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Prismo Metals
Investor Insight
Prismo Metals presents a compelling investment opportunity with its strategic focus on high-grade precious and base metal exploration in Mexico and Arizona, leveraging advanced technology and maximizing shareholder value through targeted asset development.
Overview
Mexico’s Sinaloa state hosts several prolific silver and gold mines, including McEwen Mining’s (TSX:MUX) El Gallo Complex, Americas Gold and Silver’s (TSX:USA) Cosalá operations and Kootenay Silver’s (TSXV:KTN) Copalito silver-gold project. Between 2012 and 2019, gold production at the El Gallo mine alone totaled 295,000 ounces (oz) and silver production peaked at 142,000 oz. At the Panuco project, Vizsla Silver (TSXV:VZLA) has an indicated resource of 9.5 million tons at grades of 289 g/t silver, 2.41 g/t gold, 0.27 percent lead and 0.84 percent zinc for 155.8 Moz silver equivalent.
Prismo Metals (CSE:PRIZ,OTCQB:PMOMF, FSE:7KU) has made a strategic move to join the list of successful explorers in this region. The company’s leadership team has decades of experience in the Mexican precious metals industry. Director, president, CEO and co-founder Dr. Craig Gibson has been an exploration consultant since 1998 and a director of Beyond Minerals (CSE:BY) Garibaldi Resources (TSXV:GGI).
Prismo Metals has three current exploration projects: Palos Verdes, Los Pavitos and Hot Breccia. The Palos Verdes property covers 22.77 hectares within the historic Panuco-Copala silver-gold district in Sinaloa, well-known for its numerous veins with historical production. While much of the district has been consolidated by Vizsla Resources, the Palos Verdes project is located near the district’s under-explored northeastern limit.
On January 9, 2023, Vizsla Resources acquired a right of first refusal to purchase the Palos Verdes project through a strategic investment agreement with Prismo Metals. Vizsla's strategic investment consists of a cash payment of $500,000 and the issuance of one million common shares of Vizsla to Prismo. Pursuant to the strategic investment, the two companies formed a technical committee for district-scale exploration of the Panuco silver-gold district consisting of Drs. Gibson and Megaw along with Dr. Jesus Velador, vice president of exploration for Vizsla.
Prismo Metals’ Palos Verdes property includes 700 meters of strike length along the Palos Verdes vein, which has been explored for 250 meters with findings yielding as much as 6.7 grams per ton (g/t) gold and 544 g/t silver from surface and underground sampling. A second vein system may be reflected in a northwest striking alteration zone, offering an additional high-grade exploration target on the property.
In May 2019, the company and ProDeMin entered an option agreement in which Prismo may acquire a 75-percent interest in the Palos Verdes property, and later entered into an agreement to acquire the remaining 25 percent of the property from the original owner. The company conducted a 2,100-meter drill program at Palos Verdes in 2022, designed to test the Palos Verdes vein and a structural intersection with a second vein at depths where it is believed that potential for a large ore shoot is present, similar to the drilling accomplished by Vizsla Silver on their adjacent land package.
Prismo conducted a 15 hole, 2,923-meter drilling program at Palos Verdes in 2023, with the best result being 11,520 silver equivalent (102 g/t gold and 3,100 g/t silver) over 0.5 meters downhole. An alteration study and rock chip sampling program were also conducted and provide evidence that additional mineralization may occur in previously unexplored areas.
The Los Pavitos project is located in the Alamos region of southern Sonora, a well-mineralized area that hosts several active exploration and mining projects. The project consists of one concession covering 5,289 hectares. Early sampling and reconnaissance work has been carried out by previous companies, including Minera Cascabel, and show the presence of high-grade gold assays in at least two target areas.
In 2022 Prismo Metals signed a formal access agreement with Francisco Villa Ejido, the surface owner of the Los Pavitos Project to allow for exploration work and drilling, and completed a mapping, sampling and trenching program in 2023. Thus work paved the way for a first ever drill program at the project in 2023, consisting of 2,370 meters in 25 holes with excellent results.
Prismo acquired the right to earn a 75 percent interest in the Hot Breccia property in early 2023. Hot Breccia lies in the heart of the world-class Arizona copper belt and has historical drilling indicating the potential for a large copper mineralized system.
An airborne Z‐tipper axis electromagnetic (ZTEM) geophysical survey was completed at Hot Breccia. Prismo received assay results for the first batch of samples taken at the project indicating the presence of not only copper mineralization but also gold mineralization associated with gossanous veins and shear zones.Company Highlights
- Prismo Metals is an exploration company targeting high-grade silver and gold projects in Mexico, one of the world’s top producers of precious metals, and a large-scale copper project in Arizona, the leading producer of the metal in the US.
- The company’s Palos Verdes property is located in the historic Panuco-Copala silver-gold district in Sinaloa, Mexico and is partly surrounded by ground controlled by Vizsla Silver Corp..
- The Palos Verdes property includes 700 meters of strike length along the Palos Verdes vein, which has yielded 6.7 grams per ton (g/t) gold and 544 g/t silver at the surface.
- The company’s Los Pavitos project is located in the well-mineralized Alamos region of southern Sonora. The project consists of one concession covering 5,289 hectares.
- The Hot Breccia project consists of 1,400 hectares located in the world class Arizona Copper Belt.
- Prismo’s management and advisory team offers decades of experience in the Mexican precious metals industry, including all aspects of exploration and resource development.
- Prismo acquired 100 percent of the Palos Verdes claim and has drilled 6000 meters on the property. The drill results revealed high-grade silver and gold showing multiple discrete quartz vein stages lacing between breccia fragments and showing distinctly differing mineralogy.
- Vizsla Silver Inc. completed a Strategic Investment and owns about 9.9 percent of the company.
- The company also filed on SEDAR an NI 43-101 Technical Report for its Los Pavitos Gold-Silver Project in southern Sonora, Mexico.
Key Projects
Hot Breccia
The Hot Breccia project is Prismo’s latest acquisition located in the heart of the great Arizona Copper Belt, USA and is located 40 km south of the Resolution deposit and 35 km north of the San Manuel / Kalamazoo deposit and is just a few kilometers from the Hayden Smelter. The Hot Breccia property has the same productive geologic units that host high-grade copper skarn mineralization at the adjacent, past-producing Christmas Mine owned by Freeport. Prismo has the option to earn a 75-percent interest in the Hot Breccia project from Infinitum Copper (TSXV:INFI).
The company completed an airborne Z‐tipper axis electromagnetic (ZTEM) geophysical survey at Hot Breccia in 2023 and received assay results for a first batch of samples taken at the project. The results indicate the presence of not only copper mineralization, but also gold mineralization associated with gossanous veins and shear zones. The ZTEM survey identified a priority drill target in a conductive anomaly at depth.
Following the success of the 2023 ZTEM survey, Prismo received permit approval from the Bureau of Land Management for 10 drill pads to allow for drilling to test the prospective stratigraphy below the cover volcanic rock over a wide area. Assay results for samples taken in February 2024 include 5.69 percent copper, 0.24 g/t gold and 32.8 g/t silver.
Earlier in 2024, Prismo Metals engaged Exploration Technologies (ExploreTech) from San Diego, California to apply xFlare, their artificial intelligence (AI)-optimized drill planning solution, to its Hot Breccia project where a number of features suggest well mineralized Arizona-style copper porphyry lies at depth. Prismo is currently planning an initial 5,000 meter drill program at Hot Breccia.
Palos Verdes
The company’s Palos Verdes property is located in Southern Sinaloa, roughly 65 kilometers northeast of Mazatlán. The Palos Verdes concession covers 22.77 hectares and is situated within the historic Panuco-Copala mining district, the largest silver producer in Sinaloa.
