Canada Nickel Provides Update on Crawford Project Optimization and Commencement of Pilot Plant Operation

Canada Nickel Provides Update on Crawford Project Optimization and Commencement of Pilot Plant Operation

 
 

   Highlights   

 
  •   Testwork demonstrates opportunity for improvements in recovery from the Crawford East Zone  
    •   Locked cycle test delivered a 60% nickel sulphide concentrate – believed to be world's highest nickel grade sulphide concentrate produced – and a total nickel recovery of 47% exceeding the feasibility study model by 9%  
    •  
    •   Ten new open circuit variability tests demonstrated nickel recoveries averaging 28% higher than the feasibility study model  
    •  
  •  
  •   Pilot plant program initiated at SGS Lakefield  
  •  

Canada Nickel Company Inc. (" Canada Nickel " or the " Company ") (TSXV:CNC) (OTCQX:CNIKF) is pleased to announce the successful completion of further metallurgical testing on Crawford East Zone material.

 

  Mark Selby , Canada Nickel CEO, said, "We believe there remains significant optimization potential at Crawford, which is supported with today's metallurgical results on the East Zone that produced a high grade concentrate from a blended East Zone sample and 10 further metallurgical tests from the existing starter pit area that averaged 28% higher recovery than currently modelled in the feasibility study.  Our Front End Engineering Design work that started in April is progressing well and continues to identify further optimization opportunities."

 

Mr. Selby continued, "The pilot plant at SGS Lakefield is more than four times the size of our prior plant that was used in 2022, and is focused on using East Zone material to generate substantial quantities of nickel and NiCr magnetite concentrate to be utilized by our NetZero Metals downstream business.  The plant began commissioning during the past week and is expected to operate until September."

 

  Crawford Nickel Sulphide Project East Zone Metallurgical Variability Program  

 

A metallurgical variability program was initiated at the start of 2024 in order to increase confidence in the recovery and concentrate quality estimates and evaluate optimization opportunities for the East Zone. To date, 10 open circuit tests and one locked cycle test have been completed on samples from the East Zone which are indicating potential for improvements in the East Zone nickel recovery equations.

 

Table 1 summarizes the results from the locked cycle test which was completed on a composite of samples taken from the Feasibility Study, East Zone starter pit. The composite had a head grade of 0.29% nickel, 0.04% sulphur, 5.1% iron and contained heazlewoodite-awaruite style mineralization. The composite delivered a total nickel recovery of 47% which exceeded the modelled recovery target by 9% or 4 percentage points of recovery. The composite also supported the potential for high grade concentrate production as the nickel sulphide concentrate product graded 60% nickel. The magnetic recovery circuit also performed well as the iron recovery fell within 1 percentage point of the modelled recovery and the chromium recovery exceeded the modelled recovery by 3 percentage points and the concentrate grade target was achieved.

 

  Table 1. Crawford Nickel Sulphide Project East Zone Locked Cycle Test Result  

 
 
                                                         
 
 

   Head Grades   

 

   (%)   

 
 

   Recovery   

 

   (%)   

 
 

   Concentrate Grades (%)   

 
 

   Ni Conc.   

 
 

   NiCr Conc.   

 
 

   Ni   

 
 

   S   

 
 

   Fe   

 
 

   Ni   

 
 

   Co   

 
 

   Fe   

 
 

   Cr   

 
 

   Ni   

 
 

   Co   

 
 

   Fe   

 
 

   Cr   

 
 

   Ni   

 
 

  Actual  

 
 

  0.29  

 
 

  0.04  

 
 

  5.1  

 
 

  47  

 
 

  1  

 
 

  57  

 
 

  31  

 
 

  60  

 
 

  0.10  

 
 

  55  

 
 

  4.2  

 
 

  0.62  

 
 

  Modelled  

 
 

  -  

 
 

  -  

 
 

  -  

 
 

  43  

 
 

  4  

 
 

  58  

 
 

  28  

 
 

  40  

 
 

  0.23  

 
 

  55  

 
 

  3.7  

 
 

  0.72  

 
 

   Difference   

 
 

   -   

 
 

