Canadian North Resources Inc. Reports Operational and Financial Results for the Year Ended December 31, 2023

Canadian North Resources Inc. Reports Operational and Financial Results for the Year Ended December 31, 2023

 

  2023 Operational and Project Highlights:  

 
  •   The Company raised over $17 million for exploration, with cash and cash equivalents of $5,540,312 at the year end  
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  •   Completed aggressive exploration programs with 21,126 meters in 47 holes drilled in 2023.  
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  •   Adding results of 39,270 meters in 145 holes of new diamond drilling to the project database for the updated Mineral Resources estimation reported in Q1 2024, which includes:

     
    •   A 172% increase of Indicated Mineral Resources to 66.1 million tonnes (Mt) containing 1,093 million pounds (Mlb) copper at 0.75%, 678Mlb nickel at 0.47%, 79Mlb cobalt at 0.05%, 2.34 million ounces (Moz) palladium at 1.10 g/t and 0.42Moz platinum at 0.19 g/t.  
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    •   80% of the Indicated Mineral Resources is Open Pit with 52.7Mt at 0.65% Cu, 0.43% Ni, 0.05% Co, 0.97g/t Pd and 0.17% Pt.  
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    •   Inferred Mineral Resources of 25.9Mt containing 558Mlb copper at 0.98%, 333Mlb nickel at 0.58%, 40Mlb cobalt at 0.07%, 1.12Moz palladium at 1.43 g/t and 0.21Moz platinum at 0.25 g/t.  
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Canadian North Resources Inc. ("the Company", TSXV: CNRI; OTCQX: CNRSF; FSE: EO0 (E-O-zero)) is pleased to announce the operational and financial results for the year ended December 31, 2023.

 

"We have achieved an important milestone for the Ferguson Lake base metal (nickel, copper, cobalt) and PGM (palladium and platinum) Project ("the Ferguson Lake Project")," said Dr. Kaihui Yang, the President & CEO. "The Company raised over $17 million, accomplished aggressive exploration programs; added 39,270-meter drilling results to the database, and retained SRK Consulting and Ronacher McKenzie Geoscience to update the Mineral Resources estimation and 43-101 compliant Technical Report. We have received the statement of the updated Mineral Resources (Figure 1) that demonstrates the Ferguson Lake project is one of the highest-grade and largest undeveloped critical mineral projects in North America (Refer to the press release "Canadian North Resources Reports Substantial Increase of Copper, Nickel, Cobalt, Palladium and Platinum NI 43-101 Compliant Mineral Resources for its 100% owned Ferguson Lake Project in Canada" dated March 19, 2024, available on the Company's website and Sedar+. The technical report on the resource estimates, which is being prepared in accordance with National Instrument 43-101 ("NI 43-101"), will be available on SEDAR+ (www.sedarplus.ca) under the Company's issuer profile within 45 days.) The effective date of the current Mineral Resource Statement is March 19, 2024.)".

 

"This year we will continue to expand the mineral resources at the Ferguson Lake project," Dr. Yang added. "We will conduct follow-up metallurgical testing, commence economic evaluation and infrastructure and environmental studies for a low-carbon footprint mine development plan at the Ferguson Lake Project."

 

 Figure 1, the 3D model of the mineral resources for the West and Central Zones of the Ferguson Lake Project

 

  Figure 1, the 3D model of the mineral resources for the West and Central Zones of the Ferguson Lake Project  

 

• The Company also engaged in the following activities in 2023:

 
  • On January 7, 2023, the Company reported 5 new mineralized areas identified from the surface sampling programs over the 156.9 km 2 prospecting area surrounding the 96.9 km 2 mining leases of the Ferguson Lake Project. High-grade nickel-copper-PGM (up to 5.0% Cu, 0.99% Ni, 2.70g/t Pd, 0.62g/t Pt, 1.14g/t Au) was found in the samples (1.5-3.0 kg each) from the outcrops. The Company also reported high-grade gold (up to 52.3g/t) found at the Mac Island and South Mac Island prospects in the Kaminak Lake area (29.2 km 2 ), and copper & gold mineralization samples (1.0-3.0 kg each) found on outcrops throughout the staked area.

