TSXV:FWZ

Fireweed Intersects 4.42% Zinc over 212.70 m Including 25.58% Zinc over 5.81 m at Boundary Zone

 

Fireweed Zinc LTD. ("Fireweed") (TSXV: FWZ) is pleased to announce the first results from the 2020 drilling at the Macmillan Pass Project in Yukon, Canada. These results are from Boundary Zone, located 15 road kilometres west of the Tom-Jason deposits (see Map 1).

 

  Highlights  

 
  • Significant assays over wide sections have been received from the first two diamond drill holes, NB20-001 and NB20-002, drilled in the central Boundary Zone area.
  •  
  • Hole NB20-002 intersected 4.42% Zinc, 0.08% Lead and 10.7 g/t Silver over 212.70 m, including 25.58% Zinc, 0.14% Lead and 44.0 g/t Silver over 5.81 m.
  •  
  • Hole NB20-001 intersected 2.60% Zinc, 0.06% Lead and 5.9 g/t Silver over 246.68 m from surface including 23.62% Zinc, 0.22% Lead and 53.7 g/t Silver over 4.95 m.
  •  
  • Assays from other holes including the new discovery at Boundary Zone West are pending.
  •  

 

 

  Table 1: Highlights of initial 2020 results from central Boundary Zone (length and density weighted average assays).  

 
                                                                                                                                                                                
  Drill Hole    From (m)    To (m)    Interval (m)    Zinc (%)    Lead   (%)    Silver (g/t)    Bulk Density (t/m   3   )  
NB20-001 2.20 248.88 246.68 2.60 0.06 5.9 2.96
  >including   4.87 7.00 2.13 10.09 0.02 7.7 3.05
  >and   47.74 49.74 2.00 12.08 0.02 10.5 3.33
  >and   57.76 58.73 0.97 32.40 0.09 42.0 3.20
  >and   74.99 77.00 2.01 10.41 0.01 6.6 3.00
  >and   136.15 173.00 36.85 6.75 0.04 14.9 2.89
  >>including   136.15 141.10 4.95 23.62 0.22 53.7 3.15
  >>and   149.05 150.20 1.15 17.57 0.08 36.1 3.18
  >>and   156.42 157.70 1.28 14.96 0.01 26.4 2.95
  >>and   171.00 173.00 2.00 10.63 0.05 27.3 2.84
        
NB20-002 48.30 261.00 212.70 4.42 0.08 10.7 2.87
  >including   48.30 52.00 3.70 12.05 0.10 15.1 3.54
  >and   70.16 76.00 5.84 15.49 0.06 31.7 3.16
  >and   153.00 192.55 39.55 7.69 0.26 24.5 2.87
  >>including   160.00 171.00 11.00 11.46 0.25 33.7 2.89
  >>and   189.84 192.55 2.71 39.46 1.07 120.5 3.41
  >including   204.00 205.00 1.00 8.49 0.24 25.1 2.90
  and   227.00 260.00 33.00 8.38 0.04 14.7 2.88
  >including   228.19 234.00 5.81 25.58 0.14 44.0 3.15
  >and   239.00 250.00 11.00 8.20 0.01 14.2 2.87
 

  CEO Statement  
Brandon Macdonald, CEO, stated "These first assays have been a long time coming due to slow turn around at the lab while they operate under COVID-19 limitations. The assays reported here are from the first two holes drilled in the central Boundary Zone area in 2020. We are pleased to see more good grades extending this wide zone of mineralization with very high-grade sections to depth in the central Boundary Zone area. Overall a belated but great start to the 2020 drill assays."

 

  2020 Drill Results  
The 2020 drill program was completed in October, but these are the first assays to be announced due to slow turn around at the lab operating under COVID-19 limitations. Infill and step-out drilling at Boundary Zone (Map 2) has successfully encountered wide zones of zinc-lead mineralization, significantly expanding the extent of the known mineralization. Drill hole NB20-002, reported in this news release, was drilled obliquely, and in the opposite direction to previous drilling and extends central Boundary Zone 150 m beyond previously drilled mineralization in this direction. This 150 m extension includes high-grade zinc mineralization, such as the 33 m intersection of 8.38% Zinc (227-260 m) that includes 5.81 m of 25.58% Zinc (Table 1). Central Boundary Zone now extends from surface down to 300 m. The zone remains open at depth as hole NB20-002 was terminated in mineralization due to drilling difficulties and would otherwise have been drilled deeper.