History
Mapping and sampling were conducted over the property by ProDeMin. The Palos Verdes vein crops out for about 750 meters along strike and yielded as much as 4.15 g/t gold and 732.7 g/t silver. Before the turn of the century, a 70-meter tunnel was driven along the Palos Verdes vein near the bottom of the Palos Verdes arroyo; a sample of the vein in this adit yielded 6.7 g/t gold and 544 g/t silver. In 2018, ProDeMin completed a diamond drilling program on the property. Notable drill results included 3.75 g/t gold and 1,098 g/t silver for 2.3 meters and 8.42 g/t gold and 2,336 g/t silver for 0.8 meters.
Drilling
The company has undertaken several drill campaigns at the project, and a total of about 6,052 meters have been drilled in 33 holes to date, including five holes drilled by ProDeMin in 2018. Results indicate the presence of a near-surface high-grade ore shoot in the Palos Verdes vein similar to mineralization in the resources defined by Vizsla Silver in the southwestern portion of the district.
The company, in conjunction with its strategic partner Vizsla Silver (TSXV:VZLA), has planned an expanded drill program with new holes to be drilled from Vizsla Silver’s concessions adjacent to the Palos Verdes concession, targeting the proposed extension of the Palos Verdes ore shoot at depth and a possible extension along strike to the northwest. Prismo Metals is planning on initiating this drill program in August, 2024.
Los Pavitos
The company’s Los Pavitos project is located in the Alamos region of Southern Sonora, a well-mineralized area that hosts multiple active exploration and mining projects. Los Pavitos consists of one concession covering 5,289 hectares. Early sampling and reconnaissance work has been carried out by previous companies, including Minera Cascabel. The property’s numerous mines and prospect pits indicate historical interest.
Prismo conducted a reconnaissance surface mapping and sampling at the project in 2022 and early 2023. This program consisted of about 1,500 samples and identified 5 main gold and silver mineralized target areas within several kilometer-scale structural zones. A follow up trenching program consisted of 698 meters in 25 trenches with almost 350 samples taken. A first ever drill program at the project was conducted in 2023, with 2,370 meters completed in 25 holes.
High-grade gold assays were encountered at the Santa Cruz target, with 10.2 g/t gold over 6.6 meters in drill hole LP-SC-23-02. A second gold zone was intersected at Las Auras, with 3.58 g/t gold over 1.15 meters within 3.65 meters carrying 2.33 g/t gold and 87.6 g/t silver.
Management Team
Steve Robertson – President
Steve Robertson is a Canadian geologist and mining executive who earned a BSc. in Geology from the University of Alberta. With Imperial Metals for 24 years, he was involved in the development and operation of five mines, including Red Chris in British Columbia. Robertson was awarded the 2016 E.A. Scholz Award for Excellence in Mine Development for his leadership role in development of the Red Chris mine. In 2017, Robertson was the founding CEO of Sun Metals, a Venture Exchange company that went on to discover a copper-gold skarn in British Columbia. He has been on the board of directors of not-for-profit Association for Mineral Exploration BC., and is currently a director of Cassiar Gold and chairman and director of Infinitum Copper.
Alain Lambert – CEO and Director
Alain Lambert, who co-founded Prismo in 2018, is a lawyer by training and has over 35 years of experience in financing and advising small and medium-sized companies operating in various industries including technology, manufacturing, and the natural resources sector. He has been involved in private and public financings totaling more than $1 billion. He has an extensive network of investors, investment bankers, analysts, and investor relations professionals. Lambert acts as an advisor to public and private companies regarding financings, mergers and acquisitions plans, debt structuring as well as going-public transactions. Throughout his career, Lambert has served as a director and member of the audit committee and governance committee of small and medium-sized private and public companies. He holds a Bachelor of Laws degree (LL.B.) from the University of Montréal and a diploma of collegial studies, specializing in administration from the College Jean-de-Brébeuf in Montréal, Québec.
Craig Gibson - Chief Exploration Officer and Director
Dr. Craig Gibson has extensive experience in the minerals industry. He received his BS (1984) in earth sciences from the University of Arizona and MS (1987) and PhD (1992) in economic geology and geochemistry from the Mackay School of Mines, University of Nevada, Reno. He co-founded Prospeccion y Desarrollo Minero del Norte, S.A. de CV (ProDeMin) based in Guadalajara, Mexico, in 2009. ProDeMin is a consulting firm providing a broad spectrum of exploration-related services to the mining industry and has been involved in several major precious metal discoveries in Mexico. Gibson is also a director of Garibaldi Resources, a Vancouver-based junior exploration company; a certified professional geologist of the American Association of Professional Geologists; and a qualified person under NI 43-101.
Carmelo Marelli - CFO and Secretary
Carmelo Marrelli is the principal of the Marrelli Group, comprising Marrelli Support Services Inc., DSA Corporate Services Inc., DSA Filing Services Limited, Marrelli Press Release Services Limited, Marrelli Escrow Services Inc. and Marrelli Trust Company Limited. The Marrelli Group has delivered accounting, corporate secretarial and regulatory compliance services to listed companies on various exchanges for over twenty years. Marrelli is a chartered professional accountant (CPA, CA, CGA), and a member of the Institute of Chartered Secretaries and Administrators, a professional body that certifies corporate secretaries. He received a bachelor of commerce degree from the University of Toronto. Marrelli acts as the chief financial officer to several issuers on the TSX, TSX Venture Exchange and CSE, as well as non-listed companies, and as a director of select issuers.
Martin Dupuis - Director
Martin Dupuis has over 25 years of experience covering all stages of a project’s life, from exploration through feasibility and engineering studies, construction, mine expansion and operations. Dupuis serves as Vizsla Silver’s chief operating officer. He was instrumental in the oversight and delivery of the company’s maiden resource estimate. Before joining Vizsla Silver, Dupuis was director of geology for Pan American Silver, technical services manager for Aurico Gold, and chief geologist at several other operations.
Jorge Rafael Gallardo-Romero - Director
Jorge Rafael Gallardo-Romero has been a consultant geologist of Cascabel since March 1992. He also acts as Mexico exploration manager of Gainey Capital (since January 2015) and of Minera Goldzone SA de CV (since March 2011). Gallardo-Romero graduated from the University of Sonora with a degree in Geology in 1984.
Maria Guadalupe Yeomans Otero - Director
Maria Yeomans Otero is a geologist who graduated from Universidad de Sonora, Mexico, in 1986, with master's studies in business administration at the same university. She has been a part of the team at Cascabel since 1992 and is now the office manager. She speaks English fluently and has extensive experience in the administration, legal and commercial relations related to mining.
Louis Doyle - Director
Louis Doyle has over 30 years of experience focused primarily on capital markets and public companies. Since 2016, he has also provided consulting services to private companies seeking listing on Canadian exchanges. Since January 2016, Doyle has been the executive director of Québec Bourse. Between October 1999 and December 2015, he was the vice-president, Montréal of the TSX Venture Exchange. As such, he was responsible for business development and listing activities in the provinces of Québec and Atlantic Canada. During his tenure, he acted as chairman of the TSX Venture listing committee and was a member of the policy committee. Doyle also led the nationwide TSX Venture mentorship program and further acted regularly as a speaker and advisor at conferences and workshops. He also holds directorship roles with two other publicly traded companies. Doyle was granted 150,000 incentive stock options exercisable at $0.165 per share before June 26, 2027. Also, three other directors were each granted 50,000 incentive stock options, exercisable at $0.165 per share before June 26, 2027.
Peter Megaw - Advisor
Dr. Peter Megaw is best known as co-founder of MAG Silver and Minaurum Gold. He and his team are credited with MAG Silver’s Juanicipio discovery in the famous Fresnillo District and Excellon Resources’ Platosa mine. He received his doctorate from the University of Arizona and has more than 35 years of experience exploring silver and gold in Mexico. Megaw is a certified professional geologist by the American Institute of Professional Geologists and an Arizona Registered Professional Geologist. He is the author of numerous scientific publications on ore deposits and is a frequent speaker at academic and international exploration conferences. He was awarded the 2017 Thayer Lindsley Award for the 2003 discovery of the Juanicipio silver deposit in the Fresnillo District, ultimately leading to a further 600 million ounces being identified in the immediate area. Megaw also received the Society of Mining Engineers 2012 Robert M. Dreyer Award for excellence in applied economic geology.