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  • On February 21, 2023, the Company reported the geochemical assay results for the remaining 40 holes (of total 68 holes drilled) consisting of 10,550 meters (of the total 18,144 meters) from the diamond drilling program completed by the Company at its 100% owned Ferguson Lake property. The results extended the mineralized zones for 1,500 meters outside the block model for the updated mineral resources estimates (Refer to "Independent Technical Report, Updated Mineral Resource Estimate, Ferguson Lake Project, Nunavut, Canada. Prepared by Ronacher McKenzie Geoscience Inc. and Francis Minerals Ltd." filed by the Company to Sedar.com on July 13, 2022).

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  • On March 6, 2023, the Company reported the identification of extensive granitic pegmatites potentially hosting lithium-bearing minerals over the 253.8 km 2 area of the 100% owned Ni-Cu-Co-Pd-Pt Ferguson Lake property. The potential for lithium minerals has never been explored at the Ferguson Lake area. The Company will undertake its first lithium-specific exploration programs during 2023.

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  • In mid-March, the Company opened the field camp at Ferguson Lake, shipped in fuel and drill materials and prepared for the winter/spring drilling program at Ferguson Lake.

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  • The Company signed the agreement with the Government of Nunavut on March 22, 2023. The government approved to provide $250,000 to the company to support the exploration expenditures, On March 31, 2023, $125,000 of the total amount has been received by the company.

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  • On April 3, 2023, the Company announced the commencement of a new 20,000-meter diamond drilling program to continue focusing on the drill testing of high-grade base metal and PGM targets along the 15-km-long main mineralized horizon, to expand and up-grade the mineral resources, and to test the new identified base metal and PGM targets throughout the Property.

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  • In early May, 2023, the Company granted its directors, officers and consultants, options to purchase a total of 2,750,000 Common Shares of the Company, at an exercise price of $2.45 per share.

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  • On May 8, 2023, the Company engaged an investor relations firm, Paradox Public Relations Inc., to enhance our investor relations efforts and increase our visibility in the investment community. It was anticipated that their expertise and connections would help the Company to improve its market performance and achieve a fair market value for our shareholders.

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  • On May 10, 2023, the Company began to trade at OTCQX Market, which provides us with a platform to enhance its our visibility and liquidity among U.S. investors. This marks an important step forward for the Company as it continues to expand our reach and engage with investors in North America.

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  • On May 16, 2023, the Company was awarded a $250,000 grant from the Government of Nunavut's Discover, Invest, Grow ("DIG") program.

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  • On May 29, 2023, the Company announced it completed its spring diamond drilling program on ice consisting of 6,151 meters in 21 holes for its 100% owned Ferguson Lake base metal (nickel, copper, cobalt) and platinum group metal ("PGM", mainly palladium and platinum) project in Nunavut, Canada.

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  • On June 15, 2023, the Company announced that the Company re-started diamond drilling at its 100% owned Ferguson Lake Project ("Ferguson Lake Project") in Nunavut, Canada after a three week pause for regional caribou migration and after completing the first 6,151 metres of drilling on Ferguson Lake during the spring.

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  • On June 26, 2023, the Company announced that the Company was granted Depository Trust Company (DTC) eligibility, a significant milestone that will enhance the accessibility and efficiency of the Company's shares for investors in the United States.

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  • On July 18, 2023, the Company reported the assay results for the 6,151 metres in 21 holes of diamond drilling completed during the spring at its 100% owned Ferguson Lake Project ("Ferguson Lake Project") in Nunavut, Canada. The Ferguson Lake project contains base metals (nickel, copper, cobalt) and platinum-group metals ("PGM", mainly palladium and platinum), as well as potentially lithium minerals, along a 15-km-long main mineralized horizon and numerous additional prospective areas.

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  • On July 26, 2023, the Company announced the closing of non-brokered private placement of common shares ("Flow-Through Shares") on a flow-through basis pursuant to the Income Tax Act (Canada), of which 1,031,425 Flow-Through Shares were issued at a price of $2.70 per share for gross proceeds of $2,784,847.50 (the "Flow-Through Offering").

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  • On July 31, 2023, the Company further to its news release issued July 27, 2023, the closing of the first tranche of its non-brokered private placement of 1,082,621 common shares ("Charity Flow-Through Shares") on a flow-through basis pursuant to the Income Tax Act (Canada) at a price of $2.877 per share for gross proceeds of $3,114,700.62 (the "Charity Flow-Through Offering").

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  • In mid August, 2023, the Company granted to officers, employees and consultants' options to purchase a total of 460,000 Common Shares of the Company, at an exercise price of $2.35 per share.

