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 reported indicated resources of 9.5 million tons at grades of 289 g/t Ag, 2.41 g/t Au, 0.27% Pb and 0.84 % Zn for 155.8 Moz Ag 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).
Advisor and co-founder Dr. Peter Megaw, who sits on the board of directors, is the co-founder of MAG Silver Corp. (TSX:MAG) and Minaurum Gold (TSXV:MGG). Megaw and his team are credited with MAG Silver’s Juanicipio discovery in the famous Fresnillo District as well as Excellon Resources’ (TSX:EXN) Platosa mine.
Technical adviser Steve Robertson is a successful copper explorer credited with multiple discoveries with Imperial Metals (TSX: III) including the Red Chris copper mine in B.C.
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 (TSXV:VZLA), 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 2018, ProDeMin completed a diamond drilling program on the property, with notable drill results including 3.75 g/t gold and 1,098 g/t silver for 2.3 meters, as well as 8.42 g/t gold an 2,336 g/t silver for 0.8 meters.
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. A second agreement with the owner of the remaining 25 percent will allow Prismo to obtain 100 percent ownership of the Palos Verdes concession. 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, and an alteration study and rock chip sampling program that returned an assay of 2,605 g/t silver equivalent (930 g/t silver and 10.55 g/t gold plus Pb and Zn) over a sample width of 0.5 meter provide evidence that additional mineralization may occur. The company has announced a deeper drilling program comprising approximately 3,600 meters in 10 holes to test extension of the mineralization underneath existing intercepts.
The company’s 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 2,370meters in 25 holes.
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.
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.
Limited sampling has been performed on the property. According to a sample database compiled by ProDeMin, findings have 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. 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.
The 2023 drill program at Palos Verdes has yielded 2,620 meters of drilling and 13 holes completed. Hole PV-23-25 also intersected 11,520 g/t silver equivalent over 0.5 meters (3,100 g/t silver, 102 g/t gold and 0.26 percent zinc). The company has since announced plans to expand the drill program with new holes to be drilled from Vizsla Silver’s (TSXV:VZLA) concessions adjacent to the Palos Verdes concession, and will target the Palos Verdes vein at depth. The Panuco joint technical committee calls for the drilling of approximately 3,600 meters in 10 holes to be completed in two phases.
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 6.6m 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.
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. Drill permitting is nearly complete.
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. Mr. 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 Mr. Robertson was the founding CEO of Sun Metals, a Venture Exchange company that went on to discover a copper-gold skarn in British Columbia. Mr. Robertson 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, 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.
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. Dr. 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 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 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 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.
Jean-François Meilleur has been active in the capital market since 2006 as a managing partner of Paradox Public Relations and PE Partners providing strategic advisory, and investor relations services and being a supportive shareholder providing development capital to different ventures. In May 2017, Meilleur was appointed president and CEO of Canada Strategic Metals. From 2012 to 2018, Meilleur was VP at Critical Elements Corp. Meilleur holds a bachelor’s degree from the HEC business school (Hautes Études Commerciales) in Montreal, with a specialization in marketing and finance. He is also a managing partner and co-owner of Paradox Public Relations.
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 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.
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.
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Prismo Metals Inc. ("Prismo" or the "Company") (CSE:PRIZ)(OTCQB:PMOMF) is pleased to announce that further to its news release dated June 11, 2024, the Company has closed its previously announced non-brokered private placement (the "Private Placement") for gross proceeds of $1,147,500 through the issuance of 6,750,000 units of the Company ("Units
Each Unit consists 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 entitles the holder to purchase one common share in the capital of the Company for a period of twenty-four (24) months from the date of issue at an exercise price of $0.25.
"We welcome several new investors as shareholders of Prismo Metals," said CEO Alain Lambert. "We look forward to getting the next phase of drilling on the way at our silver project Palos Verdes and finalizing the permitting for the upcoming drill campaign at our Hot Breccia copper project in Arizona."
"Completion of the financing brings us one step closer to drilling at Hot Breccia. This project is a rare opportunity to test a highly prospective target in one of the best locations possible. This is the right project at the right time, and I am personally very excited to get the drill turning to test the target our team has identified" stated Steve Robertson, President of Prismo Metals.
The Company intends to use the proceeds from the Private Placement to fund drilling at its Palos Verdes project, and for general working capital purposes. There may be circumstances, however, when, for sound business reasons, a reallocation of funds may be necessary.
In connection with the Private Placement, the Company issued an aggregate of 198,449 finder's warrants (the "Finder's Warrants") and paid finder's commissions in the aggregate of $32,441.49 to certain qualified finders. Each Finder's Warrant is exercisable for a period of 24 months from the date of issuance into one Share of the Company at a price of $0.25.
All securities issued in connection with the Private Placement are subject to a four-month hold period from the closing date under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.
Debt Settlement Transaction
The Company also announces that it has closed its previously announced debt settlement transactions with certain creditors of the Company (the "Creditors"), pursuant to which the Company has issued to the Creditors an aggregate of 628,206 Units and 873,000 Shares, each at an issue price of $0.17, in full and final settlement of accrued and outstanding indebtedness in the aggregate amount of approximately $255,205 (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.
Multilateral Instrument 61-101
The Company has issued an aggregate of 136,677 Units pursuant to the Private Placement, and 250,000 Shares pursuant to the Debt Settlement, to certain "related parties" of the Company (the "Interested Parties"), in each case constituting, to that extent, a "related party transaction" as defined under Multilateral Instrument 61-101 - Protection of Minority Securityholders in Special Transactions ("MI 61-101"). The Company is exempt from the requirements to obtain a formal valuation and minority shareholder approval in connection with the participation of the Interested Parties in the Private Placement and the Debt Settlement in reliance on sections 5.5(a) and 5.7(1)(a) of MI 61-101, as neither the fair market value of the Private Placement and the Debt Settlement nor the securities issued in connection therewith, in so far as the Private Placement and the Debt Settlement involves the Interested Parties, exceeds 25% of the Company's market capitalization. The Company did not file a material change report more than 21 days before the expected closing of the Private Placement and the Debt Settlement as the details of the Private Placement and the Debt Settlement and the participation therein by the Interested Parties therein were not settled until recently and the Company wishes to close on an expedited basis for sound business reasons.