   -   

 
 

   -   

 
 

   +4   

 
 

   -3   

 
 

   -1   

 
 

   +3   

 
 

   +20   

 
 

   -0.13   

 
 

   0   

 
 

   +0.5   

 
 

   -0.10   

 
 
 

In addition to this locked cycle test result, 10 open circuit variability tests on samples from the East Zone were successfully completed. Of the initial 10 new samples that have been tested in 2024, eight of the samples exceeded the modelled total nickel recovery. The average difference between achieved and modelled recoveries for the 10 samples was 28% higher or 10 percentage points above modelled.  Nickel and NiCr concentrate grades were in line with expectations and consistent with feasibility study models.

 
 

  Figure 1. Crawford Nickel Sulphide Project - East Zone Open Cycle Tests (CNW Group/Canada Nickel Company Inc.) 

 
 

  Table 2. Crawford Nickel Sulphide Project - Summary of New Open Circuit Test Results for East Zone Starter Pit  

 
 
                                                                                                                                                                  
 
 

   Head Grades   

 

   (%)   

 
 

   Total Recoveries   

 

   (%)   

 
 

   Recovery Performance (%)   

 

   Actual - Modelled   

 
 
 
 

   Sample ID   

 
 

   Ni   

 
 

   S   

 
 

   Fe   

 
 

   Ni   

 
 

   Co   

 
 

   Fe   

 
 

   Cr   

 
 

   Ni   

 
 

   Co   

 
 

   Fe   

 
 

   Cr   

 
 
 

  CNS-001  

 
 

  0.17  

 
 

  0.03  

 
 

  6.9  

 
 

  55  

 
 

  1.5  

 
 

  60  

 
 

  14  

 
 

  17  

 
 

  -3  

 
 

  -3  

 
 

  -19  

 
 
 

  CNS-002  

 
 

  0.27  

 
 

  0.04  

 
 

  5.6  

 
 

  54  

 
 

  4.9  

 
 

  52  

 
 

  34  

 
 

  10  

 
 

  1  

 
 

  -4  

 
 

  5  

 
 
 

  CNS-003  

 
 

  0.26  

 
 

  0.01  

 
 

  5.3  

 
 

  23  

 
 

  0.5  

 
 

  44  

 
 

  28  

 
 

  -4.6  

 
 

  -4  

 
 

  -12  

 
 

  -1  

 
 
 

  CNS-005  

 
 

  0.27  

 
 

  0.09  

 
 

  5.7  

 
 

  71  

 
 

  5.2  

 
 

  49  

 
 

  28  

 
 

  14  

 
 

  -5  

 
 

  -3  

 
 

  0  

 
 
 

  CNS-006  

 
 

  0.30  

 
 

  0.05  

 
 

  5.5  

 
 

  67  

 
 

  4.7  

 
 

  61  

 
 

  35  

 
 

  17  

 
 

  1  

 
 

  6  

 
 

  6  

 
 
 

  CNS-007  

 
 

  0.28  

 
 

  0.04  

 
 

  5.5  

 
 

  43  

 
 

  0.7  

 
 

  59  

 
 

  32  

 
 

  -0.3  

 
 

  -3  

 
 

  4  

 
 

  4  

 
 
 

  CNS-008  

 
 

  0.18  

 
 

  0.01  

 
 

  7.5  

 
 

  36  

 
 

  1.1  

 
 

  55  

 
 

  31  

 
 

  7.9  

 
 

  -3  

 
 

  -8  

 
 

  0  

 
 
 

  CNS-009  

 
 

  0.27  

 
 

  0.01  

 
 

  5.2  

 
 

  33  

 
 

  2.0  

 
 

  47  

 
 

  29  

 
 

  5.0  

 
 

  -2  

 
 

  -16  

 
 

  -2  

 
 
 

  CNS-010  

 
 

  0.20  

 
 

  0.02  

 
 

  7.7  

 
 

  42  

 
 

  0.7  

 
 

  63  

 
 

  37  

 
 

  10  

 
 

  -3  

 
 

  3  

 
 

  8  

 
 
 

