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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."
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.
| Sample | Location | Type | Width | Length | Au | Ag | Cu | Pb | Zn |
| m | m | g/t | g/t | ppm | ppm | ppm | |||
| LP22001 | La Auras | Channel | 0.4 | 0.8 | 0.442 | 1.7 | 3.4 | 105 | 178 |
| LP22002 | La Auras | Selected | 0.2 | 0.3 | 2.06 | 16.5 | 7 | 1345 | 141 |
| LP22004 | La Auras | Channel | 0.3 | 0.5 | 1.49 | 8.99 | 13.6 | 1080 | 345 |
| LP22007 | La Auras | Chip | 1 | 1 | 1.94 | 15.7 | 18.5 | 492 | 752 |
| LP22008 | La Auras | Channel | 0.4 | 2 | 3.97 | 12 | 17.5 | 164.5 | 430 |
| LP22009 | La Auras | Channel | 0.3 | 0.6 | 2.39 | 16.2 | 19.2 | 307 | 535 |
| LP22010 | La Auras | Chip | 0.65 | 0.65 | 0.955 | 6.16 | 25.2 | 763 | 811 |
| LP22012 | La Auras | Channel | 1 | 3 | 2.46 | 3.5 | 11.7 | 571 | 1035 |
| LP22013 | La Auras | Dump | 10.15 | 21.2 | 8.7 | 4480 | 321 | ||
| LP22020 | Oromuri | Channel | 0.15 | 0.3 | 0.185 | 0.57 | 113 | 2 | 6 |
| LP22021 | Oromuri | Channel | 0.2 | 1 | 0.222 | 0.45 | 23.5 | 4.3 | 12 |
| LP22024 | San Jorge | Channel | 0.2 | 0.5 | 0.331 | 0.63 | 58.4 | 6.4 | 12 |
| LP22102 | La Espanola | Channel | 0.1 | 0.054 | 0.99 | 599 | 2.3 | 41 | |
| LP22103 | La Espanola | Channel | 1.9 | 0.076 | 0.99 | 642 | 4.4 | 77 | |
| LP22104 | La Espanola | Channel | 2 | 4 | 0.024 | 1 | 691 | 4.6 | 41 |
| LP22106 | La Auras | Channel | 1 | 0.352 | 1.71 | 10 | 87.9 | 83 | |
| LP22107 | Oromuri | Channel | 0.5 | 0.658 | 1.22 | 6.2 | 107 | 54 | |
| LP22108 | Oromuri | Channel | 0.5 | 0.722 | 6.64 | 10.8 | 830 | 92 | |
| LP22114 | San Jorge | Channel | 1.5 | 0.037 | 4.11 | 1545 | 4.2 | 138 | |
| LP22115 | San Jorge | Channel | 2 | 7 | 0.014 | 21.5 | 2050 | 15.6 | 84 |
| LP22116 | Oromuri | Chip | 0.412 | 1.52 | 164 | 11.6 | 6 | ||
| 11633 | Santa Cruz | Channel | 0.1 | 1 | 0.569 | 0.4 | 181.5 | 15.9 | 54 |
| 11638 | Santa Cruz | Channel | 0.3 | 2.5 | 0.184 | 3.8 | 84.8 | 33.3 | 7 |
| 11640 | La Ramada | Dump | 1 | 1 | 3.35 | 42.9 | 574 | 563 | 554 |
| 11641 | La Ramada | Channel | 0.3 | 1.5 | 0.762 | 10.5 | 512 | 31.2 | 411 |
| 11642 | Santa Cruz | Dump | 4.47 | 25.8 | 341 | 1625 | 527 | ||
| 11646 | Santa Cruz | Channel | 0.3 | 1 | 28 | 398 | 180 | 11750 | 123 |
| 11647 | Santa Cruz | Dump | 0.652 | 2.38 | 398 | 51.1 | 120 | ||
| 11648 | Santa Cruz | Chip | 1 | 1 | 3.98 | 7.92 | 253 | 454 | 100 |
| 11649 | Santa Cruz | Channel | 0.5 | 2 | 1.35 | 12.2 | 389 | 1995 | 318 |
| 11681 | Santa Cruz | Channel | 2 | 7 | 12.25 | 95.1 | 838 | 9740 | 1160 |
| 11682 | Santa Cruz | Channel | 2 | 7 | 10.5 | 86.3 | 376 | 7940 | 260 |
| 11684 | Santa Cruz | Channel | 1 | 1 | 1.23 | 14.45 | 226 | 319 | 158 |
| 11685 | Santa Cruz | Channel | 1 | 1 | 0.638 | 12.1 | 24.2 | 269 | 36 |
| 11688 | Santa Cruz | Chip | 1 | 1 | 0.317 | 43.9 | 18600 | 11.9 | 598 |
| 11695 | Santa Cruz | Channel | 1 | 2 | 2.42 | 4.2 | 135 | 84.8 | 451 |
| 11696 | Santa Cruz | Chip | 2 | 2 | 0.609 | 1.64 | 298 | 190.5 | 81 |
| 11697 | Santa Cruz | Chip | 2 | 1 | 0.307 | 3.98 | 91.6 | 358 | 63 |
| 11698 | Santa Cruz | Chip | 2 | 2 | 0.161 | 23.1 | 157 | 4770 | 2940 |
| 11701 | Santa Cruz | Channel | 0.3 | 1 | 0.148 | 0.26 | 70.8 | 16.6 | 66 |
| 11708 | Santa Cruz | Chip | 0.5 | 0.5 | 0.526 | 51.9 | 48.5 | 6740 | 64 |
| 11711 | Santa Cruz | Channel | 0.2 | 2 | 0.166 | 1.01 | 89.1 | 30.3 | 54 |
| 11713 | Santa Cruz | Channel | 0.3 | 1.5 | 0.079 | 30.4 | 46.8 | 5420 | 539 |
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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Prismo Metals
Investor Insight
Prismo Metals presents a compelling investment opportunity with its strategic focus on high-grade precious and base metal exploration in Mexico and Arizona, leveraging advanced technology and maximizing shareholder value through targeted asset development.