Prismo Metals Announces $3 Million Private Placement
Vancouver, British Columbia TheNewswire - December 2nd, 2024 Prismo Metals Inc. (" Prismo " or the " Company ") (CSE: PRIZ) (OTCQB: PMOMF) is pleased to announce the offering (the " Offering ") of a minimum of 13,500,000 units of the Company (" Units ") up to a maximum of 20,000,000 Units at an issue price of $0.15 per Unit for minimum gross proceeds of $2,025,000 up to $3,000,000 in gross proceeds. 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 $0.25.
The Company intends to use the net proceeds of the Offering to conduct up to approximately 5,000 of meters of drilling at the Company's Hot Breccia copper project in Arizona and for general corporate purposes. There may be circumstances, however, where, for sound business reasons, a reallocation of funds may be necessary.
The Units will be issued on a private placement basis pursuant to various prospectus exemptions, including the Listed Issuer Financing Exemption (the " LIFE Exemption ") under Part 5A of National Instrument 45-106 – Prospectus Exemptions (" NI 45-106 "), as well as the accredited investor and friends, family and business associate, and minimum amount exemptions provided under sections 2.3(1), 2.5 and 2.10 of NI 45-106, respectively (the " Non-LIFE Exemptions "). Under the LIFE Exemption, the Offering is subject to a minimum subscription of 13,500,000 Units.
The Offering will also be made available to existing shareholders of the Company who, as of the close of business on December 2, 2024, held Shares (and who continue to hold such Shares as of the closing date of the Offering), 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 Offering, the Company intends to adjust the subscriptions received on a pro-rata basis.
Subject to compliance with applicable regulatory requirements and in accordance with NI 45-106, the Units sold under the Offering pursuant to the LIFE Exemption will be offered in all the Provinces of Canada except Québec, and such securities are expected to be immediately freely tradeable and will not be subject to a hold period under applicable Canadian securities laws. There is an offering document related to the Units issuable pursuant to the LIFE Exemption that can be accessed under the Company's profile at www.sedarplus.ca and on the Company's website at www.prismometals.com . Prospective investors should read this offering document before making an investment decision.
The Units issued pursuant to the Non-LIFE Exemptions and the Existing Securityholder Exemption will be subject to a four-month hold period from the closing date of the Offering under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.
The Company may pay finder's fees to eligible finders in connection with the Offering, 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.
About Prismo Metals Inc.
Prismo (CSE: PRIZ) is mining exploration company focused on two precious metal projects in Mexico (Palos Verdes and Los Pavitos) and a copper project in Arizona (Hot Breccia).
Please follow @PrismoMetals on , , , Instagram , and
Prismo Metals Inc.
1100 - 1111 Melville St., Vancouver, British Columbia V6E 3V6
Contact:
Alain Lambert, Chief Executive Officer alambert@cpvcgroup.ca
Steve Robertson, President steve.robertson@prismometals.com
Jason Frame, Manager of Communications jason.frame@prismometals.com
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
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 expected closing date of the Offering; the anticipated proceeds to be raised under the Offering; the intended use of any proceeds raised under the Offering; and the payment of any finder's fees in connection with the Offering.
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 required regulatory approvals for the Offering; market uncertainty; the inability of the Company to raise the anticipated proceeds under the Offering; the inability of the Company to utilize the anticipated proceeds of the Offering as anticipated; delays or changes in plans with respect to exploration projects or capital expenditures, including in respect of the Company's proposed drill programs; the uncertainty of mineral resource exploration cost estimates; health, safety and environmental risks; worldwide demand for metals; metals prices and other commodity price and exchange rate fluctuations; environmental risks; competition; ability to access sufficient capital from internal and external sources; and changes in legislation, including but not limited to tax laws, royalties and environmental regulations .
In making the forward looking statements in this news release, the Company has applied several material assumptions, including without limitation: the Company will obtain the required regulatory approvals for the Offering; the C ompany will be able to raise the anticipated proceeds under the Offering and on the timetable anticipated; and the Company will use the proceeds of the Offering as currently anticipated.
Although management of the Company has attem pted 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.
Copyright (c) 2024 TheNewswire - All rights reserved.
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Artificial Intelligence Study Confirms Prismo Metals' Exploration Plan at Hot Breccia
Prismo Metals Inc. (the "Company") (CSE:PRIZ)(OTCQB:PMOMF) is pleased to announce that it has received the results of the artificial intelligence ("AI") study at the Hot Breccia project in Southern Arizona undertaken by Exploration Technologies Inc. ("ExploreTech") of California, USA
The AI study results provide support for the Company's exploration plan at the project, identifying the most likely location for a large body of sulfide mineralization as the same general area as the historic drilling and the dike swarm with xenoliths of Cu-bearing skarn as well as the conductive anomaly from the 2023 ZTEM survey. The postulated sulfide mineralization measures 1,100 meters by 1,150 meters (Figure. 1).
Steve Robertson, President of Prismo Metals, stated "This study complements nicely historical information from the mid to late 1970's, including drill and geophysical data generated by a Rio Tinto subsidiary and by Phelps Dodge Corp (now Freeport McMoRan). Their drilling intersected high-grade copper mineralization in several holes at depths ranging from 640 to 830 meters below the surface. We believe those intercepts cut the periphery of the upper portion of a large mineralized system as interpreted from our surface geological data and reflected in the results of our ZTEM survey, and now the AI study."
ExploreTech's computer simulations have identified a large exploration target defined by the overlap of the numerous geological models. The study supports Prismo's model for mineralization and conforms with several key features, including (i) the presence of high-grade skarn mineralization at relatively shallow depths in historic drill holes, (ii) the presence of two areas where copper skarn fragments are present as xenoliths in quartz diorite dikes, and (iii) the location of a deeper IP anomaly in the historic information.
A drill hole optimization routine has identified several sets of potential exploration drill holes to test the greatest number of the models and has picked several important drill sites including in the area of historic holes OC-1, OCC-7 and OCC-8 as well as one kilometer to the west at historic hole OC-2. The Company is in the process of finalizing the drill hole selection.
Tyler Hall, PhD, Co-Founder and President of ExploreTech, stated: "ExploreTech is very pleased with the results of the AI-assisted drill optimization study at Hot Breccia. ExploreTech's xFlare technology combined Prismo's traditional science based geological and geophysical approach with cloud computing, and successfully simulated thousands of geological models which match the geophysics data and geological hypothesis. Thousands of candidate drillholes were simulated and then ranked based on the quantity and quality of geological information provided.
Historical drill holes cut high grade skarn mineralization including 23 meters with 0.54% Cu at 640 meters depth (hole OC-1), 18 m with 1.4% Cu and 4.65% Zn at 830 meters depth (hole OCC-7), and 7.6 m with 1.73% Cu and 0.11% Zn at 703 meters and 4.6 meters with 1.4% Cu and 0.88% Zn at 716 meters (OCC-8). Mineralization occurs within a several hundred-meter-thick altered zone hosted in favorable Paleozoic carbonate rocks that underly a sequence of Cretaceous andesitic volcanic rocks. These carbonates are the same rocks that host the high-grade copper mineralization at Freeport's nearby Christmas mine. Recently acquired data indicate that a mineralized intrusion, believed to be the source of the mineralization at Hot Breccia, is associated with the skarn mineralization (Figure 2).
The Company has budgeted $3.0 million to execute a proposed 5,000 metre program consisting of three to five deep drill holes. Each drill hole is intended to drill through the entire prospective Paleozoic carbonate stratigraphy into the postulated porphyry body/breccia zone. Prismo anticipates 1,000 to 1,500 metres per drill hole, and the exploration team will take advantage of geological information provided by each hole during drilling to refine targeting of subsequent holes.
Update on Palos Verdes
The drill program at the Company's Palos Verdes silver project located in Sinaloa, Mexico is ongoing. "Our team in Mexico is on the first drill hole (PV 24-34) with ramp-up slower than anticipated," said Alain Lambert, CEO of Prismo. He added: "Our drillers started the program drilling one shift per day. We expect to be able to drill around the clock shortly."