  CNS-011  

 
 

  0.16  

 
 

  0.03  

 
 

  7.4  

 
 

  60  

 
 

  1.5  

 
 

  61  

 
 

  20  

 
 

  23  

 
 

  -3  

 
 

  -1  

 
 

  -13  

 
 
 

   Average   

 
 

   0.23   

 
 

   0.03   

 
 

   6.2   

 
 

   48   

 
 

   2.3   

 
 

   55   

 
 

   29   

 
 

   10   

 
 

   -2   

 
 

   -3   

 
 

   -1   

 
 
 
 

  Pilot Plant Program  

 

 Canada Nickel is completing a 130 tonne mineral processing pilot plant program at SGS Lakefield. The program will see the full process flowsheet piloted and is being completed to generate samples of concentrate for NetZero Metals and provide additional data to support the engineering of the project. Updates will be provided as the project progresses.

 

  Qualified Person and Data Verification  

 

  Arthur G. Stokreef , P.Eng (ON), Manager of Process Engineering & Geometallurgy and a "qualified person" as such term is defined by National Instrument 43-101, has reviewed and approved the technical information in this news release on behalf of Canada Nickel Company Inc. 

 

  About Canada Nickel  

 

 Canada Nickel Company Inc. is advancing the next generation of nickel-sulphide projects to deliver nickel required to feed the high growth electric vehicle and stainless steel markets. Canada Nickel Company has applied in multiple jurisdictions to trademark the terms NetZero Nickel TM , NetZero Cobalt TM , NetZero Iron TM and is pursuing the development of processes to allow the production of net zero carbon nickel, cobalt, and iron products. Canada Nickel provides investors with leverage to nickel in low political risk jurisdictions. Canada Nickel is currently anchored by its 100% owned flagship Crawford Nickel-Cobalt Sulphide Project in the heart of the prolific Timmins-Cochrane mining camp. For more information, please visit www.canadanickel.com.  

 

  For further information, please contact:
 

 

Mark Selby, CEO
Phone: 647-256-1954      Email: info@canadanickel.com  

 

  Cautionary Statement Concerning Forward-Looking Statements  

 

This press release contains certain information that may constitute "forward-looking information" under applicable Canadian securities legislation.  Forward looking information includes, but is not limited to, the results of metallurgical testing on Crawford East Zone relating to the Crawford Nickel Sulphide Project, the potential of the  mineral processing pilot plant program at SGS Lakefield, the potential of the Crawford Nickel Sulphide Project, timing and completion (if at all) of mineral resource estimates, the ability to sell marketable materials, strategic plans, including future exploration and development plans and results, and corporate and technical objectives.  Forward-looking information is necessarily based upon several assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information.  Factors that could affect the outcome include, among  others:  future prices and the supply of metals, the future demand for metals, the results of drilling, inability to raise  the money necessary to incur the expenditures required to retain and advance the property, environmental liabilities  (known  and  unknown), general business, economic, competitive, political and social uncertainties, results of  exploration programs, risks of the mining industry, delays in obtaining governmental approvals, failure to obtain  regulatory or shareholder approvals. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information.  All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof.  Canada Nickel disclaims any intention or obligation to update or revise any forward-looking information, whether because of new information, future events or otherwise, except as required by law.

 

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release

 
 

  Canada Nickel Logo (CNW Group/Canada Nickel Company Inc.) 

 
 

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SOURCE Canada Nickel Company Inc. 

 

 

 

 Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/July2024/29/c1899.html  

 
 

 

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Canada Nickel Achieves Best Drill Results to Date at Reid

Canada Nickel Achieves Best Drill Results to Date at Reid

 
 

  Highlights  

 
  • Best Reid interval to date – 661 metres of 0.29% nickel including 100 metres of 0.42% nickel and 40 metres of 0.51% nickel in REI-24-35
  •  
  • All 8 holes targeting Reid Central Core intersected core lengths greater than 620 metres with average grades of 0.21% to 0.29% nickel
  •  

Canada Nickel Company Inc. (" Canada Nickel " or the " Company ") (TSXV: CNC) (OTCQX: CNIKF) is pleased to announce positive assay results from its ongoing 2024 exploration program at its Reid property, located 37 kilometres northwest of Timmins, Ontario .

