Awalé Announces New Gold Discovery on the Odienné Project

Awalé Announces New Gold Discovery on the Odienné Project

 

Awalé Resources Limited (TSXV: ARIC) ("Awalé" or the "Company") is pleased to announce a new gold-copper discovery at the BBM Target within the Odienné Project in Côte d'Ivoire. BBM is a significant new greenfield discovery for the Company and has excellent scope for rapid expansion. In addition to the new discovery, further significant results with visible gold have been returned for the Charger Target and new mineralization from the first two scout holes at the Lando Target, which lies 10km NW of the new BBM discovery and is associated with the same mineralized corridor (Figures 1 and 2).

 

BBM Discovery Highlights

 

  •  Hole OEDD-59: 44m at 1.1 g/t Au and 0.2% Cu
    • Including 32m @ 1.5 g/t Au, 0.3 % Cu and 1.1 g/t Ag (2.12 g/t Au Equivalent) from 68m
    •  
    • Including 3m @ 5.2 g/t Au, 0.3% Cu and 1.5 g/t Ag from 77m
    •  
  •  
  • Hole OEDD-61: 51.9m @ 0.5 g/t Au, 0.27% Cu and 1.5 g/t Ag (0.9 g/t Au Equivalent) from 25m
  •  
  •  Hole OEDD-62 (50m step back from OEDD-59): 18.25m at 1.8 g/t Au, 0.3% Cu and 1.4 g/t Ag (2.4 g/t Au Equivalent) from 156m
    • Including 2m at 5.8 g/t Au, 0.5% Cu and 2.3 g/t Ag.
  •  

Four holes for 644m were drilled at BBM on three sections covering a 910m strike of one of the higher tenor Au/Cu geochemical anomalies within an open 8km long geochemical +20ppb gold in termitaria trend. All holes intercepted mineralization (Figures 3 and 4). The broad gold and copper mineralization and alteration are controlled by a shear zone that is proximal to an intrusive/sedimentary contact that can be followed along strike for rapid expansion in future drilling.

 

Charger Highlights

 
  •  Hole OEDD-53 (50m step back from previously reported OEDD-45): 32m @ 1.5g/t Au and 1.5 g/t Ag from 215m downhole
    • Including 3m @ 5.2g/t Au from 77m
  •  
  • Hole OEDD-52: 4m at 1.1g/t Au from 39m and 4m at 1.1 g/t Au from 72m
  •  

The final six holes for 940m at Charger (Figures 5 and 6) were drilled to follow up on previously reported mineralization and to identify and validate a remodeled structural framework for gold mineralization at this target. This new model opens volume potential at Charger. Hole OEDD-53 confirmed the down dip continuity of breccia mineralization, while the mineralization reported for OEDD-52 is significant as it proves the presence of NE trending mineralization independent of the previously targeted NW orientations. This NE trend as a significant fluid pathway opens the scope for more high-grade mineralization at Charger. Newly planned drilling now underway will test this revised framework.

 

LINK TO FIGURES

 

Andrew Chubb, CEO of Awale Resources commented today:

 

"The BBM discovery is a significant milestone for Awalé - BBM is a blind greenfield discovery with no previous exploration and has been developed by Awalé from start to finish, and is a credit to the team and the exploration methods we have developed for the project. We see huge potential to rapidly advance this target with its 8km of current strike potential. Now that we have clearly delineated this major domain boundary, we can potentially find new targets between BBM and Lando while we continue to develop these targets. Initial drilling at Lando is encouraging and warrants further systematic drilling at this target. Further to this, the final holes drilled at Charger have opened a new mineralized orientation now being targeted in the current drill program, launched just before Christmas.

 

These results cap off a year of significant milestone achievements for Awalé where we have now made 3 significant discoveries on the Odienné project in 2023 - bringing us to 4 discoveries in total, a massive achievement for the Awalé team. Beyond this, we have also made important changes at the board and management level and brought a significant recapitalization of the company through Orecap taking a 15% stake and Newmont recent increasing theirs to 15.45% , all setting the company on a strong path for growth in 2024."

