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Prismo Metals Inc. (the "Company") (CSE:PRIZ)(OTCQB:PMOMF)(FSE:7KU) is pleased to announce that it has received permit approval from the Bureau of Land Management ("BLM") for ten drill pads, at the Hot Breccia copper project in Southern Arizona.
The drill pads will allow for drilling to test the prospective stratigraphy below the cover volcanic rock over a wide area, and in particular the large conductive anomaly identified by Prismo's 2023 ZTEM survey. Ground mapping, prospecting and sampling conducted earlier this year has supported the targeting process and target selection.
A bond has been posted with the Bureau of Land Management as the final step required before proceeding. Preparatory work in advance of drilling will be expedited by Prismo through the utilization of existing road infrastructure built in the 1970's, which requires only minor repair and maintenance. Upon confirmation and acceptance of the bond by BLM, road upkeep and maintenance will start to enable drilling to commence in Q3 2024.
Steve Robertson, President, commented "Getting the permit approval to proceed with this important drill program is a defining event for Prismo Metals as it marks the first time in five decades that exploration on this attractive target can be activated on a property where historical drillings reported several copper intercepts that exceeded 1% copper and elevated zinc .This 5,000-metre program will provide critical information on the vectoring needed to lead us to the heart of the yet another mineralizing system in one of the most prolific copper districts on the planet."
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 Paleozoic carbonate stratigraphy and Prismo anticipates 1,000 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.
Robertson added "The most recent exploration of this mineralized target was over 50 years ago. Since then, discovery of one of the world's most significant copper deposits 40 km away at Resolution has changed the "Art of the Possible" for exploration in the region. This amplifies our eagerness to initiate drilling in order to continue advancement of the exploration process."
Figure 1. Location ofthe Hot Breccia Project in the Arizona Copper Belt.
Figure 2.View of the subsurface looking northeasterly showing the conductive body from the ZTEM survey and cross sections of the Christmas deposit and the Hot Breccia area. Historic drill holes are shown with copper assays as disks within the red ellipse; the magenta color indicates > 1% Copper.
About Hot Breccia
The Hot Breccia property consists of 1,420 hectares 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.
Figure 3. Plan view of the surface geology showing the hot breccia land boundary in black and the cross sections from Fig. 2. The surface projection of the conductive body shown in Fig. 2 is roughly outlined in red.
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.
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).
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.
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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.
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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.
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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).
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.
SOURCE: Prismo Metals Inc.
View the original press release on accesswire.com
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Cerro Leon drill results
HIGHLIGHTS
- Assay results received for the first G holes for 757m at the Karina prospect.
- Results are pending for a further 42 holes for 3,5G5m.
- The approximately 5,000m RC drill program is progressing well, with completion expected on 15 December 2024.
- Significant silver equivalent (AgEq1) assay results include:
- Karina(PR003-24) 12m at 307gpt AgEq from 49m, inc.
3m at 1,052gpt AgEq from 56m (outside MRE) - (PR004-24) 23m at 104gpt AgEq from 30m (open at depth)
- (PR005-24) 12m at 411gpt AgEq from 18m, inc.
5m at 828gpt AgEq from 23m (open at depth) - PR007-24) 26m at 126gpt AgEq from 31m (open at depth)
- (PR009-24) 35m at 20Ggpt AgEq from 4m (outside MRE)
2m at 1,500gpt AgEq from 7m
- Karina(PR003-24) 12m at 307gpt AgEq from 49m, inc.
- Mineralisation is defined over G00m strike and 75m down dip and is open at depth.
- Drill operations will scale up in the first week of January with two diamond rigs mobilising to site to test the vertical continuity of mineralised across all priority prospects, including Karina.
- These results form part of a fully funded 50,000m drill program across the Cerro Leon and Joaquin projects, contributing to a revised Mineral Resource Estimate (MRE).
Managing Director, Todd Williams: “The first nine holes at Karina exceed expectations and confirms the continuity of mineralisation along 300m strike and the potential for further extensions at depth. Notably, hole PR003-24 reported an exceptional individual assay of 2C03gpt silver, validating the shallow high-grade nature of mineralisation. With assays for 42 additional holes still pending and drilling set to scale up in January, shareholders can look forward to a steady stream of results and updates over the next 12 months, including a revised MRE.
Summary
Unico Silver holds 100% of the Cerro Leon and Joaquin silver gold districts located in the central Deseado Massif geological province, Santa Cruz Argentina (Figure 1). The current drill program at Cerro Leon commenced October 2024 and is anticipated to continue through to the end of Q1 2025. It forms part of a broader fully funded 50,000m drill program planned for both projects culminating in a revised MRE late 2025.
Figure 1: Joaquin and Cerro Leon project location
Cerro Leon is strategically located within the same structural corridor that is host to AngloGold Ashanti’s world- class Cerro Vanguardia mine. The Project hosts a JORC compliant Mineral Resource Estimate (MRE) of G1Moz AgEq for 16.5Mt at 172gpt AgEq (Table 3).
During August 2024, announced the acquisition of the Joaquin project from Pan American Silver Corp (PAAS). Joaquin is host to a Foreign Estimate of 73Moz AgEq for 16.7Mt at 136gpt AgEq4 (Table 4). Historical production by PAAS from 2019 to 2022 totals 4.3Moz Ag (Table 5).
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First Majestic Announces Mailing of Materials for Special Meeting
First Majestic Silver Corp. (NYSE: AG) (TSX: AG) (FSE: FMV) (the "Company" or "First Majestic") is pleased to announce that it has commenced mailing of its meeting materials for the special meeting of the Company's shareholders (the "Special Meeting") that will be held on Tuesday, January 14, 2025 at 11:00 a.m. (Pacific Time) at the offices of Bennett Jones LLP, located at Suite 2500 - 666 Burrard Street, Vancouver, British Columbia V6C 2X8.
At the Special Meeting, pursuant to the requirements of the rules of the Toronto Stock Exchange and the New York Stock Exchange, First Majestic shareholders will be asked to approve an ordinary resolution (the "Share Issuance Resolution") approving the issuance of up to 190,000,000 common shares of First Majestic ("First Majestic Shares") to stockholders of Gatos Silver, Inc. ("Gatos") in connection with the previously announced acquisition by First Majestic of all of the shares of common stock of Gatos (the "Transaction"). First Majestic's Board of Directors unanimously recommends that the Company's shareholders vote FOR the Share Issuance Resolution.
First Majestic is using the notice and access model ("Notice and Access") as an alternative means of delivery of the meeting materials for the Special Meeting to shareholders in a more environmentally friendly and sustainable way that helps reduce paper usage and our carbon footprint, and that reduces our printing and mailing costs. Under Notice and Access, First Majestic shareholders as of November 25, 2024, being the record date for the Special Meeting (the "Record Date"), will be sent a proxy or voting instruction form, as applicable, enabling them to vote at the Special Meeting. However, instead of receiving a paper copy of the Company's management information circular (the "Information Circular") and notice of meeting (together with the Information Circular, proxy and voting information form, the "Meeting Materials") for the Special Meeting, shareholders will receive a Notice and Access notification letter which contains information on how to access the Meeting Materials electronically.
