves for the La Plata Project are estimated at 2.51 Mt, at an average grade of 1.59% Cu, 2.28 g/t Au, 30.41 g/t Ag, 0.36% Pb, and 2.18% Zn, as summarized in Table 3 below.

 

  Table 3. La Plata Project Mineral Reserve Statement as of July 5, 2023  

 
                 
  Reserve Category    Tonnes (t)  
(Mt)  		  CuEq (%)    Au (g/t)    Ag (g/t)    Cu (%)    Pb (%)    Zn (%)  
  Probable  
  2.51 3.51 2.28 30.41 1.59 0.36 2.18
 

 

 
                            
      *Notes on Mineral Reserves:  
   1.     Mineral Reserves are as defined by CIM definition Standards on Mineral Resources and Mineral Reserves 2014.  
   2.     The Mineral Reserves were estimated from the Indicated Mineral Resource estimates. Inferred Mineral Resources were not considered to be converted into Mineral Reserve estimates.  
   3.     Mineral Reserves are reported using an NSR breakeven cut-off value of 70 US$/t for bench and fill (Long Hole) and 90 US$/t for Cut and Fill/Room and Pillar projected mining methods;  
   4.     Metal prices used were US$1,800.00/troy ounce Au, US$23.00/troy ounce Ag, US$4.00/lb Cu, US$0.92/lb Pb and US$1.30/lb Zn;  
   5.     Metal grades outlined above have not been adjusted for metallurgical recoveries. Copper Equivalent grade calculation (CuEq) is based on metal prices above and has been adjusted for metallurgical recoveries.  
   6.     The Mineral Reserve estimates were prepared by Mr. Thomas Kelly, RM-SME, president of Andes Colorado Corp., who is a Qualified Person for the estimate and independent of Atico Mining and its subsidiaries. The estimate has an effective date of July 5, 2023;  
   7.     Modifying factors for conversion of resources to reserves included consideration for planned dilution which is based on spatial and geotechnical aspects of the designed stopes and economic zones, additional dilution consideration due to unplanned events, materials handling and other operating aspects, and mining recovery factors. Mineable shapes were used as geometric constraints;  
   8.     Reserves are estimated based on mining material that can be mined, processed and smelted;  
   9.     Values are rounded and may differ from those presented in the press release. Totals may not sum precisely due to rounding;  
   10.     Inclusion of ore blocks in the Mineral Reserve does not guarantee that they will be mined;  
   11.     Figures in the table are rounded to reflect estimate precision; small differences are not regarded as material to the estimate;  
   12.     There is no guarantee that Mineral Reserves will be mined.  
  
 

   Capital and Operating Costs   

 

Capital and operating costs for the La Plata Project were estimated by KCA and Atico Mining, with input from G-Mining for material take-offs and Sinco for infrastructure costs. The scope of these costs includes expenditures for all mining equipment, process facilities, and infrastructure for the project. The estimated capital and operating costs are considered to have an accuracy of +/-15%, and are discussed in greater detail in this Section.

 

The total capital cost for the Project is US$138 million including VAT (US$121 million without VAT); all VAT is assumed to be fully refundable. The table below presents the capital requirements for the La Plata Project.

 

Capital Cost Summary

 
                  
  Capital Costs (Excluding VAT)    
Initial Capital $91 million
LOM Sustaining Capital $30 million
  Total LOM Capital    $   121    million  
Working Capital & Initial Fills $2 million
Closure Costs $1 million
 

The total life of mine operating cost for the Project is US$91.03 per tonne of ore processed, excluding preproduction. The table below presents the operating cost requirements for the La Plata Project.

 

Operating Cost Summary

 
                  
  Operating Costs (Average LOM)    
Mining (moved) $34.38 /Tonne moved
Mining (processed) $44.39 /Tonne processed
Processing & Support $32.40 /Tonne processed
G&A $14.24 /Tonne processed
  Total Operating Cost    $   91.03    /Tonne processed  
 

  VAT is not included in the operating costs.  

 

   Mining Methods   

 

There will be three mining methods used for stoping at La Plata. Given the amorphous shape of the deposit and the associated geotechnical conditions, the stoping methodology will change to adapt to changes in the characteristics of the deposit. The three methods are bench-and-fill (Avoca), room-and-pillar and cut-and-fill.