 

 

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Canada Nickel Announces Results from Crawford PGM Zone Infill Drilling Campaign

Canada Nickel Announces Results from Crawford PGM Zone Infill Drilling Campaign

 
 

  Highlights  

 
  • Successful infill drilling campaign targeted PGM Zones at Crawford with 45 holes intersecting drill intervals of > 1g/t palladium + platinum
  •  
  • Results include:
    • 2.19 g/t palladium + platinum over core length of 76.5 metres in Crawford Main Zone including 3.90 g/t over core length of 13.5 metres
    •  
    • 1.15 g/t palladium + platinum over 38.5 metres in Crawford East Zone including 2.94 g/t over core length of 4.5 metres
    •  
  •  
  • PGM results will be included in development of a Crawford PGM Zone resource estimate and incorporated into the Crawford nickel mine plan
  •  

Canada Nickel Company Inc. (" Canada Nickel " or the " Company ") (TSXV: CNC) (OTCQX: CNIKF) today announced additional results from its drilling program targeting the PGM zones that occur along the Crawford Main and East Zone boundaries and within the existing mine plan outlined in the Crawford Nickel Project feasibility study.

 

 

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Canada Nickel Company Announces Initial Deloro Nickel Sulphide Project Resource

Canada Nickel Company Announces Initial Deloro Nickel Sulphide Project Resource

 
 

  Highlights:  

 
  • First of seven new nickel resources expected to be published by end of the first quarter of 2025 demonstrating the potential scale of the Timmins Nickel District
  •  
  • Initial Deloro indicated Resource of 81 million tonnes grading 0.25% nickel containing 202kt of nickel plus a further Inferred Resource of 357 million tonnes grading 0.25% nickel containing 885kt of nickel
  •  
  • Seven exploration rigs currently drilling across the Timmins Nickel District
  •  

Canada Nickel Company Inc. (" Canada Nickel " or the " Company ") (TSXV: CNC) (OTCQB: CNIKF) today announced an initial mineral resource for its 100% owned Deloro Nickel Sulphide Project ("Deloro") near Timmins, Ontario .

 

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Canada Nickel Closes Previously Announced US$15 Million Loan Facility with Auramet International, Inc.

Canada Nickel Closes Previously Announced US$15 Million Loan Facility with Auramet International, Inc.

 
 

Canada Nickel Company Inc. (" Canada Nickel " or the " Company ") (TSXV: CNC) (OTCQX: CNIKF) today announced that it has closed a secured loan facility with Auramet International, Inc. ("Auramet") of US$15 million previously announced on June 24, 2024 .

 
 

  Canada Nickel Company Inc. logo (CNW Group/Canada Nickel Company Inc.) 

 

The loan is due January 9, 2025 , carries an interest rate of 1.00% per month, and is subject to a 2.5% arrangement fee.  At closing, Auramet also received 750,000 1-year warrants with a strike price of $1.42 per common share. The loan is subject to such terms and conditions including certain specified positive and negative covenants that are customary for a transaction of this nature. The warrants and the underlying shares are subject to a four month hold period under applicable Canadian securities laws. The Company expects to use the proceeds from the loan for working capital purposes.

 

  About Auramet  

 

Auramet is one of the largest physical precious metals merchants in the world with over US$20 billion in annual revenues and which provides a full range of services to all participants in the precious metals supply chain. Auramet is a private company established in 2004 by seasoned professionals who have assembled a global team of industry specialists with over 350 years combined industry experience. Their business consists of three main activities: physical metals trading, metals merchant banking (including direct lending) and project finance advisory services. The company has built a consistently successful and prominent franchise in the metals space on the back of an experienced management team that has proven to be innovative and capable of delivering the highest quality service to participants in the sector. In fiscal year 2023 it purchased over 7 million ounces of gold, 126 million ounces of silver and 3 million ounces of PGMs, and has provided term financing facilities in excess of US$1 billion to date. Auramet is looking to grow its capital investment business in equity, royalties and streams in the precious metals and battery related metals mining space. Auramet is proud to have been awarded a Gold Medal the past two years for its ESG commitment by EcoVadis, the most trusted provider of ESG ratings with a network of more than 90,000 rated companies. For more information on Auramet, please visit www.auramet.com .