Shareholders of record as of the Record Date are entitled to vote at the Special Meeting, and they may access electronic versions of the Meeting Materials at www.AGSpecialMeeting.com. The Meeting Materials have also been filed by the Company on SEDAR+ and may be accessed under the Company's SEDAR+ profile at www.sedarplus.com, or by scanning the QR code below with your smartphone or other smart device:
First Majestic has retained Kingsdale Advisors ("Kingsdale") as a Strategic Advisor and to assist in the solicitation of proxies for the Special Meeting. Any shareholders who need assistance with voting their First Majestic Shares may contact Kingsdale by telephone at 1-866-851-3214 (toll-free in North America) or 1-647-577-3635 (text and call enabled outside North America), or by email at contactus@kingsdaleadvisors.com.
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Impact of Canada Post Labour Dispute on the Delivery of Meeting Materials to Canadian Shareholders
Canadian shareholders as of the Record Date should be aware that, due to the ongoing Canada Post labour dispute which is affecting the delivery of mail within Canada, some Canadian shareholders may not receive the Meeting Materials prior to the date of the Special Meeting. This only applies to Canadian shareholders as of the Record Date who have previously requested that physical copies of the Meeting Materials be sent to them. Many of the Company's Canadian shareholders have elected for materials for shareholder meetings to be sent to them by e-mail, so the Canada Post labour dispute will not have any impact on the electronic delivery of the Meeting Materials to such shareholders. Shareholders may request electronic versions of the Meeting Materials be e-mailed to them by contacting Kingsdale by telephone at 1-866-851-3214 (toll-free in North America) or 1-647-577-3635 (text and call enabled outside North America), or by email at contactus@kingsdaleadvisors.com,or by contacting the Company directly at 1-866-529-2807 (toll-free) or info@firstmajestic.com.
If you are a Canadian registered shareholder (i.e., you hold your First Majestic Shares in the form of a physical share certificate, or your shares are represented by a DRS Advice Statement), and you did not receive a form of proxy with your control number, the Company strongly encourages you to contact Computershare Investor Services Inc. at 1-800-564-6253 (toll-free in North America) or +1-514-982-7555 (international) to request the control number for each of your registered shareholdings. Once you have obtained your control number(s), you can vote the First Majestic Shares represented by such control number(s) at www.investorvote.com.
If you are a Canadian beneficial shareholder (i.e., you hold your First Majestic Shares with one or more financial institutions or brokers, for example RBC Direct Investing, TD Direct Investing, BMO Direct Investing, Scotia iTRADE, Wealthsimple, Haywood Securities, Canaccord Genuity, Raymond James, Ventum Financial etc.), and you did not receive a voting instruction form with your control number, the Company strongly encourages you to contact your brokerage firm, financial institution or other intermediary and request the control number for each of your accounts that hold First Majestic Shares. Once you have obtained your control number(s), you can vote the First Majestic Shares represented by such control number(s) at www.proxyvote.com.
In addition, you can click on the following link to download Broadridge's voting app, ProxyVote: Your Voice Matters: https://www.broadridge.com/resource/proxyvote-app. Once you have downloaded the app, follow the instructions to create an account, then log in to vote your First Majestic Shares using the app (without the need for a control number). If you do not see a voting button in respect of the Special Meeting, you will need to link your accounts that hold your First Majestic Shares by clicking on "link a new investment account" on the home page of the app.
The Company has also retained Kingsdale as a Strategic Advisor and to assist in the solicitation of proxies for the Special Meeting. If you need assistance with voting your First Majestic Shares, or with obtaining your control number(s), we strongly encourage you to contact Kingsdale at 1-866-851-3214 (toll-free in North America) or 1-647-577-3635 (text and call enabled outside North America), or by email at contactus@kingsdaleadvisors.com.
The Canada Post labour dispute will not have any impact on the delivery of physical copies of the Meeting Materials to any US and international shareholders of the Company who have requested such physical copies. However, proxies mailed to Computershare Investor Services Inc. in Canada, and voting instruction forms mailed to Broadridge Canada, may not be received by them prior to the proxy deadline due to the labour dispute. Accordingly, all Canadian registered and beneficial shareholders are strongly encouraged to vote their First Majestic Shares online or by telephone as instructed in the Meeting Materials. Shareholders should contact Kingsdale if they need any assistance in voting their First Majestic Shares.
Gatos Stockholder Meeting
Holders of shares of Gatos common stock are also required to provide their approval of the Transaction, and accordingly, Gatos has announced that it will hold its stockholder meeting virtually on Tuesday, January 14, 2025, at 10:00 a.m. (Vancouver time), one hour prior to the First Majestic Special Meeting.
Subject to the approval of First Majestic's shareholders and Gatos' stockholders and the satisfaction or waiver of other conditions precedent, it is anticipated that the Transaction will close in early 2025.
Important Information for Investors and Shareholders about the Transaction and Where to Find It
This news release is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities of First Majestic or Gatos or the solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of securities of First Majestic or Gatos in any jurisdiction in contravention of applicable law. This news release may be deemed to be soliciting material relating to the Transaction.
In connection with the proposed transaction between First Majestic and Gatos pursuant to the Merger Agreement and subject to future developments, First Majestic has filed a registration statement on Form F-4 (the "Form F-4") with the U.S. Securities and Exchange Commission (the "SEC"), which includes a proxy statement of Gatos that also constitutes a prospectus of First Majestic (the "Proxy Statement/Prospectus"). The Form F-4 was declared effective by the SEC on December 2, 2024. Gatos filed a Proxy Statement/Prospectus with the SEC on December 3, 2024 which it commenced mailing to its stockholders on December 6, 2024. First Majestic filed the Information Circular in connection with the proposed Transaction with applicable Canadian securities regulatory authorities on December 10, 2024. This news release is not a substitute for any registration statement, proxy statement, prospectus or other document First Majestic or Gatos has filed or may file with the SEC or Canadian securities regulatory authorities in connection with the proposed Transaction. First Majestic commenced mailing the Meeting Materials to its shareholders on December 10, 2024. INVESTORS AND SECURITY HOLDERS OF GATOS AND FIRST MAJESTIC ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND MANAGEMENT PROXY CIRCULAR, RESPECTIVELY, AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC OR CANADIAN SECURITIES REGULATORY AUTHORITIES CAREFULLY IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BEFORE MAKING ANY VOTING OR INVESTMENT DECISION WITH RESPECT TO THE TRANSACTION BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT FIRST MAJESTIC, GATOS, THE TRANSACTION AND RELATED MATTERS. Investors and security holders may obtain free copies of the Proxy Statement/Prospectus, the filings with the SEC that are incorporated by reference into the Proxy Statement/Prospectus and other documents filed with the SEC by First Majestic and Gatos containing important information about First Majestic or Gatos and the Transaction through the website maintained by the SEC at www.sec.gov. Investors will also be able to obtain free copies of the management proxy circular and other documents filed with Canadian securities regulatory authorities by First Majestic, through the website maintained by the Canadian Securities Administrators at www.sedarplus.com. In addition, investors and security holders may obtain free copies of the documents filed by First Majestic with the SEC and Canadian securities regulatory authorities on First Majestic's website or by contacting First Majestic's investor relations team. Copies of the documents filed with the SEC by Gatos are available free of charge on Gatos' website at www.gatossilver.com or by contacting Gatos' investor relations team.