 

Avoca mining will be used where the structure is steeply dipping, wider than 2.5 meters, and the RMR is over 40; additionally, each Avoca block requires access from both ends of each block on the drilling sublevel. Bench heights are variable from 10-m to 20-m. A long hole (bench) drill will be used for drilling and the mucking will be by remote controlled scoops. This method is high productivity with low operating costs.

 

Drift-and-fill mining will be applied in the relatively flat parts of the deposit. Stoping is with the same equipment as mine development (jumbos, scoops, haul trucks) with breasting the faces for high productivity. Pillars of cemented rock fill (CRF) will be left to support the hangingwall and rock mass above the stope blocks. After the first stage of stoping the pillars are mined and the overlying load from the rock mass is transferred to the CRF pillars.

 

Cut-and-fill mining will be applied to areas where the deposit is too flat to allow for Avoca mining and too steep for room-and-pillar mining. In addition, if the RMR is less than 40 cut-and-fill mining will be used. As with drift-and-fill mining, the equipment fleet for room-and-pillar is the same as the mine development fleet. Lifts advance as breasting lifts after the initial lift which uses a pull round. The fill medium may be waste rock from mine development or CRF, depending upon local circumstances.

 

   Project Economics and Sensitivities   

 

The life of mine production data for the La Plata project is presented in Table 6 below.

 

  Table 6. La Plata Production Data  

 
                                                      
  Production Data    
Life of Mine 8.1 Years
Mine Throughput per day 850 Tonnes/day
Mine Throughput per year 310,250 Tonnes/year
Total Tonnes to Crusher 2,506,009 Tonnes
Grade Au (Avg.) 2.28 g/t
Grade Ag (Avg.) 30.41 g/t
Grade Cu (Avg.) 1.59 %
Grade Zn (Avg.) 2.18 %
Total Gold Produced 128,474 Ounces
Total Silver Produced 1,825,143 Ounces
Total Copper Produced 78,297,363 Pounds
Total Zinc Produced 106,869,075 Pounds
Total Payable Gold 114,935 Ounces
Total Payable Silver 1,383,519 Ounces
Total Payable Copper 66,691,030 Pounds
Total Payable Zinc 66,700,898 Pounds
LOM Underground Strip Ratio (W:O) 0.29  
 

 
The financial analysis for the base-case, which evaluates a stand-alone owner's operation and indicates an after-tax NPV at a 5% discount rate, of US$93M with an IRR of 25.1% and a payback period of 3.4 years 2 . In this scenario the project is expected to generate US$212M pre-tax operating cash flow.

 

Table 7 and Table 8 below present the financial analysis for the La Plata project.

 

  Table 7. Base Case Financial Analysis  

 
                                                  
  Base-Case    
Gold Price Assumption $1,920   /Ounce
 Silver Price Assumption $23   /Ounce
 Copper Price Assumption $4.05   /Pound
Zinc Price Assumption $1.50   /Pound
Average Annual Cashflow (Pre-Tax) $38   million
Average Annual Cashflow (After-Tax) $31   million
Internal Rate of Return (IRR), Pre-Tax   32.9%   
Internal Rate of Return (IRR), After-Tax   25.1%   
NPV @ 5% (Pre-Tax) $137   million
NPV @ 5% (After-Tax) $93   million
Pay-Back Period (Rears based on After-Tax)   3.4   Years
 

  
Table 8. Sensitivity analysis to current metal prices.  

 
                                                  
  June 2024 Average Prices    
Gold Price Assumption $2,325   /Ounce
Silver Price Assumption $29   /Ounce
Copper Price Assumption $4.45   /Pound
Zinc Price Assumption $1.27   /Pound
Average Annual Cashflow (Pre-Tax) $46   million
Average Annual Cashflow (After-Tax) $35   million
Internal Rate of Return (IRR), Pre-Tax   41.8%   
Internal Rate of Return (IRR), After-Tax   31.3%   
NPV @ 5% (Pre-Tax) $184   million
NPV @ 5% (After-Tax) $123   million
Pay-Back Period (Rears based on After-Tax)   2.8   Years
 

   
Qualified Person   

 

The definitive feasibility study was prepared by leading independent industry consultants. The Qualified Persons who prepared the June 2024 NI 43-101 Technical Report are:

 
  • Travis Manning
    •  
  • Thomas Kelly
    •  
  • Christian Beaulieu
    •  
  • Neil Lincoln
    •  
  • Donald Hickson
    •  
  • Felipe Riquelme
    •  
  • Adam Johnston
    •  

The QPs have reviewed and approved the content of this news release.

