Benton and Sokoman - Kraken Lithium Prospect Phase 2 Drill Results Exploration Update

Benton and Sokoman - Kraken Lithium Prospect Phase 2 Drill Results Exploration Update

 

Benton Resources Inc. (TSXV: BEX) ("Benton") and Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) ("Sokoman"), together (the "Alliance"), are pleased to announce the latest encouraging drill results and a 2022 exploration update from the Kraken Lithium Prospect on its Golden Hope Joint Venture located in southwest Newfoundland.

 

The Alliance is pleased to report the following from the 2022 exploration program to date:

 
  • Intersection of several new spodumene-rich pegmatite dykes during the 3,073 m, 18-hole, Phase 2 Drill Program, including the East Dyke with intersections, including a 25 m-thick, spodumene-rich dyke, that carry significant grades (5.50 m at 1.16% Li2O) within a wider intersection of 20.82 m averaging 0.60% Li2O from 46.00 m downhole in drill hole GH-22-15.
  • Multiple spodumene-bearing dykes trenched in bedrock in the follow-up of prospecting discoveries showing lithium mineralization over a strike extent of over 2.00 km.
  • A newly discovered cluster of spodumene-rich dykes trenched 200 m south of the East Dyke, with samples assaying up to 1.12% Li2O. This area is untested by drilling.
  • Across the property, field prospecting data include over 30 float and bedrock sample occurrences with >1.00% Li2O over a minimum 2.20 km strike-length, many of which require follow-up evaluation. Most have not been drill tested to date.
  • Soil geochemistry over spodumene-bearing dykes outlines mineralization and has generated multiple targets for follow-up work. Given its effectiveness, the Alliance has launched an extensive systematic soil survey for lithium at Golden Hope.

Phase 2 Drilling
Results reported are for 13 holes (GH-22-7 through 19) testing the East Dyke area. The remaining five holes tested float and sub crop, 500 m - 1,000 m NE of the East Dyke area. These results are pending.

 

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Golden Hope Project - Drill Collars
 
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The East Dyke is a spodumene-rich dyke exposed for >10 m (still open) with grab sample grades of 1.93% Li2O. Drilling has confirmed the East Dyke to be part of a swarm of shallow-dipping dykes, including a 25 m-thick spodumene-rich dyke, that carries significant grades (5.50 m at 1.16% Li2O) in a much wider intersection of strong lithium grades including 20.82 m at 0.60% Li2O from 46.00 m downhole in drill hole GH-22-15. Hole GH-22-15 cut three significant spodumene-rich dykes that remain open to depth and along strike. Recent prospecting results include a 1.29% Li2O grab sample from what is believed to be the westward extension of the East Dyke 100 m west of current drilling.

 

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Golden Hope Project 2022 Diamond Drilling - East Dyke Drill Section
 
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Selected Drill Highlights for the East Dyke (full results at end of news release)

 

GH-22-8: 0.92% Li2O over 8.37 m (3.25 m - 11.62 m), incl. 1.00% Li2O over 5.75 m

 

GH-22-14: 0.63% Li2O over 4.35 m (11.00 m - 15.35 m), incl. 1.02% Li2O over 2 m
and 0.56% Li2O over 10.73 m (77.00 m - 87.73 m), incl. 1.01% Li2O over 2 m

 

GH-22-15: 0.60% Li2O over 20.82 m (46.00 m - 66.82 m), incl. 1.16% Li2O over 5.50 m,
and 0.28% Li2O over 24.73 m (102.27 m - 127.00 m), incl. 0.88% Li2O over 2.18 m,
and 0.64% Li2O over 2.65 m, incl. 1.11% Li2O over 0.88 m

 

(True thicknesses believed to be 90% of reported intervals)

 

East Dyke South Area
A newly discovered cluster of spodumene-rich dykes has been outlined by prospecting and trenching 200 m to the south of the East Dyke, with prospecting samples assaying 1.12% Li2O and additional sample results pending. This newly discovered zone is now a high-priority drill target.