Participants in the Merger Solicitation
First Majestic, Gatos and certain of their respective directors, executive officers and employees may be considered participants in the solicitation of proxies in connection with the proposed Transaction. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of the shareholders of First Majestic and the stockholders of Gatos in connection with the Transaction, including a description of their respective direct or indirect interests, by security holdings or otherwise, is included in the Proxy Statement/Prospectus described above and other relevant documents when they are filed with the SEC and Canadian securities regulatory authorities in connection with the proposed Transaction. Additional information regarding First Majestic's directors and executive officers is also included in First Majestic's Notice of Annual Meeting of Shareholders and 2024 Proxy Statement, which was filed with the SEC and Canadian securities regulatory authorities on April 15, 2024, and information regarding Gatos' directors and executive officers is also included in Gatos' Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 20, 2024, as amended by Amendment No. 1 to such annual report filed with the SEC on May 6, 2024 and Gatos' 2024 Proxy Statement for its 2024 Annual Meeting of Stockholders, which was filed with the SEC on April 25, 2024. These documents are available free of charge as described above.
ABOUT FIRST MAJESTIC
First Majestic is a publicly traded mining company focused on silver and gold production in Mexico and the United States. The Company presently owns and operates the San Dimas Silver/Gold Mine, the Santa Elena Silver/Gold Mine, and the La Encantada Silver Mine as well as a portfolio of development and exploration assets, including the Jerritt Canyon Gold project located in northeastern Nevada, U.S.A.
On September 5, 2024, First Majestic and Gatos announced that they had entered into a definitive merger agreement (the "Merger Agreement") pursuant to which First Majestic will acquire all of the issued and outstanding shares of Gatos common stock. More information relating to the proposed Transaction can be found on the Company's website, www.firstmajestic.com.
First Majestic is proud to own and operate its own minting facility, First Mint, LLC, and to offer a portion of its silver production for sale to the public. Bars, ingots, coins and medallions are available for purchase online at www.firstmint.com, at some of the lowest premiums available.
Investors Contact:
Darrell Rae
Investor Relations
info@firstmajestic.com
(604) 688 3033
Cautionary Note Regarding Forward Looking Statements
This news release contains "forward‐looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws and "forward-looking information" under applicable Canadian securities laws (collectively, "forward‐looking statements"). These statements relate to
future events or the future performance, business prospects or opportunities of First Majestic and/or Gatos that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management of First Majestic and/or Gatos made in good faith in light of management's experience and perception of historical trends, current conditions and expected future developments. Forward‐looking statements in this news release include, but are not limited to, statements with respect to: closing of the Transaction and the terms and timing related thereto; the anticipated timing of the Special Meeting and the Gatos stockholder meeting; and the anticipated timing of closing the Transaction. Assumptions may prove to be incorrect and actual results may differ materially from those anticipated. Consequently, guidance cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon guidance and forward‐looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. All statements other than statements of historical fact may be forward‐looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "forecast", "potential", "target", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward‐looking statements".
Actual results may vary from forward‐looking statements. Forward‐looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to materially differ from those expressed or implied by such forward‐looking statements, including but not limited to: satisfaction or waiver of all applicable closing conditions for the Transaction on a timely basis or at all including, without limitation, receipt of all necessary shareholder, stock exchange and regulatory approvals or consents and lack of material changes with respect to First Majestic and Gatos and their respective businesses, all as more particularly set forth in the Merger Agreement; the timing of the closing of the Transaction and the failure of the Transaction to close for any reason; the outcome of any legal proceedings that may be instituted against First Majestic or Gatos and others related to the Transaction; unanticipated difficulties or expenditures relating to the Transaction; and delays associated with the ongoing Canada Post labour dispute. First Majestic is not affirming or adopting any statements or reports attributed to Gatos (including prior mineral reserve and resource declaration) in this news release or made by Gatos outside of this news release. In addition, the failure of a party to comply with the terms of the Merger Agreement may result in that party being required to pay a fee to the other party, the result of which could have a material adverse effect on the paying party's financial position and results of operations and its ability to fund growth prospects and current operations. Although First Majestic has attempted to identify important factors that could cause actual results to differ materially from those contained in forward‐looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.
First Majestic believes that the expectations reflected in these forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included herein should not be unduly relied upon. These statements speak only as of the date hereof. First Majestic does not intend, and does not assume any obligation, to update these forward-looking statements or forward-looking information, except as required by applicable laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/233301
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Pan American Silver Provides Annual Exploration Update
Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) ("Pan American" or the "Company") provides an annual exploration update and releases new exploration drill results for its Jacobina, El Peñon, La Colorada, Huaron, Minera Florida and Timmins mines, as well as its La Colorada Skarn project.
"The success of our exploration program highlights the potential for long-term organic growth at many of our assets," said Christopher Emerson, Vice President of Exploration and Geology at Pan American. "Based on the results we were achieving in exploration this year, we increased our drill budget to over 450,000 metres for 2024. This exploration update highlights these results, and showcases the ongoing discovery of new mineralized structures in and around our existing mining operations."
EXPLORATION HIGHLIGHTS:
All intercepts are reported as estimated true widths in metres ("m"), except for the La Colorada Skarn, which is a massive orebody and intercepts are reported as drilled. Please refer to the Drill Result Highlights Tables beginning on page four of this news release for additional details.
- Jacobina - extensional and infill drilling in the Maricota and the Morro do Vento zones demonstrate the potential for future resource expansion. Significant results at grades higher than the average resource grade include: 1.42m @ 116.41 g/t Au and 8.74m @ 5.86 g/t Au (Maricota - MRCEX00056); 12.75m @ 3.71 g/t Au, incl. 8.35m @ 5.26 g/t Au (Maricota - MRCEX00052); 5.75m @ 5.24 g/t Au, incl. 2.11m @ 11.68 g/t Au (Morro do Vento - MVTEX00223).
- El Peñon - drilling of the principal structures and areas to the south continues to return high-grade intercepts that are typical for this deposit. Significant results include: 1.05m @ 18.89 g/t Au, 746 g/t Ag (Pampa Campamento - UIP0177); 1.09m @ 9.90 g/t Au, 97 g/t Ag (Pampa Sur - SEP0055); 4.10m @ 3.62 g/t Au and 1,592 g/t Ag (Dominadora - UEH0024); and 1.46m @ 0.44 g/t Au and 2,547 g/t Ag (Chiquilla Chica - UIH0049).
- La Colorada - 13 new veins have been discovered in the eastern portion of the property, expanding the high-grade zone of the mine. Significant results within the Mariana, NC2 splay and San Geronimo veins show continued high-grade results, notably: S-104-24 with 0.95m @ 9,618 g/t Ag, 4.85% Pb, 4.82% Zn (Mariana vein); S-154-24 with 2.32m @ 2,615 g/t Ag, 2.31% Pb, 5.16% Zn (NC2 vein); and S-168-24 with 3.28m @ 308 g/t Ag, 10.18% Pb, 13.09% Zn (Cristina vein).
- La Colorada Skarn project - infill drilling reinforced confidence in the large, indicated mineral resource update as at June 30, 2024. Notable intercepts include: 273.10m at 54 g/t Ag, 0.85% Pb, and 5.18% Zn, incl. 62.55m at 84 g/t Ag, 1.97% Pb, and 7.57% Zn (U-155-24); and 60.25m at 85 g/t Ag, 7.05% Pb, and 10.41% Zn (U-19-24).
- Whitney Project (Timmins) - the increase in estimated gold mineral resources provided in the June 30, 2024 mineral reserve and mineral resource update highlights the potential of the Whitney project, while ongoing drilling of the Bonetal/Hallnor and Broulan reef has continued to yield high-grade results along the mineralized trend, including 360 g/t Au over 2.4 metres (TW24-793).