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  • On August 17, 2023, the Company announced that it had received an additional grant of $125,000 from the Government of Nunavut's Discover, Invest, Grow ("DIG") program. This grant comes on the heels of the $250,000 received in May and June 2023, reaffirming the Company's commitment to advancing mineral exploration in the emerging mining region of Nunavut.

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  • On September 13, 2023, the Company completed the issuance of Flow-Through Shares of 2,864,046 shares for proceeds of $8,057,298 at the weighted average price of $2.81 per share. The cost of the issuance of $483,438 was offset by the proceeds of Flow-through Shares. A Flow-Through Share premium was recognized as a liability on the statement of financial position for $624,747.

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  • On September 15, 2023, the Company announced that it has commenced a market awareness program, aimed at enhancing its market visibility and engagement.

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  • On September 18, 2023, the Company announced it has completed 21,126.50-meter drilling at its 100% owned Ferguson Lake base metal (nickel, copper, cobalt) and platinum group metal (mainly palladium and platinum) project in Nunavut, Canada

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  • On September 26, 2023, the Company reported the return of initial partial assay results from 21 holes drilled during the summer, which is a portion of the 21,126 metre 2023 diamond drilling program completed at the Ferguson Lake Project. The results indicate high-grade Nickel, Copper, Cobalt, Palladium and Platinum (e.g. 10 metres grading 0.48% Ni, 1.48% Cu, 0.06% Co, 1.28g/t Pd and 0.06g/t Pt in hole FL23-481B), and significant (>3 metres) massive sulphides and wide (up to 110 metres) disseminated sulphide mineralized zones intersected. The results confirm a further expansion of 1,200 metres near-surface mineralized zones in East and West Zones and up to 250 metres down-dip deep mineralized zone of West Zone.

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  • On October 3, 2023, the Company announced its participation in the prestigious Mines and Money event, held in conjunction with the International Mining and Resources Conference (IMARC) in Sydney, Australia, October 31 to November 2, 2023.

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  • On October 11, 2023, the Company announced the launch of its newly redesigned website aimed at providing an enhanced online experience for its stakeholders, investors and broader public.

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  • On October 17, 2023, the Company announced it had commissioned a new Mineral Resource estimation in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") for its Ferguson Lake nickel, copper, cobalt, palladium and platinum project. The Company will add results of 39,270 meters in 145 holes of new diamond drilling to the project database for the completion of an updated Mineral Resources estimation. New Mineral Resource model will include both mineralization types and significant extensions of mineralized zones defined by the Company drilling to September 2023. SRK Consulting (Canada) Inc. and Ronacher McKenzie Geosciences Inc. have been engaged for an independent technical review of the project, an update of the 2022 resource estimate and preparation of the new NI 43-101 Mineral Resource Report.

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  • On November 28, 2023 the Company reported the return of assay results from 26 remaining holes drilled during the summer, which is the final portion of the 21,126-metre 2023 diamond drilling program at the Ferguson Lake Project. The results indicate three copper-nickel sulphide zones further extended along strike for: 200 m west of West Zone; 450 m of M-Zone, and 300 by 200 m of Anomaly-51 Zone, and confirmed two new sulphide zones: northeast extension of Anomaly-51 Zone and south of Central Zone, with significant (>3 – 15 metres) massive to semi-massive sulphides and widened (up to 112.5 metres) disseminated sulphide mineralized zones intersected including 15.0 metres grading 0.36%Ni, 0.48% Cu, 0.05% Co, 0.70g/t Pd, 0.08g/t Pt and 0.06g/t Rh in FL23-527 hole and 112.5 metres grading 0.16% Ni, 0.23% Cu, 0.02% Co, 0.35g/t Pd, 0.06g/t Pt and 0.02g/t Rh in FL23-527B hole.

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  • During the year, the Company received $9,186,597 from the exercises of the warrants, and $67,680 from the exercises of options.

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  • For the year ended December 31, 2023, the Company reported a net loss of $6,400,496 or $0.06 per share.
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Subsequent to Year End, the Company has conducted the following work:

 
  • January 2, 2024, the Company reported the results from the processing of Borehole Time-Domain Electromagnetic (BHTEM) surveys from deep West Zone drillholes FL22-481A and FL23-481B completed at its 100% owned Ferguson Lake Project. The results demonstrate the continuance of the West Zone greater than 200 metres beyond the historically defined down-dip drilled extent of the zone and show its open potential for continued expansion both laterally and further down-dip at depths of 650 to >800 metres. The Company also announced that Dr. Trevor Boyd was retired from the VP Exploration and would continue to be a Technical Advisor and QP for the Company.