The planned length of the first hole is 250 meters out of a total expected 1,250 meters in the first phase of the program now underway. The goal of the first phase of drilling is designed to explore the vein system to the west of the fault below the zone of bonanza grade intercepts from the previous campaigns. The first hole is designed to cut both the Palos Verdes vein as well as the high-grade gold-silver vein about 50 meters downdip from the previous intersections. Assays reported from last year's drilling include hole PV-23-25 with 102 g/t gold, 3,100 g/t silver and 0.26% zinc over 0.5 meters, or 11,520 g/t silver equivalent - the highest-grade intercept recorded at the project to date (see News Release of July 27, 2023).
Notes:
Barrett, Larry Frank (1972): Igneous Intrusions and Associated Mineralization in the Saddle Mountain Mining District Pinal County, Arizona. Unpublished Master's Thesis, University of Utah.
Barrett, Larry Frank (1974): Diamond drill hole OC-1, O'Carroll Canyon, Pinal County, Arizona, unpublished internal report, Bear Creek Mining.
About Hot Breccia
The Hot Breccia property consists of 1,420 hectares in 227 contiguous mining claims located in the world class Arizona Copper Belt between several very well understood world-class copper mines including Morenci, Ray and Resolution (Figure 3). Hot Breccia shows many features in common with these neighboring systems, most prominently a swarm of porphyry dikes and series of breccia pipes containing numerous fragments of well copper-mineralized rocks mixed with fragments of volcanic and sedimentary derived from considerable depth. Prismo performed a ZTEM survey last year that identified a very large conductive anomaly directly beneath the breccia outcrops.
Sampling at the project has shown the presence of copper mineralization associated with polylithic breccia pipes that transported fragments of strongly mineralized carbonate rocks to the surface from depths believed to be 400-1,000 meters. Drilling deep holes is necessary to tap into the source of these mineralized fragments found at surface.
Assay results from historic drill holes are unverified as the core has been destroyed, but information has been gathered from memos, photos and drill logs that contain some, but not all, of the assay results and descriptions. Technical information from adjacent or nearby properties does not mean nor does it imply that Prismo will obtain similar results from its own properties.
Data on previous drilling and geophysics is historical in nature and has not been verified, is not compliant with NI 43-101 standards and should not be relied upon; the Company is using the information only as a guide to aid in exploration planning.
QA/QC
Dr. Craig Gibson, PhD., CPG., a Qualified Person as defined by NI-43-101 regulations and Chief Exploration Officer and a director of the Company, has reviewed and approved the technical disclosures in this news release.
About Prismo Metals Inc.
Prismo (CSE:PRIZ) is mining exploration company focused on two precious metal projects in Mexico (Palos Verdes and Los Pavitos) and a copper project in Arizona (Hot Breccia).
Please follow @PrismoMetals on Twitter, Facebook, LinkedIn, Instagram, and YouTube
Prismo Metals Inc.
1100 - 1111 Melville St., Vancouver, British Columbia V6E 3V6
Contact:
Alain Lambert, Chief Executive Officer alambert@cpvcgroup.ca
Steve Robertson, President steve.robertson@prismometals.com
Jason Frame, Manager of Communications jason.frame@prismometals.com
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
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 Hot Breccia.
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 the drilling campaign at Hot Breccia and the timing of such drilling campaign.
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.
SOURCE:Prismo Metals Inc.
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Drilling Has Started at Prismo Metals' Palos Verdes Project
Prismo Metals Inc. (CSE:PRIZ)(OTCQB:PMOMF)(FSE:7KU) ("Prismo" or the "Company") is pleased to announce that drilling at its Palos Verdes project in Mexico has started. Hole PV-24-34 of this collaborative drilling program with Vizsla Silver Corp's (TSXV:VZLA) ("Vizsla") was collared on Vizsla's property. The planned length of the first hole is 250 meters out of a total expected 1,250 meters in the first phase of the program now underway
Dr. Craig Gibson, Co-Founder and Chief Exploration Officer of the Company explained: "The goal of the first phase of drilling is designed to explore the vein system to the west of the fault below the zone of bonanza grade intercepts from the previous campaigns. We expect the first hole to cut both the Palos Verdes vein as well as the higher gold-silver vein about 50 meters downdip from the previous intersections. Assays reported from last year's drilling include hole PV-23-25 with 102 g/t gold, 3,100 g/t silver and 0.26% zinc over 0.5 meters, or 11,520 g/t silver equivalent - the highest-grade intercept recorded at the project to date (see News Release of July 27, 2023)."
As announced on July 31st, 2024, Prismo's team mobilized at Palos Verdes in early August and immediately began preparation for the drill program with strategic partner Vizsla. The plan as designed will allow to test targets on the Palos Verdes concession with greater efficiency by utilizing drill pads located on Vizsla's concessions adjacent to Palos Verdes.
"Getting to this stage is the result of joint efforts from both the Prismo and Vizsla teams in Mexico," said Alain Lambert, CEO of Prismo. "The planning and preparation effort included our team and our driller's team learning Vizsla's safety, work and environmental protocols before work could begin as the drill pads are located on their ground. Also, the type of drill permit obtained by Vizsla allows for sites to be accessed by man-portable equipment. Furthermore, the rugged nature of the terrain required that the access to the site and the site itself be done by hand, lengthening the team's preparation time. We have now reached the drilling phase."
Lambert added: "We are very excited to resume drilling the Palos Verdes vein system which has already returned outstanding results. Combined with our fully permitted Hot Breccia copper project in the heart of the Arizona copper belt, Prismo expects a very active second half of 2024 with multiple drill results from these two world class exploration projects." For more information about the drill campaign, please watch Prismo's latest video at: https://www.youtube.com/watch?v=FX116H1a2qA
"We are eager to resume tracing the high-grade mineralization we've cut previously in the Palos Verdes vein by taking advantage of better hole geometry created by drilling from our Strategic Partner Vizsla Silver's ground," said Dr. Craig Gibson, Co-Founder and Chief Exploration Officer of the Company.
"Drilling farther from the vein outcrops will let us drill Palos Verdes well below the limited depths we could reach from our claims. We deeply appreciate Vizsla's willingness to allow the drilling from their ground and the collaboration from their team down in Mexico."
He commented further on the second hole and expected timing: "The second hole is planned to test a further 50 to 70 meters downdip and may be completed from the same site as the first hole or may be drilled from a second site 100 meters farther from the vein. These holes are expected to take three to four weeks to complete."
Geologic modelling completed after that drilling shows that the Palos Verdes vein system is apparently comprised of at least three discrete structures:
The main Palos Verdes vein with a steep southeast dip located on the west side of the northwest-southeast fault.
A steeply southeast dipping hanging wall vein; and
A relatively flat lying vein that has high gold-silver ratios, similar to those in the western part of the Panuco district where Vizsla Silver has found the Napoleon and Copala resource areas.
Prismo's 3,000-meter drill program follows three main target recommendations made by the Panuco Joint Technical Committee comprised of Prismo's Chief Exploration Officer Dr. Craig Gibson, Vizsla Silver's VP Exploration Dr. Jesus Velador and Advisor Dr. Peter Megaw. The three main goals (See Figs. 2 & 3 below) are:
Trace the down dip extension of the mineralized shoot defined by previous drilling on the southwest portion of the vein.
Seek continuation of the vein on the northeast extension of the vein across a cross-fault believed to have offset the vein downward.
Test the extreme northeasterly extension of the Palos Verdes vein system near the concession limit adjacent to the historical Jesusita mine.
For more information about this news release, please watch Prismo's latest In The News video at: https://www.youtube.com/watch?v=FX116H1a2qA
Present during the In The News interview were: Alain Lambert CEO, Steve Robertson President, Dr. Craig Gibson Co-Founder and Chief Exploration Officer.
Qualified Person
Dr. Craig Gibson, PhD., CPG., a Qualified Person as defined by NI-43-01 regulations has reviewed and approved the technical disclosures in this news release. Dr. Gibson is also Chief Exploration Officer and a director of the Company.