 

The following consultants participated in the Study:

 
  • Kappes, Cassiday & Associates
    •  
  • Andes Colorado Corp.
    •  
  • G Mining
    •  
  • Envis
    •  
  • Transmin
    •  
  • IMSS
    •  
  • Sinco
    •  

The NI 43-101 Technical Report will be filed on SEDAR+ within 45 days of this press release.

 

   About Atico Mining Corporation   

 

Atico is a growth-oriented Company, focused on exploring, developing and mining copper and gold projects in Latin America. The Company generates significant cash flow through the operation of the El Roble mine and is developing its high-grade La Plata VMS project in Ecuador. The Company is also pursuing additional acquisition of advanced stage opportunities. For more information, please visit www.aticomining.com.

 

ON BEHALF OF THE BOARD

 

Fernando E. Ganoza
CEO
Atico Mining Corporation 
Trading symbols: TSX.V: ATY | OTC: ATCMF

 

Investor Relations
Igor Dutina
Tel: +1.604.633.9022

 

  Neither the 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.  

 

  No securities regulatory authority has either approved or disapproved of the contents of this news release. The securities being offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the ‘‘U.S. Securities Act''), or any state securities laws, and may not be offered or sold in the United States, or to, or for the account or benefit of, a "U.S. person" (as defined in Regulation S of the U.S. Securities Act) unless pursuant to an exemption therefrom. This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction.  

 

  Cautionary Note Regarding Forward Looking Statements  

 

  This announcement includes certain "forward-looking statements" within the meaning of Canadian securities legislation. All statements, other than statements of historical fact, included herein, without limitation the use of net proceeds, are forward-looking statements. Forward-looking statements involve various risks and uncertainties and are based on certain factors and assumptions. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs; the need to obtain additional financing to maintain its interest in and/or explore and develop the Company's mineral projects; uncertainty of meeting anticipated program milestones for the Company's mineral projects; the world-wide economic and social impact of COVID-19 is managed and the duration and extent of the coronavirus pandemic is minimized or not long-term; disruptions related to the COVID-19 pandemic or other health and safety issues, or the responses of governments, communities, the Company and others to such pandemic or other issues; and other risks and uncertainties disclosed under the heading "Risk Factors" in the prospectus of the Company dated March 2, 2012 filed with the Canadian securities regulatory authorities on the SEDAR+ website at    www.sedarplus.ca   

 

  Non-GAAP Financial Measures  

 

  This press release refers to All In Sustaining Cost (AISC) a non-GAAP financial measures which is used by the Company for project evaluation and operating performance. These measures are widely reported in the mining industry but do not have a standardized meaning and may differ from methods used by other companies with similar descriptions. The Company believes that certain investors use these non-GAAP financial measures to evaluate the Company's operations. Accordingly, non-GAAP financial measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.   Readers should refer to Non-GAAP Financial Measures in the Company's Management's Discussion and Analysis for the year ended December 31, 2023, as filed on SEDAR and as available on the Company's website for further details.  

 

  ______________________________

 

  1 *   Alternative performance measures; please refer to "Non-GAAP Financial Measures" at the end of this release.  

 

  2 Calculated from the date of declaration of commercial production which is after plant commissioning and production ramp-up to full nameplate capacity.

 

 
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9b60f552-92ee-4110-94bf-f516e54f6fb6  

 

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[VIDEO ENHANCED] Prismo Metals Options Two High-Grade Silver-Gold Mines in the Arizona Copper Belt - Immediate Exploration Planned

[VIDEO ENHANCED] Prismo Metals Options Two High-Grade Silver-Gold Mines in the Arizona Copper Belt - Immediate Exploration Planned

 

(TheNewswire)

 
       
  Prismo Metals Inc. 
                