- Huaron - significant results from drilling focused on the Horizonte zone include: DDH-U-111-24 with 2.10m @ 399 g/t Ag, 7.39% Pb and 14.58% Zn (Maria vein); DDH-U-113-24 with 1.50m @ 504 g/t Ag, 12.77% Pb and 19.97% Zn (Maria Vein); DDH-U-049-24 with 2.77m @ 768 g/t Ag, 1.85% Pb and 0.62% Zn (Cuerpo Andres);
- Minera Florida - exploration and infill drilling have extended mineralization at several key mine structures. Significant results include: 1.98m @ 16.11 g/t Au, 13 g/t Ag and 6.44% Zn and 1.97m @ 9.38 g/t Au, 23 g/t Ag, and 4.96% Zn (Maqui Norte vein - ALH4638); and 2.57m @ 10.32 g/t Au, 12 g/t Ag, and 0.08% Zn (Mila Sur vein - ALH4562).
SUMMARY OF EXPLORATION RESULTS
Jacobina mine, Brazil
The Jacobina mine is an underground paleo placer gold mine located in the state of Bahia in northeastern Brazil. The mine has a strong track record of mineral reserve and mineral resource replacement and growth. The mine complex and resources extend over eight kilometres with exploration targets extending over a 14 kilometre trend of conglomerate reefs hosting gold mineralization, many of which remain open to depth and along strike.
- Brownfield exploration drilling totaled 35,583m, primarily targeting the João Belo Sul, Morro do Vento, Maricota, Serra do Corrego, and João Belo Norte zones. Exploratory drilling focused on evaluating new near-mine targets down-dip and north of Maricota. The recent exploration results continue to highlight the significant potential for expanding mineral reserves and mineral resources at Jacobina.
- Infill drilling at João Belo Sul confirmed gold mineralization continuity, particularly in higher-grade zones proximal to existing underground infrastructure at João Belo Norte mine. Notable intercepts include: 3.26m @ 8.21 g/t Au (JBS00093); 2.07m @ 5.55 g/t Au and 5.70m @ 4.63 g/t Au (JBS00094).
- Infill and exploration drilling at Morro do Vento continued to extend high-grade zones in the FW reef. Significant intercepts include: 5.75m @ 5.24 g/t Au, incl. 2.11m @ 11.68 g/t Au (MVTEX00223); and 6.90m @ 3.13 g/t Au, incl. 1.74m @ 9.06 g/t Au (MVTEX00217). Exploration drilling further confirms continuity of mineralization down dip within the FW reef, with 7.03m @ 2.62 g/t Au, incl. 2.56m @ 5.08 g/t Au (MVTEX00220), extending mineralization approximately 250m down-dip of the current indicated mineral resources. Mineralization in this zone remains open to depth.
- Exploration and infill drilling results at Maricota confirm the continuity of mineralization within multiple reefs (FW, HW, and Main) where mineralization remains open for expansion down dip and along strike to the north. Significant intercepts include: 12.75m @ 3.71 g/t Au, incl. 8.35m @ 5.26 g/t Au, 4.31m @ 4.49 g/t Au and 2.54m @ 11.56 g/t Au (MRCEX00052); 5.98m @ 5.12 g/t Au, incl. 2.83m @ 9.78 g/t Au and 7.46m @ 2.05 g/t Au, incl. 3.16m @ 3.50 g/t Au (MRCEX00032); and 1.42m @ 116.41 g/t Au and 4.59m @ 5.45 g/t Au, incl. 1.89m @ 10.08 g/t Au (MRCEX00056).
El Peñon, Chile
El Peñon is a large, high-grade gold-silver epithermal system located in northern Chile.
- For the period from May 2024 to October 2024, exploration drilling totaled 56,632 metres. This included 34,965 metres of infill drilling aimed at converting inferred mineral resources to the indicated category around the principal veins, including El Valle, Pampa Campamento, Pampa Sur and Chiquilla Chica. Additionally, 21,667 metres of exploration drilling were conducted to delineate new inferred mineral resource.
- Highlights from El Valle include: 1.54m @ 8.55 g/t Au, 154 g/t Ag (UIV0079); 1.20m @ 4.70 g/t Au, 257 g/t Ag (UIV0078); and 0.83m @ 16.63 g/t Au, 721 g/t Ag (UIV0080). Mineralization remains open to the north and down dip.
- Highlights from Pampa Campamento include: 1.05m @ 18.89 g/t Au, 746 g/t Ag (UIP0177); 0.76m @ 16.13 g/t Au, 258 g/t Ag (UIP0189); 1.71m @ 10.65 g/t Au, 186 g/t Ag (UIS0028); and 0.65m @ 15.33 g/t Au, 297 g/t Ag (UIP0175).
- Key results for exploration and infill drilling at the Pampa Sur vein include: 1.09m @ 9.90 g/t Au, 97 g/t Ag (SEP0055); 0.98m @ 8.49 g/t Au, 156 g/t Ag (SIP0051); and 0.42m @ 18.80 g/t Au, 1,017 g/t Ag (SIP0064). Structures identified to the east of Pampa Sur have also yielded positive results, notably 1.18m @ 6.50 g/t Au and 493 g/t Ag (SIP0067). Pampa Sur represents an important opportunity to add mineral resources near to existing mine infrastructure.
- Chiquilla Chica is a silver-rich satellite deposit located approximately 20 km southwest of El Peñon. Recent exploration drilling has confirmed high silver grades, including: 1.46m @ 0.44 g/t Au and 2,547 g/t Ag (UIH0049) and 1.44m @ 1.29 g/t Au and 1,181 g/t Ag (UIH0050). The Dominadora vein, a new discovery northeast of the main Chiquilla Chica structure, returned 4.10m @ 3.62 g/t Au and 1,592 g/t Ag (UEH0024) and 1.20m @ 0.23 g/t Au, and 1,349 g/t Ag (UEH0026) in initial drilling.
La Colorada mine, Mexico
The La Colorada mine is a silver-rich polymetallic operation located in the state of Zacatecas, Mexico.
- For the period May 2024 to October 2024, the Company completed 47,883 metres of exploration drilling, successfully extending mineralization to the east.
- Drilling on the east extension of the NC2 vein returned silver-rich intercepts from the main structure and parallel Mariana and NC2 splay veins. Notable drill highlights include: S-104-24 with 0.95m @ 9,618 g/t Ag, 4.85% Pb, 4.82% Zn (Mariana vein); 0.53m @ 4,916 g/t Ag, 9.82% Pb, 1.02% Zn (NC2 Splay); S-154-24 with 2.51m @ 1,189 g/t Ag, 0.82% Pb, 1.09% Zn (Mariana vein); and 2.32m @ 2,615 g/t Ag, 2.31% Pb, 5.16% Zn (NC2 vein).
- Drilling on a new vein system discovered earlier in 2024, located parallel to the NC2 vein in the southeast area of the mine, confirms high-grade mineralization in the Cristina vein. Notable drill results include: S-168-24 with 3.28m @ 308 g/t Ag, 10.18% Pb, 13.09% Zn and S-119-24 with 1.95m @ 1,470 g/t Ag, 3.15% Pb, 3.23% Zn. These intersects now define a mineralized vein over an area measuring 450m along strike by 550m vertical, and open in all directions.
- The San Geronimo vein system is now defined by 19 drillholes covering a mineralized area of 550m along the strike by 450m vertical. Specific highlights include: S-115-24 with 1.08m @ 1,637 g/t Ag, 2.08% Pb, 3.35% Zn; S-161-24 with 5.59m @ 456 g/t Ag, 1.10% Pb, 2.41% Zn; S-168-24 with 2.93m @ 528 g/t Ag, 3.04% Pb, 5.54% Zn; S-172-24 with 4.08m @ 255 g/t Ag, 3.28% Pb, 7.33% Zn; and S-44-24 with 2.25m @ 1,420 g/t Ag, 2.04% Pb, 1.93%.