About Palos Verdes
The Palos Verdes project is located in the historic Panuco-Copala silver-gold district in southern Sinaloa, Mexico, approximately 65 kilometers NE of Mazatlán, Sinaloa, in the Municipality of Concordia. The Palos Verdes concession (claim) covers 700 meters of strike length of the Palos Verdes vein, a member of the north-easterly trending vein family located in the eastern part of the district outside of the area of modern exploration. Shallow drilling (
About Prismo
Prismo (CSE:PRIZ) is mining exploration company focused on two precious metal projects in Mexico (Palos Verdes and Los Pavitos) and a copper project in Arizona (Hot Breccia).
Please follow @PrismoMetals on Twitter, Facebook, LinkedIn, Instagram, and YouTube
Prismo Metals Inc.
1100 - 1111 Melville St., Vancouver, British Columbia V6E 3V6
Contact:
Alain Lambert, Chief Executive Officer
Steve Robertson, President steve.robertson@prismometals.com
Jason Frame, Manager of Communications jason.frame@prismometals.com
Neither the Canadian Securities Exchange accepts responsibility for the adequacy or accuracy of this release.
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 Palos Verdes and Hot Breccia. The current drill program is being conducted from a concession not owned by the Company and a change in Vizsla's business plan in the drilling area could negatively impact Prismo.
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, notably delays in obtaining or failure to obtain appropriate funding to finance the exploration program at Hot Breccia.
In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that: Vizsla will continue to work with Prismo to allow for drilling at Palos Verdes, the ability to raise capital to fund the drilling campaign at Hot Breccia and the timing of such drilling campaign.
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 outlook that are incorporated by reference herein, except in accordance with applicable securities laws.
SOURCE:Prismo Metals Inc.
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Prismo Metals Announces Security Based Compensation Grants
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Prismo Metals Inc. ("Prismo" or the "Company") (CSE:PRIZ)(OTCQB:PMOMF) announces that, pursuant to the Company's long-term incentive plan, it has granted a total of 1,275,000 stock options (the "Options") to certain directors and officers of the Company and 200,000 Options to certain consultants of the Company. The Options are each exercisable to purchase one common share of the Company (a "Common Share") at an exercise price of $0.205 for a period of five years. The Options will vest over one year, with one-third of the Options vesting every three months
The Company has also issued an aggregate of 525,000 restricted share units (the "RSUs") to certain directors and officers of the Company. Each RSU entitles the holder to be issued one Common Share on vesting. The RSUs will vest over one year, with one-third of the Options vesting every three months.
The Company has further granted an aggregate of 275,000 stock appreciation rights (the "SARs") to certain directors and officers of the Company. Subject to vesting, each SAR entitles the holder to receive the number of Common Shares of the Company equal to the difference between $0.205 and the closing market price of the Common Shares on the settlement date, for a period of five years from the date of grant.
About Prismo Metals Inc.
Prismo (CSE:PRIZ) is mining exploration company focused on two precious metal projects in Mexico (Palos Verdes and Los Pavitos) and a copper project in Arizona (Hot Breccia).
Please follow @PrismoMetals on Twitter, Facebook, LinkedIn, Instagram, and YouTube
Prismo Metals Inc.
1100 - 1111 Melville St., Vancouver, British Columbia V6E 3V6
Contact:
Alain Lambert, Chief Executive Officer
Steve Robertson, President steve.robertson@prismometals.com
Jason Frame, Manager of Communications jason.frame@prismometals.com
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Prismo Metals Inc.
View the original press release on accesswire.com
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Prismo Metals Acquires Data and Updates Model for Hot Breccia Copper Project in Arizona
Prismo Metals Inc. (the "Company") (CSE:PRIZ)(OTCQB:PMOMF)(FSE:7KU) is pleased to announce that it has updated the mineralization model for the Hot Breccia project in Southern Arizona based on important historical information recently acquired from a third party. The information includes historic Bear Creek Mining Company (then a subsidiary of Kennecott Copper Co. (now part of Rio Tinto, ASX: RIO) exploration data, gathered between the completion of a masters thesis by Larry Barrett (1972) (1) through the completion of their first drill hole on our Hot Breccia property between 1972 and mid-1974. The recently acquired information includes a complete log and assays for hole OC-1 and a geological interpretation after holes OC-1 to OC-3 were completed(2
An important portion of the acquired data shows the distribution of post mineral quartz diorite dikes containing fragments of copper bearing mineralization brought up from depth (Fig 2), as well as the location of shallow and deep IP anomalies compiled from several different sources. The shallow IP anomaly follows the orientation of the swarm of quartz diorite dikes, probably reflecting pyrite bearing alteration associated with it. The deeper IP anomaly covers much of the central portion of the claim block and may be related to alteration around a mineralized intrusion or a related sulfide body. Bear Creek's interpretation of the IP data indicates that mineralization is present over a larger area than they had previously recognized. Notably, their deep IP anomaly, as well as the distribution of copper bearing xenoliths in quartz diorite dikes, correspond closely to the area of the conductive anomaly identified in Prismo's 2023 ZTEM geophysical survey (Fig. 2) (see News Release of February 9, 2024).
Also, included in the Bear Creek data is the complete description and assay data for hole OC-1, drilled to a depth of 733 meters in early 1974 (Fig 2), as well as an interpretation of the results by Barrett (1974)(2) (Fig 3). Hole OC-1 was collared in the area of one of the property's namesake breccias that hosts copper skarn fragments sourced from deep below the surface. A Prismo sample of one of these fragments assayed 5.7% copper, as reported in the Company's News Release dated March 26, 2024.
Prismo Metals previously possessed only a portion of the OC-1 drill log to a depth of 295 meters, all in volcanic rocks, with only summary assay data that indicated a mineralized interval deeper in the hole. According to the new data, hole OC-1 cut 403 meters of Cretaceous volcanic and volcano-sedimentary rocks as expected from the geology in the area, followed by an interval of 330 meters of quartz diorite porphyry including a pyritic and copper-bearing stock not exposed at the surface. Bear Creek suggested that this quartz porphyry includes an intrusive phase interpreted to be associated with mineralization, cut by later dikes that include fragments of previously formed skarn. The mineralized porphyry includes a 23.5-meter pendant of skarn mineralization averaging 0.54% Cu including 1.8 meters of 1.81% Cu. The hole was strongly copper-anomalous to the bottom and ended in mineralization.
Exploration Geologist Dr Linus Keating, Manager of Walnut Mines LLC the optionor of Hot Breccia, reviewed the Bear Creek core in the 1990's before it was subsequently disposed of. He stated "I viewed the collection of core and recall seeing, beneath the overlying volcanics, long intervals (500 to 700 plus feet) of retrograde skarn mineralization. Alteration consisted of garnet, amphibole, quartz and calcite veinlets, and widespread chlorite and pyrite, together with scattered chalcopyrite and sphalerite. I remember being impressed with the intensity and extent of the alteration and mineralization and was surprised that it repeated in several holes."
Steve Robertson, President, commented "We take a very thorough, scientific approach to exploration, using all information that we can gather to inform our modelling. This includes data produced and interpreted by previous generations, often by very talented geologists. We view the acquisition of the 1970's data as equally important as fresh data and interpretation. This will have a strong influence on our exploration program in 2024."
Robertson added "With this new data incorporated, our Computing & Artificial Intelligence partners at ExploreTech in California (see Prismo's news release dated March 4th, 2024) have completed the preparation phase for the probabilistic ZTEM inversion and drilling optimization. The computation phase has commenced, and it is expected that this inversion and target processing will take approximately 7 to 10 days on ExploreTech's high-performance computing system."
Figure 1. Location ofthe Hot Breccia Project in the Arizona Copper Belt.
Figure 2. Plan view of Hot Breccia showing surface geology by Barrett (1972), the areas where
Cu bearing skarn is present in quartz diorite dikes, outlined in yellow, and an area of >0.5% Cu
in skarn fragments, in red, from a newly acquired report by Barrett and Anderson (1972).