Stock Option Grant
The Company further announces that it has granted 225,000 stock options, 125,000 of which have been granted to an officer of the Company, pursuant to the Company's long-term incentive plan. Each stock option is exercisable to purchase one common share of the Company at an exercise price of $0.21 for a period of 5 years, subject to certain vesting provisions.
The foregoing 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 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 intended use of any proceeds raised under the Private Placement.
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, the inability of the Company to utilize the anticipated proceeds of the Private Placement as anticipated.
In making the forward looking statements in this news release, the Company has applied several material assumptions, including without limitation, that the Company will use the proceeds of the Private Placement as currently anticipated.
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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Vancouver, BC TheNewswire - June 13, 2024 Global Stocks News On June 11, 2024 Prismo Metals (CSE: PRIZ) (OTCQB: PMOMF) updated the market with three significant announcements .
1. The company has received commitments for a $1.1 million private placement of units at a price of $0.17 per unit.
2. At its Hot Breccia Copper Project (Arizona ), a drilling permit is expected this month. The upcoming exploration program will focus on diamond drilling five holes with an expected depth of 1,000 metres each .
3. At its Palos Verdes Silver Project (Mexico), there is a plan for a two-phase, 10-hole 3,600- meter drill program .
Prismo Metals is a base and precious metals company strategically positioned to benefit from the global transition to green energy (copper & silver) and the dedollarization of international currencies (gold).
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1. Non-Brokered Private Placement
Prismo received commitments for 6,500,000 units @ $0.17 per Unit for gross proceeds of $1,105,000 expected to be finalized on or around June 18, 2024.
Each Unit comes with a half-warrant. Each whole warrant entitles the holder to purchase one common share or Prismo for two years @ $0.25.
"We are pleased to welcome several new incoming shareholders who will be participating in the Private Placement ," stated Steve Robertson, President of Prismo Metals .
2. Hot Breccia Copper Project
The Hot Breccia property consists of 1,420 hectares, 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 .
"At the Hot Breccia property, we're out in the desert and there's not a lot around except mines and mining towns," Alain Lambert, Prismo CEO told Guy Bennett, CEO of Global Stocks News (GSN). "The two towns in the area, Hayden (pop. 500) and Winkelman (pop. 290) are steeped in the history of Arizona mining. It's a mining friendly community with an experienced workforce."
" The anticipated exploration program at Hot Breccia will focus on diamond drilling five holes with an expected depth of 1,000 metres each , for a program total of 5,000 metres ," state Robertson in the June 11, 2024 press release. "We will soon be drilling a very exciting copper target, located in a favorable jurisdiction."
The Christmas project 4 kilometers north, is a model for Hot Breccia mineralization. It is associated with intermediate intrusive rocks into favorable sedimentary rocks. There are historic drill holes from 70's and early 80's on and near the property.
"The Christmas Mine started production before World War One and operated until 1982, with a small smelter on the property," Robertson told GSN. "It produced 25 million tonnes of 1.5% copper. Christmas is a good indicator of the type of mineralization we are searching for at Hot Breccia."
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When investors hear "copper" they typically think "Chile" "Australia" or "Peru", but Arizona, USA is a major copper producer.
"If Arizona were a country, it would be the seventh largest producer of copper in the entire world," states the Arizona Mining Association .
There are 10 major copper mines in production in Arizona. About 75% of US copper output comes from The Grand Canyon State.
According to the 2023 Fraser Institute Mining Survey , Arizona is the 7 th best mining jurisdiction on the global investment attractiveness index , which takes into account the impact of both policy factors and mineral endowment .
Chile, by contrast, ranks 60 th on the global investment attractiveness index.
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The Arizona Copper Belt has attracted some big mining companies.
Freeport-McMoRan (NYSE: FCX) – a $70 billion global resource company headquartered in Arizona operates the Morenci Mine which employs 3,760 workers, with a direct economic impact to the state of $691 million .
The Morenci Mine is a porphyry copper deposit that has oxide, primary and secondary sulfide mineralization.
Prismo's project, Hot Breccia shows many features in common with the neighboring systems of Morenci , Ray and Resolution .
On March 4, 2024 Prismo announced that it is engaging Exploration Technologies from San Diego, California to apply xFlare, their Artificial Intelligence (AI)-Optimized drill planning solution, to the Hot Breccia Project where a number of features suggests well mineralized Arizona-style Copper Porphyry lies at depth.
Prismo ran a ZTEM survey last year that identified a large conductive anomaly directly beneath the breccia outcrops. Prismo expects xFlare's AI technology to zero in on where and at what depth to drill.
"ZTEM gives you a clear window into what's going on at depth," Robertson told GSN. "It's also an economic filter. Small, mildly conductive zones are not going to show up. That's good for us. We're looking for big anomalies."
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3. At Palos Verdes Silver Project (Mexico), a plan for a two-phase, 10-hole 3,600- meter drill program .
The planned drill holes at Palos Verdes will be drilled from Vizsla Silver Corp (TSXV: VZLA) concessions, adjacent to the Palos Verdes concession and will target the Palos Verdes vein at depth," states PRIZ in the June 11, 2024 PR.
The project is located in the historic Pánuco-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. The mineralization is open in all directions and the currently planned drilling program is designed to follow it along strike and to depth.
" Immediately following closing of the Private Placement, we will mobilize our drilling crew at our Palos Verdes for our next phase of drilling," stated Craig Gibson, Prismo Co-Founder and Chief Exploration Officer, " These holes will target the Palos Verdes vein at depth."
The Company completed its third drill campaign last year with 2,923 meters drilled in 15 holes with high grade mineralization encountered in several holes.
Assays included 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.
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Prismo Metals recently gave a presentation at the Deutsche Goldmesse conference in Germany, hosted by Soar Financial Partners.
"The Arizona Copper Belt is one of the most productive copper belts on the face of the planet," Robertson told the conference attendees in Frankfurt. "We're surrounded by world class deposits."