Overview
Mexico’s Sinaloa state hosts several 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. At the Panuco project, Vizsla Silver (TSXV:VZLA) has an indicated resource of 9.5 million tons at grades of 289 g/t silver, 2.41 g/t gold, 0.27 percent lead and 0.84 percent zinc for 155.8 Moz silver equivalent.
Prismo Metals (CSE:PRIZ,OTCQB:PMOMF, FSE:7KU) 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, CEO and co-founder Dr. Craig Gibson has been an exploration consultant since 1998 and a director of Beyond Minerals (CSE:BY) Garibaldi Resources (TSXV:GGI).
Prismo Metals has three current exploration projects: Palos Verdes, Los Pavitos and Hot Breccia. The Palos Verdes property covers 22.77 hectares within the historic Panuco-Copala silver-gold district in Sinaloa, well-known for its numerous veins with historical production. While much of the district has been consolidated by Vizsla Resources, 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. Vizsla'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 formed a technical committee for district-scale exploration of the Panuco silver-gold district consisting of Drs. Gibson and Megaw along with Dr. Jesus Velador, vice president of exploration for Vizsla.
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 May 2019, the company and ProDeMin entered an option agreement in which Prismo may acquire a 75-percent interest in the Palos Verdes property, and later entered into an agreement to acquire the remaining 25 percent of the property from the original owner. The company conducted a 2,100-meter drill program at Palos Verdes in 2022, 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.
Prismo conducted a 15 hole, 2,923-meter drilling program at Palos Verdes in 2023, with the best result being 11,520 silver equivalent (102 g/t gold and 3,100 g/t silver) over 0.5 meters downhole. An alteration study and rock chip sampling program were also conducted and provide evidence that additional mineralization may occur in previously unexplored areas.
The 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, and show the presence of high-grade gold assays in at least two target areas.
In 2022 Prismo Metals signed a formal access agreement with Francisco Villa Ejido, the surface owner of the Los Pavitos Project to allow for exploration work and drilling, and completed a mapping, sampling and trenching program in 2023. Thus work paved the way for a first ever drill program at the project in 2023, consisting of 2,370 meters in 25 holes with excellent results.
Prismo acquired the right to earn a 75 percent interest in the Hot Breccia property in early 2023. Hot Breccia lies in the heart of the world-class Arizona copper belt and has historical drilling indicating the potential for a large copper mineralized system.
An airborne Z‐tipper axis electromagnetic (ZTEM) geophysical survey was completed at Hot Breccia. Prismo received assay results for the first batch of samples taken at the project indicating the presence of not only copper mineralization but also gold mineralization associated with gossanous veins and shear zones.Company Highlights
- 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, and a large-scale copper project in Arizona, the leading producer of the metal in the US.
- The company’s Palos Verdes property is located in the historic Panuco-Copala silver-gold district in Sinaloa, Mexico and is partly surrounded by ground controlled by Vizsla Silver Corp..
- The Palos Verdes property includes 700 meters of strike length along the Palos Verdes vein, which has yielded 6.7 grams per ton (g/t) gold and 544 g/t silver at the surface.
- 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.
- The Hot Breccia project consists of 1,400 hectares located in the world class Arizona Copper Belt.
- 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 claim and has drilled 6000 meters on the property. The drill results revealed high-grade silver and gold showing multiple discrete quartz vein stages lacing between breccia fragments and showing distinctly differing mineralogy.
- Vizsla Silver Inc. completed a Strategic Investment and owns about 9.9 percent of the company.
- The company also filed on SEDAR an NI 43-101 Technical Report for its Los Pavitos Gold-Silver Project in southern Sonora, Mexico.
Key Projects
Hot Breccia
The Hot Breccia project is Prismo’s latest acquisition located in the heart of the great Arizona Copper Belt, USA and is located 40 km south of the Resolution deposit and 35 km north of the San Manuel / Kalamazoo deposit and is just a few kilometers from the Hayden Smelter. The Hot Breccia property has the same productive geologic units that host high-grade copper skarn mineralization at the adjacent, past-producing Christmas Mine owned by Freeport. Prismo has the option to earn a 75-percent interest in the Hot Breccia project from Infinitum Copper (TSXV:INFI).