 

Geological Background

 

Lando - Shallow mineralization intercepted in the first two scout holes at Lando is highly encouraging. Lando is 10km NW of BBM, and near surface Cu-Au-Ag mineralization of a similar style was intercepted along the same structural corridor (Figure 2). Table 2 below shows the significant intercepts from these two drill holes. Further drilling is planned at Lando as the initial program here was cut short by the 2023 wet season.

 

The two maiden drill holes were completed for 249m, targeting a significant NNW trending 4km long by 1.5km wide gold and copper soil geochemical footprint with point highs of 921ppb Au and 0.2% Cu, which aligned with coincident Induced Polarization anomalies (see Company news releases dated August 23 2022 and November 28 2022). These holes targeted surface rock chip sampling and artisanal gold workings consisting of quartz breccias with iron oxide fill (rock chip samples up to 4.8 g/t Au)*. Host rocks are basalts exhibiting high strain and altered to chlorite, silica, epidote with disseminated sulphide and stringer veining up to 3.0 g/t Au*. Drilling intercepted significant sulphide mineralization with pyrite, chalcopyrite and molybdenite, the quartz breccias seen in surface artisanal workings were not intercepted (Figure 5). Significant Cu +/- Au mineralization was intercepted.

 

Table 2: Lando Significant Intercepts

 
                                       
Hole IDFrom (m)To (m)Length (m)Hole Depth (m)Au (g/t)Ag (g/t)Cu %Mo (ppm)EastingNorthingRLAzimuth
OEDD004621.84725.21300.1671.4060.1363648,7251,052,48955740
OEDD0047066661190.1292.1760.25113648717105258454050
 

 

 

* Rock chip sampling is selective and not necessarily representative of the overall grade of mineralization for these prospects. Significant intercepts for Lando were calculated using a 500ppm Cu trigger value.

 

BBM - The BBM target is on a secondary structure parallel to a major domain boundary or 'belt basin margin' (Figure 2). Silica alteration and sulphide mineralization were observed in all holes within a significant shear zone at an intrusive/sedimentary contact. The shear occurs at a contact between intrusive and sedimentary rocks, with granodiorite in the hanging wall and siltstones and mudstones in the footwall, strain intensity increases significantly as the drill holes progressed toward this targeted contact. Sulphides observed include pyrite, pyrrhotite, chalcopyrite and molybdenite. Pyrrhotite development appears to be dominantly manifest in the hanging wall and footwall of the main mineralized zones. Further to this infill and extension, geochemistry was completed at BBM and extended the >22ppb Au in termitaria footprint to 8km. Hematite alteration of K feldspar has also been observed in potassic alteration zones, consistent with other mineralization at Odienné. The strong silica alteration appears to overprint this phase in these initial holes. True widths of mineralization are at least 30m in hole OEDD-59. Future drilling is designed to delineate the higher-grade shoots that are expected to occur within this structurally controlled mineralization.

 

Table 1: Significant intercepts for all drilling at BBM

 
                                                                                                                                                                        
Hole IDFrom (m)To (m)Length (m)Hole Depth (m)Au (g/t)Ag (g/t)Cu %Mo (ppm)Au Eq.*EastingNorthingRLAzimuth
OEDD00595910344.01791.20.90.212321.7656,0991,047,97145436
  Including59.0064.005.010.10.0222.21.0
  Including68.00100.0032.01.51.10.31297.02.1
  Including77.0080.003.05.21.50.34395.96.0
OEDD006058.2162.854.61220.50.60.17130.80.9656,3701,047,68346445
OEDD00611.503.001.51550.72.90.036.40.7655,6301,048,20645525
OEDD006125.0075.9050.90.51.50.2716.20.9
OEDD0061116.00117.101.120.70.041.72.0
OEDD0062134.70152.9018.21880.60.60.17193.91.0656,0751,047,93845337
OEDD0062156.75175.0018.21.81.30.31214.82.4
  Including168.75170.752.05.82.30.48334.36.7
 

