Heritage Mining's Sampling Program Reports Highest Gold Assay Ever at the Drayton-Black Lake Project, 2,330g/t Gold

Heritage Mining's Sampling Program Reports Highest Gold Assay Ever at the Drayton-Black Lake Project, 2,330g/t Gold

 

(TheNewswire)

 
  
  Heritage Mining Ltd. 
 
 

  Channel Sampling Program Confirms Multiple High-Grade Gold-Silver Vein Systems  

 

Heritage Mining Ltd. (CSE: HML) (" Heritage " or the " Company ") is pleased to announce the results from its recent channel sampling program that evaluated fourteen prospects over five targets in the Alcona and Moretti areas (Table 1) located in the northeastern half of the Company's 15,257 Ha Drayton-Black Lake Project (" DBL "). DBL is located approximately 20km northeast of Sioux Lookout, Ontario (Fig. 1) and covers 30 km of the Central Volcanic and Southern Sedimentary domains within the Eagle-Wabigoon-Manitou (" EWM ") Greenstone Belt, which also hosts Treasury Metals Inc.'s (TSX: TML) Goliath Gold-Silver Complex immediately to the southwest

 

  Channel Sampling Highlights  

 
  •  

      Sampling program evaluated fourteen prospects in the Alcona and Moretti areas  

     
  •  
  •  

      All channels reported anomalous gold   silver and base metal mineralization, significant results include:  

     
  •  

  Alcona-New Millennium (Figure 1)  

 
  •  
    •  

        oo   T7 Area - 11.2g/t Au and 51.4g/t Ag over 1.0m  

       
    •  
    •  

        oo   T9 Area - 5.31g/t Au and 25.0g/t Ag over 0.5m  

       
    •  
    •  

        oo   Quartz vein subcrop material discovered near to T9 shows visible gold and assayed 2,330g/t Au  

       
    •  
  •  

  Moretti-Main (Figure 2)  

 
  •  
    •  

        oo   North Vein Prospect - 7.85g/t Au over 2.0m; incl. 19.2g/t Au and 72.8g/t Ag over 0.8m  

       
    •  
    •  

        oo   channel was done near to where a rock chip grab sample assayed 208g/t Au (see press release November 04, 2022)  

       
    •  
  •  

  Alcona-Main (Figure 3)  

 
  •  
    •  

        oo   Central Vein Set -   2.72g/t Au over 5.1m; incl.   9.41g/t Au and 25.7g/t Ag over 0.8m  

       
    •  
    •  

        oo   Central Vein Set - 21.9g/t Au and 121g/t Ag over 1.0m  

       
    •  
  •  
  •  
    •  

        oo   North Vein Set - 7.85g/t Au over 2.0m; incl. 19.2g/t Au and 72.8g/t Ag over 0.8m  

       
    •  
    •  

        oo   Alcona Pond -   4.94g/t Au over 4.0m; incl. 15.75g/t Au and 45.1g/t Ag over 1.0m  

       
    •  
  •  

  Peter Schloo, CEO of Heritage Mining commented,   "Our first pass channel sampling results have exceeded our expectations, confirming multiple high-grade Au-Ag mineralized vein systems at surface at Alcona, New Millennium and Moretti,   similar to Treasury Metals' Goliath gold project   .  These initial results have provided Heritage with valuable information on the style and tenor of gold and base metal mineralization at DBL   , as we plan a more systematic field program for the wint   er months and into the 2023 exploration season.   The team collected a sample of quartz vein subcrop near T9 that reported a whopping 2,330g/t gold, this is the highest reported gold assay at DBL.   It is our interpretation that gold, silver, and polymetallic mineralized quartz veins and stockwork zones extend along strike and with depth, and that our ongoing regional evaluation program will continue to identify new veins across this highly under-explored land package.   The 2022 field team has done excellent work and our boots on the ground strategy continues to pay off as we further develop the   Drayton-Black Lake Project   ."  