 

Central Dyke Area
Holes 20, 21, and 22 were drilled approximately 650 m to the northeast of the East Dyke area targeting angular floats of spodumene-bearing pegmatite with values up to 2.15% Li2O. Holes 20, 21, and 22 intersected pegmatite dykes with core lengths of 12.65, 7.26, and 7.16 m respectively, of what is now known as the Central Dyke. The Alliance is encouraged by this new dyke discovery, which is open in all directions and has the potential to host high-grade Li2O as evidenced by the float samples. This area is also considered a high-priority target for further drilling.

 

Northeast Dyke Area
Holes 23 and 24 were drilled approximately 1,000 m to the northeast of the East Dyke area. The holes were targeting multiple angular floats of spodumene-bearing pegmatite assaying up to 1.30% Li2O. Trenching resulted in the discovery of pegmatite dykes in bedrock, with spodumene in grab samples at what is now referred to as the Northeast Dyke. Holes 23 and 24 intersected pegmatite dykes under the trenches with core lengths of 1.89 m and 1.72 m respectively. As above the Alliance is encouraged by this dyke discovery, again open in all directions, with the potential to host high-grade Li2O. Further drilling is planned for this area.

 

Kraken Project Highlights:

 
  • First significant lithium discovery on the Island of Newfoundland in July 2021; select grab samples returned values from trace up to 2.37% Li2O over a 2.2 km strike-length the discovery remains open with the Alliance controlling an additional 60 km of potential strike extensions. A reconnaissance drill campaign in early 2022 intersected 0.94% Li2O over 8.40 m on the Kraken Discovery Dyke.

  •  
  • Second drill campaign in summer 2022 (3,073 m / 18 holes) focused on the East Dyke area 600 m to the east of Kraken Discovery Dyke, intercepted multiple stacked dykes including 0.60% Li2O over 20.82 m (46.00 m - 66.82 m), incl. 1.16% Li2O over 5.50 m, incl. 1.43% Li2O over 2.68 m.

  •  
  • The Kraken Discovery Dyke and the East Dyke are approximately 600 m apart and are wide open for expansion with multiple untested surface dyke occurrences between them, as well as to the east, west, and north of the drill-tested showings.

  •  
  • Lithium soil geochemistry over areas of spodumene-bearing dykes outlines the mineralization. Subsequent soil sampling along trend and to the north of the known zones has identified multiple strong lithium in soil anomalies now prioritized for prospecting. Given its effectiveness, the Alliance has launched an extensive and systematic lithium soil survey at Golden Hope.

  •  
  • The Alliance believes the extensive (~800 sq km) Golden Hope Project has excellent potential for additional discoveries. Exploration is still in its infancy and the Alliance has control over a district-scale lithium play similar in scale to the large systems in the Appalachians, including the important deposits held by Piedmont Lithium Inc. in the Carolinas, USA, as well as the Avalonia Project of International Lithium in a joint venture with GFL International Co. Ltd., a subsidiary of Ganfeng Lithium Co. Ltd. in the Caledonides of Ireland. Golden Hope lies along the prolific Appalachian-Caledonian Lithium Belt extending from the UK to the Eastern US.

  •  

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Spodumene- (lithium) rich section of GH-22-15 - Kraken Lithium Prospect - Golden Hope Joint Venture
 
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Benton's President and CEO Stephen Stares, states: "We are very pleased with our continued success at the Kraken Lithium Prospect. This is truly a rare opportunity to hold such a large land position with the potential to discover multiple new lithium zones. We're looking forward to releasing further news as our collective exploration teams continue to advance and continue to be very excited about the potential for outlining a significant lithium deposit in Newfoundland."

