Prismo Metals Intercepts Wide Vein Structure at Palos Verdes in Hole #4

Prismo Metals Intercepts Wide Vein Structure at Palos Verdes in Hole #4

Four holes completed, hole #5 underway

Prismo Metals Inc. (CSE: PRIZ) (OTCQB: PMOMF) (the "Company" or "Prismo") is pleased to provide an update on the current drill program at its Palos Verdes project, located in the historic Panuco-Copala district of the state of Sinaloa, Mexico. A total of 1,203 meters have been drilled to date out of a planned minimum of 2,000 metres. The Company expects to complete the current drilling in early November. The Palos Verdes property is contiguous to the Panuco silver-gold project of Vizsla Silver Corp.

The drilling program is designed to test the Palos Verdes vein at depths where it is believed that potential for a large ore shoot is present, similar to the drilling accomplished by Vizsla Silver Corp. on their adjacent land package. Four holes have now been completed and the fifth hole is in progress.

Technical Summary

  • 1,203 meters drilled to date in four holes; currently drilling the fifth hole of the current drilling campaign (PV-22-15).
  • Wide structural zones are being intersected at depth where the Palos Verdes vein is branching into several strands measuring from about 0.5 meters to nine meters in width, separated by andesite wall rock cut by narrow veins and veinlets, in contrast to a large discrete quartz vein near the surface.
  • Sampling is being completed on the entire structural zone including wall rock with veinlets.
  • Assay results expected in early November.

Drill hole data for holes from the ongoing program:

HoleHole #
current
campaign
EastingNorthingElev.AzimInclDepth (m)
PV-22-11#1413,761 2,593,096 1,209 355-82393.00
PV-22-12#2413,759 2,593,095 1,209 325-75207.00
PV-22-13#3 413,758 2,593,094 1,209 300-80300.00
PV-22-14#4 413,610 2,592,919 1,230 330-75303.00
PV-22-15#5 413,610 2,592,919 1,230 15-80 -

 

*PV-22-15 initiated on Oct 18, 2022. Coordinates in UTM WGS84 using handheld Garmin GPS.

"Much wider structural zones were intersected in the current drilling than in previous shallow drilling, which cut mainly discrete quartz veins hosted by andesitic wall rocks. Although not yet assayed, the wider zones with multiple stages of mineralization provides additional opportunities to encounter significant high-grade mineralization that the district is known for. The veins are multistage with several crosscutting and brecciation events, and exemplary epithermal vein textures are visible in the core. Another new feature of these deeper intercepts is the presence of darker gray quartz with sulfides and some fracture fillings of sulfide minerals with relatively minor gray quartz fill in the andesitic rocks adjacent to discrete quartz veins," said Prismo President and CEO Craig Gibson.

He added: "As announced on October 11, 2022, after analyzing Vizsla Silver's recent drill data, Prismo adopted a new protocol for sampling in the same fashion as Vizsla Silver over the wide structural zones, including in wallrocks with quartz veinlets. Additional sampling of the second and third holes has been completed and hole #4 samples are currently being prepared, as well as some from the holes from previous campaigns. A shipment to the lab is expected late this week. Assay results will be announced after the Company receives and analyzes the results for the first four holes."

Holes #2 and #3 (PV-22-12 & 13)

The structural zone in hole PV-22-12 measured 29 meters along the core, and the structural zone in hole PV-22-13 measured 36 meters downhole. The true width of the reported intercepts is believed to be about 60% of the reported downhole lengths, or about 17.4 meters and 21.6 meters estimated true width respectively.

The Palos Verdes structure in holes #2 and #3 is observed to be dividing into multiple strands with variable amounts of veinlet mineralization in the andesite wall rock between them. Discrete quartz veins, measuring from 0.5 to 2 meters in width, are multistage and have locally abundant sulfide minerals in bands, mainly pyrite and sphalerite but locally with galena, chalcopyrite and possible silver sulfide. The boundaries of the structural zone are commonly observed to be sheared or brecciated and may contain fragmented vein material as well as sulfide minerals.

Hole #4 (PV-22-14)

The fourth hole of the current drilling campaign was drilled about 200 meters southwest of the previous holes near the southwestern limit of the Palos Verdes concession. A similar wide structural zone measuring about 70 meters downhole was intersected. The true width of the reported intercepts is believed to be about 60% of the reported downhole length, or 42 meters estimated true width.