The company completed an airborne Z‐tipper axis electromagnetic (ZTEM) geophysical survey at Hot Breccia in 2023 and received assay results for a first batch of samples taken at the project. The results indicate the presence of not only copper mineralization, but also gold mineralization associated with gossanous veins and shear zones. The ZTEM survey identified a priority drill target in a conductive anomaly at depth.
Following the success of the 2023 ZTEM survey, Prismo received permit approval from the Bureau of Land Management for 10 drill pads to allow for drilling to test the prospective stratigraphy below the cover volcanic rock over a wide area. Assay results for samples taken in February 2024 include 5.69 percent copper, 0.24 g/t gold and 32.8 g/t silver.
Earlier in 2024, Prismo Metals engaged Exploration Technologies (ExploreTech) from San Diego, California to apply xFlare, their artificial intelligence (AI)-optimized drill planning solution, to its Hot Breccia project where a number of features suggest well mineralized Arizona-style copper porphyry lies at depth. Prismo is currently planning an initial 5,000 meter drill program at Hot Breccia.
Palos Verdes
The company’s Palos Verdes property is located in Southern Sinaloa, roughly 65 kilometers northeast of Mazatlán. The Palos Verdes concession covers 22.77 hectares and is situated within the historic Panuco-Copala mining district, the largest silver producer in Sinaloa.
History
Mapping and sampling were conducted over the property by ProDeMin. The Palos Verdes vein crops out for about 750 meters along strike and yielded as much as 4.15 g/t gold and 732.7 g/t silver. Before the turn of the century, a 70-meter tunnel was driven along the Palos Verdes vein near the bottom of the Palos Verdes arroyo; a sample of the vein in this adit yielded 6.7 g/t gold and 544 g/t silver. 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 and 8.42 g/t gold and 2,336 g/t silver for 0.8 meters.
Drilling
The company has undertaken several drill campaigns at the project, and a total of about 6,052 meters have been drilled in 33 holes to date, including five holes drilled by ProDeMin in 2018. Results indicate the presence of a near-surface high-grade ore shoot in the Palos Verdes vein similar to mineralization in the resources defined by Vizsla Silver in the southwestern portion of the district.
The company, in conjunction with its strategic partner Vizsla Silver (TSXV:VZLA), has planned an expanded drill program with new holes to be drilled from Vizsla Silver’s concessions adjacent to the Palos Verdes concession, targeting the proposed extension of the Palos Verdes ore shoot at depth and a possible extension along strike to the northwest. Prismo Metals is planning on initiating this drill program in August, 2024.
Los Pavitos
The company’s Los Pavitos project is located in the Alamos region of Southern Sonora, a well-mineralized area that hosts multiple active exploration and mining projects. Los Pavitos consists of one concession covering 5,289 hectares. Early sampling and reconnaissance work has been carried out by previous companies, including Minera Cascabel. The property’s numerous mines and prospect pits indicate historical interest.
Prismo conducted a reconnaissance surface mapping and sampling at the project in 2022 and early 2023. This program consisted of about 1,500 samples and identified 5 main gold and silver mineralized target areas within several kilometer-scale structural zones. A follow up trenching program consisted of 698 meters in 25 trenches with almost 350 samples taken. A first ever drill program at the project was conducted in 2023, with 2,370 meters completed in 25 holes.
High-grade gold assays were encountered at the Santa Cruz target, with 10.2 g/t gold over 6.6 meters in drill hole LP-SC-23-02. A second gold zone was intersected at Las Auras, with 3.58 g/t gold over 1.15 meters within 3.65 meters carrying 2.33 g/t gold and 87.6 g/t silver.
Management Team
Steve Robertson – President
Steve Robertson is a Canadian geologist and mining executive who earned a BSc. in Geology from the University of Alberta. With Imperial Metals for 24 years, he was involved in the development and operation of five mines, including Red Chris in British Columbia. Robertson was awarded the 2016 E.A. Scholz Award for Excellence in Mine Development for his leadership role in development of the Red Chris mine. In 2017, Robertson was the founding CEO of Sun Metals, a Venture Exchange company that went on to discover a copper-gold skarn in British Columbia. He has been on the board of directors of not-for-profit Association for Mineral Exploration BC., and is currently a director of Cassiar Gold and chairman and director of Infinitum Copper.
Alain Lambert – CEO and Director
Alain Lambert, who co-founded Prismo in 2018, is a lawyer by training and has over 35 years of experience in financing and advising small and medium-sized companies operating in various industries including technology, manufacturing, and the natural resources sector. He has been involved in private and public financings totaling more than $1 billion. He has an extensive network of investors, investment bankers, analysts, and investor relations professionals. Lambert acts as an advisor to public and private companies regarding financings, mergers and acquisitions plans, debt structuring as well as going-public transactions. Throughout his career, Lambert has served as a director and member of the audit committee and governance committee of small and medium-sized private and public companies. He holds a Bachelor of Laws degree (LL.B.) from the University of Montréal and a diploma of collegial studies, specializing in administration from the College Jean-de-Brébeuf in Montréal, Québec.
