Fireweed Discovers More Zinc Mineralization at Macmillan Pass, and Completes 7,000 M Drill Program

Fireweed Discovers More Zinc Mineralization at Macmillan Pass, and Completes 7,000 M Drill Program

 

Fireweed Metals CORP. ("Fireweed" or the "Company") (TSXV: FWZ; OTCQB: FWEDF, formerly known as Fireweed Zinc Ltd.) is pleased to announce the completion of the 2022 drill program at their flagship Macmillan Pass zinc-lead-silver project, located within the prolific Selwyn Basin zinc district of Yukon, Canada.

 

  Highlights  

 
  • Fireweed has completed a 7,000 m diamond drilling program at Macmillan Pass. Assays for all holes are pending.
  •  
  • Step-out drilling has successfully extended the area of known mineralization at Boundary Zone.
  •  
  • New discoveries of massive sulphide and laminated stratiform zinc mineralization at Boundary Zone.
  •  
  • Sphalerite veins and vein breccias intersected in multiple holes at Boundary Zone.
  •  
  • Infill drilling around the high-grade feeder zone at the Tom deposit has achieved significantly improved drilling recovery compared to nearby historic holes.
  •  
  • 11,000 metres of core have successfully been scanned using state-of-the-art XRF and hyperspectral sensors.
  •  

  CEO Statement  

 

Brandon Macdonald, CEO, stated, "The 2022 drill program was not only our biggest, but it was our best. Our drilling consistently yielded wide zones of zinc mineralization at Boundary Zone, including many potentially very high-grade intervals and new discoveries. The infill drilling at Tom has produced some spectacular massive sulphide intervals that we anticipate will grade significantly higher than the grades of the surrounding blocks in the current mineral resource model due to better recoveries achieved by modern drilling. Our efficient drill program hit zinc mineralization in every hole, maximizing the value from this year's drilling and going a long way to demonstrate the large size potential of Boundary Zone. Our new discoveries provide a compelling new addition to the Macmillan Pass project alongside our Tom and Jason deposits."

 

  Cautionary Statement  

 

Fireweed has drilled many intersections in the 2022 program that contain visible sphalerite and galena, sulphides of zinc and lead, respectively. The apparent abundance of these minerals based on visual estimates made during core logging are considered material results of drilling investigations and are being disclosed in this release in a timely way, in consideration of anticipated delays from the commercial laboratories for final assay results. Investors are cautioned that visual estimates of the abundance of sphalerite or galena are preliminary qualitative geological interpretations of anticipated zinc and lead grades that can only be confirmed once final assays are received. In an effort to not be misleading, and to not conflate the material results of surveys and investigations regarding the property with sample, analytical or testing results on the property, visual grade or mineral abundance estimates have not been quantified but are stated as the relative terms "low", "moderate", "high", and "very high" in comparison to the average zinc and lead intersections within mineralized zones at Boundary Zone and Tom in pre-2022 drilling.

 

  Summary of material results from drilling investigations  

 

  Boundary Zone  
Twenty-three diamond drill holes were collared at Boundary Zone including six holes at Boundary West and seventeen holes at Boundary Main (Maps 1, and 2).

 

At Boundary West, several step-out holes have intersected wide zones of massive sulphides, including a new zone of massive sulphides, leaving Boundary West open to the south and at depth. A particularly wide (75 m) step-out intersection in hole NB22-002 comprised an apparent greater abundance of galena and sphalerite compared to other massive sulphide intersections observed to date at Boundary West. The preliminary geological interpretation is that this intersection is located close to the feeder structure, with room to step out further towards the feeder to the east and at depth. Infill holes at Boundary West continue to demonstrate the continuity of the massive sulphide zone first discovered by Fireweed in 2020 (see Fireweed news release dated September 24 th , 2020).

 

At Boundary Main, two significant new discoveries have been made. A new zone of massive sulphide was intersected in three holes (NB22-018, NB22-022, NB22-023) with high to very high visual abundances of sphalerite and galena. This zone was intersected between 70 and 120 m vertically below surface, and based on bedding orientations and intersected thicknesses, it is interpreted to have a true thickness of approximately 7 to 10 m. Another new zone of laminated sphalerite-galena mineralization was discovered in one hole (NB22-008) at Boundary Main. This zone was intersected over 2.65 m with an undetermined true thickness and comprised a high abundance of sphalerite and moderate abundance of galena. Both of the new discoveries are stratiform, are open in multiple directions, and are located in the same stratigraphy as the Tom and Jason deposits, showing good potential to form extensive and continuous mineralized zones.