 

At central Boundary Zone, Fireweed drill holes from 2020 (NB20-001 and NB20-002), and 2019 (NB19-001 and NB19-002) were all drilled at different azimuths or dips (see Map 2 and Section 1) to test whether vein orientations are biasing grades in drill holes oriented near-parallel to the veins. Consistent average zinc grades throughout all four holes suggest that there is not a significant grade bias that is dependent on drill orientation and that the mineralization comprises an approximately 230-250 m thick stratabound sequence with vein stockworks, breccias and replacement-style zinc mineralization. True widths of individual cm- to m-scale veins intersected in NB20-001 and NB20-002 vary greatly from 20% to 95% of intersected thicknesses but the overall true thickness of central Boundary Zone is 230-250 m.

 

A total of nine holes were drilled at Boundary Zone this season for 2,948 m (Map 2 and Table 4). Additional 2020 drill holes targeted a ground-gravity high anomaly surveyed in 2020 and resulted in the discovery of new wide sections of pyrite-sphalerite-galena mineralization, extending Boundary Zone at least 360 m to the west in a new discovery named Boundary Zone West. Assays for the discovery holes at Boundary Zone West are pending and descriptions of all holes drilled in the 2020 season are in Table 5.

 

  Boundary Zone Potential  
There is no mineral resource for Boundary Zone yet and the zone is not included in the current mineral resource estimate for the property (described in Fireweed news release dated January 10, 2018). Boundary Zone has potential to be mined in an open pit with a low strip ratio and to be upgraded through low cost, preconcentration ore sorting processes (see Fireweed news release dated July 31, 2019). Recent drill results at Boundary Zone along with Tom North Zone and End Zone (see Fireweed news releases dated August 20 and September 10, 2019, and November 15 and 29, 2018) represent potential for expansion of the large current mineral resources and improvement of Macmillan Pass project economics described in the current Preliminary Economic Assessment (PEA) (see Fireweed news release dated May 23, 2018).

 

  Boundary Zone Background  
Boundary Zone mineralization consists of sphalerite-siderite-pyrite and minor galena in veins, stockworks, disseminations, and as replacement of matrix and clasts within coarse clastic rocks. Drilling in 2020 at Boundary Zone West also identified stratiform mineralized sequences similar to the Tom and Jason deposits (see news release dated November 24, 2020).

 

Historical exploration work at Boundary Zone included geochemical and geophysical surveys as well as 24 drill holes that defined a central 200 x 800 m mineralized zone of zinc (-lead-silver) mineralization within a broader system over 2 km in strike length. Historical length-weighted average intersections 1 such as 224.0 m of 2.50% zinc and 0.30% lead, including 4.5 m of 16.40% zinc, are consistent with recent Fireweed drilling and demonstrated potential for bulk tonnage open pit mineralization.

 

In 2019, Fireweed drilled two holes into the central part of the known Boundary Zone mineralization. Both holes intersected wide zones of high-grade replacement-style and vein- and breccia-hosted zinc mineralization, including 100.0 m (true width) of 8.73% zinc from surface including 6.4 m of 43.53% zinc within 230.0 m of 4.51% zinc (see Tables 6A, 6B and Fireweed news release dated November 5 th , 2019).

 

  Notes on sampling, assaying, and data aggregation:  

 

The diamond drill core logging and sampling program was carried out under a rigorous quality assurance / quality control program using industry best practices. Drill intersections in this release are all HQ3 (split tube) size core (61.1mm / 2.4-inch diameter) with recoveries typically above 85%. After drilling, core was logged for geology, structure and geotechnical characteristics, marked for sampling, and photographed on site. The cores for analyses were marked for sampling based on geological intervals with individual samples 1.5 metres or less in length. Drill core from the Boundary Zone was cut lengthwise in half with a core saw; half-core was sent for assays reported in this news release, and the other half is stored on site for reference. Bulk density was determined on site for the entire length of each sample assayed by measurement of mass in air and mass in water. Sample duplicate bulk density determinations and in-house bulk density standard determinations were each made at a rate of 5%. Since 2017, four in-house bulk density standards (mineralized drill core from the Tom deposit that span a range of densities) have been used and show an acceptable long-term precision. Certified standard masses are used to calibrate the scale balance used for bulk density determinations.

