Prismo Metals Announces Private Placement, Debt Settlement and Exploration Update

Prismo Metals Announces Private Placement, Debt Settlement and Exploration Update

 

HIGHLIGHTS

 
  • Prismo Metals has received commitments for a $1.1 million private placement of units at a price of $0.17 per unit.
  •  
  •  Hot Breccia Copper Project (Arizona):
    • Permit expected this month.
    •  
    • Upcoming exploration program to focus on diamond drilling five holes with an expected depth of 1,000 metres each.
    •  
  •  
  •  Palos Verdes Silver Project (Mexico):
    • 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.
    •  
  •  

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) 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:

 
  • This hole intersected 11,520 g/t Ag equivalent over 0.5 meters (3,100 g/t Ag, 102 g/t Au and 0.26% Zn)
    • This intercept is part of a wider mineralized interval with 4,311 g/t Ag equivalent over 1.35 meters (1157 g/t Ag, 38 g/t Au and 0.1% Zn)
  •  
  • A second interval higher in the hole yielded 512 g/t Ag equivalent over 0.3 meter (384 g/t Ag, 1.36 g/t Au and 0.27% Zn)
  •  

PV-23-24:

 
  • This hole intercepted 1,234 g/t g/t Ag equivalent over 0.7 meter (60 g/t Ag, 11.9 g/t Au and 3.9% Zn)
    • This interval is within a wider 2.6-meter interval with 384 g/t Ag equivalent (32 g/t Ag, 3.3 g/t Au and 1.57% Zn)
  •  
  • A second interval higher in the hole yielded 302 g/t Ag equivalent over 1.2. meters (95 g/t Ag, 1.84 g/t Au and 1.2% Zn)
  •  

PV-23-20:

 
  • This hole intercepted 189 g/t g/t Ag equivalent over 0.9 meters (58 g/t Ag and 1.58 g/t Au) and is the first mineralized intercept in the northeastern portion of the concession

PV-23-32:

 
  • This hole intersected 450.2 g/t Ag equivalent over 0.3 meters (45 g/t Ag, 0.83 g/t Au, 0.43% Pb, and 0.47% Zn) as part of a larger zone of 2.2 meters with 115 g/t Ag equivalent
  •  
  • A second interval deeper in the hole yielded 391.5 g/t Ag equivalent over 0.4 meters (17 g/t Ag, 3.56% Pb, 6.03%Zn) within a larger interval of 5.55 meters with 103.8 g/t Ag equivalent
  •  

PV-23-33:

 
  • This hole intersected 112.7 g/t Ag equivalent over 0.35 meters (37 g/t Ag, 0.489 g/t Au, 0.36% Pb, and 0.56% Zn)
  •  
  • A second interval deeper in the hole yielded 105.6 g/t Ag equivalent over 0.3 meters (20 g/t Ag, 0.22% Pb, 1.79% Zn)
  •  
  • A third interval contained 382.2 g/t Ag equivalent over 0.45 meters (144 g/t Ag, 0.45% Pb, 5.12% Zn) within a 0.75-meter interval of 253.4 g/t Ag equivalent (95 g/t Ag, 0.31% Pb, 3.39% Zn)
  •  
 
 
 
 
 
 

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
(m)

To
(m)

Width
(m)

Est True width (m)

Au
(g/t)

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.

 

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Targeting high-grade silver, gold and copper in historic districts in Mexico and Arizona.

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

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

 

(TheNewswire)

 
       
  Prismo Metals Inc. 
                
 

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

 

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

  

 

  Exceptional Grades and Untapped Potential  

 

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

 

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

 

  Strategic Location — World-Class Neighbors  

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    
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Land map of the Silver King mine.

 

    
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Drone view of the Silver King mine.

 

     

 

The Silver King mine in the late 1800's.

 

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

 

  Deal description  

 

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

 

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

 

  Private Placement  

 

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

 

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

 

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

 

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

 

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

 

  Debt Settlements  

 

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

 

  Share and Warrants Issuance  

 

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

 

  Qualified Person  

 

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

 

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

 

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

 

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

 

  About Prismo Metals Inc.  

 

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

 

  Please follow @PrismoMetals on   ,   ,   ,    Instagram    , and  

 

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

 

  Contact:  

 

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

 

  Gordon Aldcorn, President    gordon.aldcorn@prismometals.com   

 

  Cautionary Note Regarding Forward-Looking Information  

 

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

 

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

 

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

 

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

 

Copyright (c) 2025 TheNewswire - All rights reserved.

 

 

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