 

Sokoman's President and CEO Tim Froude, comments: "The excellent results to date continue to confirm the existence of a potentially large lithium district at Golden Hope. The recently completed 3,200 m drill program returned multiple holes cutting numerous dykes with multiple sections grading in excess of 1.00% Li2O. Today's results compare well with projects at advanced stages of development including Sayona Mining Limited (North American Lithium Project, Quebec), and Rock Tech Lithium (Georgia Lake Project, Ontario) that use 0.60% and 0.70% Li2O as cutoff grades for open-pit constrained mineral resources in their PEA and PFS reports. We also have recently located significantly larger dykes (>20 m in width), we continue to locate more spodumene-bearing dykes and our lithium soil geochemical survey has already identified multiple targets for follow-up. This is still early days at Kraken - what the project needs is a significant diamond-drill program to assess the distribution of the lithium-bearing dykes as well as to test new targets. The true potential of this project lies in front of us."

 

Full results of the drill program:

 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
DDH #Depth mAz.DipTarget
From (m)To (m)Length m*  Li2O% 
GH-22-0724420-45East Dyke
39.5043.504.000.81





incl40.5043.503.001.01
 









 









GH-22-0815120-45East Dyke
3.2511.628.370.92
 




incl3.259.005.751.00
 









GH-22-09142200-45East Dyke
63.2164.211.000.06
 









 









GH-22-101540-90East Dyke
5.809.003.200.56





incl5.807.001.201.15





and25.2827.702.421.14
 









GH-22-11190200-65East Dyke
35.5837.582.000.99
 









 









GH-22-1218120-45East Dyke
26.2127.000.790.70
 









GH-22-131990-90East Dyke
154.98156.111.130.09






Pending


 









 









GH-22-1410920-45East Dyke
11.0015.354.350.63





incl12.0014.002.001.02





and77.0087.7310.730.56





incl81.0083.002.001.01
 









GH-22-1522620-70East Dyke
32.7035.182.480.88





and 46.0066.8220.820.60





incl54.6060.105.501.16





and 102.27127.0024.730.28





incl108.82111.002.180.88





and 115.25117.902.650.64





incl116.22117.100.881.11
 









GH-22-1619320-45East Dyke



NSV
 









 









GH-22-1720820-45East Dyke



NSV
 









 









GH-22-1820020-45East Dyke



NSV
 









 









GH-22-191990-90East Dyke
22.5028.706.200.06






Pending


 









 









GH-22-201817-45Central Dyke
Pending


 









 









GH-22-21127340-45Central Dyke
Pending


 









 









GH-22-22151345-45Central Dyke
Pending


 









 









GH-22-23115310-45Northeast Dyke
48.3349.551.220.37
 









 









GH-22-24103310-45Northeast Dyke
54.0055.001.000.18
 









 









* Reported lengths - believed to be 90% of true lengths.




 

 

 

QP
This news release has been reviewed and approved by Timothy Froude, P.Geo., a Director of Benton Resources Inc. and President and CEO of Sokoman Minerals Corp. Mr. Froude is a 'Qualified Person' under National Instrument 43-101.

 

Analytical Techniques / QA/QC
Samples, including duplicates, blanks, and standards, were submitted to SGS Canada Inc. in Grand Falls-Windsor, Newfoundland for prep and then sent to SGS Canada Inc. analytical laboratory in Burnaby, British Colombia. All core samples submitted for assay were saw cut by Benton personnel with one-half submitted for assay and one-half retained for reference. Samples were delivered in sealed bags directly to the Grand Falls-Windsor prep lab by Benton personnel or contractor. SGS Canada Inc. is an accredited assay lab that conforms to the requirements of ISO/IEC 17025. Samples are analyzed using SGS's GS_IMS91A50 method that delivers a 56-element package utilizing sodium peroxide fusion, ICP-AES and ICP-MS analytical techniques. One blank and one industry-approved standard for every twenty samples submitted is included in the sample stream. Random duplicates of selected samples are analyzed in addition to the in-house standard and duplicate policies of SGS Canada Inc. All reported assays are uncut.