 

 

* Au Equivalent g/t calculated using following prices: Au of US$1,810/oz, Cu of US$3.53/lb, Ag of US$20.1/oz and Mo of US$40,000/t (average closing price since 2019). Using the following formula: Au+0.000134Cu+0.011Ag+0.0008Mo. Significant intercepts in the table above are calculated with a 0.5 g/t Au trigger and included 3m of internal waste - with the exception of the broader 44m interval reported for OEDD-59 which uses a 0.2 g/t trigger but carries >0.5 g/t as an included interval with 3m waste. Au and Ag rounded to two significant figures, copper to three.

 

Charger Target

 

Results have been returned for all 11 drill holes at Charger for 1715.5m of drilling. Drilling was planned as follow-up to previously reported drill holes, OERC-89 and OERC-132. Previous announcements discussed two particular follow-up holes (see Company news release dated 21 August 2023) OEDD-44 and OEDD-45, which intercepted visible gold and hole OEDD-45 returned 65m of downhole mineralization, which included 12m at 4.9 g/t Au, 12m at 1.3 g/t Au and 21m at 1.3 g/t Au. Hole OEDD-53 reported in this release has intercepted visible gold and 32m at 1.5 g/t gold, the same breccias as OEDD-45, confirming down dip continuity of this mineralization. The previous drilling has targeted intrusive-hosted sulphide mineralization underlying gossans and new artisanal workings - this mineralization has now been confirmed in two lodes. Importantly this phase of drilling began to target a new potentially mineralized orientation oblique to the WNW trends. OEDD-52 targeted one of the larger interpreted structures with this orientation and intercepted a mineralized sheared diorite at the contact with overlying volcanics - this hole has returned 4m at 1.1 g/t Au and is particularly significant showing that this NE orientation is mineralized. This new orientation and the potential of confluence between the NE and WNW trends are being tested in the current drilling (see Company news release dated 27 December 2023). A full table of significant intercepts is included below.

