Prismo Metals CEO Craig Gibson: A Potentially Major Orebody at Palos Verdes

Prismo Metals (CSE:PRIZ) commenced a 2,000 meter drill program at its Palos Verdes project located in Sinaloa, Mexico. CEO Craig Gibson believes that the entire ore system has been preserved and a larger body is underneath.

“Palos Verde is one of our two projects. It's a relatively small project and a little bit more advanced. We have drilled 10 holes there for about 1,000 meters. The exciting thing is we have pretty good drill results, high-grade silver and gold,” said Gibson.

The Palos Verdes concession is adjacent to one of the major silver discoveries of the last few years. Gibson said, “We just started our third drill program of what we think is the tip of the iceberg of a potentially major orebody.”

“We just commenced the Phase 3 program scheduled for about 2,000 meters. We drilled holes that were just over around 100 meters in length, intersecting the vein, maybe 75 meters below the surface. Now we're stepping back and drilling underneath those intercepts that we had before to 300 meters deeper, where we think the main ore or mineralization would be.”

The 2,000 meter drill program will be funded through the exercise of up to 6,821,250 outstanding founder warrants for gross proceeds of $682,125. The warrants were issued to warrant holders in 2018 and 2019, and they entitle the holder to purchase one common share of Prismo Metals at a price of $0.10.

“We have the finances to do the drill program we have planned. We recently did a financing through exercise of warrants to help finance the company and do this drill program. Right now, we're in pretty good shape.”

Prismo Metals also recently received data from a LiDAR survey carried out at its Los Pavitos project in the Mexican state of Sonora. The data identified several areas with small prospect pits that have not yet been visited or sampled.

Watch the full interview of Prismo Metals CEO Craig Gibson above.

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