"One hundred kilometers to the east of our property, is Morenci which has a 75-billion-pound copper endowment," continued Robertson, "Forty kilometers to the north is Resolution which has 1.6 billion tons of 1.6% Copper. Morenci and Resolution are important to the thesis driving our exploration objectives at Hot Breccia."
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The global industrial shift towards renewable energy, electric vehicles, and the burgeoning AI sector has boosted copper's demand outlook.
"Copper is the most compelling trade I have ever seen in my 30-plus years of doing this," stated Carlyle chief strategy officer, Jeff Currie . The price of copper has risen 20% in 2024. Currie expects it to reach $15,000 a ton in the next couple of years, about a 45% gain.
"S&P Global forecasts that copper demand will double, reaching 50 million metric tons by 2035," reports Euro News on May 15, 2024 . "The most significant demands are expected to emanate from the US, China, Europe, and India."
Prismo's Hot Breccia Copper Project in Arizona is designed meet future copper demand.
Disclaimer: Prismo Metals paid GSN CND $1,500 for the research, creation and dissemination of this content.
Contact: guy.bennett@globalstocksnews.com
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HIGHLIGHTS
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Prismo Metals Inc. ("Prismo" or the "Company") (CSE:PRIZ)(OTCQB:PMOMF) is pleased to announce that it has received commitments for 6,500,000 units of the Company ("Units") at a price of $0.17 per Unit for gross proceeds of $1,105,000 to be issued on a non-brokered private placement basis (the "Private Placement"). The total amount of the Private Placement has been committed to and the Company expects that the Private Placement will be fully subscribed at a closing expected to take place on or around June 18, 2024
Each Unit consists 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 entitles the holder to purchase one common share in the capital of the Company for a period of twenty-four (24) months from the date of issue at an exercise price of $0.25.
Steve Robertson, President of Prismo Metals commented: "The recent strengthening in commodity prices has resulted in renewed interest from investors in exploration companies like ours. We are pleased to welcome several new incoming shareholders who will be participating in the Private Placement. Our priorities this year remain to start drilling at our Hot Breccia copper project located in the heart of the Arizona copper belt and to test the Palos Verdes vein at depth on our silver project of the same name in Mexico."
Mr. Robertson added: "The anticipated exploration program at Hot Breccia will focus on diamond drilling five holes with an expected depth of 1,000 metres each, for a program total of 5,000 metres. The actual depth of each drill hole will be determined by the stratigraphy encountered. The exploration team would like to ensure the entire Paleozoic carbonate sequence, which are the most prospective host rock for mineralization, is intersected. Arrangements for the start of drilling will be underway once the final Bureau of Land Management ("BLM") permit is fully in place, which is anticipated to occur in the near future."
Regarding the Palos Verdes silver project in Mexico, Craig Gibson, Co-Founder and Chief Exploration Officer said: "Immediately following closing of the Private Placement, we will mobilize our drilling crew at our Palos Verdes for our next phase of drilling. We are planning to drill approximately 3,600 meters in ten holes to be completed in two phases. These holes will be drilled from Vizsla Silver Corp. concessions adjacent to the Palos Verdes concession and will target the Palos Verdes vein at depth. This drill program follows a recommendation presented by the Panuco Joint Technical Committee. The Joint Technical Committee is comprised of Prismo's CXO Dr. Craig Gibson, Vizsla Silver's VP Exploration Dr. Jesus Velador, and Dr. Peter Megaw."
About Hot Breccia
The Hot Breccia property consists of 1,420 hectares 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 (Figures 2 and 3).
Sampling at the project has shown the presence of copper and gold 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. Drilling of deep holes, possibly including a twin of an historical hole, is planned.
Gold mineralization ranging from anomalous values of 0.1-0.3 g/t to 28 g/t with local copper has also been encountered at the surface associated with dikes (see News Release of July 11, 2023).
Figure 1: Location of the Hot Breccia copper project in Arizona.
Figure 2. View of the subsurface looking northeasterly showing the conductive body from the ZTEM survey and cross sections of the Christmas deposit and the Hot Breccia area. Historic drill holes are shown with copper assays as disks within the red ellipse; the magenta color indicates > 1% Copper.
Figure 3. Plan view of the surface geology showing the hot breccia land boundary in black and the cross sections from Fig. 2. The surface projection of the conductive body shown in Fig. 2 is roughly outlined in red.
Assay results from historical 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.
About Palos Verdes
The Palos Verdes project is located in the historic Pánuco-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 (www.prismometals.com ). This mineralization is open in all directions and the currently planned drilling program is designed to follow it along strike and to depth.
A geochemical sampling program conducted in late 2023 focused on narrow and most strongly mineralized portions of the vein was conducted along the exposed strike length of the Palos Verdes vein system. The best sample from that program assayed 930 g/t silver and 10.55 g/t gold with 15.4% zinc and 4.5% lead (2,605 g/t Ag/Eq) over 0.5 meters. Strongly anomalous values of precious metal and indicator elements occur above the mineralized shoot identified during drilling and also along the vein system further to the northeast. This area may indicate the presence of a second blind mineralized shoot that will also be tested by the deep drilling from Vizsla ground.
Table 1. Assay highlights for Palos Verdes sampling program.