 

Boundary Main step-outs were longer holes (210 m to 370 m deep) drilled in multiple directions to test beyond the previous extent of zinc mineralization defined by pre-2022 drill holes, and successfully extended the mineralized zone. Vein-hosted and disseminated sphalerite were encountered in wide zones, including short intervals of anticipated high grades typical of this style of mineralization. Boundary Main remains open for extension in all directions.

 

Infill drilling focused on closely spaced short holes that targeted near-surface high-grade veins and vein-breccias to test the grade continuity of this mineralization style. Based on high abundance of coarse-grained sphalerite observed visually, many of these infill holes are anticipated to contain short high grade zinc intersections which can only be confirmed once assays are received.

 

  Tom Deposits  

 

Eight infill holes were completed at Tom West, targeting feeder proximal mineralization to test the validity of the current geological resource model and improve drilling recovery in areas of historic poor drilling recovery (Map 3). All eight holes intersected the mineralized zone close to where predicted by the geological model and had generally excellent core recovery, much improved upon nearby historic drill holes. The intersections are anticipated to have high to very high zinc and lead grades, potentially greater than grades in the block model of the current Mineral Resource that were estimated using data from nearby historic holes with low recovery (for details on the current Mineral Resource see Fireweed news release dated January 10 th 2018 and www.sedar.com for the technical reports filed February 23 rd 2018 and July 9 th 2018).

 

One infill hole was completed at Tom East to test the geological model, and the hole confirmed the high sphalerite and galena abundances that are typical for this zone.

 

Collar details for all 2022 drill holes are provided in Table 2. Assays are pending for all holes where samples have been submitted.

 

Table 1: 2022 drilling summary.

 
                                                                                                                                                                     
  Drill hole    Zone    Hole length (m)    Significant intersections    Type  
NB22-001 BW 463 Wide zone Infill & Step-out
NB22-002 BW 491 Wide zone Step-out and New Discovery
NB22-003 BW 64 Hole abandoned -
NB22-004 BW 403 Moderate zone Step-out
NB22-005 BM 326 Weak zones Step-out
NB22-006 BM 375 Wide zone Step-out
NB22-007 BW 365 Narrow zones Step-out
NB22-008 BM 213 Wide zone Step-out & New Discovery
NB22-009 BM 147.5 Wide zone Infill
NB22-010 BM 91 Wide zone Infill
NB22-011 BM 265.3 Wide zone Infill & Step-out
NB22-012 BM 353 Wide zone Step-out
NB22-013 BM 125.4 Moderate zone Infill
NB22-014 BM 31 Hole abandoned -
NB22-015 BM 145 Moderate zone Infill
NB22-016 BM 57.4 Hole abandoned -
NB22-017 BM 80 Wide zone Infill
NB22-018 BM 270 Wide zone Infill & Step-out & New Discovery
NB22-019 BW 340 Wide zone Infill & Step-out
NB22-020 BM 149 Wide zone Infill
NB22-021 BM 112 Wide zone Infill
NB22-022 BM 327 Wide zone Step-out & New Discovery
NB22-023 BM 367 Wide zone Step-out & New Discovery
TS22-001 TW 200 Wide zone Infill
TS22-002 TE 170.9 Wide zone Infill
TS22-003 TW 125 Wide zone Infill
TS22-004 TW 214.2 Wide zone Infill
TS22-005 TW 128 Wide zone Infill
TS22-006 TW 190.5 Wide zone Infill
TS22-007 TW 86 Wide zone Infill
TS22-008 TW 61 Wide zone Infill
TS22-009 TW 335 Wide zone Infill
 

All assays pending. BM: Boundary Main; BW: Boundary West; TW: Tom West; TE: Tom East.