 

  Summary:  

 

  Phase 1 channel sample results confirm widespread Au-Ag mineralization   hosted in deformation zones ranging from discrete 3-5m wide shear structures (New Millennium) to broad (> 200m) composite deformation zones (Alcona Main Area). Channel results along with grab samples confirm the presence of extensive,   structurally controlled and locally high-grade Au-Ag mineral systems.  

 

  Mineralization is typically associated with several styles of quartz-carbonate (+/- sulphide) veins ranging in thickness from less than 1.0cm to greater than 50cm wide. Vein orientations vary locally but in general reflect related and consistent structural settings at the prospect and target levels. Geophysical data indicates subtle folding patterns in magnetostratigraphy (e.g., mafic / felsic volcanic units) at both Alcona Main and New Millennium area, in addition to complex regional shear patterns throughout DBL. In several instances, veins and vein arrays are consistent with interpreted axial-parallel orientation and displacement. Many vein array orientations are also consistent with regional-scale structural elements that have not been previously recognized. This provides new context to historic results including more recent (e.g., 2018-2021) till geochemistry completed by previous operators.  

 

  Multi-element data from the Alcona Area suggest a strong positive relationship between Au-Ag-Te along with positive correlations between Au and several other potential pathfinder elements. Notably, mineralization at Moretti-Main displays lower Ag:Au ratios suggesting   multiple mineralization styles may occur in the northeastern half of the Drayton-Black Lake property. This is similar to Treasury Metals' Goliath gold project   (i.e. Goliath-Goldlund-Miller deposits)   located 25-   65 km   to the southwest in the   EWM   Greenstone Belt.  

 

  The Company is currently compiling and interpreting mapping and sampling data from the 2022 field program along with processing and interpretation of its newly acquired regional airborne Mag/EM survey data. In conjunction with data from previous operators,  staff are now preparing a follow-up program for a planned 2023 drill campaign.  

 

  Alcona-New Millennium  

 

  At least two mineralized deformation corridors consisting of multiple discrete zones of deformed volcanic rocks and shear parallel quartz veins.  

 
  •  

      Additional prospecting around historic trenches   recovered a sample of mineralized quartz vein float with visible gold that returned 2,330g/t (D909175)  

     
  •  
  •  

      Heritage staff were able to expose and sample a small portion of in situ quartz vein and this sample (D909173) returned 18.9g/t Au  

     
  •  

  Nine (9) channels were completed over the T1, T7 and T9 prospects comprising an area of 500m by 200m. There are two distinct structural trends identified at New Millennium: oriented N-S (T1) and E-W (T7 and T9).  

 
  •  

      T9 was assessed over 40m of strike with three (3) channels. Anomalous gold mineralization was encountered in all channels. Highlights include (total length):  

     
    •  

        oo   CH-22-18 (1.5m) - 0.81g/t Au over 1.5m; incl. 1.19g/t Au and 9.06g/t Ag over 0.5m  

       
    •  
    •  

        oo   CH-22-17 (3.0m) - 4.69g/t Au and 23.4g/t Ag over 0.5m  

       
    •  
    •  

        oo   CH-22-16 (4.2m) - 5.31g/t Au and 25.0g/t Ag over 0.5m  

       
    •  
  •  
  •  

      T7 was assessed over 10m with three (3) channels. Anomalous gold mineralization was encountered in all channels. Highlights include (total length):  

     
    •  

        oo   CH-22-11 (3.0m) - 11.2g/t Au over and 51.4g/t Ag over 1.0m  

       
    •  
  •  
  •  

      T1 was assessed over 50m strike with three (3) channels. Anomalous gold mineralization was encountered in channel CH-22-15 (0.229g/t Au and 1.15g/t Ag over 1.0m).  

     
  •  
  •  

      Field staff also uncovered a large, previously unsampled, outcrop in the T7 prospect area with extensive veining and alteration. Systematic chip sampling across 5m (N=6) returned anomalous gold values up to 1.3g/t Au.  

     
  •  

    
Click Image To View Full Size
 

 

  Figure 1: Alcona-New Millennium area showing historic and 2022 rock chip and channel sample results  

 

  Moretti  

 

  Mineralized deformation corridor over 2,500m of strike 500m wide consisting of discrete zones of deformed volcanic rocks and shear parallel quartz veins ranging from cm to metre scale.  