La Colorada Skarn project, Mexico
The La Colorada Skarn is a large silver-bearing polymetallic deposit located below and adjacent to the producing vein system of the La Colorada mine.
- Over 325,000 metres have been drilled at the Skarn project since the deposit was discovered, with 11,000 metres drilled since the mineral resource update as at June 30, 2024. The recent infill drilling, focused on the 901, 902, and 903 Skarn zones, confirmed grades and widths, as defined in the June 30, 2024 mineral resource estimate. Highlight infill intercepts include: 273.10m at 54 g/t Ag, 0.85% Pb, and 5.18% Zn, incl. 62.55m at 84 g/t Ag, 1.97% Pb and 7.57% Zn (U-155-24) and 60.25m at 85 g/t Ag, 7.05% Pb, and 10.41% Zn (U-19-24).
Huaron mine, Peru
The Huaron mine is a polymetallic (Zn-Pb-Ag-Cu) deposit situated in the Cerro de Pasco Department of central Peru.
- For the period May 2024 to October 2024, 58 drillholes totaling 14,714 metres were completed.
- High-grade mineralization within the Maria vein was extended by 100 metres and remains open at depth. Results include: DDH-U-111-24 with 2.10m @ 399 g/t Ag, 7.39% Pb, and 14.58% Zn and hole DDH-U-113-24 with 1.50m @ 504 g/t Ag, 12.77% Pb, and 19.97% Zn.
- Silver and polymetallic-rich mineralization on the east extension of the Cuerpo Andres vein was confirmed with results including: DDH-U-040-24 with 0.56m @ 722 g/t Ag, 6.06% Pb, and 1.90% Zn; DDH-U-075-24 with 0.55 m @ 701 g/t Ag, 13.64% Pb, and 8.83% Zn; and DDH-U-049-24 with 2.77m @ 768 g/t Ag, 1.85% Pb, and 0.62% Zn at depth.
- The Martin vein was extended 160 metres along strike, showing good mineralization with DDH-U-041-24 intercepting 2.46m @ 369 g/t Ag, 2.74 % Pb, and 2.01 % Zn; DDH-U-055-24 with 2.24m @ 683 g/t Ag, 10.65 % Pb, and 3.10 % Zn; and DDH-U-086-24 with 1.56m @ 535 g/t Ag, 10.02 % Pb, and 2.31 % Zn at depth.
Minera Florida, Chile
Minera Florida is an epithermal Au-Ag-Zn underground mine located in the coastal region of central Chile, southwest of Santiago.
- For the period January 2024 to October 2024, a total of 58,658 metres of drilling was completed.
- Exploration and infill drilling have extended mineralization at several key mine structures, particularly at Mila Sur, Maqui Norte, Lorena-Peque-Bandolera, and Sorpresa-Lo Balta.
- The Maqui Norte vein is a significant contributor to production, with potential for resource expansion to the north of the current development and reserves. Significant intercepts include: 1.98m @ 16.11g/t Au, 13g/t Ag, and 6.44% Zn and 1.97m @ 9.38g/t Au, 23g/t Ag, and 4.96% Zn (ALH4638); 0.92m @ 20.61 g/t Au, 13 g/t Ag, and 0.09% Zn (ALH4701); and 1.19m @ 13.62 g/t Au, 11 g/t Ag, and 3.81% Zn (ALH4588).
- Notable drill highlights at Mila Sur include: 2.57m @ 10.32 g/t Au, 12 g/t Ag, and 0.08% Zn (ALH4562); 1.70m @ 8.29 g/t Au, 110 g/t Ag, and 3.34% Zn (ALH4574); and 1.15m @ 6.52 g/t Au, 286 g/t Ag, and 2.29% Zn (ALH4467).
- Key results at Sorpresa – Lo Balta include: 2.95m @ 8.79 g/t Au, 10 g/t Ag, and 1.48% Zn (ALH4657); and 2.14m @ 5.84 g/t Au, 12 g/t Ag, and 1.35% Zn, 1.20m @ 5.99 g/t Au, 12 g/t Ag, and 2.07% Zn, and 1.19m @ 7.29 g/t Au, 7 g/t Ag, and 1.48% Zn (ALH4426).
Whitney Project (Timmins), Canada
Pan American's Timmins West and Bell Creek mines are located near Timmins, Ontario. The Whitney project is situated 4.5 kilometres south of the Bell Creek processing plant, adjacent to the Pamour open pit operated by Newmont Corporation ("Newmont").
- For the period November 2023 to September 2024, drilling totaled 16,941 metres. The drilling confirmed current resources at Hallnor/Bonetal and historic resources at Broulan Reef, located 1.5 km to the west. The Hallnor/Bonetal and Broulan Reef zones are referenced in Pan American's mineral reserves and mineral resources update as at June 30, 2024, under the Whitney project, which is a joint venture (83.27% Pan American / 16.73% Newmont) operated by Pan American. The estimated mineral resources, as provided in the June 30, 2024, mineral resource update, consist of 77,900 ounces of gold in the indicated category and 477,700 ounces of gold in the inferred category.
- Significant assays in the Hallnor/Bonetal zones include: 2.7m at 19.89 g/t Au (TW24-758); 7.2m at 31.50 g/t Au (TW24- 771); 11.7m at 3.28 g/t Au incl. 4.5m at 5.98 g/t Au (TW23-750); 13.7m at 2.11 g/t Au incl. 7.3m at 3.27 g/t Au (TW23-751).
- Significant assays from the drilling at Broulan Reef include: 2.4m at 360.18 g/t Au, incl. 0.4m at 1,940 g/t Au, 0.3m at 140 g/t Au (TW24-793) and 0.8 at 28.4 g/t Au (TW23-749); 7.6m at 6.26 g/t Au (TW24-786); 0.3m at 378.00 g/t Au (TW24-802); and 4.3m at 4.69 g/t Au (TW24-804).
DRILL RESULT HIGHLIGHTS TABLES
Jacobina, Brazil
The following table provides infill and exploration drill result highlights for the Jacobina mine for the period May 2024 to October 2024. Full infill and exploration drill results not included in this table, together with cross sections and plans, are available at https://panamericansilver.com/operations/gold-segment/jacobina/ .