The surface projection of the conductive body is also shown in magenta.
Figure 3. Schematic cross section at Hot Breccia showing interpretation by Barrett (1974).
The Company has established a budget of $3.0 million to complete the proposed five drill hole, 5,000 metre program. Each drill hole is intended to drill through the entire prospective Paleozoic carbonate stratigraphy. Prismo anticipates 1,000 to 1,200 metres per drill hole, although the exploration team will take advantage of the geological information provided by each drill hole to determine if any holes require extended drilling.
Note:
Barrett, Larry Frank (1972): Igneous Intrusions and Associated Mineralization in the Saddle Mountain Mining District Pinal County, Arizona. Unpublished Masters Thesis, University of Utah.
Barrett, Larry Frank (1974): Diamond drill hole OC-1, O'Carroll Canyon, Pinal County, Arizona, unpublished internal report, Bear Creek Mining.
About Hot Breccia
The Hot Breccia property consists of 1,420 hectares in 227 contiguous mining claims located in the world class Arizona Copper Belt between several very well understood world-class copper mines including Morenci, Ray and Resolution. (Figure 1) Hot Breccia shows many features in common with these neighboring systems, most prominently a swarm of porphyry dikes and series of breccia pipes containing numerous fragments of well copper-mineralized rocks mixed with fragments of volcanic and sedimentary derived from considerable depth. Prismo ran a ZTEM survey last year that identified a very large conductive anomaly directly beneath the breccia outcrops.
Sampling at the project has shown the presence of copper mineralization associated with polymictic breccia that has brought fragments of sedimentary rocks and mineralization to the surface from depths believed to be 400-1,000 meters below the surface, so drilling of deep holes, possibly including a twin of an historic hole, is planned.
Assay results from historic drill holes are unverified as the core has been destroyed, but information has been gathered from memos, photos and drill logs that contain some, but not all, of the assay results and descriptions.
The newly acquired information is historical in nature and has not been verified, is not compliant with NI 43-101 standards and should not be relied upon; the Company is using the information only as a guide to aid in exploration.
QA/QC
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.
About Prismo Metals Inc.
Prismo (CSE: PRIZ) is mining exploration company focused on two precious metal projects in Mexico (Palos Verdes and Los Pavitos) and a copper project in Arizona (Hot Breccia).
Please follow @PrismoMetals on Twitter, Facebook, LinkedIn, Instagram, and YouTube
Prismo Metals Inc.
1100 - 1111 Melville St., Vancouver, British Columbia V6E 3V6
Contact:
Alain Lambert, Chief Executive Officer alambert@cpvcgroup.ca
Steve Robertson, President steve.robertson@prismometals.com
Jason Frame, Manager of Communications jason.frame@prismometals.com
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
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 Hot Breccia.
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 the drilling campaign at Hot Breccia and the timing of such drilling campaign.
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.
SOURCE: Prismo Metals Inc.
View the original press release on accesswire.com
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Gold Price 2024 Year-End Review
Read on for more on what factors moved the gold price in Q4, followed by a look back at the entire year.
Gold price in Q4
The gold price began Q4 at US$2,660.30, but quickly saw a retraction to US$2,608.40 on October 9. However, the decline didn't last, and gold again rose, setting a new record high of US$2,785.40 on October 30.
The surge upward was fueled by a weaker-than-expected September US consumer price index report, which showed annual inflation of 2.4 percent and monthly inflation of 0.2 percent. These numbers were higher than analysts' forecasts of 2.3 and 0.1 percent, raising expectations that the Fed would cut rates at its November meeting.
Gold was in retreat to start November, dropping to US$2,664 on November 6 after Trump’s victory. The next day, it briefly surged above the US$2,700 mark as the Fed cut interest rates by 25 basis points on November 7.
By November 15, the price of gold had fallen to its quarterly low of US$2,562.50.
The end of the month saw gold leap to US$2,715.80 on November 22. Following this peak, gold entered December below the US$2,700 mark, closing at US$2,660.50 on December 9.
Gold price, Q4 2024.
Chart via Trading Economics.
Geopolitical impacts have been important to gold in Q4.
In addition to Trump's re-election, which has caused turmoil in various forms, on November 17 the US authorized Ukraine to use ATACMS long-range missiles to attack targets deeper into Russian territory. The UK and France mirrored this move, giving Ukraine the green light to use long-range missiles in the ongoing conflict.
Tensions continued to ratchet up in the days following as Russia announced it was lowering the threshold for nuclear retaliation to include conventional attacks from countries backed by nuclear nations. In a demonstration of its capabilities, Russia launched an intermediate-range ballistic missile for the first time on November 21. While the missile appeared only to carry inert warheads, it is capable of delivering both conventional and nuclear armaments.
The threat of a significant escalation has bolstered gold’s appeal as a safe-haven asset and store of value.
How did gold perform for the rest of the year?
Gold price in Q1
Gold set its first record price of the year at US$2,251.37 on March 31.
Central bank buying, notably China's purchase of 22 metric tons of gold in the first two months of the year, supported the price. Turkey, Kazakhstan and India also significantly increased their holdings at the start of the year.
Further momentum came from Chinese wholesale demand, which jumped to 271 metric tons in January, the strongest ever recorded. Investors were turning to the yellow metal as a defense against falling real estate and stock prices. At that time, the country's stocks had lost nearly US$5 trillion in value over the past three years.
Gold price, Q1 2024.
Chart via Trading Economics.
“As central banks continue to be significant buyers and geopolitical risks and global uncertainties drive investors towards the perceived safety of gold, the current environment underscores gold’s importance as a strategic asset for portfolio diversification and risk mitigation. Therefore, while there may have been a perception of western disinterest in gold, recent developments indicate a sustained and broad-based demand for the precious metal,” Joe Cavatoni, market strategist, Americas, told the Investing News Network (INN) in an email at the time.
Gold price in Q2
The gold price saw increasing momentum in Q2, setting a new all-time of US$2,450.05 on May 20.
Gains through the quarter were influenced by strong central bank demand. Investor sentiment toward the yellow metal also shifted, with outflows from western exchange-traded funds starting to slow.
Although European funds still saw significant declines, it wasn’t all bad news — the US-based SPDR Gold Shares (NYSE:GLD), the Sprott Physical Gold Trust (NYSE:PHYS), Ireland’s Royal Mint Responsibly Sourced Physical Gold ETC (LSE:RMAU) and Switzerland’s UBS ETF Gold (SWX:AUUSI) all saw increases.
Gold price, Q2 2024.
Chart via Trading Economics.
In a May interview with INN, Jeff Clark, editor of Paydirt Prospector, noted several other market dynamics that caused the price of gold to rise dramatically. He said the real starting point for the precious metal's gains was the end of February, when the Fed indicated it was expecting three or four rate cuts in 2024.
“All of a sudden, gold was off to the races. It jumped so high that suddenly, you had some short covering that needed to happen then as well. So you had short covering, which means they’re buying. And then you had momentum chasers and traders jumping all in. That was a pretty good spike ... that's what kind of started all of this,” he said.
Gold price in Q3
Gold set another record price during the third quarter, reaching US$2,672.51 on September 26.
The high came just a week after the conclusion of the Fed's September meeting, when it announced a jumbo 50 basis point cut to the federal funds rate. While the People’s Bank of China maintained its pause on gold purchases in the third quarter, it granted several regional banks new import quotas in August.
Gold price, Q3 2024.
Chart via Trading Economics.
David Barrett, CEO of the UK division of global brokerage firm EBC Financial Group, suggested at the time that Fed rate cuts were less of a factor for gold than central bank buying. “I still see the global central bank buying as the main driver — as it has been over the last 15 years. This demand removes supply from the market. They are the ultimate buy-and-hold participants and have been buying massive amounts,” he told INN via email.
The quarter also saw significant merger and acquisition activity, with South Africa-based Gold Fields (NYSE:GFI,JSE:GFI) announcing plans to acquire Canada’s Osisko Mining (TSX:OSK) for C$2.16 billion, and South African gold miner AngloGold Ashanti (NYSE:AU) agreeing to purchase UK-based Centamin (TSX:CEE,LSE:CEY) for US$2.5 billion.