 

Vancouver, British Columbia, July 3rd, 2025 TheNewswire - Prismo Metals Inc. (the " Company ") (CSE: PRIZ) (OTCQB: PMOMF) is pleased to announce that it has signed option agreements to acquire 100% interest in two historic high-grade precious and base metal mines — the Silver King and Ripsey mines — both located in Arizona's prolific Copper Belt near its flagship Hot Breccia project.

 

Additional information on the Silver King and Ripsey mines as well as Prismo's other projects (Hot Breccia and Palos Verdes) is available on Prismo's Youtube channel at:   

  

 

  Exceptional Grades and Untapped Potential  

 

Discovered in 1875, the Silver King mine is one of Arizona's most important historic producers, yielding nearly 6 million ounces of silver at grades of up to 61 oz/t. Remarkably, selected samples from small-scale production in the late 1990s returned grades as high as 644 oz/t silver (18,250 g/t) and 0.53 oz/t gold (15 g/t), indicating that high-grade mineralization remains. Additionally, the presence of freibergite (AgCuSbS) suggests a potential for antimony, a critical mineral with growing strategic demand.

 

The Ripsey mine, located 20 km west of Hot Breccia, is also an historic gold-silver-copper producer with significant upside. Historic sampling has returned up to 15.85 g/t gold and 276 g/t silver, yet no modern exploration has been conducted.

 

  Strategic Location — World-Class Neighbors  

 

The Silver King mine sits only 3 km from the main shaft of the Resolution Copper project — a joint venture between Rio Tinto and BHP and one of the world's largest unmined copper deposits with an estimated copper resource of 1.787 billion metric tonnes at an average grade of 1.5% copper (1) . This unique land position is fully surrounded by Resolution Copper's claim block, offering strategic upside.

 

"The Silver King and Ripsey mine projects are exciting additions to our Arizona portfolio. We see an opportunity to create near term value through immediate exploration on a historic high-grade silver producer with antimony potential that has seen limited modern exploration by drilling both laterally and at depth into a prospective source formation, said Gordon Aldcorn, President of Prismo. "We look forward to getting our exploration team back in the field, advancing our exciting projects and revitalizing investor interest in the Company."

 

The Silver King mine was discovered in 1875 and produced ore with as much as 10,000 ounces per ton silver in near surface workings (2) . Underground production through 1889 is estimated at almost 6 million ounces of silver at grades of between 61 and 21 ounces per ton. During a second period of production from 1918 to 1928, 230,000 ounces were produced at a grade of 18.7 ounces per ton.  No significant production has occurred after 1928.

 

The orebody at Silver King is a steeply west-dipping pipelike stockwork and breccia zone that was mined on eight levels to about 300 meters depth below a glory hole at the surface. The pipe is described as a dense stockwork with local breccia zones and a quartz core (3) .  Records indicate that due to variations in mineralogy, much of the upper portion of the body was evidently not mined. The current owners (the " Optionor ") rehabilitated the main shaft in the late 1990s, opened the upper levels of the mine and produced a small tonnage. Assay certificates from this period show selected samples with 400 to 600 ounces per ton silver with 0.2-0.5 oz/t gold and some base metals. Virtually no modern exploration has been carried out at the mine providing significant exploration upside and multiple drill targets.

 

The Ripsey mine is a historic gold-silver-copper producer located about 20 km west of the Hot Breccia project. Historic mine workings consisting of tunnels and shafts on several levels were developed along a vein over about 400 meters of strike length and 160 meters vertically. A small tonnage of mineral was produced by the Optionor in the late 1990's. Sampling by Dr. Craig Gibson from the mine workings has yielded 15.9 g/t gold and 275 g/t silver over 0.75 meters and 8.7 g/t gold, 181 g/t silver, 3% copper and 9% zinc over 1 meter. No modern exploration has been carried out at the project, providing significant exploration upside and multiple drill targets.