Craig Gibson - Chief Exploration Officer and Director
Dr. Craig Gibson has extensive experience in the minerals industry. He received his BS (1984) in earth sciences from the University of Arizona and MS (1987) and PhD (1992) in economic geology and geochemistry from the Mackay School of Mines, University of Nevada, Reno. He co-founded Prospeccion y Desarrollo Minero del Norte, S.A. de CV (ProDeMin) based in Guadalajara, Mexico, in 2009. ProDeMin is a consulting firm providing a broad spectrum of exploration-related services to the mining industry and has been involved in several major precious metal discoveries in Mexico. Gibson is also a director of Garibaldi Resources, a Vancouver-based junior exploration company; a certified professional geologist of the American Association of Professional Geologists; and a qualified person under NI 43-101.
Carmelo Marelli - CFO and Secretary
Carmelo Marrelli is the principal of the Marrelli Group, comprising Marrelli Support Services Inc., DSA Corporate Services Inc., DSA Filing Services Limited, Marrelli Press Release Services Limited, Marrelli Escrow Services Inc. and Marrelli Trust Company Limited. The Marrelli Group has delivered accounting, corporate secretarial and regulatory compliance services to listed companies on various exchanges for over twenty years. Marrelli is a chartered professional accountant (CPA, CA, CGA), and a member of the Institute of Chartered Secretaries and Administrators, a professional body that certifies corporate secretaries. He received a bachelor of commerce degree from the University of Toronto. Marrelli acts as the chief financial officer to several issuers on the TSX, TSX Venture Exchange and CSE, as well as non-listed companies, and as a director of select issuers.
Martin Dupuis - Director
Martin Dupuis has over 25 years of experience covering all stages of a project’s life, from exploration through feasibility and engineering studies, construction, mine expansion and operations. Dupuis serves as Vizsla Silver’s chief operating officer. He was instrumental in the oversight and delivery of the company’s maiden resource estimate. Before joining Vizsla Silver, Dupuis was director of geology for Pan American Silver, technical services manager for Aurico Gold, and chief geologist at several other operations.
Jorge Rafael Gallardo-Romero - Director
Jorge Rafael Gallardo-Romero has been a consultant geologist of Cascabel since March 1992. He also acts as Mexico exploration manager of Gainey Capital (since January 2015) and of Minera Goldzone SA de CV (since March 2011). Gallardo-Romero graduated from the University of Sonora with a degree in Geology in 1984.
Maria Guadalupe Yeomans Otero - Director
Maria Yeomans Otero is a geologist who graduated from Universidad de Sonora, Mexico, in 1986, with master's studies in business administration at the same university. She has been a part of the team at Cascabel since 1992 and is now the office manager. She speaks English fluently and has extensive experience in the administration, legal and commercial relations related to mining.
Louis Doyle - Director
Louis Doyle has over 30 years of experience focused primarily on capital markets and public companies. Since 2016, he has also provided consulting services to private companies seeking listing on Canadian exchanges. Since January 2016, Doyle has been the executive director of Québec Bourse. Between October 1999 and December 2015, he was the vice-president, Montréal of the TSX Venture Exchange. As such, he was responsible for business development and listing activities in the provinces of Québec and Atlantic Canada. During his tenure, he acted as chairman of the TSX Venture listing committee and was a member of the policy committee. Doyle also led the nationwide TSX Venture mentorship program and further acted regularly as a speaker and advisor at conferences and workshops. He also holds directorship roles with two other publicly traded companies. Doyle was granted 150,000 incentive stock options exercisable at $0.165 per share before June 26, 2027. Also, three other directors were each granted 50,000 incentive stock options, exercisable at $0.165 per share before June 26, 2027.
Peter Megaw - Advisor
Dr. Peter Megaw is best known as co-founder of MAG Silver and Minaurum Gold. He and his team are credited with MAG Silver’s Juanicipio discovery in the famous Fresnillo District and Excellon Resources’ Platosa mine. He received his doctorate from the University of Arizona and has more than 35 years of experience exploring silver and gold in Mexico. Megaw is a certified professional geologist by the American Institute of Professional Geologists and an Arizona Registered Professional Geologist. He is the author of numerous scientific publications on ore deposits and is a frequent speaker at academic and international exploration conferences. He was awarded the 2017 Thayer Lindsley Award for the 2003 discovery of the Juanicipio silver deposit in the Fresnillo District, ultimately leading to a further 600 million ounces being identified in the immediate area. Megaw also received the Society of Mining Engineers 2012 Robert M. Dreyer Award for excellence in applied economic geology.
Prismo Metals Announces $3 Million Private Placement
Vancouver, British Columbia TheNewswire - December 2nd, 2024 Prismo Metals Inc. (" Prismo " or the " Company ") (CSE: PRIZ) (OTCQB: PMOMF) is pleased to announce the offering (the " Offering ") of a minimum of 13,500,000 units of the Company (" Units ") up to a maximum of 20,000,000 Units at an issue price of $0.15 per Unit for minimum gross proceeds of $2,025,000 up to $3,000,000 in gross proceeds. 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 $0.25.
The Company intends to use the net proceeds of the Offering to conduct up to approximately 5,000 of meters of drilling at the Company's Hot Breccia copper project in Arizona and for general corporate purposes. There may be circumstances, however, where, for sound business reasons, a reallocation of funds may be necessary.