Investor takeaway
Overall, uncertainty has been a key driver for gold in 2024.
Central banks have continued to increase their physical holdings against an increasingly polarized political landscape. The most recent data from the World Gold Council shows that they added 186 metric tons of gold to their coffers during the third quarter, with the National Bank of Poland leading the way with 42 metric tons.
The World Gold Council notes that on a rolling four-quarter basis, central bank buying has slowed to 909 metric tons — that's compared to 1,215 metric tons one year ago.
Investors also began returning to the precious metal throughout 2024 as geopolitical tensions and fragile economies pushed them toward gold as a safe haven to help shield their portfolios from volatility.
With the world’s largest economy set to welcome Trump back to the White House in 2025, there are many unknowns. His economic policies could cause inflation to begin creeping up. In contrast, his foreign policies could create new ripples through global trade and financial markets given that he campaigned on more protectionist policies.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
Brightstar Resources
Investor Insight
A gold-focused emerging gold producer with a clear pathway to production growth, Brightstar Resources presents a compelling investment case driven by its mining and development hubs strategy and a district-scale resource opportunity.
Overview
The price of gold stays strong. In April 2024, the yellow metal’s price passed US$2,400 per ounce for the first time. The reason is multifaceted. The world teeters on the brink of a severe recession while some markets attribute the increase to safe haven rush. Amidst ballooning interest rates, bank failures and falling bond yields, demand for gold continues to rise. At this precise moment, gold is simultaneously an excellent portfolio diversifier and a compelling hedge against ongoing inflation — particularly if one invests in the right company.
Brightstar Resources (ASX:BTR) aims to be that company. An emerging mining and development company, Brightstar occupies a strategic land position of roughly 1,200 square kilometers in the Sandstone Greenstone Belt, 300 square kilometers in the Laverton Tectonic Belt and 80 square kilometers of the Menzies Shear Zone.
The company also owns an existing processing facility that can potentially provide tremendous shareholder value in a low-capital cost restart scenario.
That plant, once fully refurbished and operational, could prove a key differentiator for the company, enabling fast gold production at a low capital cost. This is especially noteworthy given that many other gold companies trading on the ASX are largely focused on greenfield exploration and development. Even once those companies discover a promising resource, mining and processing facilities would still need to be built, undertakings which can incur significant upfront capital costs and take several years.
Brightstar's Laverton gold assets are all centered on a 100 percent-owned 300-square-kilometer tenure in the Laverton Tectonic Zone and all within 70 kilometers of the Laverton Processing Plant. Additionally, all resources within this zone are open along strike and at depth. Only minor drilling programs have been conducted in recent years, paving the way for significant exploration upside with the potential for further regional and greenfields discoveries.
Brightstar also owns 100 percent of the Menzies Gold Project, a contiguous land package of granted mining leases over a strike length of roughly 20 kilometers along the Menzies Shear Zone and adjacent to the Goldfields Highway.
In 2023 and 2024, the company announced a mineral resource upgrade to the Cork Tree Well deposit (Laverton gold project) and also delivered two maiden mineral resource estimates at the Link Zone and Aspacia deposits (Menzies gold project). This has grown the total group MRE by approximately 150 koz gold through organic exploration.
The company has also acquired 100 percent of the shares and options of Linden Gold Alliance, a gold producer, developer and explorer with existing mineral resources of 350 koz @ 2.1 g/t gold near Brightstar in the Laverton district. Brightstar’s MRE has reached 1.1 Moz gold across the Menzies and Laverton projects, with an additional 0.35 Moz gold in resources added after the successful acquisition of Linden Gold Alliance.
In August 2024, Brightstar entered into a scheme implementation deed to acquire 100 percent of Alto Metals (ASX:AME), which owns the Sandstone gold project located in East Murchison. The project has a current mineral resource of 1.05 Moz of gold at 1.5 g/t.
Brightstar also completed the acquisition of the gold rights at the Montague East gold project (MEGP) from Gateway Mining Limited (ASX:GML). The project is located 70 km from the Sandstone gold project. The acquisition adds a further 9.6 Mt @ 1.6 g/t gold for 0.5 Moz gold to Brightstar’s JORC Mineral Resource Estimate, giving the company a total mineral endowment of 38.3 Mt @ 1.6 g/t gold for 2.0 Moz gold.
The acquisition of the MGEP from Gateway Mining and 100 percent of Alto’s shares creates a third district-scale resource base for the company called the Sandstone Hub. Upon consolidation of the Laverton, Menzies and Sandstone hubs, Brightstar’s mineral resources would reach 3 Moz at 1.5g/t gold.
Subsequent to the deal with Alto Metals, Brightstar entered into a $4 million drill-for-equity agreement with Topdrill to aggressively advance the consolidated Sandstone gold project. The deal strengthens Brightstar's financial capacity to fulfill its multi-hub exploration and development strategy, which includes the Menzies, Laverton and Sandstone hubs.
Company Highlights
- Brightstar Resources is an ASX-listed mining and development company with more than 3 million ounces of gold resources and an on-site processing infrastructure across its project locations in Laverton, Menzies and Sandstone in Western Australia.
- Brightstar's mineral assets are situated across roughly 300 square kilometers of 100-percent-owned land in the Laverton Tectonic Zone and ~80 square kilometers in the high-grade Menzies Shear Zone.
- The Laverton Gold project has a mineral resource of 9.7 Mt @ 1.6 g/t gold for 511 koz gold and the Menzies gold project has 13.8 Mt @ 1.3g/t gold for 595 koz gold.
- In 2023, the company completed a scoping study into the development of its Menzies and Laverton gold projects and the refurbishment and restart of its processing plant in Laverton.
- In 2023 and 2024, Brightstar completed a small-scale mining joint venture with BML Ventures which involved a 50/50 profit-sharing agreement to exploit the Selkirk deposit at Menzies. In April 2024, Brightstar announced that this joint venture delivered a net profit to Brightstar of $6.5 million.
- In June 2024, the company successfully acquired all of the issued ordinary shares and options in Linden Gold Alliance, a gold producer, developer and explorer with existing mineral resources of 350 koz @ 2.1 g/t gold near Brightstar in the Laverton district.
- As part of the merger with Linden Gold, Brightstar released a scoping study into Linden’s development-ready Jasper Hills gold project, which delivered key metrics including:
- 140 koz mined over 3.75 years (35 koz pa)
- Net present value of AU$99 million
- Internal rate of return of 736 percent
- Pre-production capital requirements of $12 million
- All-in sustaining costs of AU$1,972/oz
- Jasper Hills is located just 50 km SE of Brightstar’s processing plant in the Laverton gold project
- Brightstar has recently completed the acquisition of the gold rights at the Montague East gold project (MEGP) from Gateway Mining Limited (ASX:GML), and has entered into an agreement to acquire Alto Metals (ASX:AME) further creating the company’s third district-scale resource base known as the Sandstone Hub.
- Brightstar plans to continue generating shareholder value through a combination of development and strategic acquisitions along with some exploration.
Key Projects
Laverton Hub
Brightstar’s Laverton hub is comprised of the Cork Tree Well, Beta and Alpha project areas with the addition of the Second Fortune gold mine and the Jasper Hills projects.
Highlights:
- Cork Tree Well, Alpha and Beta have current total JORC mineral resource estimate of 9.7 Mt @ 1.6 g/t gold for 511 koz (52 percent measured and indicated category). All mineral resources are on granted mining leases
- Cork Tree Well (6.4 Mt at 1.4 g/t gold for 303 koz gold)
- Alpha (1.4 Mt at 2.3 g/t gold for 106 koz gold)
- Beta (1.9 Mt at 1.7 g/t gold for 102 koz gold)
- Main project area Cork Tree Well is open at depth and along strike with recent drilling results of 34.4 meters at 7.94 g/t gold from 43.5 meters (CTWMET004) and 27.6 meters at 17.8 g/t gold from 51 m (CTWMET003)
- Second Fortune has a mineral resource estimate head grade of ~11g/t gold with an average ore body width of ~0.6 meters.