Hole No. | Sector | Reef | Incl. | From (m) | To (m) | Int. (m) | Est. True Width (m) | Au g/t |
JBS00093 | João Belo Sul | LMPC | 381.45 | 385.00 | 3.55 | 3.26 | 8.21 | |
JBS00094 | João Belo Sul | MPC | 378.17 | 380.50 | 2.33 | 2.07 | 5.55 | |
SPC | 404.20 | 410.64 | 6.44 | 5.70 | 4.63 | |||
JBS00095 | João Belo Sul | LVLPC | 342.23 | 347.50 | 5.27 | 4.72 | 3.10 | |
JBEX00126 | João Belo Norte | LVLPC | 400.04 | 405.06 | 5.02 | 3.34 | 6.88 | |
LVLPC | incl. | 401.00 | 403.72 | 2.72 | 1.81 | 12.12 | ||
MRCEX00025 | Maricota | HW | 140.66 | 141.50 | 0.84 | 0.70 | 19.22 | |
MRCEX00026 | Maricota | FW | 561.50 | 571.50 | 10.00 | 4.18 | 2.41 | |
EMB | 677.52 | 680.00 | 2.48 | 1.44 | 7.74 | |||
MRCEX00031 | Maricota | BAS | 647.00 | 664.78 | 17.78 | 10.07 | 2.08 | |
BAS | incl. | 651.50 | 657.05 | 5.55 | 3.14 | 2.58 | ||
MRCEX00032 | Maricota | MR | 379.92 | 387.50 | 7.58 | 5.98 | 5.12 | |
MR | incl. | 379.92 | 383.50 | 3.58 | 2.83 | 9.78 | ||
FW | 403.05 | 412.50 | 9.45 | 7.46 | 2.05 | |||
FW | incl. | 404.50 | 408.50 | 4.00 | 3.16 | 3.50 | ||
MRCEX00034 | Maricota | HW | 488.00 | 498.69 | 10.69 | 5.16 | 3.92 | |
HW | incl. | 488.00 | 493.50 | 5.50 | 2.70 | 6.80 | ||
MRCEX00037 | Maricota | FW | 541.38 | 550.50 | 9.12 | 6.56 | 2.75 | |
MRCEX00038 | Maricota | MR | 236.00 | 239.70 | 3.70 | 2.46 | 5.66 | |
MRCEX00041 | Maricota | HW | 173.15 | 177.50 | 4.35 | 3.27 | 6.87 | |
MRCEX00044 | Maricota | HW | 152.00 | 154.76 | 2.76 | 2.19 | 13.00 | |
MRCEX00049 | Maricota | FW | 173.50 | 175.00 | 1.50 | 1.07 | 10.54 | |
MRCEX00052 | Maricota | FW | 299.50 | 307.00 | 7.50 | 4.31 | 4.49 | |
FW | 314.50 | 319.00 | 4.50 | 2.54 | 11.56 | |||
FW | 327.88 | 351.55 | 23.67 | 12.75 | 3.71 | |||
FW | incl. | 328.50 | 344.00 | 15.50 | 8.35 | 5.26 | ||
MRCEX00053 | Maricota | LU | 137.00 | 141.00 | 4.00 | 3.27 | 3.11 | |
MRCEX00056 | Maricota | HW | 94.00 | 95.50 | 1.50 | 1.42 | 116.41 | |
HW | 106.15 | 111.00 | 4.85 | 4.59 | 5.45 | |||
HW | incl. | 107.00 | 109.00 | 2.00 | 1.89 | 10.08 | ||
FW | 129.00 | 138.20 | 9.20 | 8.74 | 5.86 | |||
FW | incl. | 130.00 | 133.50 | 3.50 | 3.33 | 13.35 | ||
MRCEX00059 | Maricota | HW | 115.50 | 118.50 | 3.00 | 2.96 | 10.23 | |
MRCEX00061 | Maricota | HW | 134.39 | 136.50 | 2.11 | 1.95 | 9.16 | |
MRCEX00062 | Maricota | MR | 177.50 | 179.50 | 2.00 | 1.59 | 7.43 | |
FW | 202.01 | 205.00 | 2.99 | 2.38 | 4.81 | |||
MVTEX00205 | Morro do Vento | FW | 213.00 | 228.68 | 15.68 | 14.11 | 1.17 | |
FW | 243.50 | 246.00 | 2.50 | 2.20 | 4.86 | |||
MVTEX00207 | Morro do Vento | OFF_ R | 192.00 | 196.35 | 4.35 | 3.62 | 3.02 | |
MVTEX00216 | Morro do Vento | FW | 439.50 | 449.50 | 10.00 | 6.74 | 2.65 | |
FW | incl. | 443.50 | 449.00 | 5.50 | 3.70 | 3.13 | ||
MVTEX00217 | Morro do Vento | FW | 327.50 | 339.50 | 12.00 | 6.90 | 3.13 | |
FW | incl. | 329.21 | 332.24 | 3.03 | 1.74 | 9.06 | ||
MVTEX00219 | Morro do Vento | MU | 256.00 | 259.50 | 3.50 | 2.27 | 3.32 | |
MVTEX00220 | Morro do Vento | FW | 494.50 | 513.00 | 18.50 | 7.03 | 2.62 | |
FW | incl. | 499.76 | 506.50 | 6.74 | 2.56 | 5.08 | ||
MVTEX00222 | Morro do Vento | FW | 172.00 | 178.50 | 6.50 | 3.93 | 2.76 | |
MVTEX00223 | Morro do Vento | FW | 543.29 | 555.50 | 12.21 | 5.75 | 5.24 | |
FW | incl. | 551.00 | 555.50 | 4.50 | 2.11 | 11.68 | ||
MVTEX00228 | Morro do Vento | FW | 243.00 | 250.60 | 7.60 | 5.50 | 3.75 | |
FW | incl. | 247.67 | 250.60 | 2.93 | 1.90 | 8.52 |
El Peñon Chile
The following table provides infill and exploration drill result highlights for the El Peñon mine for the period May 2024 to October 2024. Full infill and exploration drill results not included in this table, together with longitudinal sections and plans, are available at: https://panamericansilver.com/operations/gold-segment/el-penon/ .
Hole No. | Vein | From (m) | To (m) | Int. (m) | Est. True Width (m) | Au (g/t) | Ag (g/t) |
SIH0021 | Chiquilla Chica (C1) | 184.30 | 185.90 | 1.60 | 0.88 | 0.77 | 1019 |
UIH0049 | Chiquilla Chica (C1) | 40.05 | 41.70 | 1.65 | 1.46 | 0.44 | 2547 |
UIH0050 | Chiquilla Chica (C1) | 72.60 | 75.30 | 2.70 | 1.44 | 1.29 | 1181 |
UIH0056 | Chiquilla Chica (C1) | 85.60 | 87.10 | 1.50 | 0.95 | 0.22 | 578 |
UEH0024 | Dominadora | 106.15 | 135.00 | 28.85 | 4.10 | 3.62 | 1592 |
UEH0026 | Dominadora | 50.77 | 55.67 | 4.90 | 1.20 | 0.23 | 1349 |
UIV0077 | El Valle | 260.20 | 262.20 | 2.00 | 1.38 | 4.70 | 183 |
UIV0078 | El Valle | 256.30 | 257.50 | 1.20 | 1.20 | 4.70 | 257 |
UIV0079 | El Valle | 259.95 | 262.00 | 2.05 | 1.54 | 8.55 | 154 |
UIV0080 | El Valle | 231.20 | 232.15 | 0.95 | 0.83 | 16.63 | 721 |
UIV0083 | El Valle | 270.15 | 270.93 | 0.78 | 0.76 | 10.11 | 30 |
UIU0052 | La Paloma | 114.69 | 116.50 | 1.81 | 1.31 | 10.88 | 26 |
SIE0015 | Esmeralda | 248.60 | 249.50 | 0.90 | 0.54 | 10.10 | 1139 |
UIP0174 | Pampa Campamento | 351.13 | 352.10 | 0.97 | 0.52 | 9.50 | 664 |
UIP0176 | Pampa Campamento | 389.88 | 390.25 | 0.37 | 0.32 | 26.50 | 42 |
UIP0177 | Pampa Campamento | 291.53 | 293.60 | 2.07 | 1.05 | 18.89 | 746 |
UIP0178 | Pampa Campamento | 213.94 | 215.49 | 1.55 | 0.52 | 9.50 | 420 |
UIP0175 | Pampa Campamento (-35) | 184.95 | 186.15 | 1.20 | 0.65 | 15.33 | 297 |
UIP0189 | Pampa Campamento Diagonal sur | 134.70 | 135.52 | 0.82 | 0.76 | 16.13 | 258 |
UIS0028 | Pampa Campamento Diagonal sur | 60.38 | 62.19 | 1.81 | 1.71 | 10.65 | 186 |
SEP0055 | Pampa Sur | 374.00 | 376.00 | 2.00 | 1.09 | 9.90 | 97 |
SEP0072 | Pampa Sur | 464.00 | 465.00 | 1.00 | 0.69 | 5.50 | 403 |
SIP0051 | Pampa Sur | 364.18 | 365.70 | 1.52 | 0.98 | 8.49 | 156 |
SIP0056 | Pampa Sur | 398.07 | 399.29 | 1.22 | 0.92 | 4.76 | 359 |
SIP0063 | Pampa Sur | 410.53 | 411.44 | 0.91 | 0.67 | 5.63 | 405 |
SIP0064 | Pampa Sur | 352.12 | 352.60 | 0.48 | 0.42 | 18.80 | 1017 |
SIP0067 | Pampa Sur (+50) | 328.00 | 330.00 | 2.00 | 1.18 | 6.50 | 493 |
SIP0080 | Pampa Sur (+50) | 358.50 | 360.00 | 1.50 | 0.79 | 13.90 | 716 |
SIP0073 | Pampa Sur Este | 378.68 | 379.38 | 0.70 | 0.36 | 16.00 | 1651 |
SES0036 | Sorpresa | 333.80 | 334.20 | 0.40 | 0.30 | 22.00 | 838 |
UIS0023 | Sorpresa | 199.30 | 200.90 | 1.60 | 1.30 | 4.29 | 133 |
La Colorada, Mexico
The following table provides the drill result highlights for the La Colorada mine for the period May 2024 to October 2024. Full drill results not included in this table, together with cross sections and plans, are available at: https://panamericansilver.com/operations/silver-segment/la-colorada/ .