| Sample | UTM Coordinates WGS84 | Length | Au | Ag | Cu | Pb | Zn | |
E | N | meters | g/t | g/t | % | % | % | |
126032 | 414,003 | 2,593,429 | 0.5 | 0.833 | 280 | - | - | - |
126035 | 414,173 | 2,593,467 | 1.0 | 0.854 | 174 | - | - | - |
126036 | 414,171 | 2,593,459 | 1.0 | 0.152 | 103 | - | - | - |
126037 | 414,188 | 2,593,470 | 1.0 | 5.96 | 433 | - | - | - |
126038 | 414,205 | 2,593,469 | 1.0 | 0.249 | 75.5 | - | - | - |
126041 | 414,093 | 2,593,387 | 1.0 | 0.969 | 415 | - | - | - |
126068 | 413,520 | 2,593,029 | 0.5 | 0.174 | 103 | - | - | - |
126072 | 413,591 | 2,593,121 | 0.5 | 0.184 | 98.8 | - | - | - |
126077 | 413,627 | 2,593,102 | 0.5 | 1.285 | 326 | - | - | - |
126079 | 413,663 | 2,593,137 | 0.5 | 0.331 | 78.1 | - | - | - |
126083 | 413,722 | 2,593,333 | 0.5 | 0.459 | 65 | - | - | - |
126085 | 413,740 | 2,593,176 | 0.5 | 0.203 | 82.6 | 0.94 | 4.55 | 14.23 |
126086 | 413,736 | 2,593,175 | 0.5 | 10.55 | 930 | 0.78 | 4.50 | 15.40 |
126088 | 413,746 | 2,593,182 | 0.5 | 0.073 | 76.8 | 0.78 | 1.14 | 2.03 |
126089 | 413,744 | 2,593,076 | 0.5 | 0.034 | 24.5 | 0.22 | 2.33 | 3.40 |
126095 | 413,734 | 2,593,145 | 0.5 | 1.19 | 190 | - | - | - |
517878 | 413,751 | 2,593,180 | 0.5 | 0.079 | 61.7 | 0.32 | 0.73 | 11.85 |
517879 | 413,742 | 2,593,180 | 0.5 | 0.182 | 129 | 0.18 | 8.22 | 15.65 |
The Company completed its third drill campaign last year with 2,923 meters drilled in 15 holes with high grade mineralization encountered in several holes. Assays previously reported from this program include the highest-grade intercept recorded at the project in 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 (see News Release of July 27, 2023). The last eight drill holes in the program, PV-23-26 to PV-23-33 were drilled to test the limits of the mineralized shoot in the western portion of the vein at depth and to the east of the NW fault.
Holes PV-23-27 and PV-23-29 to PV-23-33 tested the mineralized shoot to define the limits of mineralization and cut variably mineralized vein material (Table 1). The angle of inclination of several holes was very steep at -75 degrees, and drilling from the Vizsla Silver ground will provide more useful information.
Holes PV-23-26 and PV-23-28 explored to the east of the NW fault and did not cut significant mineralization but provided valuable information for the next holes that need to be drilled deeper from the adjoining Vizsla Silver ground.
2023 Palos Verdes Drilling Highlights
PV-23-25:
PV-23-24:
PV-23-20:
PV-23-32:
PV-23-33:
Figure 4. Geologic and drill hole map of the Palos Verdes and adjacent concessions with silver assays from the recent sampling and showing surface projection of the mineralized shoots and the high-level alteration assemblage discussed in the text. Planned deep drill holes from Vizsla Silver ground shown in purple and red color. Broad hachured swath is the northwest-trending structure interpreted to have offset the eastern extension of the vein.
Figure 5. View of subsurface at Palos Verdes, looking northerly, with the Palos Verdes vein projection in red and the high-grade mineralized shoot in magenta, apparently truncated by the NW fault, blue.
Table of drill highlights for the previously unreported holes at the Palos Verdes Project:
Hole | From | To | Width | Est True width (m) | Au | Ag (g/t) | Cu | Pb | Zn | *Ag eq (g/t) |
PV-27 | 0.90 | 1.30 | 0.40 | 0.10 | 0.216 | 107 | - | 0.02 | 0.02 | 126.2 |
PV-32 | 109.40 | 111.60 | 2.20 | 1.41 | 0.16 | 17.5 | 0.27 | 0.92 | 1.30 | 115.4 |
111.30 | 111.60 | 0.30 | 0.19 | 0.83 | 45.0 | 0.68 | 4.32 | 4.67 | 333.9 | |
150.10 | 155.65 | 5.55 | 3.57 | 0.20 | 20.7 | 0.16 | 0.61 | 1.09 | 103.8 | |
155.25 | 155.65 | 0.40 | 0.26 | 0.04 | 17 | 0.21 | 3.56 | 6.03 | 391.5 | |
PV-33 | 225.65 | 226.40 | 0.75 | 0.26 | 0.03 | 94.8 | 2.28 | 0.31 | 3.39 | 253.4 |
225.95 | 226.40 | 0.45 | 0.14 | 0.04 | 144 | 3.65 | 0.45 | 5.12 | 382.2 |
*Silver equivalent values are calculated using the following metals prices: Au, US$1,750/oz, Ag, $21.24/oz, Pb, $0.97/lb and Zn, $1.34/lb. Cu was not used in the calculation, and metallurgical recoveries were not considered as there is no data available for the Palos Verdes vein. True width estimated from hole inclination and estimated vein dip, where known.
Table of drill hole data for holes not previously released:
Hole | Target | Easting | Northing | Elev | Azim | Incl | Depth (m) | |
PV-23-26 | NW fault | 413,807 | 2,593,082 | 1,236 | 10 | -45 | 327.00 | |
PV-23-27 | PV vein | 413,814 | 2,593,082 | 1,226 | 320 | -75 | 234.00 | |
PV-23-28 | NW fault | 413,801 | 2,593,136 | 1,244 | 35 | -60 | 117.00 | |
PV-23-29 | SW PV gap | 413,735 | 2,593,073 | 1,216 | 330 | -75 | 183.00 | |
PV-23-30 | SW PV gap | 413,707 | 2,592,990 | 1,202 | 330 | -50 | 180.00 | |
PV-23-31 | SW PV gap | 413,709 | 2,592,990 | 1,200 | 330 | -75 | 246.00 | |
PV-23-32 | SW PV gap | 413,677 | 2,592,942 | 1,211 | 315 | -50 | 199.50 | |
PV-23-33 | SW PV gap | 413,678 | 2,592,938 | 1,216 | 330 | -75 | 250.50 | |
Coordinates in UTM WGS84 using handheld Garmin GPS.
Additional Information About the Private Placement
The Private Placement will be made available to subscribers pursuant to the accredited investor and friends, family and business associate exemptions provided under sections 2.3(1) and 2.5 of National Instrument 45-106 Prospectus Exemptions.