 

A total of 5% assay standards or blanks and 5% core duplicates are included in the sample stream as a quality control measure and are reviewed after analyses are received. Standards and blanks in 2020 drill results to date have been approved as acceptable. Duplicate data add to the long-term estimates of precision for assay data on the project and precision for drill results reported is deemed to be within acceptable levels. Samples were sent to the Bureau Veritas preparation laboratory in Whitehorse, Yukon, where the samples were crushed and a 500 g split was sent to the Bureau Veritas laboratory in Vancouver, B.C to be pulverized to 85% passing 200 mesh size pulps. Clean crush material was passed through the crusher and clean silica was pulverized between each sample. The pulps were analyzed by 1:1:1 Aqua Regia digestion followed by Inductively Coupled Plasma Mass Spectrometry (ICP-ES/ICP-MS) multi-element analyses (BV Code AQ270). All samples were also analyzed for multiple elements by lithium borate fusion and Xray fluorescence analysis (XRF) finish (BV Code LF725). Over-limit Pb (>25.0%) and Zn (>24.0%) were analyzed by lithium borate fusion with XRF finish (BV Code LF726). Silver is reported in this news release by method AQ270, and zinc and lead are reported by LF725 or LF726. Bureau Veritas (Vancouver) is an independent, international ISO/IEC 17025:2005 accredited laboratory.

 

Results in this news release are length and bulk-density weighted averages as would be used in a Mineral Resource estimate. Readers are cautioned that in Fireweed news releases in prior years, only length weighted assay averages were reported which may result in slightly lower (under reported) average values. To allow comparison of 2019 Boundary Zone drilling with 2020 results, 2019 intersections from holes NB19-001 and NB19-002 have been re-stated in Tables 6A and 6B as length and bulk-density weighted averages (originally reported in Fireweed news releases dated 16 th October and 5 th November 2019). Length and bulk-density weighted averages have been reported as these most accurately represent the average metal-content of the intersections.

 

  Qualified Person Statement  
Technical information in this news release has been approved by Gilles Dessureau, P.Geo, Vice President Exploration and a ‘Qualified Person' as defined under Canadian National Instrument 43101.

 

  About Fireweed Zinc Ltd. (TSXV: FWZ):  Fireweed Zinc is a public mineral exploration company focused on zinc and managed by a veteran team of mining industry professionals. The Company is advancing its district-scale 940 km 2 Macmillan Pass Project in Yukon, Canada, which is host to the 100% owned Tom and Jason zinc-lead-silver deposits with current Mineral Resources and a PEA economic study (see Fireweed news releases dated January 10, 2018, and May 23, 2018, respectively, and reports filed on www.sedar.com for details) as well as the Boundary Zone, 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 (MAC, MC, MP, Jerry, BR, NS, Oro, Sol, Ben, and Stump) which cover exploration targets in the district where previous and recent work identified zinc, lead and silver prospects, and geophysical and geochemical anomalies in prospective host geology.

 

Additional information about Fireweed Zinc and its Macmillan Pass Zinc Project including maps and drill sections can be found on the Company's website at www.FireweedZinc.com and at www.sedar.com .

 

  ON BEHALF OF Fireweed Zinc LTD.  

 

  "    Brandon Macdonald    "  

 

CEO & Director

 

Contact:
Brandon Macdonald
Phone: 604-646-8361

 

  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  
This news release may contain "forward-looking" statements and information relating to the Company and the Macmillan Pass Project 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. Additional risks are set out in the Company's prospectus dated May 9, 2017, and filed under the Company's profile on SEDAR at www.sedar.com . 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.

 

Footnotes:

 
  1. Historic results for the Boundary Zone reported in this news release are taken from historic reports prepared by previous operators. Neither the Company or the Qualified Person has done sufficient work to verify these results and therefore these results should not be relied upon. The Company is including them for information purposes to explain the basis for the exploration target and reasons for drilling.