The Units will be issued on a private placement basis pursuant to various prospectus exemptions, including the Listed Issuer Financing Exemption (the " LIFE Exemption ") under Part 5A of National Instrument 45-106 – Prospectus Exemptions (" NI 45-106 "), as well as the accredited investor and friends, family and business associate, and minimum amount exemptions provided under sections 2.3(1), 2.5 and 2.10 of NI 45-106, respectively (the " Non-LIFE Exemptions "). Under the LIFE Exemption, the Offering is subject to a minimum subscription of 13,500,000 Units.
The Offering will also be made available to existing shareholders of the Company who, as of the close of business on December 2, 2024, held Shares (and who continue to hold such Shares as of the closing date of the Offering), 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 Offering, the Company intends to adjust the subscriptions received on a pro-rata basis.
Subject to compliance with applicable regulatory requirements and in accordance with NI 45-106, the Units sold under the Offering pursuant to the LIFE Exemption will be offered in all the Provinces of Canada except Québec, and such securities are expected to be immediately freely tradeable and will not be subject to a hold period under applicable Canadian securities laws. There is an offering document related to the Units issuable pursuant to the LIFE Exemption that can be accessed under the Company's profile at www.sedarplus.ca and on the Company's website at www.prismometals.com . Prospective investors should read this offering document before making an investment decision.
The Units issued pursuant to the Non-LIFE Exemptions and the Existing Securityholder Exemption will be subject to a four-month hold period from the closing date of the Offering under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.
The Company may pay finder's fees to eligible finders in connection with the Offering, 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.
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 , , , Instagram , and
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 Offering; the anticipated proceeds to be raised under the Offering; the intended use of any proceeds raised under the Offering; and the payment of any finder's fees in connection with the Offering.
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 Offering; market uncertainty; the inability of the Company to raise the anticipated proceeds under the Offering; the inability of the Company to utilize the anticipated proceeds of the Offering 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; 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 Offering; the C ompany will be able to raise the anticipated proceeds under the Offering and on the timetable anticipated; and the Company will use the proceeds of the Offering as currently anticipated.
Although management of the Company has attem pted 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.
Copyright (c) 2024 TheNewswire - All rights reserved.
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Artificial Intelligence Study Confirms Prismo Metals' Exploration Plan at Hot Breccia
Prismo Metals Inc. (the "Company") (CSE:PRIZ)(OTCQB:PMOMF) is pleased to announce that it has received the results of the artificial intelligence ("AI") study at the Hot Breccia project in Southern Arizona undertaken by Exploration Technologies Inc. ("ExploreTech") of California, USA
The AI study results provide support for the Company's exploration plan at the project, identifying the most likely location for a large body of sulfide mineralization as the same general area as the historic drilling and the dike swarm with xenoliths of Cu-bearing skarn as well as the conductive anomaly from the 2023 ZTEM survey. The postulated sulfide mineralization measures 1,100 meters by 1,150 meters (Figure. 1).
Steve Robertson, President of Prismo Metals, stated "This study complements nicely historical information from the mid to late 1970's, including drill and geophysical data generated by a Rio Tinto subsidiary and by Phelps Dodge Corp (now Freeport McMoRan). Their drilling intersected high-grade copper mineralization in several holes at depths ranging from 640 to 830 meters below the surface. We believe those intercepts cut the periphery of the upper portion of a large mineralized system as interpreted from our surface geological data and reflected in the results of our ZTEM survey, and now the AI study."
ExploreTech's computer simulations have identified a large exploration target defined by the overlap of the numerous geological models. The study supports Prismo's model for mineralization and conforms with several key features, including (i) the presence of high-grade skarn mineralization at relatively shallow depths in historic drill holes, (ii) the presence of two areas where copper skarn fragments are present as xenoliths in quartz diorite dikes, and (iii) the location of a deeper IP anomaly in the historic information.
A drill hole optimization routine has identified several sets of potential exploration drill holes to test the greatest number of the models and has picked several important drill sites including in the area of historic holes OC-1, OCC-7 and OCC-8 as well as one kilometer to the west at historic hole OC-2. The Company is in the process of finalizing the drill hole selection.
Tyler Hall, PhD, Co-Founder and President of ExploreTech, stated: "ExploreTech is very pleased with the results of the AI-assisted drill optimization study at Hot Breccia. ExploreTech's xFlare technology combined Prismo's traditional science based geological and geophysical approach with cloud computing, and successfully simulated thousands of geological models which match the geophysics data and geological hypothesis. Thousands of candidate drillholes were simulated and then ranked based on the quantity and quality of geological information provided.
Historical drill holes cut high grade skarn mineralization including 23 meters with 0.54% Cu at 640 meters depth (hole OC-1), 18 m with 1.4% Cu and 4.65% Zn at 830 meters depth (hole OCC-7), and 7.6 m with 1.73% Cu and 0.11% Zn at 703 meters and 4.6 meters with 1.4% Cu and 0.88% Zn at 716 meters (OCC-8). Mineralization occurs within a several hundred-meter-thick altered zone hosted in favorable Paleozoic carbonate rocks that underly a sequence of Cretaceous andesitic volcanic rocks. These carbonates are the same rocks that host the high-grade copper mineralization at Freeport's nearby Christmas mine. Recently acquired data indicate that a mineralized intrusion, believed to be the source of the mineralization at Hot Breccia, is associated with the skarn mineralization (Figure 2).
