Gold

Prismo Metals Inc. (CSE: PRIZ) ("Prismo" or the "Company") is pleased to provide an update for the ongoing initial exploration program at the Los Pavitos project in Sonora State, Mexico. Mapping and sampling at the project began in January and has progressed on-time and on schedule, covering a large portion of the 5,300-hectare concession. Assay results have been received for 169 samples with the best results from the Las Auras and Santa Cruz areas with individual samples yielding 10.15 and 28 g/t gold, respectively (See Highlights table below). Further sampling is underway with results expected in June. Also, a service provider for the planned LiDAR survey has been selected and data collection is programmed for May.

Geologic mapping has further refined several principal structures that define the Las Auras, Santa Cruz and Oromuri structural trends that were identified during reconnaissance work by Minera Cascabel, the Mexico based company Prismo optioned the property from in October 2019. Several additional new parallel structures have been recognized, including the La Española, San Jorge and La Ramada faults. Areas of strong oxidation occur along and around several of the structures and at structural intersections. Gold assays ranging from anomalous to 28 g/t are mainly located in the Santa Cruz, Las Auras and Oromuri areas as shown in the table below. Arsenic and bismuth values are widely distributed, with the highest assays in the Las Auras and Oromuri areas but with anomalous assays in the several portions of the mapped area. These elements could be useful as guides to define areas with potential for gold mineralization.

Rafael Gallardo, of Minera Cascabel and a director of Prismo, noted similarities of some of the host rocks and vein styles to orogenic gold systems in northwestern Sonora's Caborca Orogenic Gold Belt (COGB) The COGB hosts numerous current and past producing gold deposits, including Fresnillo's La Herradura mine, and is one of Mexico's top gold producing regions (see figure below). The current exploration work is partly directed towards determining whether that is the case, or whether the mineralization is more similar to that in the Alamos epithermal vein district 25 km to the southeast. The presence of large northwesterly trending shear zones, quartz textures in veins and the association of gold with arsenic and bismuth supports the orogenic gold model, but more work is necessary to be definitive.

Craig Gibson, President and CEO of the Company, stated, "Work at Los Pavitos has successfully delineated areas with high gold grades in the Las Auras, Santa Cruz and Oromuri areas. To date about 75% of the main area of interest has been covered with first-pass geological mapping and sampling. Newly recognized structures that are parallel to some of the main mineralized trends have also been identified. Several areas with evidence for alteration and mineralization warrant more detailed work, including several structural intersections, taking into consideration that a portion of the project remains to be mapped and sampled."

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Location of the Los Pavitos project in southern Sonora State in relation to the Caborca Orogenic Gold Belt.

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Geologic map of the Los Pavitos project showing strong northwesterly orientation of faults hosted largely by metasediments.

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Samples taken by the company at Los Pavitos.

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Gold distribution for samples taken at Los Pavitos.

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Silver distribution for samples taken at Los Pavitos.

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Arsenic distribution for samples taken at Los Pavitos.

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Table 1. Selected assays, Los Pavitos project.

SampleLocationTypeWidthLengthAuAgCuPbZn
mmg/tg/tppmppmppm
LP22001La AurasChannel0.40.80.4421.73.4105178
LP22002La AurasSelected0.20.32.0616.571345141
LP22004La AurasChannel0.30.51.498.9913.61080345
LP22007La AurasChip111.9415.718.5492752
LP22008La AurasChannel0.423.971217.5164.5430
LP22009La AurasChannel0.30.62.3916.219.2307535
LP22010La AurasChip0.650.650.9556.1625.2763811
LP22012La AurasChannel132.463.511.75711035
LP22013La AurasDump10.1521.28.74480321
LP22020OromuriChannel0.150.30.1850.5711326
LP22021OromuriChannel0.210.2220.4523.54.312
LP22024San JorgeChannel0.20.50.3310.6358.46.412
LP22102La EspanolaChannel0.10.0540.995992.341
LP22103La EspanolaChannel1.90.0760.996424.477
LP22104La EspanolaChannel240.02416914.641
LP22106La AurasChannel10.3521.711087.983
LP22107OromuriChannel0.50.6581.226.210754
LP22108OromuriChannel0.50.7226.6410.883092
LP22114San JorgeChannel1.50.0374.1115454.2138
LP22115San JorgeChannel270.01421.5205015.684
LP22116OromuriChip0.4121.5216411.66
11633Santa CruzChannel0.110.5690.4181.515.954
11638Santa CruzChannel0.32.50.1843.884.833.37
11640La RamadaDump113.3542.9574563554
11641La RamadaChannel0.31.50.76210.551231.2411
11642Santa CruzDump4.4725.83411625527
11646Santa CruzChannel0.312839818011750123
11647Santa CruzDump0.6522.3839851.1120
11648Santa CruzChip113.987.92253454100
11649Santa CruzChannel0.521.3512.23891995318
11681Santa CruzChannel2712.2595.183897401160
11682Santa CruzChannel2710.586.33767940260
11684Santa CruzChannel111.2314.45226319158
11685Santa CruzChannel110.63812.124.226936
11688Santa CruzChip110.31743.91860011.9598
11695Santa CruzChannel122.424.213584.8451
11696Santa CruzChip220.6091.64298190.581
11697Santa CruzChip210.3073.9891.635863
11698Santa CruzChip220.16123.115747702940
11701Santa CruzChannel0.310.1480.2670.816.666
11708Santa CruzChip0.50.50.52651.948.5674064
11711Santa CruzChannel0.220.1661.0189.130.354
11713Santa CruzChannel0.31.50.07930.446.85420539