Several discrete multistage quartz veins measuring about 0.5 to 9 meters in width as well as local zones of gray quartz veins and breccia matrix are present over the 70-meter downhole structural interval. Gray quartz contains locally abundant sulfide minerals, mostly pyrite and sphalerite but locally with galena, chalcopyrite and possibly acanthite. Some of these veins show gray quartz and sulfide minerals filling fractures and breccias. Cross-cutting milky quartz veins with late amethyst filling stand out in contrast with the darker quartz and wall rock. There is more post mineral shearing and brecciation than observed in previous holes.

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Cross section through hole #4 (PV-22-14) showing interpreted Palos Verdes structure.

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Longitudinal vein projection showing assays from selected rock samples and drill intercepts as well as drill intersections from the current program (no assays) and planned intersections.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7434/141210_prismofigure2.jpg

Photos of selected portions of the structural intercepts in holes #3 (PV-22-13) and #4 (PV-22-14) are presented below and on the Prismo website.

The intercepts reported today are about 50 to 125 meters below previous shallow drilling that had several high-grade intercepts, with the best being 2,336 g/t Ag and 8.42 g.t Au over a true width estimated at 0.8 meters within a larger mineralized interval with 1,098 g/t Ag and 3.75 g/t Au over a true width of 2.3 meters (see Prismo's news releases dated September 30 and December 20, 2020).

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Hole #3 (PV-22-13) 130.8 to 136.9 meters, boxes 61-63, showing dark and light quartz veins, veinlets and breccia filling with sulfide minerals cutting andesite wall rock.

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Hole #3 (PV-22-13) 139.1 to 142.9 meters, boxes 65-67, showing dark and light quartz veins, veinlets and breccia filling with sulfide minerals cutting andesite wall rock sheared contact at right.

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Hole #4 (PV-22-14) 178.3 to 184.9 meters, boxes 80-82, showing light colored and dark gray quartz veins, veinlets and breccia filling with sulfide minerals cutting andesitic wall rock.

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Hole #4 (PV-22-14), 193.55 to 200.0 meters, boxes 87-89, showing 2.5 meter multistage quartz vein on the left with wall rock andesite cut by abundant narrow quartz veins and veinlets.

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Hole #4 (PV-22-14) interval from 219.45 to 232.65, boxes 99 to 104, showing 9 meter wide multistage quartz vein in variably mineralized andesite.

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Hole #4 (PV-22-14) interval from 219.45 to 232.65, boxes 99 to 104, showing 9 meter wide multistage quartz vein in variably mineralized andesite.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7434/141210_35a4c45c7437381f_013full.jpg

Dr. Craig Gibson, PhD., CPG., a Qualified Person as defined by NI-43-01 regulations and President, CEO and a director of the Company, has reviewed and approved the technical disclosures in this news release.

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 (see table of intercepts at 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.

The Palos Verdes property is contiguous to the Panuco silver-gold project of Vizsla Silver Corp. The current drill program is 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.

About Prismo

Prismo (CSE: PRIZ) is junior mining company focused on precious metal exploration in Mexico.

Contact: Craig Gibson, Chief Executive Officer and Director
1100 - 1111 Melville St., Vancouver, British Columbia V6E 3V6
craig.gibson@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/141210

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Effective at the opening, Tuesday October 29, 2024, the common shares of Lode Gold Resources Inc. will commence trading on the TSX Venture Exchange on a consolidated basis. The Company is classified as a mining company.

Name of Company: No change.
Escrow shares: None
Transfer agent: Odyssey Trust Company.
Trading symbol: LOD (unchanged)
CUSIP number: 540196 20 1 (new)

"The Company has been contemplating share consolidation for sometime. With significant milestones achieved in the last 12 months and more upcoming catalysts, it makes strategic sense now to execute the consolidation. A key catalyst upcoming in a few months is share distribution of Gold Orogen to shareholders of Lode Gold, a significant step in unlocking value.

With a tight capital structure we can more effectively attract new investors. Of note, four shareholders hold over 60% shares of 38 million post-consolidated shares." states Wendy T. Chan, CEO and Director of Lode Gold.