 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
Hole IDFrom (m)To (m)Length (m)Hole Depth (m)Au (g/t)Ag (g/t)Cu (ppm)Mo (ppm)EastingNorthingRLAzi.
OEDD003850.0054.004.00571.120.48173.85.4647790.91032306468292
OEDD004040.0041.001.001350.810.000.00.0647754.9103224947218
OEDD00440.008.008.002330.40.52083.3647620.6103208147313
OEDD0044103.00104.001.001.670.69145.51.4
OEDD0044109.00110.001.000.650.77129.81.4
OEDD0044170.00176.006.000.521.01186.61.4
OEDD0044183.00187.354.352.150.6092.11.6
OEDD0044194.00195.001.000.940.3745.84.5
OEDD0044205.00207.002.002.030.4774.91.8
OEDD004589.00101.0012.002124.930.3661.21.7647686.2103218347613
  Including89.0097.508.505.500.3058.61.5
  and99.00100.001.006.020.6058.91.9
OEDD0045116.00127.0011.001.500.83388.41.5
OEDD0045133.00154.0021.001.321.13427.91.4
OEDD0045211.00212.001.000.920.1169.12.9
OEDD004862.0063.001.00980.750.2381.21.4647630.8103224747713
OEDD004957.0059.002.00801.980.35213.52.5647551.7103220447817
OEDD0050212.29215.503.212330.561.92988.51.4647529.9103212647616
OEDD005113.0014.001.00950.670.59196.74.5647828103225547013
OEDD005123.7526.002.250.560.67310.652.1
OEDD005239.0043.124.121521.100.7483.41.0647677.81032407479155
OEDD005272.0076.004.001.070.2384.21.4
OEDD0053136.50137.501.002780.520.2788.42.2647641.6103213947513
OEDD0053168.50173.505.000.880.55212.51.5
OEDD0053188.50189.501.002.180.3094.61.3
OEDD0053215.50252.5037.001.420.55167.31.3
  Including244.50248.504.005.140.61116.51.4
OEDD0053266.50267.501.000.750.49318.41.3
OERC008124.0025.001.00640.560.000.00.0647755.21032147471292
OERC008131.0032.001.000.520.000.00.0
OERC008215.0018.003.00720.530.000.00.0647726.91032158472292
OERC008269.0072.003.000.520.000.00.0
OERC00830.001.001.00560.580.000.00.0647694.81032172473293
OERC008426.0027.001.00720.820.000.00.0647666.81032183474293
OERC008439.0041.002.000.750.000.00.0
OERC008461.0062.001.000.830.000.00.0
OERC00866.007.001.00601.570.000.00.0647607.31032208476293
OERC008733.0037.004.00600.630.000.00.0647579.11032219477293
OERC008745.0047.002.001.300.000.00.0
OERC008753.0054.001.000.720.000.00.0
OERC008842.0043.001.00662.460.000.00.0647732.31032329471292
OERC00892.003.001.00601.120.000.00.0647789.51032304468292
OERC008914.0034.0020.002.7317.61767.24.3
  Including14.0018.004.005.898.00560.71.9
  and28.0033.005.005.5359.332358.96.1
OERC008938.0039.001.000.930.000.00.0
OERC008950.0051.001.002.280.000.00.0
OERC00914.0018.0014.001200.830.000.00.0647844.61032281467292
OERC009263.0064.001.00750.610.000.00.0647667.31032357476112
OERC00940.002.002.00600.660.000.00.0647526.11032069473292
OERC00950.004.004.00700.610.000.00.0647554.31032058472292
OERC00960.004.004.00690.580.000.00.0647582.21032047472292
OERC009617.0018.001.002.070.000.00.0
OERC00970.003.003.00700.610.000.00.0647610.11032036471292
OERC00980.001.001.00610.670.000.00.0647637.91032025470292
OERC011622.0023.001.00800.520.000.00.0647851.51032401474180
OERC011647.0048.001.002.350.000.00.0
OERC01233.004.001.00840.690.000.00.0647881.51032266466292
OERC012363.0065.002.000.950.000.00.0
OERC012451.0054.003.001000.590.000.00.0647780.91032340469198
OERC01313.0012.009.00620.831.79480.61.2647705.5103225947315
OERC013118.0021.003.000.6811.592603.22.2
OERC013123.0025.002.000.563.49636.81.8
OERC013131.0034.003.000.8113.05196.72.2
OERC013136.0043.007.000.518.88215.51.9
OERC013144.0049.005.000.525.58154.52.2
OERC013265.0066.001.001380.880.2569.32.0647695.7103222147315
OERC013274.00106.0032.002.956.601714.62.5
  Including74.0083.009.006.5517.404000.63.4
OERC0132114.00115.001.001.620.1496.86.2
OERC014368.0071.003.001122.990.69129.45.2647640.5103214047515
  Including69.0070.001.008.181.18191.53.8
OERC014380.0083.003.000.970.44194.33.5
OERC0144*8.0012.004.001020.570.78151.00.4647626103208047315
OERC014499.00101.002.000.551.00105.613.3
OERC01450.001.001.001201.170.28181.96.4647748.5103219647315
 

 

 

* Hole not drilled to depth, redrilled from surface with OEDD-44

 

 The Awalé-Newmont JV - 'Odienné Project JV'

 

The Odienné Project JV covers one permit and one application within the greater Odienné Copper-Gold Project in the Northwest of Côte d'Ivoire, and is subject to an earn-in agreement with Newmont Ventures Limited ("Newmont"); see company news release dated May 31 2022 through which Newmont retains the option to earn-in to a minimum of 65% interest, from Awalé, in the Odienné Project JV in return for USD 15 million of exploration expenditures. Newmont is funding the exploration program and Awalé is managing the Odienné Project JV in the initial three-year phase.