The Private Placement will also be made available to existing shareholders of the Company who, as of the close of business on April 3, 2024, 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 Company intends to use the proceeds from the Private Placement to fund drilling at its Palos Verdes project, and for general working capital purposes. There may be circumstances, however, where, for sound business reasons, a reallocation of funds may be necessary.
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.
All securities issued in connection with the Private Placement will be subject to a four-month hold period from the closing date under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.
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
The Company also announces that it has entered into debt settlement agreements with certain creditors of the Company (the "Creditors") pursuant to which the Company has agreed to issue to the Creditors, and the Creditors have agreed to accept, an aggregate of 646,391 Units (the "Settlement Units"), in full and final settlement of accrued and outstanding indebtedness in the aggregate amount of $109,886.
Each Settlement Unit consists of one Share and one-half of one Warrant. Each such warrant shall entitle the holder to purchase one common share in the capital of the Company for a period of twenty-four (24) months from the date of issue at an exercise price of $0.25.
The Settlement Units will be subject to a statutory hold period of four months from the date of issuance under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.
Updated Disclosure Regarding Closing of Prior Debt Settlement Transaction
The Company also wishes to clarify its previously disseminated press release dated April 5, 2024, announcing the closing of the Company's previously announced debt settlement transactions with certain creditors of the Company (the "Prior Debt Settlement"). The press release inadvertently disclosed in one instance that the Company issued a total of 788,235 Shares to ProDeMin, a company controlled by then President and CEO (now Chief Exploration Officer) of Prismo, Dr. Craig Gibson, in the Prior Debt Settlement. The actual number of Shares issued to ProDeMin was 588,235 as elsewhere stated in the news release.
QA/QC
Samples taken by Prismo are analyzed by multielement ICP-AES and MS methods internationally recognized analytical service providers. Certified Reference Materials including standard pulps and coarse blank material are inserted in the sample stream at regular intervals. Dr. Craig Gibson, PhD., CPG., a "Qualified Person" as defined by National Instrument 43-101 and Chief Exploration Officer and a director of the Company, has reviewed and approved the technical disclosure in this news release.
Not for distribution to U.S. news wire services or dissemination in the United States.
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 expected closing date of the Private Placement; the anticipated proceeds to be raised under the Private Placement; the intended use of any proceeds raised under the Private Placement; the payment of any finder's fees in connection with the Private Placement; the issuance of the Settlement Units; the Company's plans to commence drilling at the Hot Breccia and Palos Verdes projects and the expected depth thereof; and the anticipated receipt of the final BLM permit and the timing thereof.
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 Private Placement and the Debt Settlement; market uncertainty; the inability of the Company to raise the anticipated proceeds under the Private Placement; the inability of the Company to utilize the anticipated proceeds of the Private Placement 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; delays in the receipt of the final BLM permit; 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 Private Placement; the Company will be able to raise the anticipated proceeds under the Private Placement and on the timetable anticipated; the Company will use the proceeds of the Private Placement as currently anticipated; the Company will issue the Settlement Units as anticipated; the Company will commence drilling at the Hot Breccia and Palos Verdes projects at the expected depth and on the timetable anticipated; and the final BLM permit will be received and on the timetable anticipated.
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.
News Provided by ACCESSWIRE via QuoteMedia
Prismo Metals Inc. (CSE: PRIZ) (OTCQB: PMOMF) (FSE: 7KU) ("Prismo" or the "Company") is pleased to announce the appointment of Steve Robertson as President of the Company. Mr. Robertson has been a technical advisor to Prismo since January 2023. Alain Lambert, currently the Executive Chairman of the Company will assume the role of CEO.
The board of Prismo believes that this is the right time to add to the management team with the anticipated increasing activity at the Company's exploration projects this year, in particular an upcoming drilling campaign at its Hot Breccia copper prospect located in Arizona.
This move will allow Co-Founder and former President & CEO, Dr. Craig Gibson to move into the role of Chief Exploration Officer (CXO) to focus more on the execution of field programs and exploration strategies.
Dr. Craig Gibson commented: "My position as President and CEO was intended to be temporary during Prismo's startup, as my strength has always been advancing projects through exploration work. I think this is the time to make the change, and I welcome Steve and Alain to their new positions."
Steve Robertson is a geologist with over 35 years of mining industry experience, having played key roles in building and advancing projects from exploration through to production. His career history includes working for majors, mid-tier producers and several C-suite roles at junior resource companies. Mr. Robertson's responsibilities during his 24-year tenure at Imperial Metals included oversight of exploration, government relations, permitting, community relations, aboriginal affairs and corporate communications. Notably, he led the exploration team that completed the deep drilling program at Red Chris that revealed the significance of that deposit as a world-class porphyry copper system.
Dr. Gibson, Mr. Robertson and Mr. Lambert recorded a video regarding the changes announced today. The video is available on the Company's YouTube channel at https://www.youtube.com/@prismometals.
Mr. Lambert noted that "Under Craig's leadership as CEO, we took the Company public, executed several financings, advanced our Palos Verdes and Los Pavitos projects in Mexico with nearly 8,000 meters of drilling, established a strategic relationship with Vizsla Silver Corp. (TSXV: VZLA) and optioned a 75% interest in the promising Hot Breccia copper project in Arizona. I look forward to continuing to work closely with him as I have done since the founding of the Company in 2019."
As CEO Mr. Lambert will continue to bring his wealth of experience in capital markets and also his legal background as he practiced as a lawyer prior to a 35-year career in financing and advising small and medium-sized companies. Mr. Lambert has been involved in private and public financings totaling more than $1 billion and has an extensive network of investors, investment bankers, analysts, and investor relations professionals. Mr. Lambert 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, Montréal, Québec.
Louis Doyle, Director of Prismo stated, "The board is delighted to have both Steve and Alain take a more direct role in management of the Company while allowing Craig to concentrate on exploration, at this critical time. Prismo now has the right management mix to manage the three very strategic projects at this time when commodity prices are showing the strength that we have been waiting for, for years."