 

All soil samples were analyzed for lithium at Eastern Analytical in Springdale, NL. Lithium package includes Lithium, Lithium Oxide, Tantalum, Niobium, and Tin. One gram of sample is digested to dryness in three acids (Nitric, Perchloric, and Hydrofluoric). After which HCl is added and brought to a boil on a hotplate. It is then topped to volume (200 ml) with distilled water and read on the ICP-OES.

 

About Benton Resources Inc.

 

Benton Resources Inc. is a well-funded mineral exploration company listed on the TSX Venture Exchange under the symbol BEX. Following a project generation business model, Benton has a diversified, highly-prospective property portfolio in Gold, Silver, Nickel, Copper, and Platinum Group Elements and currently holds large equity positions in other mining companies that are advancing high-quality assets. Whenever possible, BEX retains Net Smelter Return (NSR) royalties for potential long-term cash flow. In mid-2021 Benton entered into the 50/50 strategic alliance with Sokoman Minerals Corp. (TSXV: SIC) through three large-scale joint-venture properties including Grey River Gold, Golden Hope, and Kepenkeck in Newfoundland that are now being explored.

 

About Sokoman Minerals Corp.

 

Sokoman Minerals Corp. is a discovery-oriented company with projects in Newfoundland and Labrador, Canada. The company's primary focus is its portfolio of gold projects: flagship, 100%-owned Moosehead and Crippleback Lake Projects, and East Alder (optioned to Canterra Minerals Corporation) along the Central Newfoundland Gold Belt, and the district-scale Fleur de Lys project in northwestern Newfoundland, that is targeting Dalradian-type orogenic gold mineralization similar to the Curraghinalt and Cavanacaw deposits in Northern Ireland, and Cononish in Scotland. The company has also entered into a strategic alliance (the Alliance) with Benton Resources Inc. through three large-scale joint-venture properties including Grey River Gold, Golden Hope and Kepenkeck on the island of Newfoundland. Sokoman now controls independently and through the Alliance over 150,000 hectares (>6,000 claims - 1,500 sq. km), making it one of the largest landholders in Newfoundland, Canada's newest and rapidly-emerging gold district. Sokoman also retains an interest in an early-stage antimony/gold project (Startrek) in Newfoundland, optioned to White Metal Resources Inc., and in Labrador, the company has a 100% interest in the Iron Horse (Fe) project that has Direct Shipping Ore (DSO) potential.

 

For further information, please contact:

 

CHF Capital Markets
Thomas Do, Investor Relations Manager
Phone:
416-868-1079 x 232
Email:
 thomas@chfir.com 

 

Benton Resources Inc.
Stephen Stares, President & CEO
Phone: 807-475-7474
Email: sstares@bentonresources.ca

 

Sokoman Minerals Corp.
Timothy Froude, P. Geo., President & CEO
Phone:
709-765-1726
Email:
 tim@sokomanmineralscorp.com 

 

Website: www.bentonresources.ca, www.sokomanmineralscorp.com
Twitter: @BentonResources, @SokomanMinerals
Facebook: @BentonResourcesBEX, @SokomanMinerals
LinkedIn: @BentonResources, @SokomanMinerals

 

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

 

The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements."

 

Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Alliance's expectations; risks related to gold price and other commodity price fluctuations; and other risks and uncertainties related to the Alliance's prospects, properties and business detailed elsewhere in the Alliance's disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and the Alliance does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Alliance's expectations or projections.

 

 

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/140944

 

 

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(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."

 

    
Click Image To View Full Size
 

 

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

 

    
Click Image To View Full Size
 

 

Land map of the Silver King mine.

 

    
Click Image To View Full Size
 

 

Drone view of the Silver King mine.

 

     

 

The Silver King mine in the late 1800's.

 

    
Click Image To View Full Size
    
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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