 

The Company plans to conduct a detailed mapping and sampling program at both projects at surface exposures and in accessible workings.  A drill program is planned for Silver King, with about 1,000 meters initially. The Silver King drill program is designed to test the mineralized body at four elevations as well as lateral to the pipelike body. De-watering of the Silver King shaft to gain access to the upper levels may also be undertaken as submersible pumps are in place.

 

"This is a fabulous opportunity for the Company. Both projects are high-grade and are easily accessible and may be associated with porphyry copper mineralization. We also look forward to evaluating the potential for antimony at Silver King. We're excited to begin exploration immediately to test the Silver King's pipelike mineralized body at multiple depths and laterally," said Dr. Craig Gibson , Chief Exploration Officer. "This region is world-class for porphyry systems and base and precious metals, and we believe these mines have significant untapped potential."

 

    
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Location of the Company's projects withing the Arizona Copper Belt

 

    
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Land map of the Silver King mine.

 

    
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Drone view of the Silver King mine.

 

     

 

The Silver King mine in the late 1800's.

 

    
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Click Image To View Full Size  

 

Small scale mining in the upper levels of the Silver King mine in the late 1990's.

 

  Deal description  

 

Prismo has the option to acquire a 100% interest in both the Silver King and Ripsey mines. Prismo can earn a 100% interest in the Ripsey mine by issuing one million shares to the Optionor, paying the Optionor US $10,000 within six months of the signing of the option agreement (the " Effective Date "), US $10,000 on each anniversary of the Effective Date and US $1 million to the Optionor within five years of the Effective Date. Prismo does not have minimum work commitments as part of the Ripsey option agreement.

 

Regarding the Silver King mine, Prismo can acquire a 100% interest in three stages. Prismo must issue one million shares to the Optionor, pay the Optionor US $10,000 within six months of the Effective Date, and US $10,000 on each anniversary of the Effective Date. To earn a first 50% interest, Prismo must incur no less than US $500,000 in expenditures on or before the first anniversary of the Effective Date, incur no less than an additional US $2.5 million expenditures on or before the third anniversary of the Effective Date and issue to the Optionor two million shares. Prismo can acquire an additional 30% interest by incurring no less than an additional US $3 million in expenditures, paying the Optionor US $1 million and issuing to the Optionor two million shares before the fifth anniversary of the Effective Date. Prismo can elect to form a joint venture at anytime after earning it initial 50% interest. The option agreement and joint venture agreement terms and conditions contain standard buyout and dilution terms regarding the final 20% interest.

 

  Private Placement  

 

Prismo is also pleased to announce a non-brokered private placement (the " Private Placement ") of five million units of the Company (" Units ") at an issue price of $0.05 per Unit for minimum gross proceeds of $250,000. Each Unit will consist of one common share in the capital of the Company (a " Share ") and one-half of one common share purchase warrant of the Company (each whole warrant, a " Warrant "). Each Warrant will entitle the holder to purchase one Share for a period of twenty-four (24) months from the date of issue at an exercise price of $0.10.

 

The Private Placement will also be made available to existing shareholders of the Company who, as of the close of business on July 1st, 2025, held Shares (and who continue to hold such Shares as of the closing date of the Private Placement), pursuant to the existing securityholder exemption set out in BC Instrument 45-534 – Exemption From Prospectus Requirement for Certain Trades to Existing Security Holders (the " Existing Securityholder Exemption "). The Existing Securityholder Exemption limits a shareholder to a maximum investment of CAD$15,000 in a 12-month period unless the shareholder has obtained advice regarding the suitability of the investment and, if the shareholder is resident in a jurisdiction of Canada, that advice has been obtained from a person that is registered as an investment dealer in the jurisdiction. If the Company receives subscriptions from investors relying on the Existing Securityholder Exemption exceeding the maximum amount of the Private Placement, the Company intends to adjust the subscriptions received on a pro-rata basis.

 

The Units issued pursuant to the Private Placement and the Existing Securityholder Exemption will be subject to a four-month hold period from the closing date of the Private Placement under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.  

 

  The Company intends to use the net proceeds of the Private Placement for general corporate purposes. The Company may pay finder's fees to eligible finders in connection with the Private   Placement, subject to compliance with applicable securities laws and Canadian Securities Exchange policies.  