 

  Core Scanning  
Approximately 11,000 m of core have been scanned using a fully-integrated core scanning system combining high-resolution digital photography, LiDAR topography, shortwave, visible, and near infrared hyperspectral imagery, and X-ray fluorescence (XRF) instrumentation. A combination of current and historic core has been scanned, and the newly acquired data will be used to inform future development of geometallurgical models of the deposits.

 

  Data verification  

 

The diamond drill core logging and sampling program was carried out under a rigorous quality assurance / quality control program using industry best practices. Drilling investigations described in this release are either HQ3 (split tube) size core (61.1mm / 2.4-inch diameter) or NQ2 size core (50.5 mm) with recoveries typically above 85%. After drilling, core was scanned using hyperspectral and high-resolution imaging, then logged for geology, structure, and geotechnical characteristics, marked for sampling and photographed on site. Assays for all holes are pending.

 

Comparison of visual estimates of sphalerite made during core logging in 2018 to 2021 were compared to received zinc assays to verify the visual observations of sphalerite made in 2022, as similar core logging practices were implemented in these years with consistency in supervisory personnel. Fireweed's 2018-2021 logging programs have consistently successfully identified either the presence or absence of sphalerite in core, with very few false positives or false negatives. However, the visual estimation of sphalerite abundance and zinc grade has varied considerably among logging geologists compared to results from zinc assays.

 

Spot checks were made with a handheld X-Ray Fluorescence (XRF) instrument during core logging to determine the presence of lead or zinc if there was doubt in the visual identification of sphalerite or galena. Routine core scanning with an XRF sensor has further enabled the verification of sphalerite and galena identification.

 

  Qualified Person Statement  

 

Technical information in this news release has been approved by Dr. Jack Milton, P.Geo., Chief Geologist and a ‘Qualified Person' as defined under Canadian National Instrument 43-101.

 

  About Fireweed Metals Corp. (TSXV: FWZ; OTCQB: FWEDF; FSE:20F):  Fireweed Metals is a public mineral exploration company on the leading edge of Critical Minerals project development. The Company has three projects located in northern Canada:

 
  •   Macmillan Pass Zinc-Lead-Silver Project: Fireweed owns 100% of the district-scale 940 km 2 Macmillan Pass project in Yukon, Canada, which is host to the Tom and Jason zinc-lead-silver deposits with current Mineral Resources and a PEA economic study (see Fireweed news releases dated 10 th January 2018, and 23 rd May 2018, respectively, and reports filed on www.sedar.com for details) as well as the Boundary Zone, Boundary Zone West, Tom North Zone and End Zone which have significant zinc-lead-silver mineralization drilled but not yet classified as mineral resources. The project also includes large blocks of adjacent claims with known showings and significant upside exploration potential. A large, four-rig 2022 drill program is now complete and assay results are pending.
  •  
  •   Mactung Tungsten Project: The Company has a binding Letter of Intent to acquire 100% interest in the 37.6 km 2 Mactung Tungsten Project located adjacent to the Macmillan Pass Project. Mactung contains historic resources that make it one of the largest and highest-grade undeveloped tungsten resources in the world. Located in Canada, it is one of the rare large tungsten resources outside of China. Due diligence and validation work on historic data as well as relogging and sampling of historic drill core is underway and will support a new mineral resource estimate.
  •  
  •   Gayna River Zinc-Gallium-Germanium Project: Fireweed has 100% of the 128.75 km 2 Gayna River project located 180 kilometres north of the Macmillan Pass project. It is host to extensive critical minerals mineralization including zinc, gallium and germanium as well as lead and silver, outlined by 28,000 metres of historic drilling and significant upside potential. The 2022 field program of airborne LiDAR topographic surveying, and ground geophysics was recently completed, and data is being interpreted toward defining 2023 drill targets.
  •  

In Canada, Fireweed (TSXV: FWZ) trades on the TSX Venture Exchange. In the USA, Fireweed (OTCQB: FWEDF) trades on the OTCQB Venture Market for early stage and developing U.S. and international companies and is DTC eligible for enhanced electronic clearing and settlement. The Company is current in its reporting and undergoes an annual verification and management certification process. Investors can find Real-Time quotes and market information for the Company on www.otcmarkets.com . In Europe, Fireweed (FSE: 20F) trades on the Frankfurt Stock Exchange.