  2.  

Photos accompanying this announcement are available at

 

  https://www.globenewswire.com/NewsRoom/AttachmentNg/06f98a10-3cdf-40a9-93a6-1f28eb4c331d  

 

  https://www.globenewswire.com/NewsRoom/AttachmentNg/a348cbb7-ae75-44af-a43f-1332010bcc5c  

 

  https://www.globenewswire.com/NewsRoom/AttachmentNg/375b0cc2-762a-4336-b623-dd77c55e051e  

 

 

 

Table 2: Boundary Zone drill hole NB20-001 detailed results.

 
                                                                                                                                                        
  Drill Hole    From (m)    To (m)    Interval (m)    Zinc (%)    Lead (%)    Silver (g/t)    Bulk Density (t/m3)  
NB20-001 2.20 248.88 246.68 2.60 0.06 5.9 2.96
  >including   4.87 174.00 169.13 3.13 0.02 5.9 2.97
  >>including   4.87 7.00 2.13 10.09 0.02 7.7 3.05
  >>and   47.74 49.74 2.00 12.08 0.02 10.5 3.33
  >>and   57.76 58.73 0.97 32.40 0.09 42.0 3.20
  >>and   74.99 77.00 2.01 10.41 0.01 6.6 3.00
  >>and   82.48 83.38 0.90 10.26 0.02 14.2 2.82
  >>and   136.15 173.00 36.85 6.75 0.04 14.9 2.89
  >>>including   136.15 141.10 4.95 23.62 0.22 53.7 3.15
  >>>and   149.05 150.20 1.15 17.57 0.08 36.1 3.18
  >>>and   156.42 157.70 1.28 14.96 0.01 26.4 2.95
  >>>and   166.00 167.00 1.00 10.58 0.04 24.5 2.73
  >>>and   171.00 173.00 2.00 10.63 0.05 27.3 2.84
  >and   174.00 202.40 28.40 0.50 0.02 1.7 2.77
  >and   202.40 220.00 17.60 2.02 0.21 11.1 3.06
  >and   220.00 233.00 13.00 0.56 0.41 7.5 3.11
  >and   233.00 248.88 15.88 3.07 0.09 6.5 3.01
  268.54 278.25 9.71 1.63 0.14 4.6 3.00
 

 

 

Table 3: Boundary Zone drill hole NB20-002 detailed results.

 
                                                                                                                                        
  Drill Hole    From (m)    To (m)    Interval (m)    Zinc (%)    Lead (%)    Silver (g/t)    Bulk Density (t/m3)  
NB20-002 48.30 261.00 212.70 4.42 0.08 10.7 2.87
  >including   48.30 192.55 144.25 4.38 0.10 11.6 2.90
  >>including   48.30 52.00 3.70 12.05 0.10 15.1 3.54
  >>and   70.16 76.00 5.84 15.49 0.06 31.7 3.16
  >>and   153.00 192.55 39.55 7.69 0.26 24.5 2.87
  >>>including   160.00 171.00 11.00 11.46 0.25 33.7 2.89
  >>>and   189.84 192.55 2.71 39.46 1.07 120.5 3.41
  >and   192.55 227.00 34.45 0.72 0.02 3.0 2.77
  >>including   204.00 205.00 1.00 8.49 0.24 25.1 2.90
  >and   227.00 260.00 33.00 8.38 0.04 14.7 2.88
  >>including   228.19 234.00 5.81 25.58 0.14 44.0 3.15
  >>and   239.00 250.00 11.00 8.20 0.01 14.2 2.87
  277.00 309.00 32.00 1.72 0.01 1.8 2.89
  >including   282.00 283.00 1.00 5.98 0.001 3.8 2.97
  >and   293.00 296.00 3.00 4.26 0.002 4.4 2.98
  >and   304.00 307.00 3.00 4.12 0.003 1.5 2.92
 

 

 

Table 4: 2020 drill hole collar data.