 

  At   Moretti-Main   , six (6) channels were completed over the north and south vein prospects comprising an area of 150m by 130m. Both steep, shear-parallel veins and shallow discordant vein sets were evaluated.  

 
  •  

      At the north vein prospect, a large, well exposed shallow-dipping discordant (to the NE-trending Moretti shear) vein was channeled along strike to assess the bulk gold tenor of that vein and confirm historical sample results. Highlights include (total length):  

     
    •  

        oo   CH-22-40 (10.0m) – 7.12g/t Au over 10m; incl. 51.5g/t Au and 1.38g/t Ag over 1.0m.  

       
      •  

         Including internal dilution with no cutoff applied  

         
      •  
    •  
    •  

        oo   The results compare well with historical sampling.  

       
    •  
    •  

        oo   High-grade gold samples typically exhibit low Ag/Au ratios, in contrast to those from the Alcona area.  

       
    •  
  •  
  •  

      At the south vein prospect, two shear-parallel veins were channeled, and both returned positive gold values. Highlights include (total length):  

     
    •  

        oo   CH-22-30 (1.5m) - 1.23g/t Au over 1.5m  

       
    •  
    •  

        oo   CH-22-31 (3.0m) - 1.58g/t Au over 1.0m  

       
    •  
  •  

    
Click Image To View Full Size
 

 

  Figure 2: Moretti area showing historic and 2022 rock chip and channel sample results  

 

  At   Moretti-Black Lake   , fifteen (15) channels were completed on multiple new and historical prospects.  

 
  •  

      Au values ranged from below detection to trace with a positive correlation between Au and Ag noted even in the lower tenor results.  

     
  •  
  •  

      Several of the channel sites were selected to test local deformation zones with well-developed ductile shear fabrics and moderate to intense carbonate alteration. Quartz veins were typically mm-scale with an Fe-carbonate association.  

     
  •  

  Many vein array orientations are also consistent with regional-scale structural elements that have not been previously recognized. This provides new context to historic results including more recent (e.g., 2018-2021) till geochemistry completed by previous operators.  

 

  Alcona-Main  

 

  Mineralized deformation corridor over   1km strike by 200m wide   consisting of multiple discrete zones of deformed volcanic rocks and shear parallel quartz veins   open in all directions   .  

 
  •  

      A total of 18 channel samples where completed, anomalous gold mineralization was encountered in all channels.  

     
  •  
  •  

      Confirm widespread Au-Ag mineralization at surface hosted in broad composite deformation corridors (200m) which is similar to the similar to the Goliath Deposit at Treasury Metals.  

     
  •  

    
Click Image To View Full Size
 

 

  Figure 3: Alcona Main area showing historic and 2022 rock chip and channel sample results  

 

  Nine (9) channels were completed over the North Vein Set and Central Vein Set prospects which comprise the eastern portion of the 200m wide Alcona Deformation Zone.  

 
  •  

      The North Vein Set was assessed over 220m of strike with six (6) channels. Anomalous gold mineralization was encountered in all channels. Highlights include (total length):  

     
    •  

        oo   CH-22-03 (2.0m) - 7.85g/t Au over 2.0m; incl. 19.2g/t Au and 72.8g/t Ag over 0.8m  

       
    •  
    •  

        oo   CH-22-04 (1.0m) - 1.06g/t Au over 1.0m; incl. 1.9g/t Au and 25.6g/t Ag over 0.5m  

       
    •  
    •  

        oo   CH-22-07 (9.0 m) - 1.17g/t Au and 3.01g/t Ag over 1.0m  

       
    •  
  •  
  •  

      The Central Vein Set was assessed over 130m of strike with three (3) channels. Anomalous gold mineralization was encountered in all channels. Highlights include (total length):  

     
    •  

        oo   CH-22-01 (5.1m) - 2.72g/t Au over 5.1m; incl. 9.41g/t Au and 25.7g/t Ag over 0.8m  

       
    •  
    •  

        oo   CH-22-02 (8.5m) - 21.9g/t Au and 121g/t Ag over 1.0m  

       
    •  
    •  

        oo   CH-22-08 (3.0m) - 0.86g/t Au over 3.0m; incl. 1.99g/t Au and 3.61g/t Ag over 1.0m  

       
    •  
  •  

  At   Alcona-Pond   , nine (9) channels were completed over the Pond prospect which comprise the western portion of the 200m wide Alcona Deformation Zone.  