Hole No. | Vein | From (m) | To (m) | Interval (m) | Est. True Width (m) | Ag g/t | Au (g/t) | Pb % | Zn % |
S-104-24 | Mariana Vein | 621.50 | 622.60 | 1.10 | 0.95 | 9618 | 0.89 | 4.85 | 4.82 |
and | NC2 Splay | 795.95 | 796.70 | 0.75 | 0.53 | 4916 | 0.08 | 9.82 | 1.02 |
S-115-24 | San Geronimo Vein System | 461.10 | 463.65 | 2.55 | 1.08 | 1637 | 1.22 | 2.08 | 3.35 |
S-119-24 | Cristina Vein | 596.00 | 599.40 | 3.40 | 1.95 | 1470 | 0.03 | 3.15 | 3.23 |
S-138-24 | NC2 Vein | 695.60 | 701.60 | 6.00 | 4.60 | 666 | 0.90 | 1.32 | 2.74 |
S-146-24 | Mariana Vein | 701.05 | 704.55 | 3.50 | 2.47 | 1846 | 0.41 | 2.66 | 3.95 |
S-154-24 | Mariana Vein | 466.30 | 469.85 | 3.55 | 2.51 | 1189 | 0.24 | 0.82 | 1.09 |
and | NC2 Vein | 540.25 | 544.30 | 4.05 | 2.32 | 2615 | 0.34 | 2.31 | 5.16 |
S-161-24 | San Geronimo Splay | 703.15 | 710.45 | 7.30 | 5.59 | 456 | 0.94 | 1.10 | 2.41 |
S-168-24 | Cristina Vein | 361.90 | 367.00 | 5.10 | 3.28 | 308 | 4.55 | 10.18 | 13.09 |
and | San Geronimo Vein | 597.10 | 602.95 | 5.85 | 2.93 | 528 | 0.50 | 3.04 | 5.54 |
S-172-24 | San Geronimo Splay | 670.60 | 678.75 | 8.15 | 4.08 | 255 | 0.23 | 3.28 | 7.33 |
S-44-24 | San Geronimo Splay | 558.60 | 562.10 | 3.50 | 2.25 | 1420 | 0.60 | 2.04 | 1.93 |
S-47-24 | NC2 Vein | 771.85 | 783.65 | 11.80 | 5.90 | 837 | 0.39 | 2.97 | 8.01 |
S-75-24 | Mariana Vein | 616.40 | 620.00 | 3.60 | 1.80 | 3025 | 0.49 | 4.21 | 3.10 |
S-81-24 | NC2 Splay | 678.30 | 679.75 | 1.45 | 1.36 | 7634 | 1.83 | 1.46 | 3.62 |
U-09-24 | Sofia Vein | 268.55 | 269.40 | 0.85 | 0.74 | 4914 | 1.34 | 6.69 | 0.03 |
U-151-24 | CRD | 66.05 | 84.50 | 18.45 | 17.34 | 110 | 0.23 | 2.20 | 7.96 |
U-158-24 | Jenni Vein | 45.95 | 49.35 | 3.40 | 1.70 | 1825 | 1.05 | 2.35 | 6.16 |
U-96-24 | Real Vein | 252.55 | 255.60 | 3.05 | 2.76 | 749 | 0.63 | 13.01 | 8.97 |
La Colorada Skarn, Mexico
The following table provides infill and exploration drill result for the La Colorada Skarn deposit May 2024 to October 2024. Full drill results not included in this table, together with cross sections and plans, are available at: https://panamericansilver.com/operations/silver-segment/la-colorada-skarn/ .
Hole No. | From (m) | To (m) | Interval (m) (1) | Ag g/t | Cu % | Pb % | Zn % |
D-71-12-24 | 1102.45 | 1250.60 | 148.15 | 39 | 0.07 | 1.68 | 3.12 |
U-155-24 | 724.00 | 997.10 | 273.10 | 54 | 0.17 | 0.85 | 5.18 |
Incl. | 872.50 | 935.05 | 62.55 | 84 | 0.31 | 1.97 | 7.57 |
U-19-24 | 503.95 | 564.20 | 60.25 | 85 | 0.08 | 7.05 | 10.41 |
U-58-24 | 791.75 | 869.45 | 77.70 | 36 | 0.08 | 2.88 | 4.58 |
U-74-24 | 629.70 | 843.90 | 214.20 | 33 | 0.05 | 2.69 | 3.21 |
U-92-24 | 527.40 | 582.40 | 55.00 | 103 | 0.06 | 4.10 | 5.75 |
and | 806.40 | 929.65 | 123.25 | 134 | 0.07 | 1.02 | 4.38 |
(1) True widths of the mineralized intervals are unknown at this time. | |||||||
Huaron, Peru
The following table provides infill and exploration drill result highlights from the medium, lower and Horizonte sectors of the Huaron mine for the period May 2024 to October 2024. Full drill and channel sampling results not included in this table, together with cross sections and plans, are available at: https://panamericansilver.com/operations/silver-segment/huaron/ .