 

Diamond Drill Hole Collars

 
                                                                                        
  Drill Hole    Length (m)    Zone    Easting*    Northing*    Elevation (m)    Dip (°)    Grid Azimuth (°)  
NB20-001 303.5 Boundary Zone 422440 7010418 1164 -54 270
NB20-002 320.0 Boundary Zone 422336 7010329 1132 -50 020
NB20-003 152.0 Boundary Zone 421557 7010456 1200 -50 185
NB20-004 333.0 Boundary Zone 422049 7010614 1218 -50 215
NB20-005 143.0 Boundary Zone 422277 7010313 1129 -50 215
NB20-006 203.0 Boundary Zone 422277 7010313 1129 -80 215
NB20-007 90.0 Boundary Zone 421951 7010538 1200 -70 215
NB20-008 324.0 Boundary Zone 422216 7010354 1139 -50 215
NB20-009 447.2 Boundary Zone 421951 7010538 1200 -75 215
MP20-001 632.0 240 Mile 438698 7003094 1311 -60 295
 

  *UTM Zone 9 NAD83  

 

 

 

Reverse Circulation (RC) Drill Hole Collars

 
                                                                                
  Drill Hole    Length (m)    Zone    Easting*    Northing*    Elevation (m)    Dip (°)    Grid Azimuth (°)  
TRC20-001 7.6 Tom West 442065 7003667 1547 -50 066
TRC20-002 82.3 Tom West 442071 7003663 1547 -80 066
TRC20-003 64.0 Tom West 442071 7003663 1547 -55 066
TRC20-004 64.0 Tom West 442071 7003663 1547 -70 089
TRC20-005 47.2 Tom West 442071 7003663 1547 -55 129
TRC20-006 36.6 Tom West 442049 7003678 1545 -80 065
TRC20-007 98.45 Tom North 441654 7004507 1422 -51 076
JRC20-001 47.24 Jason Main 436437 7002774 1298 -50 027
JRC20-002 59.44 Jason Main 436533 7002772 1300 -65 011
 

  *UTM Zone 9 NAD83  

 

 

 

Table 5: 2020 drill hole results and observations.
Diamond Drill Hole Descriptions – assays pending where noted.

 
                                                       
  Drill Hole    Length (m)    Zone    Target    Results and Observations  
NB20-001 303.5 Boundary Zone BZ core infill Wide zone encountered. Results reported in this news release.
NB20-002 320.0 Boundary Zone BZ core infill/step-out Wide zone encountered. Hole abandoned at 320 m in mineralization due to drilling problems. Results reported in this news release.
NB20-003 152.0 Boundary Zone Gravity high anomaly ~800 m west of BZ No significant mineralization. Gravity anomaly explained by dense sedimentary rock unit
NB20-004 333.0 Boundary Zone Gravity high anomaly 360 m west of BZ Wide zone encountered. Assays pending.
NB20-005 143.0 Boundary Zone BZ step-out to south No significant mineralization.
NB20-006 203.0 Boundary Zone BZ step-out to south Minor mineralization encountered.
NB20-007 90.0 Boundary Zone Gravity high 360 m W of BZ Hole abandoned due to drilling problems and re-drilled as NB20-009.
NB20-008 324.0 Boundary Zone Gravity high anomaly 200 m west of BZ and step-out 80 m west of previous drilling Wide zone encountered. Assays pending.
NB20-009 447.2 Boundary Zone Gravity high anomaly 360 m W of BZ Wide zone encountered. Assays pending.
MP20-001 632.0 240 Mile Target Gravity high anomaly between the Tom and Jason deposits Hole suspended before reaching target horizon; casing left in place to allow resumption of drilling next season.
 

 

 

Reverse Circulation (RC) Drill Hole Descriptions – assays pending.

 
                                                  
  Drill Hole    Length (m)    Zone    Target    Results and Observations  
TRC20-001 7.6 Tom West Infill Hole abandoned at casing due to drilling problems
TRC20-002 82.3 Tom West Infill Tom West zone intersected. Assays pending.
TRC20-003 64.0 Tom West Infill Tom West zone intersected Assays pending.
TRC20-004 64.0 Tom West Twin of historic hole Successful twin with good recovery. Assays pending.
TRC20-005 47.2 Tom West Step-out Hole abandoned before target depth due to drilling problems
TRC20-006 36.6 Tom West Infill Hole abandoned before target depth due to drilling problems
TRC20-007 98.45 Tom North Infill Tom North zone intersected. Assays pending.
JRC20-001 47.24 Jason Main Infill Jason Main zone intersected. Assays pending.
JRC20-002 59.44 Jason Main Infill Jason Main zone intersected. Hole abandoned in mineralization. Assays pending.
 