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  • January 18, 2024, the Company announced that its IR team would attend the Vancouver Resource Investment Conference (the VRIC) in Vancouver on January 21-22, 2024. During and after the VRIC, the IR team would do the roadshows to the investors in Vancouver.

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  • February 27, 2024, the Company announced that its participation in the Prospectors and Developers Association of Canada (PDAC) in Toronto on March 3-6, 2024. Dr. Kaihui Yang, the President of CEO was invited to present an overview of the Company and its Ferguson Lake project at the Corporate Presentation Forum for Investors ("CPFI"). During and after the PDAC, the IR team would do the roadshows to the investors in Toronto.

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  • March 19, 2024, the Company announced an updated Mineral Resource estimate for its 100% owned Ferguson Lake project. The updated Mineral Resources includes (1) a 172% increase of Indicated Mineral Resources to 66.1 million tonnes (Mt) containing 1,093 million pounds (Mlb) copper at 0.75%, 678Mlb nickel at 0.47%, 79Mlb cobalt at 0.05%, 2.34 million ounces (Moz) palladium at 1.10 g/t and 0.42Moz platinum at 0.19 g/t, of which 80% is the Open pit Indicated Mineral Resources with 52.7Mt at 0.65% Cu, 0.43% Ni, 0.05% Co, 0.97g/t Pd and 0.17% Pt; (2) an Inferred Mineral Resources of 25.9Mt containing 558Mlb copper at 0.98%, 333Mlb nickel at 0.58%, 40Mlb cobalt at 0.07%, 1.12Moz palladium at 1.43 g/t and 0.21Moz platinum at 0.25 g/t. The updated Mineral Resource Model shows the Successful major upgrade of Mineral Resource tonnages from Inferred to Indicated category combined with continued expansion of overall Mineral Resource size along strike and down / up dip, and the potential for continued Mineral Resource expansion along strike and at depth over the 15 km long main mineralized horizon and within the open satellite mineralized zones.

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  • March 21, 2024, the Company announced the amendment on the exercise price of options to purchase a total of 1,600,000 Common Shares from $2.45 to $1.70 per share, for options previously granted to consultants to the Corporation.

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  • April 3, 2024, the Company provided an update of the metallurgical test programs. Metallurgical flotation test results indicate the reasonable probability of producing three payable copper, nickel and PGM bearing concentrates from the various types of mineralized materials that comprise its National instrument 43-101 Mineral Resource of the Ferguson Lake Project, suggesting a potential low-capital cost option for the project development. Alternatively, hydrometallurgy is considered as an effective option albeit with higher capital and operating cost. The Company will focus on follow-up investigations using new technologies for metal extraction.

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  • April 5, 2024, the Company announced that it has filed with the TSX Venture Exchange a Notice of Intention to Make a Normal Course Issuer Bid ("NCIB") which is proposed to commence on April 10, 2024 and terminate on April 9, 2025 or the earlier of the date all shares which are subject to the Normal Course Issuer Bid are purchased. In the opinion of the Board of Directors of the Company, the market price of the Common Shares does not accurately reflect the value of those shares. As a result, the Company intends to repurchase CNRI's Common Shares that may become available for purchase at prices, which make them an appropriate use of funds of the Company. The Company intends to attempt to acquire up to an aggregate of 5,726,380 of its Common Shares over the next 12-month period, representing approximately 5% of the issued and outstanding Common Shares of CNRI.
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For the Year End 2023 financial statements and Management's Discussion and Analysis, please see the Company website at www.cnresources.com or on SEDAR.

 

  Qualified Person:  

 

The technical contents of this news release have been reviewed by Dr. Trevor Boyd, P.Geo., a qualified person as defined by Canadian National Instrument 43-101 standards.

 

  About Canadian North Resources Inc.:  

 

 Canadian North Resources Inc. is an exploration and development company focusing on the critical metals for the clean-energy, electric vehicles, battery and high-tech industries. The company is advancing its 100% owned Ferguson Lake nickel, copper, cobalt, palladium, and platinum project in the Kivalliq Region of Nunavut, Canada.

 

Dr. Kaihui Yang, President and CEO

 

Phone: 905-696-8288 (Canada) 1-888-688-8809 (Toll-Free)

 

Email: info@cnresources.com

 

  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.  

