Positive Preliminary Economic Assessment Completed for the Slivova Gold Project, Kosovo

Positive Preliminary Economic Assessment Completed for the Slivova Gold Project, Kosovo

 

(TheNewswire)

 
     
  Avrupa Minerals Ltd. 
          
 

 

 

Avrupa Minerals Ltd. (AVU:TSXV) (OTC:AVPMF) (TSX-V:AVU) (FRANKFURT:8AM) is pleased to announce that its partner at the Slivova Gold Project in the Republic of Kosovo, Western Tethyan Resources ("WTR"), has provided a positive, independent Preliminary Economic Assessment ("PEA") study based on the NI 43-101 Mineral Resources Estimate ("MRE") previously reported by Avrupa on July 17, 2023 (see news release Slivova Mineral Resource Estimate ).  Bara Consulting completed the PEA in accordance with CIM standards, and Avrupa has publicly disclosed the document under NI 43-101 reporting requirements

 

  The Slivova Project is located in the prolific Vardar Mineral Trend, about 30 km SE of Pristina, the capital of Kosovo.  WTR can earn-in to 75% of the Project by funding exploration and development for Euro 1,800,000 over three years, and then a further 10% by making certain milestone and success payments, producing an Environmental Impact Statement, delivering a Feasibility Study, and completing a Mining License application.  WTR is 75%-owned by AIM-listed Ariana Resources.  

 

  Highlights from the PEA include:  

 
  •  

      Slivova provides a conceptual pre-tax Net Present Value (NPV 8%) of US$27 million, and an internal rate of return ("IRR") of 29% at a gold price of US$1,835/oz.  

     
  •  
  •  

      Capital expenditure is estimated at $33.4 million and sustaining capital requirements of $9.4 million are envisaged in the study.  

     
  •  
  •  

      Average production of 13,000 ounces of gold per annum projected over a seven-year mine life from a combined open-pit and underground mining operation is estimated from the study.  

     
  •  
  •  

      Gold recovery by the Carbon-in-Leach ("CIL") method, with recovery of gold at   92-94.5% Au (based on current testwork) and a processing rate of 142,000 tpa is estimated from the study.  

     
  •  

  The full PEA document, which includes the NI 43-101 Mineral Resource Estimate, may be accessed on SEDAR+ or via the Avrupa Minerals website:     Slivova PEA    

 

  The independent Qualified Person for Mineral Resources as defined by NI 43-101 is Mr. Richard Siddle, MAIG, of Addison Mining Services Ltd. Mr. Siddle has reviewed and approved the scientific and technical content of this news release.  The Qualified Person completed a site visit to the project on 13 June 2023, and has inspected the property, drillhole locations and has reviewed selected intervals of the drill core used in the Mineral Resource Estimate. No concerns were identified during the visit.  

 

  The independent Qualified Person for the disclosure of the Preliminary Economic Assessment, as defined by NI 43-101, is Dr. Andrew Bamber, BSc, MASc, PhD, P.Eng. of Bara Consulting Limited.  Dr. Bamber has reviewed and approved the scientific and technical content of this news release, in the form and context in which it appears. Dr. Bamber completed a site visit to the project on 15 February 2023 and inspected the property, core samples, and visited locations relevant to the project including the   gossan outcrop and potential access road, process plant, and tailings sites within the license area.  

 

  Paul W. Kuhn, President and CEO of Avrupa Minerals, commented   ,   "We are delighted about the progress made at the Slivova Gold Project by Western Tethyan Resources and associated company Ariana Resources.  In the past two months the Mineral Resource Estimate has been updated, and a positive Preliminary Economic Assessment has been completed by our partners.  We look forward to seeing more positive results from the upcoming Q4 2023/Q1 2024 work field work program, including trenching and drilling, the Q4 2023 initiation of an Environmental Baseline Study, and continued, strong and proactive ESG work in the project area."  