 

 

Table 6A: 2019 drill results from hole NB19-001 reported as length and bulk density weighted averages.

 
                                                                                                            
  Drill Hole   3    From (m)    To (m)    Interval (m)    Estimated True Width (m)    Zinc (%)    Lead (%)    Silver (g/t)    Bulk Density (t/m   3   )  
NB19-001 6.00 278.45 272.45 230 3.72 0.47 13.1 3.08
  >including   6.00 117.00 111.00 97.3 6.08 0.05 10.4 3.08
  >>including   93.69 117.00 23.31 20.4 17.63 0.10 30.4 3.19
  >>>including   93.69 98.54 4.85 4.3 31.94 0.14 39.6 3.49
  >>>>including   94.84 95.85 1.01 0.9 47.70 0.21 50.2 3.57
  >>>and   111.40 117.00 5.60 4.9 29.95 0.20 65.9 3.40
  >>>>including   113.54 117.00 3.46 3.0 36.39 0.27 83.0 3.62
  >and   226.20 238.05 11.85 Undetermined 9.37 4.91 77.0 3.43
  >>including   230.30 236.00 5.70 Undetermined 12.13 7.92 118.3 3.45
  >>>including   230.30 233.22 2.92 Undetermined 19.00 3.01 74.9 3.27
  >>>and   233.88 236.00 2.12 Undetermined 6.34 15.07 190.4 3.84
 

 

 

Table 6B: 2019 drill results from hole NB19-002 reported as length and bulk density weighted averages.

 
                                                                                                                                                         
  Drill Hole    From (m)    To (m)    Interval (m)    Estimated True Width (m)    Zinc (%)    Lead (%)    Silver (g/t)    Bulk Density (t/m   3   )  
NB19-002 8.00 330.00 322.00 230 4.51 0.33 10.6 3.07
  >including   8.00 150.30 142.30 100 8.73 0.11 12.0 3.08
  >>including   8.00 14.00 6.00 4.2 5.60 0.02 5.4 3.44
  >>and   27.80 40.10 12.30 8.7 9.37 0.04 11.8 3.34
  >>and   82.35 83.13 0.78 0.6 41.00 0.91 72.2 3.38
  >>and   115.81 127.00 11.19 7.9 19.30 0.09 38.6 3.07
  >>>including   115.81 116.19 0.38 0.3 31.60 0.06 44.8 3.29
  >>>and   120.64 127.00 6.36 4.5 29.65 0.14 60.0 3.29
  >>>>including   122.80 124.94 2.14 1.5 44.32 0.27 94.0 3.60
  >and   139.35 148.42 9.07 6.4 43.53 0.72 42.5 3.79
  >>including   140.48 142.52 2.04 1.4 55.18 1.81 79.4 3.42
  >>and   145.65 146.53 0.88 0.6 61.67 0.20 61.2 3.93
  >and   150.30 330.00 179.70 130 1.15 0.50 9.5 3.06
  >>including   289.81 307.70 17.89 undetermined 3.16 1.92 31.2 3.59
  >>>including   289.81 291.98 2.17 undetermined 6.30 4.97 73.0 4.24
  >>and   304.65 307.70 3.05 undetermined 5.67 4.19 64.3 3.53
 

 

 

  Primary Logo 

 

News Provided by GlobeNewswire via QuoteMedia

The Conversation (0)
Fireweed Metals (TSXV:FWZ)

Fireweed Metals


Keep reading...Show less

Developing a world-class critical minerals district in Yukon, Canada

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

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

 

(TheNewswire)

 
       
  Prismo Metals Inc. 
                
