Osisko Metals Releases 2024 Pine Point Mineral Resource Estimate: 49.5Mt of Indicated Mineral Resources Grading 5.52% ZnEq and 8.3Mt of Inferred Mineral Resources Grading 5.64% ZnEq

Osisko Metals Releases 2024 Pine Point Mineral Resource Estimate: 49.5Mt of Indicated Mineral Resources Grading 5.52% ZnEq and 8.3Mt of Inferred Mineral Resources Grading 5.64% ZnEq

 

Osisko Metals Incorporated (the " Company " or " Osisko Metals ") ( TSX-V: OM ; OTCQX: OMZNF ; FRANKFURT: 0B51 ) is pleased to announce the 2024 Mineral Resource Estimate Update (" 2024 MRE ") for the Pine Point Project ("Pine Point" or "the Project"), located near Hay River, in the Northwest Territories of Canada. The 2024 MRE was prepared by BBA Inc. ("BBA") and PLR Resources Inc. and will form the resource base for a Feasibility Study ("FS") that is planned to officially start in Q3 2024. Cut-off grades are based on estimated long-term metal prices, mining costs, metal recoveries, concentrate transport, and smelter costs. The definition drill program supporting the 2024 MRE was executed between 2018 and 2024.

 

  Highlights:  

 
  •   Indicated Mineral Resources of 49.5Mt grading 4.22% zinc and 1.49% lead (5.52% Zinc Equivalent ("ZnEq")) containing approximately 4.6 billion pounds of zinc and 1.6 billion pounds of lead in situ (undiluted).  
  •  
  •   Inferred Mineral Resources of 8.3Mt grading 4.18% zinc and 1.69% lead (5.64% Zinc Equivalent ("ZnEq")) containing approximately 0.7 billion pounds of zinc and 0.3 billion pounds of lead in situ (undiluted).  
  •  
  •   Compared to the previous MRE, the conversion of Inferred Mineral Resources (see    press release dated July 13, 2022    ) increased the tonnage of the current Indicated Mineral Resources by 214% with an associated decrease in the quantity of Inferred Mineral Resources.  
  •  
  •   Mineral Resources reported for the 2024 MRE used variable cut-off grades between 1.41% and 1.51% ZnEq for open pit resources and between 4.10% and 4.40% ZnEq for underground resources.  
  •  
  •   The project's East Mill, Central, and North Zones now contain approximately 36.2Mt of Indicated Mineral Resources grading 5.22% ZnEq, or 3.2 billion pounds of zinc and 1.1 billion pounds of lead in situ.  
  •  
  •   New metallurgical test work is in progress. Previous metallurgical test work described in the 2022 PEA (see    press release August 29, 2022    ) highlighted Pine Point as a potential producer of among the cleanest, high-grade zinc and lead concentrates globally. This adds value to the project as any and probably most smelter clients would want some Pine Point concentrate for blending purposes.  
  •  

A Technical Report supporting this 2024 MRE will be filed within 45 days.

 

Robert Wares, CEO and Chairman of the Board, commented, " We are very happy to have met a critical milestone with this MRE that successfully converted the majority of the mineral resources to the Indicated category. With our partner Appian Capital Advisory LLP, we can now rapidly advance Pine Point to the Feasibility Stage following finalization of trade-off studies."  

 

Jeff Hussey, CEO of Pine Point Mining Limited, stated, " This represents the culmination of a multi-year definition drill program that raised the confidence level in the mineral resource base for the Feasibility Study. We will also continue exploring for new deposits and should significant discoveries be made this summer; they will be rapidly incorporated into the final inventory."  

 

The project has significant supporting infrastructure, including access by paved roads, a railhead in Hay River, and an on-site hydroelectric substation. Additionally, the project benefits from one hundred kilometres of pre-existing mine haul roads from the original mining operations. These provide access to most of the deposits in the 2024 MRE. The future concentrator and camp location will be adjacent to the original concentrator area.

 

The 2024 MRE is divided into five geographic zones, each composed of one or more individual deposits (see Map 1 and Table 1).