The Company has budgeted $3.0 million to execute a proposed 5,000 metre program consisting of three to five deep drill holes. Each drill hole is intended to drill through the entire prospective Paleozoic carbonate stratigraphy into the postulated porphyry body/breccia zone. Prismo anticipates 1,000 to 1,500 metres per drill hole, and the exploration team will take advantage of geological information provided by each hole during drilling to refine targeting of subsequent holes.
Update on Palos Verdes
The drill program at the Company's Palos Verdes silver project located in Sinaloa, Mexico is ongoing. "Our team in Mexico is on the first drill hole (PV 24-34) with ramp-up slower than anticipated," said Alain Lambert, CEO of Prismo. He added: "Our drillers started the program drilling one shift per day. We expect to be able to drill around the clock shortly."
The planned length of the first hole is 250 meters out of a total expected 1,250 meters in the first phase of the program now underway. The goal of the first phase of drilling is designed to explore the vein system to the west of the fault below the zone of bonanza grade intercepts from the previous campaigns. The first hole is designed to cut both the Palos Verdes vein as well as the high-grade gold-silver vein about 50 meters downdip from the previous intersections. Assays reported from last year's drilling include 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 - the highest-grade intercept recorded at the project to date (see News Release of July 27, 2023).
Notes:
Barrett, Larry Frank (1972): Igneous Intrusions and Associated Mineralization in the Saddle Mountain Mining District Pinal County, Arizona. Unpublished Master's Thesis, University of Utah.
Barrett, Larry Frank (1974): Diamond drill hole OC-1, O'Carroll Canyon, Pinal County, Arizona, unpublished internal report, Bear Creek Mining.
About Hot Breccia
The Hot Breccia property consists of 1,420 hectares in 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 3). 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 performed a ZTEM survey last year that identified a very large conductive anomaly directly beneath the breccia outcrops.
Sampling at the project has shown the presence of copper mineralization associated with polylithic breccia pipes that transported fragments of strongly mineralized carbonate rocks to the surface from depths believed to be 400-1,000 meters. Drilling deep holes is necessary to tap into the source of these mineralized fragments found at surface.
Assay results from historic 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. Technical information from adjacent or nearby properties does not mean nor does it imply that Prismo will obtain similar results from its own properties.
Data on previous drilling and geophysics is historical in nature and has not been verified, is not compliant with NI 43-101 standards and should not be relied upon; the Company is using the information only as a guide to aid in exploration planning.
QA/QC
Dr. Craig Gibson, PhD., CPG., a Qualified Person as defined by NI-43-101 regulations and Chief Exploration Officer and a director of the Company, has reviewed and approved the technical disclosures in this news release.
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 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 Hot Breccia.
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 the drilling campaign at Hot Breccia and the timing of such drilling campaign.
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.
View the original press release on accesswire.com
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Drilling Has Started at Prismo Metals' Palos Verdes Project
Prismo Metals Inc. (CSE:PRIZ)(OTCQB:PMOMF)(FSE:7KU) ("Prismo" or the "Company") is pleased to announce that drilling at its Palos Verdes project in Mexico has started. Hole PV-24-34 of this collaborative drilling program with Vizsla Silver Corp's (TSXV:VZLA) ("Vizsla") was collared on Vizsla's property. The planned length of the first hole is 250 meters out of a total expected 1,250 meters in the first phase of the program now underway
Dr. Craig Gibson, Co-Founder and Chief Exploration Officer of the Company explained: "The goal of the first phase of drilling is designed to explore the vein system to the west of the fault below the zone of bonanza grade intercepts from the previous campaigns. We expect the first hole to cut both the Palos Verdes vein as well as the higher gold-silver vein about 50 meters downdip from the previous intersections. Assays reported from last year's drilling include 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 - the highest-grade intercept recorded at the project to date (see News Release of July 27, 2023)."
As announced on July 31st, 2024, Prismo's team mobilized at Palos Verdes in early August and immediately began preparation for the drill program with strategic partner Vizsla. The plan as designed will allow to test targets on the Palos Verdes concession with greater efficiency by utilizing drill pads located on Vizsla's concessions adjacent to Palos Verdes.
"Getting to this stage is the result of joint efforts from both the Prismo and Vizsla teams in Mexico," said Alain Lambert, CEO of Prismo. "The planning and preparation effort included our team and our driller's team learning Vizsla's safety, work and environmental protocols before work could begin as the drill pads are located on their ground. Also, the type of drill permit obtained by Vizsla allows for sites to be accessed by man-portable equipment. Furthermore, the rugged nature of the terrain required that the access to the site and the site itself be done by hand, lengthening the team's preparation time. We have now reached the drilling phase."