 

Cautionary Note Regarding Forward-Looking Statements

 

Certain statements contained in this news release, including statements which may contain words such as "expects", "anticipates", "intends", "plans", "believes", "estimates", or similar expressions, and statements related to matters which are not historical facts, are forward-looking information within the meaning of applicable securities laws. Such forward-looking statements, which reflect management's expectations regarding the Company's future growth, results of operations, performance, business prospects and opportunities, are based on certain factors and assumptions and involve known and unknown risks and uncertainties which may cause the actual results, performance, or achievements to be materially different from future results, performance, or achievements expressed or implied by such forward-looking statements.

 

These factors should be considered carefully, and readers should not place undue reliance on the Company's forward-looking statements. The Company believes that the expectations reflected in the forward-looking statements contained in this news release and the documents incorporated by reference herein are reasonable, but no assurance can be given that these expectations will prove to be correct. In addition, although the Company 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 not to be as anticipated, estimated or intended. The Company undertakes no obligation to release publicly any future revisions to forward-looking statements to reflect events or circumstances after the date of this news or to reflect the occurrence of unanticipated events, except as expressly required by law.

 

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c4248f68-32a0-4fd4-b43d-087b4ac4bab6  

 

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Canadian North Resources Inc. Announces Results of Annual General Meeting

Canadian North Resources Inc. Announces Results of Annual General Meeting

 

Canadian North Resources Inc. ("CNRI" or "the Company," TSXV: CNRI; OTCQX: CNRSF; FSE: EO0 (E-O-zero)) is pleased to announce the voting results for the election of its Board of Directors at its Annual and Special Meeting of Shareholders held on June 18, 2024, in Mississauga, Ontario. A total of 75,369,669 common shares were voted at the Meeting, representing 65.81% of the common shares outstanding (114,527,617).

 

Shareholders approved the re-election of all Directors as listed in the Management Information Circular dated May 28, 2024, and the reappointment of MNP LLP, Chartered Professional Accountants, as auditors of the Company at a remuneration to be fixed by the directors. In addition, the resolution to ratify and approve the Company's Stock Option Plan was passed.

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Canadian North Resources Inc. Reports Financial Results and Operational Update for the First Quarter Ended March 31, 2024

Canadian North Resources Inc. Reports Financial Results and Operational Update for the First Quarter Ended March 31, 2024

 

  Highlights:  

 
  •   Filed the Mineral Resources Statement in compliance with the National Instrument 43-101 Standards that defines the large and high-grade Mineral Resources at the Ferguson Lake Project (Figure 1 and 2). 80% of the Indicated Mineral Resource is Open Pit, which   provides a solid Mineral Resource base for the initial development of a potential large mine.  
    •  
  •   Identified new targets with significant resource upside potential along strike and down dip of the 15 km long main mineralized horizon and on additional zones including M-Zone, A51-Zone, A51 Zone Extension, Small Island and Lake Zone, West Zone South and South Discovery Zone (Figure 1).  
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  •   Planned new metallurgical tests, economic evaluation and infrastructure and environmental studies for low-carbon footprint mine development at the Ferguson Lake Project.  
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Canadian North Resources Inc. ("Canadian North" or the "Company") (TSXV: CNRI; OTCQX: CNRSF; FSE: EO0 (E-O-zero)) is pleased to report its operational and financial results for the first quarter ended March 31, 2024.

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Canadian North Resources Files NI 43-101 Technical Report on the Updated Mineral Resource Estimate for the Ferguson Lake Project in Nunavut, Canada

Canadian North Resources Files NI 43-101 Technical Report on the Updated Mineral Resource Estimate for the Ferguson Lake Project in Nunavut, Canada

 

  Highlights:  

 
  •   Indicated Mineral Resources to 66.1 million tonnes (Mt) containing 1,093 million pounds (Mlb) copper at 0.75%, 678Mlb nickel at 0.47%, 79Mlb cobalt at 0.05%, 2.34 million ounces (Moz) palladium at 1.10 g/t and 0.42Moz platinum at 0.19 g/t.  
    •  
  •   80% of the Indicated Mineral Resources are Open Pit comprising 52.7Mt at 0.65% Cu, 0.43% Ni, 0.05% Co, 0.97g/t Pd and 0.17% Pt.  
    •  
  •   Inferred Mineral Resources of 25.9Mt containing 558Mlb copper at 0.98%, 333Mlb nickel at 0.58%, 40Mlb cobalt at 0.07%, 1.12Moz palladium at 1.43 g/t and 0.21Moz platinum at 0.25 g/t.  
    •  
  •   The Mineral Resources are estimated only for the West, Central and East Zone of the 15km long main mineralized horizon. The potential to identify additional Mineral Resources exists along the strike and down dip of the currently defined Mineral Resources and on satellite zones including M-Zone, A51-Zone, A51 Far Side Zone, West Zone South and South Discovery Zone.  
    •  