 

  Mentor Demi, Managing Director of Western Tethyan Resources, added   ,   "The PEA prepared by Bara Consulting provides strong evidence that the Slivova Gold Project has the potential to develop into a profitable gold mine of modest size, even if no additional resources are identified. By showcasing a compelling economic viability, it also provides the basis for commencing the next phase of detailed exploration and techno-economic studies.  In conjunction with the pre-established infill resources drill program, WTR is commencing a trenching program to enhance exploration in the areas bordering the primary resource zone, specifically targeting Dzemailj and Valijevishte. Throughout Q4, the company intends to initiate the Environmental Base Line Study, the Social Impact Assessment, and complete the planning for a drilling program, with the actual drilling activities scheduled to commence in the first quarter (Q1) of 2024."  

 

  Dr. Kerim Sener, Managing Director of Ariana Resources   , added,   "This is an excellent positive outcome for the Slivova Gold Project, demonstrating its potential economics and highlighting opportunities to enhance the project in the longer term.  The broader exploration potential of the Slivova project area, in particular the opportunity to define further mineralisation down-plunge of the existing orebody, bodes well for further economic upside.  We are now looking to complete further work to demonstrate this upside, via a phased exploration programme, which will target the definition of additional resources and further investigate various aspects of the proposed mine design and processing route, among other technical matters."  

 

  Following is a summary discussion of important points from the PEA (from Western Tethyan Resources):  

 

 

 

  Introduction  

 

  The Slivova Gold-Silver Project ("the Project") is located some 30 km southeast of Pristina, the capital of Kosovo.  The Project was acquired by AVU Kosova, a wholly owned subsidiary of Avrupa Minerals ("Avrupa"), which was granted a seven-year exploration licence for the Project in 2022. In May 2023, Western Tethyan Resources Ltd ("Western Tethyan", "WTR" or "the Company") executed an earn-in agreement with Avrupa, in which WTR can earn-in up to 85% of the project.  

 

  Bara Consulting Limited ("Bara") was engaged by WTR to prepare a Preliminary Economic Assessment ("PEA") for Slivova. The study comprises the updated Mineral Resource Estimate (announced separately on July 17, 2023) and mining and tailings management assessments, which were used as inputs into a concept level techno-economic evaluation prepared in accordance with CIM guidelines and disclosed in accordance with NI 43-101 reporting requirements.  

 

  Project Location  

 

  The Slivova Project exploration license is located along the Vardar Mineral Trend, approximately 30 km (30 minutes by car) southeast of Pristina, the capital city of Kosovo.  Access to the Project is via the Pristina-to-Gjilan, two-lane highway and then an unsealed road beyond the village of Peshter.  

 

  There are four main exploration targets within the Slivova licence: Peshter, Dzemail, Valjeviste, and Brus. The Peshter prospect is further subdivided into three portions: the Main Gossan, Gossan Extension, and the Sandstone Gossan. The Peshter prospect is the main subject of the PEA, for which there is material disclosure (Figure 1).  

 

    
Click Image To View Full Size
 

 

  Figure 1:   The Slivova deposit (Peshter Target), and its associated license boundary.  

 

  Project Geology  

 

  Within the Slivova license, two units are identified: the calcareous unit and the non-calcareous greywacke unit.  They are moderately- to steeply-dipping, northwest striking, and beyond the mineralized prospects, tend to be unaltered and weakly to moderately oxidized.  

 

  Two types of intrusive dykes and sills were identified in the mapping and drilling: hornblende-biotite porphyry dykes and stock, and a feldspar porphyry dyke.  The dykes represent less than 3% of the total rock volume within the Main Gossan, with the hornblende-biotite porphyry representing 99.5% of the intrusive rocks.  Within the Gossan Extension, the hornblende-biotite porphyry is represented by a greater volume of rock and may be a series of northeast-trending dykes, or a larger stock.  

 

  Economic mineralization in the Main Gossan and Gossan Extension is concentrated in the calcareous pebble conglomerate and calcareous sandstones.  Mineralization at Slivova is classified as a distal, intrusive-related, stratiform, massive to disseminated gold-silver-lead-zinc deposit. The principal minerals of economic interest are gold with minor amounts of galena, sphalerite, chalcopyrite, and silver. The gangue mineral assemblage consists of ilvaite(?), trace magnetite, arsenopyrite, pyrrhotite, marcasite, pyrite, quartz, and various carbonates.  Trace elements include arsenic, bismuth, chromium, manganese, nickel, and vanadium.  