 

About Awalé Resources

 

Awalé is a diligent and systematic mineral exploration company focused on discovering large high-grade gold and copper-gold deposits. The Company currently undertakes exploration activities in the underexplored parts of Côte d'Ivoire. Awalé's exploration success to date has culminated in a fully funded earn-in Joint Venture with Newmont covering one permit and one application (the "Odienné Project JV") within the greater Odienné Copper-Gold Project in the Northwest of Côte d'Ivoire, where three significant gold and gold-copper-silver-molybdenum discoveries have been made. The Sceptre East and Charger discoveries have significant scope for growth with future discovery and resource development drilling. The project has multiple pipeline prospects with similar geochemical fingerprints to Iron Oxide Copper Gold ("IOCG") and intrusive related mineral systems. The 400km2 of granted tenure and 400km2 under application remain underexplored and offer significant upside potential. The Odienné Project JV forms a solid foundation for the Company to continue exploring in a pro-mining jurisdiction that provides significant potential for district-scale discoveries.

 

Quality Control and Assurance

 

Analytical work for drill samples is being carried out at the independent Intertek Laboratories in Ghana and Australia, an ISO 17025 (2017) Certified Laboratory. Samples are stored at the Company's field camps and put into sealed bags until collected by Intertek from the Company's secure Odienné office and transported by Intertek to their preparation laboratory in Yamoussoukro, Cote d'Ivoire, for preparation. Samples are logged in the tracking system, weighed, dried, and pulverized to greater than 85%, passing a 75-micron screen. Two pulps are prepared from each sample with one stream to Intertek Ghana for fire assay and a second to Australia where the sample is analysed by 52 element ICP/MS with an Aqua Regia digest. Blanks, duplicates, and certified reference material (standards) are being used to monitor laboratory performance during the analysis.

 

Mineralized Interval Calculations

 

Significant intervals reported in this news release are calculated downhole length weighted intercepts. For Charger and BBM target initial intervals are calculated at a 0.3 g/t trigger and include 3m of internal waste but carry 0.5 g/t in included intervals. Included intervals are at 0.5, 1g/t and 5g/t trigger values.

 

Abbreviations Used in This Release

 
                
AgSilver
AuGold
Au Eq.Gold Equivalent
CuCopper
Cu Eq.   Copper Equivalent
g/tgrams per tonne
kmKilometres
mMetres
 

 

 

Qualified Person

 

The technical and scientific information contained in this news release has been reviewed and approved for release by Andrew Chubb, the Company's Qualified Person as defined by National Instrument 43-101. Mr Chubb is the Company's Chief Executive Officer and holds an Economic Geology degree, is a Member of the Australian Institute of Geoscientists (AIG) and is a Member of the Society of Economic Geologists (SEG). Mr Chubb has over 18 years of experience in international mineral exploration and mining project evaluation.

 

ON BEHALF OF THE BOARD

 

Awale Resources Limited 

 

"Andrew Chubb" 

 

Andrew Chubb, CEO 

 

For additional information, you are invited to visit the Awalé Resources Limited website at www.awaleresources.com, or contact Andrew Chubb CEO (+356) 99139117, a.chubb@awaleresources.com.

 

Forward-Looking Information

 

This press release contains forward-looking information within the meaning of Canadian securities laws (collectively "forward-looking statements"). Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, plans, postulate and similar expressions, or are those, which, by their nature, refer to future events. All statements that are not statements of historical fact are forward-looking statements. Forward-looking statements in this press release include but are not limited to statements regarding, the Company's presence in Cote d'Ivoire and ability to achieve results, creation of value for Company shareholders, achievements under the Newmont JV, works on other properties, planned drilling, commencement of operations. Although the Company believes any forward-looking statements in this press release are reasonable, it can give no assurance that the expectations and assumptions in such statements will prove to be correct. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and other risks involved in the mineral exploration and development industry, including those risks set out in the Company's management's discussion and analysis as filed under the Company's profile at www.sedar.com. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including that all necessary governmental and regulatory approvals will be received as and when expected. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.

 

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.

 

 

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/193883

 

 

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  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  

 

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"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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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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