Mr. Robertson was granted 250,000 Restricted Stock Units ("RSUs") subject to certain vesting requirements. Each vested RSU entitles Mr. Robertson to receive one common share. The grant subject is to the Company's long-term performance incentive plan, which was approved by shareholders at the Company's annual general and special meeting of shareholders held on Sept. 29, 2022. A copy of the incentive plan is included in the Company's management information circular in respect of the meeting dated Aug. 31, 2022, available via the company's profile on SEDAR.
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:
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 Statements
This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements other than statements of historical fact, including without limitation, statements regarding the anticipated content, commencement and exploration program results, the ability to complete future financings, required permitting, exploration programs and drilling, and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct.
The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, the state of the financial markets for the Company's equity securities, the state of the commodity markets generally, variations in the nature, the analytical results from surface trenching and sampling program, including diamond drilling programs, the results of IP surveying, the results of soil and till sampling program. the quality and quantity of any mineral deposits that may be located, variations in the market price of any mineral products the Company may produce or plan to produce, the inability of the Company to obtain any necessary permits, consents or authorizations required, including CSE acceptance, for its planned activities, the inability of the Company to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies, the potential impact of COVID-19 (coronavirus) on the Company's exploration program and on the Company's general business, operations and financial condition, and other risks and uncertainties. All of the Company's Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/207563
News Provided by Newsfile via QuoteMedia
Prismo Metals Inc. (CSE: PRIZ) (OTCQB: PMOMF) (FSE: 7KU) ("Prismo" or the "Company"), is pleased to announce the listing of the Company's common shares on the Frankfurt Stock Exchange ("FSE") under the trading symbol "7KU". Prismo Metals shares are also cross listed on the Canadian Securities Exchange (CSE: PRIZ) and on the OTCQB in the United States (OTCQB: PMOMF).
The Frankfurt Stock Exchange is one of the world's largest international trading centers for securities. Operated by the Deutsche Boerse AG, the FSE is the largest of Germany's seven stock exchanges and is responsible for approximately 90% of all securities traded in Germany. The FSE facilitates advanced electronic trading, settlement and information systems and enables cross-border trading for international investors.
Prismo also announced that it will be participating in the Deutsche Goldmesse Spring 2024 investment conference in Frankfurt which will take place on May 3rd and 4th. Members of Prismo's management team will be having meetings with interested investors throughout the day, and also present to an audience of European investors. The Deutsche Goldmesse Spring 2024 is organized by Soar Financial Partners.
Alain Lambert, Executive Chairman of Prismo commented: "In my view, working on reaching a wide range of investors and broadening the shareholder base is an integral part of running an exploration company as it can have a direct impact on the cost of capital. European investors have a long history of investing in Canadian exploration companies and we felt it made sense at this stage to facilitate trading by listing on the Frankfurt Stock Exchange. I look forward to spending time on the road in Europe and introducing our company to investors. I am particularly looking forward to participating in the renowned Deutsche Goldmesse Spring 2024 in early May which will be followed by a multi-city road show in Europe."
Kai Hoffmann, Managing Director of Soar Financial Partners, remarked, "We are very selective when it comes to inviting companies to attend our conferences. Following two virtual, and five in-person events, Deutsche Goldmesse has established itself as Germany's premier investment conference in the resource space. Being from Germany myself and working solely in the junior mining space for the last 15 years, I understand what German and European investors are looking for. This is why I have focused on bringing together a selective group of impressive and diverse companies, keynote speakers, influencers, HNW investors, asset & fund managers, media partners and more. I am excited to offer this boutique event once again, exclusive to the junior mining sector. We are pleased to welcome Prismo Metals as a participant."
The Deutsche Goldmesse website is updated regularly with attending companies, keynote speakers, schedule, and other important details. www.deutschegoldmesse.com.
An online registration form is available, and Investors can register to attend at: https://deutschegoldmesse.online/investor-registration-3/.
About Deutsche Goldmesse
Deutsche Goldmesse is Germany's premier mining investment conference, based out of Frankfurt- one of Europe's most important financial capitals. We bring together leading minds in the industry to foster new business opportunities and facilitate valuable relationships. The exclusive two-day event showcases industry-leading keynote speakers and up to 35 carefully considered companies in a range of commodities and stages from explorers to producers.
Hosted by Soar Financial Partners, we provide a platform where company management can connect with a vast network of European institutional and HNW investors, retail investors, analysts, influencers, newsletter writers, media, and other local partners.
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:
Craig Gibson, President & Chief Executive Officer craig.gibson@prismometals.com
Jason Frame, Manager of Communications jason.frame@prismometals.com
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements other than statements of historical fact, including without limitation, statements regarding the anticipated content, commencement and exploration program results, the ability to complete future financings, required permitting, exploration programs and drilling, and the anticipated business plans and timing of future activities of the Company. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct.
The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, the state of the financial markets for the Company's equity securities, the state of the commodity markets generally, variations in the nature, the analytical results from surface trenching and sampling program, including diamond drilling programs, the results of IP surveying, the results of soil and till sampling program, the quality and quantity of any mineral deposits that may be located, variations in the market price of any mineral products the Company may produce or plan to produce, the inability of the Company to obtain any necessary permits, consents or authorizations required, including CSE acceptance, for its planned activities, the inability of the Company to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies, the potential impact of COVID-19 (coronavirus) on the Company's exploration program and on the Company's general business, operations and financial condition and other risks and uncertainties. All of the Company's Canadian public disclosure filings may be accessed via www.sedarplus.ca and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/205048
News Provided by Newsfile via QuoteMedia
Rua Gold Inc. (CSE: RUA) (OTC: NZAUF) (WKN: A4010V) ("RUA GOLD" or the "Company") is pleased to announce it has entered into a definitive share purchase agreement (the "Agreement"), pursuant to which the Company will acquire 100% of the issued and outstanding shares of Reefton Resources Pty Limited ("Reefton"), a 100% owned subsidiary of Siren Gold Ltd. (ASX:SNG) ("Siren") with tenements located adjacent to the Company's suite of properties in New Zealand's prolific Reefton Goldfield (the "Transaction").
Figure 1: Tenement map of the Reefton Goldfield. (CNW Group/Rua Gold Inc.)