 

  Mineral Resources  

 

  The Mineral Resource Estimate, as previously announced, has an effective date of 22 June 2023.  The Mineral Resource Estimate for Slivova, completed on July 14, 2023, is reported in Table 1 and is based on the block model shown in Figure 2.  No estimates of Mineral Reserves have been prepared. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.  The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. The Qualified Person is not aware of any such issues at the time of writing.  

 

    
Click Image To View Full Size
 

 

  Figure 2:   Oblique view of the block model showing the estimated gold grades. WGS84 Z34N.  

 
                                                                                                           
 

  Category  

 
 

  Tonnes  

 
 

  Bulk Density  

 
 

  AuEq (g/t)  

 
 

  Au (g/t)  

 
 

  Ag (g/t)  

 
 

  Au  

 

  (oz)  

 
 

  Ag  

 

  (oz)  

 
 

  Total Mineral Resources (Gross to the Project)  

 
 

  Measured  

 
 

  835,000  

 
 

  2.9  

 
 

  4.3  

 
 

  4.2  

 
 

  15  

 
 

  113,000  

 
 

  402,000  

 
 

  Indicated  

 
 

  296,000  

 
 

  2.8  

 
 

  3.6  

 
 

  3.5  

 
 

  15  

 
 

  33,200  

 
 

  144,000  

 
 

  Meas + Ind  

 
 

  1,130,000  

 
 

  2.9  

 
 

  4.1  

 
 

  4.0  

 
 

  15  

 
 

  146,000  

 
 

  546,000  

 
 

  Inferred  

 
 

  250,000  

 
 

  2.8  

 
 

  3.7  

 
 

  3.7  

 
 

  13  

 
 

  30,000  

 
 

  100,000  

 
 

  Open Pit Resources Above 0.5g/t AuEq  

 
 

  Measured  

 
 

  110,000  

 
 

  2.9  

 
 

  3.2  

 
 

  3.2  

 
 

  14  

 
 

  11,200  

 
 

  48,300  

 
 

  Indicated  

 
 

  39,300  

 
 

  2.6  

 
 

  2.8  

 
 

  2.7  

 
 

  13  

 
 

  3,390  

 
 

  16,500  

 
 

  Meas + Ind  

 
 

  150,000  

 
 

  2.8  

 
 

  3.1  

 
 

  3.0  

 
 

  13  

 
 

  14,600  

 
 

  64,800  

 
 

  Inferred  

 
 

  nil  

 
 

  nil  

 
 

  nil  

 
 

  nil  

 
 

  nil  

 
 

  nil  

 
 

  nil  

 
 

  Underground Resources Above 1.5g/t AuEq  

 
 

  Measured  

 
 

  725,000  

 
 

  2.9  

 
 

  4.4  

 
 

  4.4  

 
 

  15  

 
 

  102,000  

 
 

  354,000  

 
 

  Indicated  

 
 

  257,000  

 
 

  2.9  

 
 

  3.7  

 
 

  3.6  

 
 

  15  

 
 

  29,800  

 
 

  127,000  

 
 

  Meas + Ind  

 
 

  982,000  

 
 

  2.9  

 
 

  4.2  

 
 

  4.2  

 
 

  15  

 
 

  131,000  

 
 

  481,000  

 
 

  Inferred  

 
 

  250,000  

 
 

  2.8  

 
 

  3.7  

 
 

  3.7  

 
 

  13  

 
 

  30,000  

 
 

  100,000  

 
 

  Table 1:   Estimated Mineral Resources for Slivova. Numbers are rounded to an appropriate number of significant figures, and as such, discrepancies may exist between individual values, products, and totals.  

 

  Notes to the Mineral Resource Estimate (1-9):  

 
  1.  

      The independent Qualified Person responsible for Mineral Resource disclosure, as defined by NI 43-101, is Mr. Richard Siddle, MSc, MAIG, of Addison Mining Services Ltd. The effective date of the Mineral Resource Estimate is 22 June 2023.  

     
  2.  
  3.  

      Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resource will be converted to Mineral Reserves.  

     
  4.  
  5.  