About Lode Gold

Lode Gold (TSXV: LOD) is an exploration and development company with projects in highly prospective and safe mining jurisdictions in Canada and the United States.

Its Golden Culvert and WIN Projects in Yukon, covering 99.5 km2 across a 27-km strike length, are situated in a district-scale, high-grade-gold-mineralized trend within the southern portion of the Tombstone Gold Belt. Gold deposits and occurrences within the Belt include Fort Knox, Pogo, Brewery Creek and Dublin Gulch, and Snowline Gold. A NI 43-101 technical report entitled "Technical Report on the WIN-Golden Culvert Property for Lode Gold" with an effective date of May 15, 2024, summarizing the work to date on these properties is available on the Company's profile on SEDAR+ (www.sedarplus.ca) and on the Company's website (www.lode-gold.com).

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The Company is also advancing its Fremont Gold development project in the historic Mother Lode Gold Belt of California where 50,000,000 oz of gold has been produced. Fremont, located 500km north of Equinox Gold's Castle Mountain and Mesquite mines, has a Preliminary Economic Assessment(" PEA") with an after-tax NPV (5%) of USD $217M, a 21% IRR, 11-year LOM, averaging 118,000 Oz per annum at USD $1,750 gold. A sensitivity to the March 31, 2023, PEA at USD $2,000/oz gold gives an after-tax NPV (5%) of USD $370M and a 31% IRR over an 11-year LOM. The project hosts an NI 43-101 resource of 1.16 MOz at 1.90 g/t Au within 19.0 MT Indicated and 2.02 MOz at 2.22 g/t Au within 28.3 MT Inferred. The MRE evaluates only 1.4 km of the 4 km strike length of the Fremont property which features five gold-mineralized zones. Significantly, three step-out holes at depth hit the mineralized structure, typical of orogenic deposits that often occur at depth. Fremont is located on 3,351 acres of 100% owned private land in Mariposa, the original Gold Rush County, and is 1.5 hours from Fresno, California. The property has year-round road access and is close to airports and rail.

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QUALIFIED PERSON STATEMENT

The scientific and technical information contained in this press release has been reviewed and approved by Jonathan Victor Hill, Director, BSc (Hons) (Economic Geology - UCT), FAusIMM, and who is a "qualified person" as defined by NI-43-101.

ON BEHALF OF THE COMPANY

Wendy T. Chan, CEO & Director

Information Contact

Winfield Ding
CFO
info@lode-gold.com
+1-416-320-4388

Kevin Shum
Investor Relations
kevin@lode-gold.com
+1 (647) 725-3888 ext. 702

Cautionary Note Related to this News Release and Figures

This news release contains information about adjacent properties on which the Company has no right to explore or mine. Readers are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on the Company's properties.

Cautionary Statement Regarding Forward-Looking Information

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

All statements, trend analysis and other information contained in this press release about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. All statements, other than statements of historical fact, included herein, including, without limitation, statements regarding the anticipated use of proceeds from the Special Warrant financing, additional proceeds from the exercise of the warrants underlying the Special Warrants, and the receipt of final acceptance from the TSX Venture Exchange with respect to the transactions, are forward-looking statements. Although Lode Gold believes that the expectations reflected in such forward-looking statements and/or information are reasonable, undue reliance should not be placed on forward-looking statements since Lode Gold can give no assurance that such expectations will prove to be correct. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, including the risks, uncertainties and other factors identified in Lode Gold's periodic filings with Canadian securities regulators, and assumptions made with regard to: the ability of Lode Gold to obtain final acceptance from the TSX Venture Exchange with respect to the transactions; that the Company will be able to use the proceeds of the Special Warrant financing as anticipated; and the ability of the Company to continue with its stated business objectives and its ability to obtain required approvals and raise additional capital to proceed. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Important factors that could cause actual results to differ materially from expectations include risks associated with the business of Lode Gold and Fancamp; risks related to the Company's ability to obtain final acceptance from the TSX Venture Exchange with respect to the transactions; the risk that the use of proceeds from the Special Warrant financing may differ from management's expectations; and other risk factors as detailed from time to time and additional risks identified in the Companies' filings with Canadian securities regulators on SEDAR+ in Canada (available at www.sedarplus.ca). Forward-looking statements are based on estimates and opinions of management at the date the statements are made. The Company does not undertake any obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements.

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