- Prismo Metals is an exploration company targeting high-grade silver and gold projects in Mexico, one of the world’s top producers of precious metals.
- The company’s Palos Verdes property is located in the historic Panuco-Copala silver-gold district in Sinaloa, Mexico.
- The Palos Verdes property includes 700 meters of strike length along the Palos Verdes vein, which has yielded 6.7 g/t gold and 544 g/t silver.
- The company’s Los Pavitos project is located in the well-mineralized Alamos region of southern Sonora. The project consists of one concession covering 5,289 hectares.
- Prismo’s management and advisory team offers decades of experience in the Mexican precious metals industry, including all aspects of exploration and resource development.
- Prismo acquired 100 percent of the Palos Verdes and announced the commencement of its drill program in the property. The drill results revealed four vein holes showing multiple discrete quartz vein stages lacing between breccia fragments showing distinctly differing mineralogy.
- The company also filed on SEDAR a NI 43-101 Technical Report for its Los Pavitos Gold-Silver Project in southern Sonora, Mexico.
Mexico’s Sinaloa state hosts a number of 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.
Prismo Metals (CSE:PRIZ, OTCQB: PMOMF) 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 and CEO Dr. Craig Gibson has been an exploration consultant since 1998 and a Director of Garibaldi Resources Inc. (TSXV:GGI). Additionally, advisor Dr. Peter Megaw sits on the board of directors and is co-founder of MAG Silver Corp. (TSX:MAG) and Minaurum Gold Inc. (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.
Prismo Metals has two current exploration projects: Palos Verdes and Los Pavitos. The Palos Verdes property covers 22.77 hectares within the historic Panuco-Copala silver-gold district in Sinaloa. The district is 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. Viszla'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 have agreed to form a technical committee to pursue district-scale exploration of the Panuco silver-gold district.
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. Notable drill results included 3.75 g/t gold and 1,098 g/t silver for 2.3 meters as well as 8.42 g/t gold and 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 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. Prismo is now ready to begin a follow-up drilling program that will consist of four to five holes, with the longest planned at 150 to 175 meters. Drilling is set to begin in early December.
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.