 
  •  

      The 60m wide Pond prospect was assessed with six (6) channels. Anomalous gold mineralization was encountered in all channels. Highlights include (total length):  

     
    •  

        oo   CH-22-21 (11.5m) - 4.94g/t Au over 4.0m; incl. 15.75g/t Au and 45.1g/t Ag over 1.0m  

       
    •  
    •  

        oo   CH-22-22 (16.0m) - 2.17g/t Au over 3.5m; incl. 6.6g/t Au and 49.5g/t Ag over 1.0m  

       
    •  
    •  

        oo   CH-22-23 (15.1m) - 4.85g/t Au and 11.35g/t Ag over 1.1m  

       
    •  
  •  
  •  

      The west extension Pond channel added to the mineralized strike length by an additional 70m. Highlights include (total length):  

     
    •  

        oo   CH-22-26 (4.0m) - 0.78g/t Au over 3.0m; incl. 2.52g/t Au and 3.19g/t Ag over 1.0m  

       
    •  
  •  

  Table   1   . List of channel samples and prospects.  

 
                                                           
 

  Count  

 
 

  AREA  

 
 

  TARGET  

 
 

  PROSPECT  

 
 

  CHANNEL  

 
 

  (4)  

 
 

  Moretti  

 
 

  Main  

 
 

  North  

 
 

  28, 29, 40 and 41  

 
 

  (2)  

 
 

  South  

 
 

  30 and 31  

 
 

  (3)  

 
 

  Black Lake  

 
 

  Emerald  

 
 

  35, 36, and 37  

 
 

  (2)  

 
 

  Drag  

 
 

  38 and 39  

 
 

  (2)  

 
 

  Bloom  

 
 

  42 and 43  

 
 

  (5)  

 
 

  Bloom Road  

 
 

  44, 45, 46, 47 and 48  

 
 

  (2)  

 
 

  Holbrook  

 
 

  33 and 34  

 
 

  (1)  

 
 

  Stockwork  

 
 

  32  

 
 

  (6)  

 
 

  Alcona  

 
 

  Main  

 
 

  North Vein Set  

 
 

  3, 4, 5, 6, 7 and 9  

 
 

  (3)  

 
 

  Central Vein Set  

 
 

  1, 2 and 8  

 
 

  (9)  

 
 

  Pond  

 
 

  Pond (+ E and W)  

 
 

  19, 20, 21, 22, 23, 24, 25, 26, and 27  

 
 

  (3)  

 
 

  New Millennium  

 
 

  T1  

 
 

  10, 14 and 15  

 
 

  (3)  

 
 

  T7  

 
 

  11, 12 and 13  

 
 

  (3)  

 
 

  T9  

 
 

  16, 17 and 18  

 
 

  (48)  

 
 

  (2)  

 
 

  (5)  

 
 

  (14)  

 
 

  (48)  

 
 

For further information please see the Heritage's profile on SEDAR at   www.sedar.com     .   

 

  ABOUT   THE   DRAYTON-BLACK   LAKE   PROJECT  

 

The Drayton-Black Lake Project is located near the town of Sioux Lookout in Northern Ontario and comprises more than 15,000 Ha within the Eagle-Wabigoon-Manitou (" EWM ") Greenstone Belt along strike of and contiguous with Treasury Metals Inc.'s Goliath Gold-Silver Complex. There are numerous historic high-grade gold (silver, copper) prospects throughout the property within the Central Volcanic domain. All set within a broad multi-kilometer regional-scale deformation corridor with associated secondary and tertiary structural elements. Mineralization is typically shear-hosted quartz-carbonate veins with minor sulphides (1-5%). Locally, mineralized massive sulphide (Py +/- Cpy) occurrences have been documented. Some of the more sulphide rich Au + Au-Ag occurrences in the Southern Sedimentary domain have been notionally reclassified (e.g., Treasury Metal Goliath Deposit) as a hybrid or pre-orogenic atypical greenstone gold (POAGG).