 

  Table 1: 2024 Mineral Resource Estimate for Pine Point  

 

 

 
                                                                                                                                                                                                                                                          
               
      Indicated     Inferred  
               
  Method    Zone    Cut-off
Grade
 
   Tonnage    ZnEq     Pb    Zn     Tonnage    ZnEq     Pb    Zn  
            
  (ZnEq %)     (kt)    (%)     (%)    (%)     (kt)    (%)     (%)    (%)  
  Pit Constrained
Mineral Resources
 
Central 1.41   7,400 6.21   1.50 4.91   498 4.50   0.75 3.84
East Mill 1.41   10,047 4.69   1.11 3.72   1,051 3.54   0.73 2.90
North 1.41 - 1.44   18,763 5.10   1.47 3.82   680 4.08   0.65 3.52
N204 1.51   8,923 4.05   0.90 3.27   3,027 4.20   0.92 3.40
               
  Underground Mineral
Resources
 
Central 4.40   121 6.66   0.81 5.95   63 5.62   1.44 4.37
West 4.10 - 4.40   4,215 11.21   3.69 8.00   2,934 8.44   3.55 5.35
               
  Total Pit Constrained   1.41 - 1.51   45,133 4.99   1.28 3.87   5,256 4.08   0.65 3.52
  Total Underground   4.10 - 4.40   4,336 11.08   3.61 7.94   2,997 8.38   3.51 5.33
               
  Total Combined     49,469 5.52   1.49 4.22   8,253 5.64   1.69 4.18
 

 

 
            
  Notes:  
   1)    All tonnages are rounded to the nearest thousand tonnes.  
   2)    ZnEq percentages are calculated using metal prices, forecasted metal recoveries, concentrate grades, transport costs, smelter payable metals and charges.  
   3)    Pit-constrained cut-off grades vary primarily due to variable transportation distances to the presumed concentrator location.  
  The weighted average strip ratio for all modelled pit-constrained mineralization is 5.8:1.  
 
 

Compared to the 2022 Mineral Resource Estimate, there is a decrease in overall tonnage, however grades remain similar. The key factors include:

 
  • Tighter parameters guiding reasonable prospects for eventual economic extraction driven by increased knowledge on project OPEX and mining parameters.
    • Open Pit: Whittle optimization parameters as well as the increased cutoff grade (+13%) and an increase in tonnage [+0.4%], due to the conversion of the Underground Central zone that is now being declared as Open Pit resources.
    •  
    • Underground (West): Tighter stope optimization parameters; decrease in tonnage [-29%]
    •  
    • Underground (Central): Tighter stope optimization parameters and most of the 2022 underground material that is now tonnage declared inside pit shells [-93%]
    •  
  •  

The in-pit MRE is constrained within pit shells that were developed from a pit optimization analysis that was done with Geovia Whittle 2022 software using the economic and operating parameters presented below:

 

  Table 2: Pit Optimization Parameters  

 
                                                                                              
  Parameter    Unit    Input  
  Mine Site Costs    
Mining Cost – Overburden 1 C$/t mined 2.63  
Mining Cost - Mineralized Material 1 C$/t mined 3.85  
Mining Cost – Waste 1 C$/t mined 3.85  
Transport Mineralized Material to Mill C$/t mined 0.13  
Processing Cost C$/t milled 11.00  
Power Cost 2 C$/t milled 5.00  
Waste and Water Management Cost C$/t milled 2.00  
G&A Cost C$/t mined 8.50  
  Recoveries    
Average Zinc % 87 %
Average Lead % 93 %
Zinc Concentrate Grade % 60 %
Lead Concentrate Grade % 65 %
  Zinc Concentrate Costs    
Transport from mine to Smelter C$/wmt 215.80  
Smelter Cost C$/dmt 266.50  
  Lead Concentrate Costs    
Transport from mine to Smelter C$/wmt 261.30  
Smelter Cost C$/dmt 152.10  
  Metal Prices    
Zinc US$/lb 1.30  
Lead US$/lb 1.00  
Exchange Rate   1.30  
 

  1 – Includes dewatering costs
  2 - Process plant power cost is included in Power Cost  

 

  Table 3: Underground Parameters  

 
                                                                                      