Lambert added: "We are very excited to resume drilling the Palos Verdes vein system which has already returned outstanding results. Combined with our fully permitted Hot Breccia copper project in the heart of the Arizona copper belt, Prismo expects a very active second half of 2024 with multiple drill results from these two world class exploration projects." For more information about the drill campaign, please watch Prismo's latest video at: https://www.youtube.com/watch?v=FX116H1a2qA
"We are eager to resume tracing the high-grade mineralization we've cut previously in the Palos Verdes vein by taking advantage of better hole geometry created by drilling from our Strategic Partner Vizsla Silver's ground," said Dr. Craig Gibson, Co-Founder and Chief Exploration Officer of the Company.
"Drilling farther from the vein outcrops will let us drill Palos Verdes well below the limited depths we could reach from our claims. We deeply appreciate Vizsla's willingness to allow the drilling from their ground and the collaboration from their team down in Mexico."
He commented further on the second hole and expected timing: "The second hole is planned to test a further 50 to 70 meters downdip and may be completed from the same site as the first hole or may be drilled from a second site 100 meters farther from the vein. These holes are expected to take three to four weeks to complete."
Geologic modelling completed after that drilling shows that the Palos Verdes vein system is apparently comprised of at least three discrete structures:
The main Palos Verdes vein with a steep southeast dip located on the west side of the northwest-southeast fault.
A steeply southeast dipping hanging wall vein; and
A relatively flat lying vein that has high gold-silver ratios, similar to those in the western part of the Panuco district where Vizsla Silver has found the Napoleon and Copala resource areas.
Prismo's 3,000-meter drill program follows three main target recommendations made by the Panuco Joint Technical Committee comprised of Prismo's Chief Exploration Officer Dr. Craig Gibson, Vizsla Silver's VP Exploration Dr. Jesus Velador and Advisor Dr. Peter Megaw. The three main goals (See Figs. 2 & 3 below) are:
Trace the down dip extension of the mineralized shoot defined by previous drilling on the southwest portion of the vein.
Seek continuation of the vein on the northeast extension of the vein across a cross-fault believed to have offset the vein downward.
Test the extreme northeasterly extension of the Palos Verdes vein system near the concession limit adjacent to the historical Jesusita mine.
For more information about this news release, please watch Prismo's latest In The News video at: https://www.youtube.com/watch?v=FX116H1a2qA
Present during the In The News interview were: Alain Lambert CEO, Steve Robertson President, Dr. Craig Gibson Co-Founder and Chief Exploration Officer.
Qualified Person
Dr. Craig Gibson, PhD., CPG., a Qualified Person as defined by NI-43-01 regulations has reviewed and approved the technical disclosures in this news release. Dr. Gibson is also Chief Exploration Officer and a director of the Company.
About Palos Verdes
The Palos Verdes project is located in the historic Panuco-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 (
About Prismo
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
Steve Robertson, President steve.robertson@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 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 Palos Verdes and Hot Breccia. The current drill program is being conducted from a concession not owned by the Company and a change in Vizsla's business plan in the drilling area could negatively impact Prismo.
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, notably delays in obtaining or failure to obtain appropriate funding to finance the exploration program at Hot Breccia.
In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that: Vizsla will continue to work with Prismo to allow for drilling at Palos Verdes, the ability to raise capital to fund the drilling campaign at Hot Breccia and the timing of such drilling campaign.
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 outlook that are incorporated by reference herein, except in accordance with applicable securities laws.
SOURCE:Prismo Metals Inc.
View the original press release on accesswire.com
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Prismo Metals Announces Security Based Compensation Grants
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) announces that, pursuant to the Company's long-term incentive plan, it has granted a total of 1,275,000 stock options (the "Options") to certain directors and officers of the Company and 200,000 Options to certain consultants of the Company. The Options are each exercisable to purchase one common share of the Company (a "Common Share") at an exercise price of $0.205 for a period of five years. The Options will vest over one year, with one-third of the Options vesting every three months
The Company has also issued an aggregate of 525,000 restricted share units (the "RSUs") to certain directors and officers of the Company. Each RSU entitles the holder to be issued one Common Share on vesting. The RSUs will vest over one year, with one-third of the Options vesting every three months.
The Company has further granted an aggregate of 275,000 stock appreciation rights (the "SARs") to certain directors and officers of the Company. Subject to vesting, each SAR entitles the holder to receive the number of Common Shares of the Company equal to the difference between $0.205 and the closing market price of the Common Shares on the settlement date, for a period of five years from the date of grant.
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
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.
SOURCE: Prismo Metals Inc.
View the original press release on accesswire.com
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Prismo Metals Acquires Data and Updates Model for Hot Breccia Copper Project in Arizona
Prismo Metals Inc. (the "Company") (CSE:PRIZ)(OTCQB:PMOMF)(FSE:7KU) is pleased to announce that it has updated the mineralization model for the Hot Breccia project in Southern Arizona based on important historical information recently acquired from a third party. The information includes historic Bear Creek Mining Company (then a subsidiary of Kennecott Copper Co. (now part of Rio Tinto, ASX: RIO) exploration data, gathered between the completion of a masters thesis by Larry Barrett (1972) (1) through the completion of their first drill hole on our Hot Breccia property between 1972 and mid-1974. The recently acquired information includes a complete log and assays for hole OC-1 and a geological interpretation after holes OC-1 to OC-3 were completed(2
An important portion of the acquired data shows the distribution of post mineral quartz diorite dikes containing fragments of copper bearing mineralization brought up from depth (Fig 2), as well as the location of shallow and deep IP anomalies compiled from several different sources. The shallow IP anomaly follows the orientation of the swarm of quartz diorite dikes, probably reflecting pyrite bearing alteration associated with it. The deeper IP anomaly covers much of the central portion of the claim block and may be related to alteration around a mineralized intrusion or a related sulfide body. Bear Creek's interpretation of the IP data indicates that mineralization is present over a larger area than they had previously recognized. Notably, their deep IP anomaly, as well as the distribution of copper bearing xenoliths in quartz diorite dikes, correspond closely to the area of the conductive anomaly identified in Prismo's 2023 ZTEM geophysical survey (Fig. 2) (see News Release of February 9, 2024).