Zone 1: Santa Cruz area

Santa Cruz lies at the intersection of the Santa Cruz fault with the Las Auras fault and is currently the principal known mineralized area. The area is partially covered by small third-party internal concessions where numerous small pits, mines and trenches are present. Highlighted samples taken by the Company in this area range from 0.15 to as much as 28 g/t gold, generally with low silver values, but with one sample yielding 398 g/t silver for a 1-meter sample. Historic sampling yielded as much as +10g/t Au and 59.8 g/t Ag from a dump sample, and a sample from the Hedionda mine taken for the Los Pavitos Technical Report (see news release or March 19, 2021) yielded 8.3 g/t Au and 62 g/t Ag for a 0.25 m channel sample.

Zone 2: Española-La Auras-Ramadas intersection

The Española structure is a newly recognized fault approximately parallel to the Las Auras trend. The northeast trending La Ramada fault also intersects the Las Auras fault in this area. A large area of iron oxide alterations is present in the area where the Las Auras and La Española structures meet. Samples taken to date mainly have yielded anomalous As values.

Zone 3: Española-San Jorge intersection

The San Jorge fault appears to be a third mineralized structure parallel to the Orimuri and Santa Cruz trends with several prospects present in the area near the newly recognized Española and San Jorge faults. Sampling to date has yielded mainly anomalous Cu and As from the Española mine workings.

Zone 4: Santa Cruz-Cerro Blanco

The Santa Cruz-Cerro Blanco area is located in the northeastern portion of the Los Pavitos Concession. The area is covered by reddish soil, but no detailed work has been carried out yet. Sparse sampling has yielded anomalous Cu and As.

Zone 5: La Auras area

Las Auras consists of NW trending oxidation area with quartz veining located in the northwestern corner of the Los Pavitos concession. Several samples taken by the Company in the area yielded high gold values, with the highlighted samples ranging from 0.1 to 10.15 g/t gold from a grab sample and 3.97 g/t gold for a 2 m chip sample. Historic sampling yielded samples ranging from anomalous to 40.8 g/t gold and 99 g/t silver from a 0.3 m channel sample.

About Los Pavitos

The Los Pavitos project consists of a 5,289-hectare concession located in the well mineralized Alamos region of southern Sonora State that lies 25 km west of the well-mineralized Alamos District, which encompasses several active exploration and mining projects, including the past producing Alamo Dorado mine of Pan American Silver, the Piedras Verdes copper mine of Cobre de Mayo and the Alamos and Aurifero vein projects being explored by Minaurum Gold Inc. Infrastructure is excellent with paved highway access, electricity and water. The project, which was generated by Rafael Gallardo, was acquired from Minera Cascabel S.A. de C.V., a Mexican exploration and services company founded by Dr. Peter Megaw, an advisor to the Company (for terms see the Company's prospectus filed on SEDAR). The Company completed a NI 43-101 Technical Report on the project in March 2021 available on SEDAR.

QA/QC

Samples were analyzed by multielement ICP-AES and MS methods by ALS Group, an internationally recognized analytical service provider. Gold was analyzed as part of the ICP package using a 25-gram digestion. Certified Reference Materials including standard pulps and coarse blank material were inserted in the sample stream at regular intervals.

About Prismo

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

ON BEHALF OF THE BOARD

Craig Gibson, Chief Executive Officer and Director
craig.gibson@prismometals.com

Prismo Metals Inc.

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

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.

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