  Parameter    Unit    Input  
  Mine Site Costs    
Mining Cost – LHS 1 C$/t mined 54.22  
Mining Cost - R&P 1 C$/t mined 59.99  
Processing Cost C$/t milled 11.00  
Power Cost 2 C$/t milled 5.00  
Waste and Water Management Cost C$/t milled 2.00  
G&A Cost C$/t mined 8.50  
  Recoveries    
Average Zinc % 87 %
Average Lead % 93 %
Zinc Concentrate Grade % 60 %
Lead Concentrate Grade % 65 %
  Zinc Concentrate Costs    
Transport from mine to Smelter C$/wmt 215.80  
Smelter Cost C$/dmt 266.50  
  Lead Concentrate Costs    
Transport from mine to Smelter C$/wmt 261.30  
Smelter Cost C$/dmt 152.10  
  Metal Prices    
Zinc US$/lb 1.30  
Lead US$/lb 1.00  
Exchange Rate   1.30  
 

  1 – Includes dewatering costs.  
2 - Process plant power cost is included in Power Cost  

 

  Open Pit and Underground Mineralization  

 

Prismatic-style deposits are defined by greater than 10 metres of greater than 10% zinc + lead, with a distinct vertical aspect of the deposit outline that crosscuts stratigraphy. Vertical thicknesses of mineralization can exceed 70 metres, and they have horizontal cross-sections of less than 200 by 200 metres.

 

Tabular-style deposits comprise sub-horizontal, stratabound mineralization extending over a significant strike length at varying lateral widths from 50 to 200 metres wide. The strike extent can be in the order of kilometres. Mineralization thickness averages about 3 metres and can range from 1 metre to, very locally, greater than 10 metres.

 

The open pit portion of the 2024 MRE includes mostly shallow tabular-style deposits, with the remainder being shallow prismatic-style deposits. The underground portion of the 2024 MRE includes deeper prismatic-style mineralization and easily accessible tabular-style mineralization found adjacent to the pit wall boundaries of certain deposits.

 

  Metallurgy  

 

Metallurgical test work is in progress and will provide data to support the flow-sheet design for the process plant, including comminution tests, pre-concentration tests (Ore Sorting and Dense Media Separation (DMS)), flotation tests and dewatering tests. The Company is also investigating concentrations of the critical metals Indium (In), Germanium (Ge), and Gallium (Ga) in the Zinc concentrate produced from flotation tests and in sphalerite mineralization within the various Zones.

 

  2024 Drill Program  

 

A brownfield exploration campaign is underway. The program is focused on discovering high-grade prismatic-style deposits. One drill was active in March and tested three high-potential target areas. Results are pending. Additional targets are ready for drilling, and new targets are continually being developed. The plan is to diligently test these exploration targets this summer.

 

Induced polarization and magnetic surveys are best suited for geophysical targeting of these types of deposits. Surveys over in situ prismatic-style deposits were used for calibration purposes for these geophysical methods. Targets are generated by using a combination of airborne gravity gradiometry data, LiDAR, AeroTEM survey, structural lineament interpretation, and trend analysis. The search has been expanded to adjacent carbonate formations that the Company believes are fertile for discovery.

 

  Notes Regarding This Mineral Resource Estimate  

 