      A gold equivalent (AuEq) grade was calculated for each block using the formula AuEq = (Ag g/t x 0.05) + Au g/t. It is the opinion of the Qualified Person that all elements included in the Au Equivalent calculation have a reasonable prospect of being recovered and sold, the calculation of the Au equivalent value considers the relative recovery and payability of each element (recovery by cyanide leaching of 93.4% for gold and 50% for silver and 95% and 85% payability, respectively, as informed by metallurgical test work completed to date) as well as the assumed commodity prices.  

     
  6.  
  7.  

      Reasonable prospects of eventual economic extraction are satisfied by the estimation of break-even cut-off grades for each anticipated mining scenario (0.5g/t AuEq for open pit and 1.5g/t AuEq for underground mining). These cut-off grades were used to report the Mineral Resource. The cut-off grades were estimated on the basis of the following assumptions: a gold price of US$1850/oz (selected following consideration of (1, 2 and 3 year trailing average LMBA gold price and LMBA 2023 average forecast gold price, a silver price of US$20/oz, underground mining costs of US$43.7/t, processing costs (including tailings disposal) of US$29.5/t and GA costs of US$3/ROMt.  

     
  8.  
  9.  

      Estimates in the above table have been rounded to three significant figures for Measured and Indicated Resources and two significant figures for Inferred Mineral Resources.  

     
  10.  
  11.  

      CIM Definition Standards for Mineral Resources have been followed.  

     
  12.  
  13.  

      The independent Qualified Person for Resources is not aware of any additional known environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues that could materially affect the Mineral Resource Estimate.  

     
  14.  
  15.  

      The Mineral Resource figures set out above are quoted gross with respect to the Project. WTR of which Ariana owns 75%, has yet to establish a net attributable interest under the Earn-in and accordingly, no separate net attributable figures are reported.  

     
  16.  
  17.  

      Western Tethyan Resources is the operator of Slivova  

     
  18.  

  Mine Design  

 

  A revised approach to the mining of Slivova involves a small starter pit to access the outcropping mineralized gossan area, followed by underground extraction of the gold resource below the open pit at an appropriate extraction rate to suit the size and grade of the deposit.  Mine design involved a more detailed analysis of the potential mining method and a mineable stope optimization exercise to fully assess and define the underground stoping extents.  

 

  A geotechnical review was undertaken to validate extraction methods.  Ore zones and host rocks are either non-calcareous or calcareous sequences of altered sedimentary rocks with ore zone strengths varying between 45 MPa and 50 Mpa.  Mine design was adapted to be flexible to varying competencies of host rock, particularly in the contact areas.  

 

  The starter pit has been designed to be mined from the top bench downwards with ore being accessible and extracted immediately, i.e., there is no requirement or need for any pre-stripping. It has been assumed that this small open pit can be mined by local contractors who have quarries within the vicinity of the proposed mine at Slivova. The revised starter pit design is also situated such that there is now no requirement for stream re-alignment where the pit can be accessed for initial extraction via existing tracks on the north side of the stream. Pit extents minimize the impact on the surrounding countryside and local communities.  

 

  Due to the requirement for a 25 m crown pillar, the bottom bench was modified to a base of 865 mRL.  Bench access was linked into the existing tracks and roads on the site.  This allows for easy access to each bench for overburden and ore removal without the need for any ramps. Access to the bottom bench is directly in from topography. Pit operations cease after Year 1.  

 

  Underground access is envisaged as a portal developed directly into the south valley wall, supporting mining typically by sublevel open stoping, unless ore zone geometry dictates a step down to cut-and-fill methods. Main sublevels are 20 m, with stoping separated 25 m from the open pit bottom by a crown pillar which will be mined by sublevel caving methods at the end of mine life.  

 

  Mining is suggested to be via small teams of approximately 16 people per shift, using small diesel fleet appropriate for production at between 300 t/day and 400 t/day. Mined material to be trammed directly from underground operations through the portal to the primary crusher tip located at the plant site on the saddle of the southern ridge 500 m to the east.  

 

  Recovery Methods  

 

  Results of extensive characterisation and testing of the Slivova ore by a range of methods suggest that treatment would be via carbon-in-leach ("CIL") methods, delivering gold recovery of 92-94.5% and silver recovery of 19.8-22.5%.  Some gold may be extracted via gravity recovery methods.  Nominal plant throughput will be 142,000 tpa, with primary, secondary, and tertiary crushing of the ore, followed by ball   milling to 106 m and leaching of the ore by CIL methods. Loaded carbon is stripped, with electrowinning and final EAF smelting of the doré to bullion on site.  