Canadian North Resources Inc. ("Canadian North" or the "Company") (TSXV: CNRI; OTCQX: CNRSF; FSE: EO0 (E-O-zero)) is pleased to announce that following the release of the Mineral Resource estimate on March 19, 2024, it has filed its National Instrument 43-101 Technical Report on its 100% owned Ferguson Lake base metal (nickel, copper, cobalt) and platinum-group metals ("PGM", palladium and platinum) Project ("the Ferguson Lake Project" or "the Project"), entitled "Independent Technical Report on the Mineral Resource Estimate for the Ferguson Lake Project, Nunavut, Canada ("the Technical Report")", prepared by SRK Consulting and Ronacher McKenzie Geoscience Inc., effective March 19, 2024, on SEDAR at http:www.sedar+.com . The Technical Report has also been posted on the Company's website at www.cnresources.com .

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Canadian North Resources Inc. Announces Normal Course Issuer Bid Share

Canadian North Resources Inc. Announces Normal Course Issuer Bid Share

 

Canadian North Resources Inc. ("CNRI" or "the Company," TSXV: CNRI; OTCQX: CNRSF; FSE: EO0 (E-O-zero)) announces that it has filed with the TSX Venture Exchange a Notice of Intention to Make a Normal Course Issuer Bid ("NCIB") which is proposed to commence on April 10, 2024 and terminate on April 9, 2025 or the earlier of the date all shares which are subject to the Normal Course Issuer Bid are purchased.

 

In the opinion of the Board of Directors of the Company, the market price of the Common Shares does not accurately reflect the value of those shares. As a result, the Company intends to repurchase CNRI's Common Shares that may become available for purchase at prices, which make them an appropriate use of funds of the Company.

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Canadian North Resources Inc. Provides an Update on its Metallurgical Testing Programs at the Ferguson Lake Project

Canadian North Resources Inc. Provides an Update on its Metallurgical Testing Programs at the Ferguson Lake Project

 

  Highlights  

 
  •   Successful metallurgical flotation tests indicate potential for three valuable concentrates: copper, nickel, and PGMs  
    •  
  •   Results based on diverse mineralized materials within Ferguson Lake Project's NI 43-101 Mineral Resource  
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  •   Promising outlook for low-capital cost development option  
    •  
  •   Underscores significant milestone in project advancement  
    •  

Canadian North Resources Inc. ("CNRI" or "the Company," TSXV: CNRI; OTCQX: CNRSF; FSE: EO0 (E-O-zero)) is pleased to report encouraging results from its series of flotation bench tests of various domains of mineralized samples obtained from its 100% owned Ferguson Lake Project ("Ferguson Lake Project") in Nunavut, Canada which were conducted during 2023. The program and results are built upon metallurgical testing that completed by the Company in 2016.

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

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

 

(TheNewswire)

 
       
  Prismo Metals Inc. 
                
 

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

 

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

  

 

  Exceptional Grades and Untapped Potential  

 

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

 

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

 

  Strategic Location — World-Class Neighbors  

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    
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Land map of the Silver King mine.

 

    
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Drone view of the Silver King mine.

 

     

 

The Silver King mine in the late 1800's.

 

    
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Click Image To View Full Size  

 

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

 

  Deal description  

 

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

 

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

 

  Private Placement  

 

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

 

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

 

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

 

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

 

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

 

  Debt Settlements  

 

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

 

  Share and Warrants Issuance  

 

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

 

  Qualified Person  

 

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

 

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

 

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

 

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

 

  About Prismo Metals Inc.  

 

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

 

  Please follow @PrismoMetals on   ,   ,   ,    Instagram    , and  

 

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

 

  Contact:  

 

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

 

  Gordon Aldcorn, President    gordon.aldcorn@prismometals.com   

 

  Cautionary Note Regarding Forward-Looking Information  

 

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

 

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

 

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

 

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

 

Copyright (c) 2025 TheNewswire - All rights reserved.

 

 

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