  Mineral Resource Estimate  

 
  1. The independent qualified person for the 2024 MRE, as defined by National Instrument ("NI") 43-101 guidelines, is Pierre-Luc Richard, P.Geo., of PLR Resources Inc and subcontracted by BBA Inc. The effective date of the 2024 MRE is May 31, 2024. Mr. Richard has also approved the technical contents of this press release.
  2.  
  3. These mineral resources are not mineral reserves as they have not demonstrated economic viability. The quantity and grade of reported Inferred Resources in this MRE are uncertain in nature, and there has been insufficient exploration to define these Inferred Resources as Indicated or Measured. However, it is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
  4.  
  5. Resources are presented as undiluted and in situ for an open-pit and underground scenario and are considered to have reasonable prospects for economic extraction.
  6.  
  7. The 2024 MRE was prepared using Leapfrog Edge v.2023.2.1 and is based on 20,682 surface drill holes and 181,313 samples, of which 17,428 drill holes and a total of 92,652 assays were included in the modelled mineralization. The drill hole database includes recent drilling of 148,026 metres in 2,258 drill holes since 2017 and also incorporates Cominco Ltd.'s historical drill holes, the use of which was partially validated by a drill hole collar survey, twinning programs and a partial core resampling program. The cut-off date for the drill hole database was April 30, 2024.
  8.  
  9. The 2024 MRE encompasses 103 zinc-lead-bearing zones, each defined by a series of individual wireframes with a minimum true thickness of 2.5 metres.
  10.  
  11. High-grade capping was done on the composited assay data and established on a per-zone basis for zinc and lead. Capping grades vary from 15% to 45% Zn and 5% to 40% Pb.
  12.  
  13. Density values were calculated based on the formula established and used by Cominco Ltd. during their operational period between 1964 and 1987. Density values were calculated from the density of dolomite, adjusted by the amount of sphalerite, galena, and marcasite/pyrite as determined by metal assays. A porosity of 5% was assumed. Waste material was assigned the density of porous dolomite.
  14.  
  15. Grade model resource estimation was calculated from drill hole data using an Ordinary Kriging interpolation method in a sub-blocked block model using blocks measuring 5 m x 5 m x 2.5 m in size and sub-blocks down to 1.25 metres x 1.25 metres x 0.625 metres.
  16.  
  17. Zinc equivalency percentages are calculated using long-term metal prices indicated below in (10), forecasted metal recoveries, concentrate grades, transport costs, smelter payable metals and charges.
  18.  
  19. The estimate is reported using a ZnEq cut-off varying from 1.41% to 1.51% for open-pit resources and 4.10% to 4.40% for underground resources. Variations consider trucking distances from the pit-constrained mineralization to the mill and metallurgical parameters for each area. The cut-off grade was calculated using the following parameters (amongst others): zinc price = USD1.30/lb; lead price = USD1.00/lb; CAD:USD exchange rate = 1.30. The cut-off grade will be re-evaluated considering future prevailing market conditions and costs.
  20.  
  21. The Inferred Mineral Resource category is constrained to areas where drill spacing is less than 100 metres, and where reasonable geological and grade continuity is shown. The Indicated Mineral Resource category is constrained to areas where modern drilling has been completed, where drill spacing is less than 30 metres, and where reasonable geological and grade continuity is shown. When needed, a series of clipping boundaries were created manually in plan views to either upgrade or downgrade classification. The maximum drill spacing judged acceptable when creating these clipping boundaries was 50m for the indicated category.
  22.  
  23. The pit optimization used to develop the Mineral Resource-constraining pit shells was done using Geovia Whittle 2022. The constraining pit shells were developed using overall pit slopes per area and by individual pits based on a preliminary geotechnical report. The rock slopes range from 38° to 52° with an average of 49°, and the overburden slopes range from 33° to 45° with an average of 38°.
  24.  
  25. Calculations used metric units (metre, tonne). Metal contents are presented in percentages or pounds. Metric tonnages were rounded, and any discrepancies in total amounts are due to rounding errors.
  26.  
  27. CIM definitions and guidelines for Mineral Resource Estimates have been followed.
  28.  
  29. The QP is unaware of any known environmental, permitting, legal, title-related, taxation, socio-political or marketing issues or any other relevant issues that could materially affect this MRE.
  30.  

  Other Inputs to the 2024 MRE  

 
  1. The independent qualified person providing the pit shells, and cut-off grades for the 2024 MRE is Alexandre Dorval, ing., of G Mining Services. Mr. Dorval has approved the technical contents of this press release.
  2.  
  3. The independent qualified person providing the underground mining shapes and cut-off grades for the 2024 MRE is Carl Michaud, ing., of G Mining Services. Mr. Michaud has approved the technical contents of this press release.
  4.  
  5. The independent qualified person providing the metallurgical components relating to the 2024 MRE is Colin Hardie, P. Eng., of BBA Inc. Mr. Hardie has approved the technical contents of this press release.
  6.  

  About Osisko Metals  

 

 Osisko Metals Incorporated is a Canadian exploration and development company creating value in the critical metals space, more specifically copper and zinc. The Company is in a joint venture with Appian Capital Advisory LLP for the advancement of one of Canada's premier past-producing zinc mining camps, the Pine Point Project, located in the Northwest Territories, for which current mineral resources have been calculated for the 2024 MRE (as defined herein). The Project is held under the joint venture company Pine Point Mining Limited. The current mineral resource estimate consists of 49.5Mt grading 5.52% ZnEq of Indicated Mineral Resources and 8.3Mt grading 5.64% ZnEq of Inferred Mineral Resources (in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects)   . A technical report will follow this press release within 45 days. The Pine Point Project is located on the south shore of Great Slave Lake in the Northwest Territories, near infrastructure, with paved highway access, an electrical substation, and 100 kilometres of viable haulage roads.