 

Heritage employs a rigorous quality management system for field sampling and analysis. All samples and sample sites are described, photographed and geo-referenced and digitally archived at the time of sample collection. Material is securely bagged at the sample site and returned to the field office for secure storage. Sampled are delivered by Company personnel to the ALS laboratory in Thunder Bay, Ontario for prep. Samples are crushed (min. 1 kg) and pulverized (250 g; PREP-31A). Au values are determined by 50 g fire assay (Au-AA24), overlimit (Au) are treated with a gravimetric finish (Au-GRA22) and overlimit Ag are treated with acid digestion and ICP/FA finish (Ag-OG62). Multi-element analysis is provided by ICP-MS (ME-MS61). Blind duplicates, blanks, and CRM (Certified Reference Materials) are inserted on a regular basis and p ulps and rejects are retained for check and duplicate analysis.

 

Scientific and technical information contained in this press release has been prepared under the supervision of Stephen Hughes, P. Geo. Technical Advisor to HML, a qualified person within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects .

 

Sampling protocols, quality control and assurance measures and geochemical results related to historic results quoted in this news release (e.g., sampling, drilling, trenching and other data) have not been verified by the Qualified Person and therefore must be regarded as estimates.

 

  ABOUT   HERITAGE   MINING   LTD.  

 

The Company is a Canadian mineral exploration company advancing its two high grade gold-silver-copper projects in Northwestern Ontario. The Drayton-Black Lake and the Contact Bay projects are located near Sioux Lookout in the underexplored Eagle-Wabigoon-Manitou Greenstone Belt . Both projects benefit from a wealth of historic data, excellent site access and logistical support from the local community. The Company is well capitalized, with a tight capital structure.  

 

For further information, please contact:  

 

  Heritage   Mining   Ltd.  

 

Peter Schloo, CPA, CA, CFA

 

President, CEO and Director

 

Phone: (905) 505-0918

 

Email:   peter@heritagemining.ca   

 

  FORWARD-LOOKING   STATEMENTS  

 

This news release contains certain statements that constitute forward looking information within the meaning of applicable securities laws. These statements relate to future events of the Company. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "forecast", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe", "outlook" and similar expressions are not statements of historical fact and may be forward looking information. All statements, other than statements of historical fact, included herein are forward-looking statements.

 

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks include, among others, the inherent risk of the mining industry; adverse economic and market developments; the risk that the Company will not be successful in completing additional acquisitions; risks relating to the estimation of mineral resources; the possibility that the Company's estimated burn rate may be higher than anticipated; risks of unexpected cost increases; risks of labour shortages; risks relating to exploration and development activities; risks relating to future prices of mineral resources; risks related to work site accidents, risks related to geological uncertainties and variations; risks related to government and community support of the Company's projects; risks related to global pandemics and other risks related to the mining industry. The Company believes that the expectations reflected in such forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward‐looking information should not be unduly relied upon. These statements speak only as of the date of this news release. The Company does not intend, and does not assume any obligation, to update any forward‐looking information except as required by law.  

 

This document does not constitute an offer to sell, or a solicitation of an offer to buy, securities of the Company in Canada, the United States, or any other jurisdiction. Any such offer to sell or solicitation of an offer to buy the securities described herein will be made only pursuant to subscription documentation between the Company and prospective purchasers. Any such offering will be made in reliance upon exemptions from the prospectus and registration requirements under applicable securities laws, pursuant to a subscription agreement to be entered into by the Company and prospective investors.

 

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

 

Copyright (c) 2022 TheNewswire - All rights reserved.

 

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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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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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