Also, included in the Bear Creek data is the complete description and assay data for hole OC-1, drilled to a depth of 733 meters in early 1974 (Fig 2), as well as an interpretation of the results by Barrett (1974)(2) (Fig 3). Hole OC-1 was collared in the area of one of the property's namesake breccias that hosts copper skarn fragments sourced from deep below the surface. A Prismo sample of one of these fragments assayed 5.7% copper, as reported in the Company's News Release dated March 26, 2024.
Prismo Metals previously possessed only a portion of the OC-1 drill log to a depth of 295 meters, all in volcanic rocks, with only summary assay data that indicated a mineralized interval deeper in the hole. According to the new data, hole OC-1 cut 403 meters of Cretaceous volcanic and volcano-sedimentary rocks as expected from the geology in the area, followed by an interval of 330 meters of quartz diorite porphyry including a pyritic and copper-bearing stock not exposed at the surface. Bear Creek suggested that this quartz porphyry includes an intrusive phase interpreted to be associated with mineralization, cut by later dikes that include fragments of previously formed skarn. The mineralized porphyry includes a 23.5-meter pendant of skarn mineralization averaging 0.54% Cu including 1.8 meters of 1.81% Cu. The hole was strongly copper-anomalous to the bottom and ended in mineralization.
Exploration Geologist Dr Linus Keating, Manager of Walnut Mines LLC the optionor of Hot Breccia, reviewed the Bear Creek core in the 1990's before it was subsequently disposed of. He stated "I viewed the collection of core and recall seeing, beneath the overlying volcanics, long intervals (500 to 700 plus feet) of retrograde skarn mineralization. Alteration consisted of garnet, amphibole, quartz and calcite veinlets, and widespread chlorite and pyrite, together with scattered chalcopyrite and sphalerite. I remember being impressed with the intensity and extent of the alteration and mineralization and was surprised that it repeated in several holes."
Steve Robertson, President, commented "We take a very thorough, scientific approach to exploration, using all information that we can gather to inform our modelling. This includes data produced and interpreted by previous generations, often by very talented geologists. We view the acquisition of the 1970's data as equally important as fresh data and interpretation. This will have a strong influence on our exploration program in 2024."
Robertson added "With this new data incorporated, our Computing & Artificial Intelligence partners at ExploreTech in California (see Prismo's news release dated March 4th, 2024) have completed the preparation phase for the probabilistic ZTEM inversion and drilling optimization. The computation phase has commenced, and it is expected that this inversion and target processing will take approximately 7 to 10 days on ExploreTech's high-performance computing system."
Figure 1. Location ofthe Hot Breccia Project in the Arizona Copper Belt.
Figure 2. Plan view of Hot Breccia showing surface geology by Barrett (1972), the areas where
Cu bearing skarn is present in quartz diorite dikes, outlined in yellow, and an area of >0.5% Cu
in skarn fragments, in red, from a newly acquired report by Barrett and Anderson (1972).
The surface projection of the conductive body is also shown in magenta.
Figure 3. Schematic cross section at Hot Breccia showing interpretation by Barrett (1974).
The Company has established a budget of $3.0 million to complete the proposed five drill hole, 5,000 metre program. Each drill hole is intended to drill through the entire prospective Paleozoic carbonate stratigraphy. Prismo anticipates 1,000 to 1,200 metres per drill hole, although the exploration team will take advantage of the geological information provided by each drill hole to determine if any holes require extended drilling.
Note:
Barrett, Larry Frank (1972): Igneous Intrusions and Associated Mineralization in the Saddle Mountain Mining District Pinal County, Arizona. Unpublished Masters Thesis, University of Utah.
Barrett, Larry Frank (1974): Diamond drill hole OC-1, O'Carroll Canyon, Pinal County, Arizona, unpublished internal report, Bear Creek Mining.
About Hot Breccia
The Hot Breccia property consists of 1,420 hectares in 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.
Sampling at the project has shown the presence of copper 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, so drilling of deep holes, possibly including a twin of an historic hole, is planned.
Assay results from historic 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.
The newly acquired information is historical in nature and has not been verified, is not compliant with NI 43-101 standards and should not be relied upon; the Company is using the information only as a guide to aid in exploration.
QA/QC
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.
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).
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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 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 Hot Breccia.
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 the drilling campaign at Hot Breccia and the timing of such drilling campaign.
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.
SOURCE: Prismo Metals Inc.
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