 

In addition, and outside of the Pine Point JV, the Company acquired in July 2023, from Glencore Canada Corporation, a 100% interest in the past-producing Gaspé Copper Mine, located near Murdochville in the Gaspé peninsula of Québec. The Company is currently focused on resource evaluation of the Copper Mountain Expansion Project that hosts a current mineral resource consisting of an Indicated Mineral Resource of   495Mt grading 0.37% CuEq   and an Inferred Mineral Resource of 6.3Mt grading 0.37% CuEq (in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects ); see May 6, 2024 news release of Osisko Metals entitled "  Osisko Metals announces updated mineral resource estimate at Gaspé Copper – indicated resource of 495 mt grading 0.37% copper equivalen   t" . Gaspé Copper hosts the largest undeveloped copper resource in Eastern North America, strategically located near existing infrastructure in the mining-friendly province of Québec.

 

  About Appian Capital Advisory  

 

Appian Capital Advisory LLP is a London-headquartered investment advisor to long-term value-focused private capital funds that invest solely in mining and mining-related companies.

 

Appian is a leading investment advisor in the metals and mining industry, with global experience across South America, North America, Europe, Australia and Africa and a successful track record of supporting companies to achieve their development targets, with a global operating portfolio overseeing nearly 6,300 employees. Appian has a global team of 65 experienced professionals with presences in London, Toronto, Vancouver, Montreal, New York, Lima, Belo Horizonte, Perth, Mexico City and Dubai. The Appian team, through its private capital funds, has a long history of successfully bringing mines through development and into production, having completed 9 mine builds in the last 6 years.

 

For more information, please visit   www.appiancapitaladvisory.com   .

 

  For further information on this news release, visit    www.osiskometals.com    or contact:  

 

Robert Wares, Chairman & CEO of Osisko Metals Incorporated 
Email: IR@osiskometals.com
Phone: 514-861-4441

 

  Cautionary Note Regarding Forward-Looking Information  

 

  This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation based on expectations, estimates and projections as at the date of this news release. Any statement that involves predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance are not statements of historical fact and constitute forward-looking information. This news release may contain forward-looking information pertaining to the Pine Point and Gaspé Copper Projects, including, among other things, the results of the 2022 PEA on Pine Point and the IRR, NPV and estimated costs, production, production rate and mine life; the ability to identify additional resources and reserves (if any) and exploit such resources and reserves on an economic basis; the expected high quality of the metal concentrates; the potential economic impact of the projects on local communities, including but not limited to the potential generation of tax revenues and contribution of jobs; the timing and ability for Projects to reach construction decision (if at all); the estimated costs to take the Projects to construction decision (if at all) and the impact to the Company of the disposition of ownership interest and control in the Pine Point Project, which is a material property of the Company; Gaspé Copper hosting the largest undeveloped copper resource in Eastern North America and Glencore becoming a Control Person of the Company.  

 

  Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management, in light of management's experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, including, without limitation, assumptions about: favourable equity and debt capital markets; the ability and timing for the Pine Point joint-venture parties to fund cash calls to advance the development of the Pine Point Project and pursue planned exploration and development; future spot prices of copper, zinc, lead and molybdenum; the timing and results of exploration and drilling programs; the accuracy of mineral resource estimates; production costs; political and regulatory stability; the receipt of governmental and third party approvals; licenses and permits being received on favourable terms; sustained labour stability; stability in financial and capital markets; availability of mining equipment and positive relations with local communities and groups. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information are set out in the Company's public disclosure record on SEDAR (www.sedar.com) under Osisko Metals' issuer profile. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward- looking information, whether as a result of new information, future events or otherwise, other than as required by law.  

 

  Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.  

 

  Map 1: Pine Point Project  

 

 image2.png

 

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5baec6c5-cf0b-4929-ae56-d25c5b53c0cd  

 

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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."

 

    
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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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