 

  The securities being offered have not been and will not be registered under the U.S. Securities Act and may not be offered or sold in the United States, or to, or for the account or benefit of, U.S. persons or persons in the United States, absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.  

 

  Debt Settlements  

 

  Prismo also announces that it has entered into debt settlement agreements (the "   Settlement Agreements   ") with certain creditors of the Company (the "   Creditors   ") pursuant to which the Company agreed to issue to the Creditors, and the Creditors agreed to accept, an aggregate of 160,000  shares of the Company (each, a "   Share   ") in full and final settlement of accrued and outstanding indebtedness in the aggregate amount of $11,000 (the "   Debt Settlement   ").   All securities issued pursuant to the Debt Settlement will be subject to a statutory hold period of four months from the date of issuance, in accordance with applicable policies of the Canadian Securities Exchange.  

 

  Share and Warrants Issuance  

 

  A private company dealing at arms' length with Prismo, its officers and directors, had certain rights into the Silver King and Ripsey mines ("   PrivateCo   "). In consideration for PrivateCo relinquishing its rights in the Silver King and Ripsey mines in favor of the Company, Prismo has agreed, subject to regulatory approval, to issue PrivateCo five million units (the "   Units   "). Each Unit is comprised of one common share (a "   Share   ") and one share purchase warrant (a "   Warrant   "). The Shares will become free trading as to 25% every six months from the Effective Date. Two million of the Warrants will be exercisable at $0.10 ("   First Tranche   ") and three million Warrants will be exercisable at $0.15 ("   Second Tranche   "), all for a period of three years. The shares from the exercise of the Warrants will become free trading as to 25% every six months from the Effective Date. In addition, the exercise of the First Tranche is conditional on Prismo having raised $1.5 million from parties introduced to Prismo by the principals of PrivateCo and the exercise of the Second Tranche is conditional on Prismo having raised $3.0 million from parties introduced to Prismo by the principals of PrivateCo.  

 

  Qualified Person  

 

   Dr. Craig Gibson, PhD., CPG., a Qualified Person as defined by NI-43-01 regulations and Chief Exploration Officer and a director of the Company, has reviewed and approved the technical disclosures in this news release. Other than the sampling conducted by Dr. Craig Gibson as indicated herein, the data presented in this press release was obtained from public sources, should be considered incomplete and is not qualified under NI 43-101, but is believed to be accurate. The Company has not verified the historical data presented and it cannot be relied upon, and it is being used solely to aid in exploration plans.   

 

  1)     https://resolutioncopper.com/about-us/    

 

  2)   Galbraith, F, 1935, Geology of the Silver King area, Superior, Arizona, Univ. of Arizona thesis, 153p plus plates.  

 

  3)   Blake, W.P., 1883, Description of the Silver King Mine, Arizona, New Haven, 48p plus plates.  

 

  About Prismo Metals Inc.  

 

  Prismo (CSE: PRIZ) is a mining exploration company focused on advancing its Hot Breccia copper project in Arizona and its Palos Verdes silver project in Mexico.  

 

  Please follow @PrismoMetals on   ,   ,   ,    Instagram    , and  

 

  Prismo Metals Inc. ,   1100 - 1111 Melville St., Vancouver, British Columbia V6E 3V6  

 

  Contact:  

 

  Alain Lambert, Chief Executive Officer    alain.lambert@prismometals.com   

 

  Gordon Aldcorn, President    gordon.aldcorn@prismometals.com   

 

  Cautionary Note Regarding Forward-Looking Information  

 

  This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". This information and these statements, referred to herein as "forward‐looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions with respect to, among other things: the timing, costs and results of drilling at Hot Breccia.  

 

  These forward‐looking statements involve numerous risks and uncertainties, and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things: delays in obtaining or failure to obtain appropriate funding to finance the exploration program at Silver King and Ripsey. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that: the ability to raise capital to fund exploration and the timing of such exploration.  

 

  Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-   looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.  

 

  NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED STATES  

 

Copyright (c) 2025 TheNewswire - All rights reserved.

 

 

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  Juggernaut Exploration Ltd. 
                   
 

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