Figure 2: Cross Section of historic underground mines in the Reefton Goldfield. (CNW Group/Rua Gold Inc.)
The Transaction will establish the Company as the dominant landholder in the Reefton Goldfield on New Zealand's South Island, with approximately 120,000 hectares ("ha") of tenements. The district produced over two million ounces at gold grades ranging from 9 to 50g/t. The Reefton Goldfield is seeing a resurgence in interest, led by the construction of Federation Mining's Blackwater mine, which is expected to produce 70koz per annum at US$738/oz AISC1.
Actively Advancing a District-Scale Discovery in a Tier 1 Jurisdiction:
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1 Source: Federation-Mining-Deck-July-2023-020823-V2.pdf (federationmining.com.au). |
More information can be found at the Company's website: www.ruagold.com
Following the completion of the Transaction, the Company will be well positioned as the preeminent gold explorer in New Zealand with a pro forma market capitalization of ~C$60 million.
Combining properties and exploration activities in the Reefton Goldfield provides many strategic benefits, including:
Transaction Highlights
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2 Calculated using RUA GOLD's 30-day VWAP on the CSE as of July 12, 2024 of C$0.1983 at an AUD:CAD exchange rate of 0.9246. |
3 Gold equivalency calculated using metals prices of US$2,200/oz Au and US$20,500/t Sb. |
Simon Henderson, COO of RUA GOLD commented: "This Transaction creates a significant opportunity in an under explored orogenic gold district. The Company has focused on the Reefton Goldfield and in four years combined rapid geochemical sampling, ultra-detailed geophysical surveying and mapping to highlight the potential of exploring old workings at depth as well as several new greenfield prospects. It is very exciting to combine RUA GOLD and Siren data sets, combined knowledge, and have the whole orogenic district to explore. We will be looking at a combination of new discoveries and scalability of historic high-grade gold mines to develop the next major gold producer in the region."
Brian Rodan, Chairman of Siren commented: "Having personally been involved with the Reefton Project for over 6 years, I firmly believe that the Reefton Goldfield has enormous untapped potential to create a substantial long-term, high-grade gold and antimony mining operation. Antimony being a rare critical mineral will also provide the opportunity to create a world class operation that will assist the western countries transition to greener economies through securing a long-term supply of antimony, which is necessary to construct solar panels, wind turbines, electric vehicles, power storage batteries and defense needs. The decisions taken by the Boards of both Siren and Rua to take a major step to consolidate the 40km line of strike of the entire Reefton field is truly visionary and will realize significant long-term benefits to the Reefton district as a whole. The additional flow on effects created from this consolidation will also bring long term generational growth in regional development through increased infrastructure spending and increased employment opportunities that are created by the "mining multiplier affect". The significant improvement in regional infrastructure and employment opportunities that will follow will be transformational for the entire West Coast and New Zealand as a whole."
The Transaction will deliver the following benefits to the Company's shareholders:
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4 Source: Siren AGM presentation: www.sirengold.com.au/site/pdf/3e3b3e4b-9e32-4842-aac3-809c9506778b/AGM-Presentation.pdf. |
Transaction Details
The Transaction will be effected by way of a share purchase agreement under applicable Canadian laws.
As consideration for the acquisition of Reefton, the Company will:
Key conditions precedent to the completion of the Transaction include, amongst others:
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5 Calculated using RUA GOLD's 30-day VWAP on the CSE as of July 12, 2024 of C$0.1983 at an AUD:CAD exchange rate of 0.9246. |
The Agreement otherwise includes customary representations, warranties, covenants and conditions contained in agreements for transactions of this nature.
In connection with the closing of the Transaction, the Company will enter into a shareholder rights agreement with Siren pertaining to Siren's interest in the Consideration Shares, which will include, amongst others, the following terms:
Conference Call and Presentation
RUA GOLD will host a conference call and presentation on July 15, 2024 at 9:00 a.m. (Toronto time) to discuss the Transaction.
Webcast:
Conference Call:
Participants may gain expedited access to the conference call with the following registration link. Upon registering, call in details will be displayed on screen. Using these call details will by-pass the operator and avoid the call queue. Registration will remain open until the end of the live conference call. Participants who prefer to dial-in and speak with a live operator, can access the call by dialing 1-844-763-8274 or +1-647-484-8814. It is recommended that you call 10 minutes before the scheduled start time.
Advisors and Legal Counsel
Cormark Securities Inc. is acting as financial advisor to the Company and its Board of Directors. McMillan LLP is acting as Canadian legal counsel to the Company and Simpson Grierson is acting as New Zealand legal counsel to the Company.
Red Cloud Securities Inc. is acting as financial advisor to Siren and its Board of Directors. Steinepreis Paganin is acting as Australian legal counsel to Siren and Cassels Brock & Blackwell LLP is acting as Canadian legal counsel to Siren.
Intention to list on the TSX Venture Exchange
Aligned to executing on the growth strategy, the Company is also pleased to announce that it has applied to list the common shares of the Company on the TSX Venture Exchange ("TSX-V") under the symbol "RUA". The Company's application remains subject to TSX-V approval. In connection with listing on the TSX-V, it is expected the Company's common shares will be voluntarily delisted from the Canadian Stock Exchange ("CSE").
About RUA GOLD
RUA GOLD (CSE: RUA, OTC: NZAUF, WKN: A4010V) is a new entrant to the mining industry, specializing in gold exploration and discovery in New Zealand. With permits that have a rich history dating back to the gold rush in the late 1800's, RUA GOLD combines traditional prospecting practices with modern technologies to uncover and capitalize on valuable gold deposits.
The Company is committed to responsible and sustainable exploration, which is evident in its professional planning and execution. The Company aims to minimize its environmental impact and to execute on its projects with key stakeholders in mind. RUA GOLD has a highly skilled team of New Zealand professionals who possess extensive knowledge and experience in geology, geochemistry, and geophysical exploration technology.
For further information, please refer to the Company's disclosure record on SEDAR+ at www.sedarplus.ca.