 

  About Canada Nickel Company  

 

 Canada Nickel Company Inc. is advancing the next generation of nickel-sulphide projects to deliver nickel required to feed the high growth electric vehicle and stainless steel markets. Canada Nickel Company has applied in multiple jurisdictions to trademark the terms NetZero Nickel™, NetZero Cobalt™, NetZero Iron™ and is pursuing the development of processes to allow the production of net zero carbon nickel, cobalt, and iron products. Canada Nickel provides investors with leverage to nickel in low political risk jurisdictions. Canada Nickel is currently anchored by its 100% owned flagship Crawford Nickel-Cobalt Sulphide Project in the heart of the prolific Timmins - Cochrane mining camp. For more information, please visit www.canadanickel.com .

 

  For further information, please contact:  

 

  Mark Selby  
CEO
Phone: 647-256-1954
Email: info@canadanickel.com  

 

  Cautionary Statement Concerning Forward-Looking Statements  

 

This press release contains certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward looking information includes, but is not limited to, the use of proceeds from the loan, the ability of the Company to deliver nickel required to feed the high growth electric vehicle and stainless steel markets, and the development of processes to allow the production of net zero carbon nickel, cobalt, and iron products. Readers should not place undue reliance on forward looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Canada Nickel to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. There are no assurances that Crawford will be placed into production. Factors that could affect the outcome include, among others: inability to repay the loan or comply with the covenants set out in the loan agreement; the actual results of development activities; project delays; inability to raise the funds necessary to complete development; general business, economic, competitive, political and social uncertainties; future prices of metals or project costs could differ substantially and make any commercialization uneconomic; availability of alternative nickel sources or substitutes; actual nickel recovery; conclusions of economic evaluations; changes in applicable laws; changes in project parameters as plans continue to be refined; accidents, labour disputes, the availability and productivity of skilled labour and other risks of the mining industry; political instability, terrorism, insurrection or war; delays in obtaining governmental approvals, necessary permitting or in the completion of development or construction activities; mineral resource estimates relating to Crawford could prove to be inaccurate for any reason whatsoever; additional but currently unforeseen work may be required to advance to the feasibility stage; and even if Crawford goes into production, there is no assurance that operations will be profitable. Although Canada Nickel has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and Canada Nickel disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 

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SOURCE Canada Nickel Company Inc. 

 

 

 

 Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/July2024/09/c7393.html  

 
 

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Canada Nickel Announces Creation of 'ExploreCo' Subsidiary with Spin-out of Eastern Exploration Properties and Consolidation of Crawford Regional Land Package

Canada Nickel Announces Creation of 'ExploreCo' Subsidiary with Spin-out of Eastern Exploration Properties and Consolidation of Crawford Regional Land Package

 
 

  Highlights  

 
  • Consolidation of the Canada Nickel-Noble joint venture in Mann Township and other Canada Nickel exploration projects East of Timmins into a single private company owned 80% by Canada Nickel and 20% by Noble Mineral Exploration.

  •  
  • Consolidation of all Crawford and adjacent township mining and surface rights facilitate and simplify acquisition of the required surface rights required to begin construction of the Crawford Nickel Sulphide Project.
  •  

Canada Nickel Company Inc. (" Canada Nickel " or the " Company ") (TSXV: CNC) (OTCQX: CNIKF) is pleased to announce that it has signed a binding letter of Intent (the "LOI") with Noble Mineral Exploration Inc. ("Noble") dated July 5 th 2024 whereby Canada Nickel and Noble will contribute certain mining properties, including the existing Mann joint venture, into a new private company ("ExploreCo") to consolidate their respective interests in the portfolio of nickel projects northeast of Timmins, Ontario .

 

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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."

 

    
Click Image To View Full Size
 

 

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

 

    
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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.

 

    
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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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