 

Additional information about Fireweed and its projects can be found on the Company's website at FireweedMetals.com and at www.sedar.com .

 

  ON BEHALF OF Fireweed Metals CORP.  

 

  "    Brandon Macdonald    "  

 

CEO & Director

 

  Contact :
Brandon Macdonald
Phone: (604) 646-8361
Email: info@fireweedmetals.com

 

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

 

  Cautionary Statements  

 

  Forward Looking Statements  

 

  This news release may contain "forward-looking" statements and information relating to the Company and its projects that are based on the beliefs of Company management, as well as assumptions made by and information currently available to Company management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including but not limited to, without limitations, exploration and development risks, expenditure and financing requirements, general economic conditions, changes in financial markets, the ability to properly and efficiently staff the Company's operations, the sufficiency of working capital and funding for continued operations, title matters, First Nations relations, operating hazards, political and economic factors, competitive factors, metal prices, relationships with vendors and strategic partners, governmental regulations and oversight, permitting, seasonality and weather, technological change, industry practices, and one-time events. Should any one or more risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein. The Company does not undertake to update forward looking statements or forward looking information, except as required by law.  

 

Table 2: 2022 drill collar details

 
                                                                                                                                                                                                                                                                        
  Drill hole    Target    Length (m)    Easting    Northing    Elevation (m.s.l)    Azimuth (°)    Dip  
(°)  
NB22-001 Boundary 463 421861 7010461 1178 030 -58
NB22-002 Boundary 491 421940 7010405 1164 033 -57
NB22-003 Boundary 64 422105 7010683 1238 211 -76
NB22-004 Boundary 403 422105 7010683 1238 211 -76
NB22-005 Boundary 326 422230 7010524 1193 214 -50
NB22-006 Boundary 375 422539 7010536 1195 207 -55
NB22-007 Boundary 365 421940 7010405 1164 036 -47
NB22-008 Boundary 213 422274 7010600 1217 209 -68
NB22-009 Boundary 147.5 422438 7010417 1165 208 -50
NB22-010 Boundary 91 422390 7010385 1152 205 -50
NB22-011 Boundary 265.3 422440 7010419 1164 208 -69
NB22-012 Boundary 353 422342 7010620 1219 201 -65
NB22-013 Boundary 125.4 422390 7010386 1150 205 -70
NB22-014 Boundary 31 422330 7010384 1146 212 -50
NB22-015 Boundary 145 422331 7010385 1146 212 -75
NB22-016 Boundary 57.4 422330 7010384 1146 212 -55
NB22-017 Boundary 80 422331 7010385 1147 212 -85
NB22-018 Boundary 270 422308 7010434 1166 216 -58
NB22-019 Boundary 340 421948 7010672 1232 180 -57
NB22-020 Boundary 149 422308 7010435 1166 216 -72
NB22-021 Boundary 112 422309 7010435 1167 216 -82
NB22-022 Boundary 327 422292 7010474 1182 211 -56
NB22-023 Boundary 367 422292 7010474 1182 211 -70
TS22-001 Tom West 200 441994 7003679 1545 060 -80
TS22-002 Tom East 170.9 442063 7004322 1677 060 -90
TS22-003 Tom West 125 441994 7003680 1545 065 -55
TS22-004 Tom West 214.2 441993 7003679 1545 065 -89
TS22-005 Tom West 128 442046 7003767 1533 063 -50
TS22-006 Tom West 190.5 442044 7003582 1581 049 -75
TS22-007 Tom West 86 441943 7003969 1538 066 -80
TS22-008 Tom West 61 441945 7003970 1538 066 -45
TS22-009 Tom West 335 442043 7003581 1581 049 -89
 

Coordinate reference system: UTM Zone 9 NAD83. North reference: UTM grid north.

 

Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/57250c89-68f4-4340-b96a-5030de2b14fc   
  https://www.globenewswire.com/NewsRoom/AttachmentNg/8c71fd75-0154-49cf-8d88-5dbaf1e03ab2   
  https://www.globenewswire.com/NewsRoom/AttachmentNg/e49eb738-d0ec-478f-a65a-cb0b3edf6130  

 

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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

 

    
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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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