 

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

 

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

  

 

  Exceptional Grades and Untapped Potential  

 

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

 

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

 

  Strategic Location — World-Class Neighbors  

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    
Click Image To View Full Size
 

 

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

 

    
Click Image To View Full Size
 

 

Land map of the Silver King mine.

 

    
Click Image To View Full Size
 

 

Drone view of the Silver King mine.

 

     

 

The Silver King mine in the late 1800's.

 

    
Click Image To View Full Size
    
Click Image To View Full Size
 

 

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

 

  Deal description  

 

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

 

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

 

  Private Placement  

 

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

 

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

 

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

 

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

 

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

 

  Debt Settlements  

 

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

 

  Share and Warrants Issuance  

 

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

 

  Qualified Person  

 

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

 

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

 

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

 

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

 

  About Prismo Metals Inc.  

 

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

 

  Please follow @PrismoMetals on   ,   ,   ,    Instagram    , and  

 

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

 

  Contact:  

 

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

 

  Gordon Aldcorn, President    gordon.aldcorn@prismometals.com   

 

  Cautionary Note Regarding Forward-Looking Information  

 

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

 

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

 

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

 

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

 

Copyright (c) 2025 TheNewswire - All rights reserved.

 

 

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
Bold Ventures Provides Update on Field Work at Burchell Property

Bold Ventures Provides Update on Field Work at Burchell Property

 

Bold Ventures Inc. (TSXV: BOL) (the "Company" or "Bold") is pleased to provide an update on the progress of field work at its Burchell Gold and Copper Property, located approximately 100 km west of Thunder Bay.

 

Prospecting, outcrop mapping and soil sampling were carried out during the months of May and June on a 1 km by 800 m flagged grid centered on the recently discovered 111 Zone, where grab samples returned between 10 ppb gold and 68 g/t gold last December (see news releases dated December 12, 2024 and January 9, 2025). More than 600 rock and soil samples have been submitted for analysis from this first phase of field work, with final results pending.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Juggernaut Announces Financing Of $1,000,000 From One Strategic Investor

Juggernaut Announces Financing Of $1,000,000 From One Strategic Investor

 

(TheNewswire)

 
        
  Juggernaut Exploration Ltd. 
                   
 

Vancouver, British Columbia July 3 rd 2025 TheNewswire - Juggernaut Exploration Ltd. (TSX-V: JUGR) (OTCQB: JUGRF) (FSE: 4JE) (the "Company" or "Juggernaut"), is pleased to announce a $1,000,000 hard dollar financing from one strategic investor, further confirming the support and excitement of the newly discovered 11 km Highway of Gold surrounding the Eldorado porphyry system on the Big One property. The discovery is in an area of glacial and snowpack abatement next door to the gold-rich porphyry systems at Newmont Mining's Galore Creek. The Big One Property is a discovery previously announced Jan 20 th (Click Link) with assays up to 79.01 gt gold (2.54 ozt gold) and 3157.89 gt silver (101.5 ozt silver) from over 200 gold-silver-copper rich polymetallic veins up to 8 m wide and striking for up to 500 m that all remain open at surface. The Big One Project covers 33,693 hectares in a globally ranked tier 1 jurisdiction with tremendous additional discovery potential in the heart of the Golden Triangle, British Columbia.

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
Anteros Returns High-Grade Lead-Zinc-Silver in Surface Samples from the MMZ at its Havens Steady VMS Property, Newfoundland

Anteros Returns High-Grade Lead-Zinc-Silver in Surface Samples from the MMZ at its Havens Steady VMS Property, Newfoundland

 

Anteros Metals Inc. (CSE: ANT) ("Anteros" or the "Company") is pleased to announce assay results from six grab samples collected at the Main Mineralized Zone ("MMZ") of its wholly-owned, road-accessible Havens Steady VMS Property ("Havens Steady" or the "Property") in central Newfoundland. These samples confirm high-grade lead-zinc-silver mineralization at surface and show associated gold and copper enrichment consistent with a polymetallic volcanogenic massive sulphide ("VMS") system.

 

The grab samples were collected during a recent field visit, focused on confirming the tenor and extent of exposed mineralization within the MMZ. All samples were collected from bedrock outcroppings of gossanous surface material. Surface grab sample highlights are given in Table 1, below.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×