Technical Information
Simon Henderson CP, AUSIMM, a qualified person under National Instrument 43-101 Standards of Disclosure for Mineral Projects, has reviewed and approved the technical disclosure contained herein.
Website: www.RUAGOLD.com
This news release includes certain statements that may be deemed "forward-looking statements". All statements in this new release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur and specifically include statements regarding: the Company's strategies, expectations, planned operations or future actions; the strategic benefits of the Transaction; the benefits of the Transaction to shareholders; closing of the Transaction and the satisfaction of the conditions thereof, including but not limited to the receipt of all corporate and regulatory approvals and consents; listing the Company's common shares on the TSX-V and the receipt of TSX-V approval therefor; and delisting the common shares from the CSE. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements.
Investors are cautioned that any such forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. A variety of inherent risks, uncertainties and factors, many of which are beyond the Company's control, affect the operations, performance and results of the Company and its business, and could cause actual events or results to differ materially from estimated or anticipated events or results expressed or implied by forward looking statements. Some of these risks, uncertainties and factors include: general business, economic, competitive, political and social uncertainties; risks related to the effects of the Russia-Ukraine war; risks related to climate change; operational risks in exploration, delays or changes in plans with respect to exploration projects or capital expenditures; the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; changes in labour costs and other costs and expenses or equipment or processes to operate as anticipated, accidents, labour disputes and other risks of the mining industry, including but not limited to environmental hazards, flooding or unfavourable operating conditions and losses, insurrection or war, delays in obtaining governmental approvals or financing, and commodity prices. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements and reference should also be made to the Company's annual information form dated April 19, 2024, filed under its SEDAR+ profile at www.sedarplus.ca for a description of additional risk factors.
Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
HIGHLIGHTS
Euroz Hartleys acted as Lead Manager to the IPO and introduced investor participation from a number of international & Australian funds combined with high net worth, retail investors and Piche directors and management.
Funds raised will be used to advance the Company’s drill ready exploration targets, including the Australian Ashburton project, the two Argentina projects Sierra Cuadrada & Cerro Chacon and working capital requirements. Importantly, the majority of funds raised will be allocated to exploration of the key uranium and gold projects.
Project Portfolio – Western Australia and Argentina
KEY FOCUS
With the ASX IPO now completed, Piche intends to accelerate exploration activities on three targets at the Ashburton Project in Western Australia, and at Sierra Cuadrada and Cerro Chacon in Argentina.
Piche’s immediate attention will be at the Ashburton Project in WA, where previous drilling in the 1980’S delivered high grade uranium from the Angelo River Prospect. Piche will be seeking to replicate historical drilling results to assist in driving a JORC Resource estimate at Angelo River.
Longer term, Piche aims to build a significant mining group with separate uranium, gold, and base metal companies under its banner, capitalising on an improving commodity market.
Click here for the full ASX Release
This article includes content from Piche Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Highlights
Consolidation of the Reefton Goldfield
Siren Gold Limited (ASX: SNG) (“Siren” or the “Company”) is pleased to announce that it has entered into a definitive agreement dated 14 July 2024 (the “Definitive Agreement”) with Reefton Acquisition Corp., a wholly owned subsidiary of Canadian Securities Exchange listed RUA Gold Inc. (“RUA”), whereby RUA will acquire 100% of the capital of Reefton Resources Pty Ltd. (“Reefton Resources”), a wholly owned subsidiary of the Company, for A$20 million in cash and shares of RUA (the “Transaction”). Reefton Resources owns 100% of the tenements that comprise Siren’s Reefton Project.
The Transaction, expected to be completed in November 2024, provides Siren with a cash payment of $2 million and $18 million in common shares of RUA (the “RUA Shares”). Following completion of the Transaction, Siren would own approximately 30.2% of the current estimated issued and outstanding RUA Shares. The Transaction eliminates the need for a potentially dilutive near-term equity raising to continue exploration at Reefton, while retaining continued ownership and upside in the expansion and future development of the Reefton Project.
The Transaction will establish RUA as the dominant landholder in the region, with approximately 1,242km2 of tenements in the historical Reefton Goldfield. Following completion of the Transaction, RUA will be well positioned as the pre-eminent gold explorer on the Reefton Goldfield in New Zealand, with a pro forma market capitalisation of approximately C$60 million (A$64.9 million)2. Combining properties and exploration activities in the Reefton Goldfield provides a number of strategic benefits, including:
i. Consolidation of the tenement package, creating the dominant Reefton Goldfield explorer
ii. Significant project synergies for mine development and a central processing hub
iii. Larger exploration programs with more consistent news flow
iv. Combines mine permitting and expedites eventual project construction
v. Combined company best positioned to further consolidate the Reefton Goldfield
vi. Siren retains upside in exploration and development of a consolidated Reefton
vii. Siren will be able to focus on exploration and development at Sams Creek
viii. RUA will be focused on exploration and development of the combined Reefton belt
Figure 1: Tenement map of the Reefton Goldfield district.
Siren Managing Director and CEO, Victor Rajasooriar commented:
“Siren’s vision for the Reefton region has been to create a significant high grade gold producer with a central processing facility fed by numerous underground mines. This transaction is a significant step in realising this vision and a great outcome for Siren shareholders. Siren can focus on the multi-million-ounce potential at Sams Creek while RUA can continue to explore the consolidated Reefton Project. This transaction is at a ~3.8x premium EV/ Resource multiple compared to Siren’s current share price and will enable Siren to fast-track Resource growth at Sams Creek, while RUA can fast-track gold and antimony Resource growth at Reefton. New Zealand is open for business and this partnership with RUA allows Siren to fast-track exploration and development of its asset base.”
RUA CEO, Robert Eckford commented:
“The transaction between RUA and Siren Gold is a significant step in RUA becoming the largest tenement holder of the highly prospective Reefton Goldfield district, home to host rocks with high-grade gold and antimony. This transaction is a natural fit for our portfolio and creates the opportunity for real synergies, which, in combination with local knowledge, sets us for a rapid re-rating from further exploration success and resource delineation across the combined land package.”
Click here for the full ASX Release
This article includes content from Siren Gold, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