- Jasper Hills is located 50 km from Brightstar’s existing processing facility along a wholly-owned private haul road, allowing unimpeded, direct access to both projects
- Permitted, previously mined and production-ready
- Last mined by current owners in 2020 with 23,000 oz gold mined
- Scoping Study outcomes include:
- Pre-production capex of $12 million required (maximum capital drawdown)
- Open pit mine at Lord Byron and underground mine at Fish
- Production of 141 koz over four years (35 koz per annum)
- LOM EBITDA of $135 million (@ AU$3,000/oz)
Menzies Hub
The Menzies Hub comprises a tenement holding of a contiguous land package of granted mining leases over a strike length of more than 20 km. The majority of deposits hosted along the Menzies Shear Zone are located adjacent to Goldfields Highway in Menzies (130km north of Kalgoorlie).
Highlights:
- Total Current Resource: 13.7 Mt at 1.3 g/t gold for 595 koz gold (36 percent measured and indicated)
- September 2023 scoping study showed the simultaneous development of open pit mining at Lady Shenton system and underground mining at Yunndaga:
- 1.9 Mt @ 1.63 g/t Au (100 koz) in open pit mining at Lady Shenton
- 650 kt @ 2.91 g/t (60 koz) in underground mining at Yunndaga
- Low capex of $22 million
- Significant opportunities to find virgin discoveries and brownfields mineral resource growth:
Sandstone Hub
The consolidated Sandstone project is over 100 km from existing third-party milling operations in the Murchison. This third processing hub boasts Alto’s Sandstone project with a mineral resource of 1.05 Moz at 1.4 g/t gold and Gateway’s Montague gold project with a mineral resource of 0.5 Moz @ 1.6 g/t gold.
Brightstar aims to fast-track the development timetable through:
- A focused, multi-rig infill drill out to take the inferred mineralisation into measured and indicated status to underpin mining studies and project advancement
- The application of Brightstar’s dedicated in-house geological and mining engineering team to retain crucial project IP and fast-tracked mining studies;
Brightstar Processing Facility
Situated close to Brightstar's existing mineral assets at Laverton, the Brightstar Processing Plant provides the company with a considerable operational head start over its peers.
Highlights:
- Extensive Infrastructure: Current facilities at the plant include two ball mills, a power station and gravity and elution circuits. Other infrastructure includes:
- A tailings storage dam
- An on-site process water pond
- A 60-person accommodation camp
- An airstrip at the Cork Tree Well Project
- Vehicles and equipment include a forklift, bobcat, two loaders, multiple light vehicles and a 30-tonne crane.
- A Leg Up Over Competitors: The presence of pre-existing processing infrastructure represents significant time savings compared to greenfields development. Brightstar had an independent valuation completed which valued the processing plant at AU$60 million in replacement value.
- Low Upfront Capital Cost: As part of the scoping study released in September 2023, GR Engineering estimated a capital cost requirement to refurbish and expand the milling capacity would cost just AU$18.5 million.
- Close to Existing Assets: Brightstar's major development projects — Cork Tree Well, Jasper Hills, Beta and Alpha — are all close to the plant.
Gold doré bars (BTR005 – BTR016) poured on 9 March 2024
Management Team
Alex Rovira - Managing Director
Alex Rovira is a qualified geologist and an experienced investment banker having focused on the metals and mining sector since 2013. Rovira has experience in ASX equity capital markets activities, including capital raisings, IPOs and merger and acquisitions.
Richard Crookes - Non-executive Chairman
Richard Crookes has over 35 years’ experience in the resources and investments industries. He is a geologist by training having previously worked as the chief geologist and mining manager of Ernest Henry Mining in Australia.
Crookes is managing partner of Lionhead Resources, a critical minerals investment fund and formerly an investment director at EMR Capital. Prior to that he was an executive director in Macquarie Bank’s Metals Energy Capital (MEC) division where he managed all aspects of the bank’s principal investments in mining and metals companies.
Andrew Rich - Executive Director
Andrew Rich is a degree qualified mining engineer from the WA School of Mines and has obtained a WA First Class Mine Managers Certificate. Rich has a strong background in underground gold mining with experience predominantly in the development of underground mines at Ramelius Resources (ASX:RMS) and Westgold Resources (ASX:WGX).
Ashley Fraser - Non-executive Director
Ashley Fraser is an accomplished mining professional with over 30 years experience across gold and bulk commodities. Fraser was a founder of Orionstone (which merged with Emeco in a $660-million consolidation) and is a founder/owner of Blue Cap Mining and Blue Cap Equities.
Jonathan Downes - Non-executive Director
Jonathan Downes has over 30 years’ experience in the minerals industry and has worked in various geological and corporate capacities. Experienced with gold and base metals, he has been intimately involved with the exploration process through to production. Downes is currently the managing director of Kaiser Reef, a high grade gold producer, and non-executive director of Cazaly Resources.
Matthew Bowles – Non-executive Director
Matthew Bowles is a senior corporate finance executive with extensive public corporate advisory, private equity and capital markets experience in the resources sector. Bowles has successfully negotiated domestic and cross border corporate funding, joint venture and M&A transactions for a number of ASX listed companies in Africa, the Americas and Australia. He was previously chief development officer for a West African focused ASX listed company. He commenced his career with Rio Tinto, working in corporate and commercial roles for nine years, before moving to London to work in banking and finance. Since his return to Australia, Bowles has held senior roles with global advisory firms, focusing on the resources sector. Bowles holds a Bachelor of Business, is a member of CPA Australia and a Fellow of the Financial Services Institute of Australia.
Dean Vallve – Chief Operating Officer
Dean Vallve holds technical qualifications in geology & mining engineering from the WA School of Mines, an MBA, and a WA First Class Mine Managers Certificate. Vallve was previously in senior mining and study roles at ASX listed mid-cap resources companies Hot Chili (ASX:HCH) and Calidus Resources (ASX:CAI).
Mount Hope Mining: Advancing a Copper, Gold-rich Asset in the Cobar Basin of New South Wales
Mount Hope Mining (ASX:MHM) is a copper and gold exploration company based in Australia. The company's flagship Mount Hope project in the prolific Cobar Basin is comprised of four tenements spanning 175 sq km. Mount Hope Mining's acquisition of Fisher Resources has provided it with full control over the project.
The Cobar Basin, a region with a longstanding history of copper and gold mining dating back to the 1870s, has seen a flurry of significant mining activities in recent years. In August 2024, Polymetals Resources (ASX:POL) finalized the acquisition of the Endeavor Mine, located 40 kilometers north of Cobar, which boasts JORC-compliant resources of 16.3 million tonnes grading 8 percent zinc, 4.5 percent lead, and 84 grams per ton (g/t) silver. In 2023, Metals Acquisition (NYSE:MTAL) successfully acquired the CSA copper mine from Glencore, further signalling the growing investment attractiveness of the Cobar Basin as a major hub for copper production.
The Mount Hope project has four granted exploration tenements: EL6837, EL8058, EL8290 and EL8654. The region is historically significant for its rich copper and gold deposits and has contributed substantially to Australia’s mining output since the 1870s. Despite its long-standing mining heritage, the southern Cobar Basin remains underexplored, presenting a unique opportunity for Mount Hope Mining to utilize modern exploration techniques to uncover untapped resources.
Company Highlights
- Mount Hope Mining is a copper and gold exploration company based in Australia
- The company holds 100 percent ownership of the Mount Hope project in the prolific Cobar Basin, comprising four tenements spanning 175 sq km
- The Cobar Basin has long history of copper and gold mining dating back to the 1870s, and recently experiencing increased M&A activity.
- Mount Hope has identified key zones of interest within the project and will be the target for near-term phased exploration
- The company’s experienced and dynamic board and management team, bring a wealth of expertise in mineral exploration, corporate governance, and strategic planning.
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