 

  Environmental  

 

  The environmental and social work completed to date is in line with that required for the PEA based on the revised mining plan.  No environmental or social fatal flaws have been identified, and Bara is not aware of any environmental or social issue that would prevent the project from proceeding to the PFS phase, during which time various potential environmental risks would need to be evaluated further.  

 

  Economic Analysis  

 

  The economic analysis presented here is preliminary in nature and is based in part on Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorised as Mineral Reserves. There is therefore no certainty that the PEA presented here will be realised.  

 

  PEA level economic analysis is based on the production schedule presented with capital and operating cost estimates for the Slivova Project and other information as of July 2023. The discounted cashflow analysis ("DCF") is presented in United States Dollars (US$) in real money terms, free of escalation or inflation.  Revenue has been determined through application of the recovered troy ounces produced by Slivova to the gold and silver prices as stated, less payability.  

 

  Depreciation has been calculated on the assumption that 100% of capital expenditure may be deducted from profits in the year that they are incurred (Deductibility Rate). It is assumed that all capital expenditure is eligible for deduction.  A discount rate of 8% has been used for the evaluation, and no tax treatment has been applied.  

 

  The conceptual DCF analysis shows the Project is economic with a pre-tax net present value ("NPV"), at 8% discount rate, of US$27 million, and an internal rate of return ("IRR") of 29% with upfront capital requirements of $33.4 million, and sustaining capital requirements of $9.4 million.  

 

  Western Tethyan Minerals (WTR)   is a UK-registered, mineral exploration and development company focused on South East Europe. The company has a strategic alliance with Newmont Corporation and Ariana Resources and is currently focused on exploration for major copper-gold deposits in the Lecce Magmatic Complex and Vardar Belt. The company is assessing several other exploration project opportunities across Eastern Europe, targeting copper-gold deposits across the porphyry-epithermal transition.  

 

  Ariana Resources   is an AIM-listed mineral exploration and development company with an exceptional track-record of creating value for its shareholders through its interests in active mining projects and investments in exploration companies. Its current interests include gold production in Turkey and copper-gold exploration and development projects in Cyprus and Kosovo.  

 

  Avrupa Minerals Ltd.   is a growth-oriented junior exploration and development company directed to discovery of mineral deposits, using a hybrid prospect generator business model.  The Company holds one 100%-owned license in Portugal, the Alvalade VMS Project, presently optioned to Sandfire Mineira Portugal in an earn-in joint venture agreement.  The Company now holds one 100%-owned exploration license covering the Slivova gold prospect in Kosovo, and is actively advancing four prospects in central Finland through its in-process acquisition of Akkerman Finland Oy.  Avrupa focuses its project generation work in politically stable and prospective regions of Europe, presently including Portugal, Finland, and Kosovo.  The Company continues to seek and develop other opportunities around Europe.  

 

For additional information, contact Avrupa Minerals Ltd. at 1-604-687-3520 or visit our website at    www.avrupaminerals.com    .

 

  On behalf of the Board,  

 

  "Paul W. Kuhn"  

 

  Paul W. Kuhn, President & Director  

 

  This news release was prepared by Company management, who take full responsibility for its content.  Paul W. Kuhn, President and CEO of Avrupa Minerals, a Licensed Professional Geologist and a Registered Member of the Society of Mining Engineers, is a Qualified Person as defined by National Instrument 43-101 of the Canadian Securities Administrators.  He has reviewed the technical disclosure in this release.  Mr. Kuhn, the QP, has not only reviewed, but prepared and supervised the preparation or approval of the scientific and technical content in the news release.  

 

  Neither 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.  

 

Copyright (c) 2023 TheNewswire - All rights reserved.

 

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(TheNewswire)

 
       
  Prismo Metals Inc. 
                
 

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

 

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

  

 

  Exceptional Grades and Untapped Potential  

 

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

 

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

 

  Strategic Location — World-Class Neighbors  

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    
Click Image To View Full Size
 

 

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

 

    
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.

 

 

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