Hole No | Vein | Zone | From (m) | To (m) | Interval (m) | Est. True Width (m) | Ag g/t | Cu% | Pb% | Zn% |
DDH-U-040-24 | Cuerpo Andres | Horizonte | 51.65 | 52.30 | 0.65 | 0.56 | 722 | 0.12 | 6.06 | 1.90 |
and | Labor Este | Horizonte | 184.10 | 186.55 | 2.45 | 1.70 | 123 | 0.06 | 3.06 | 5.98 |
DDH-U-041-24 | Martin Ramal | Middle | 198.30 | 200.90 | 2.60 | 2.46 | 369 | 0.15 | 2.74 | 2.01 |
DDH-U-049-24 | Cuerpo Andres | Horizonte | 59.95 | 63.55 | 3.60 | 2.77 | 768 | 0.02 | 1.85 | 0.62 |
DDH-U-051-24 | Martin Ramal | Middle | 236.30 | 237.20 | 0.90 | 0.58 | 409 | 0.13 | 9.27 | 15.82 |
DDH-U-055-24 | Martin Ramal | Middle | 176.20 | 178.45 | 2.25 | 2.24 | 683 | 0.17 | 10.65 | 3.10 |
DDH-U-056-24 | Cuerpo Andres | Horizonte | 48.35 | 53.00 | 4.65 | 3.90 | 162 | 0.04 | 4.02 | 6.06 |
DDH-U-064-24 | Labor Este | Horizonte | 186.60 | 188.25 | 1.65 | 1.43 | 181 | 0.04 | 4.34 | 4.73 |
DDH-U-065-24 | Cometa Ramal | Horizonte | 390.80 | 394.80 | 4.00 | 3.04 | 133 | 0.13 | 2.19 | 4.65 |
DDH-U-068-24 | Cuerpo Andres | Horizonte | 56.75 | 57.60 | 0.85 | 0.65 | 459 | 0.07 | 9.43 | 6.72 |
and | Labor Este | Horizonte | 202.35 | 205.25 | 2.90 | 1.98 | 243 | 0.06 | 3.54 | 5.20 |
DDH-U-071-24 | Labor Este | Horizonte | 141.20 | 144.00 | 2.80 | 2.56 | 201 | 0.03 | 4.81 | 4.13 |
DDH-U-073-24 | Labor Este | Horizonte | 140.10 | 143.55 | 3.45 | 3.21 | 74 | 0.03 | 2.31 | 2.16 |
DDH-U-075-24 | Cuerpo Andres | Horizonte | 39.85 | 40.45 | 0.60 | 0.55 | 701 | 0.09 | 13.64 | 8.83 |
DDH-U-084-24 | Cuerpo Andres | Horizonte | 60.55 | 63.00 | 2.45 | 1.70 | 61 | 0.08 | 1.97 | 12.73 |
DDH-U-086-24 | Martin Ramal | Middle | 12.60 | 14.20 | 1.60 | 1.56 | 535 | 0.20 | 10.02 | 2.31 |
DDH-U-088-24 | Cometa Ramal | Horizonte | 398.85 | 404.20 | 5.35 | 3.66 | 114 | 0.10 | 1.83 | 3.55 |
DDH-U-100-24 | Cuerpo Andres | Horizonte | 264.85 | 267.25 | 2.40 | 1.64 | 115 | 0.04 | 2.85 | 3.89 |
DDH-U-105-24 | Cuerpo Andres | Horizonte | 54.90 | 56.65 | 1.75 | 1.40 | 87 | 0.06 | 1.77 | 8.47 |
DDH-U-108-24 | Cometa Ramal | Horizonte | 489.95 | 493.00 | 3.05 | 1.65 | 304 | 0.08 | 1.86 | 2.18 |
DDH-U-110-24 | Maria Ramal | Horizonte | 66.00 | 73.15 | 7.15 | 4.10 | 140 | 0.04 | 3.10 | 5.91 |
DDH-U-111-24 | Maria Ramal | Horizonte | 47.70 | 50.55 | 2.85 | 2.10 | 399 | 0.04 | 7.39 | 14.58 |
DDH-U-113-24 | Maria Ramal | Horizonte | 37.35 | 39.00 | 1.65 | 1.50 | 504 | 0.04 | 12.77 | 19.97 |
DDH-U-114-24 | Maria Ramal | Horizonte | 36.10 | 38.80 | 2.70 | 2.50 | 272 | 0.03 | 6.06 | 10.39 |
DDH-U-116-24 | Maria Ramal | Horizonte | 48.60 | 49.65 | 1.05 | 0.80 | 357 | 0.07 | 13.66 | 12.73 |
Minera Florida, Chile
The following table provides infill and exploration drill result highlights for the Minera Florida mine for January 2024 to October 2024. Full drill results not included in this table, together with cross sections and plans, are available at: https://panamericansilver.com/operations/gold-segment/minera-florida/ .
Hole | Vein | From (m) | To (m) | Interval (m) | Est. True Width (m) | Au (g/t) | Ag (g/t) | Zn % |
ALH4578 | Aurora | 115.25 | 116.10 | 0.85 | 0.71 | 12.62 | 47 | 0.46 |
ALH4598 | Bandolera | 86.50 | 88.80 | 2.30 | 2.19 | 4.84 | 4 | 3.01 |
ALH4607 | Bandolera | 109.05 | 110.65 | 1.60 | 1.25 | 11.15 | 6 | 2.61 |
ALH4482 | Central superior 1 | 119.85 | 124.65 | 4.80 | 2.68 | 8.80 | 410 | 0.20 |
ALH4426 | Cipres_1 | 143.17 | 145.08 | 1.91 | 1.19 | 7.29 | 7 | 1.48 |
ALH4460 | Cipres_1 | 138.90 | 140.05 | 1.15 | 0.72 | 17.92 | 15 | 1.14 |
ALH4421 | Don Leopoldo sur | 91.45 | 93.65 | 2.20 | 1.53 | 6.34 | 9 | 4.79 |
ALH4623 | Don Leopoldo sur | 116.60 | 118.20 | 1.60 | 1.28 | 8.29 | 7 | 0.40 |
ALH4505 | Gasparín Superior | 173.65 | 175.30 | 1.65 | 0.90 | 10.23 | 13 | 0.31 |
ALH4406 | Manda Norte | 148.40 | 149.30 | 0.90 | 0.62 | 29.68 | 13 | 0.04 |
ALH4687 | Maqui CII | 84.45 | 85.85 | 1.40 | 1.16 | 5.40 | 173 | 2.16 |
ALH4638 | Maqui CII | 128.85 | 132.25 | 3.40 | 1.97 | 9.38 | 23 | 4.96 |
ALH4690 | Maqui CII | 73.35 | 75.15 | 1.80 | 1.64 | 4.95 | 28 | 2.24 |
ALH4556 | Maqui CIII | 54.75 | 56.05 | 1.30 | 1.05 | 5.62 | 21 | 12.52 |
ALH4580 | Maqui CIII | 58.20 | 59.55 | 1.35 | 1.03 | 9.10 | 22 | 7.10 |
ALH4588 | Maqui CIII | 68.75 | 70.50 | 1.75 | 1.19 | 13.62 | 11 | 3.81 |
ALH4631 | Maqui CIII | 52.50 | 53.20 | 0.70 | 0.61 | 12.68 | 35 | 18.07 |
ALH4638 | Maqui CIII | 111.15 | 115.30 | 4.15 | 1.98 | 16.11 | 13 | 6.44 |
ALH4673 | Maqui CIII | 81.40 | 83.65 | 2.25 | 1.28 | 9.58 | 15 | 5.58 |
ALH4592 | Maqui Norte | 107.85 | 110.10 | 2.25 | 1.59 | 10.23 | 31 | 5.57 |
ALH4562 | Mila | 113.00 | 117.40 | 4.40 | 2.57 | 10.32 | 12 | 0.08 |
ALH4574 | Mila | 191.80 | 196.20 | 4.40 | 1.70 | 8.29 | 110 | 3.34 |
ALH4467 | Mila | 129.90 | 132.55 | 2.65 | 1.15 | 6.52 | 286 | 2.29 |
ALH4476 | Peque | 67.05 | 68.25 | 1.20 | 0.78 | 10.68 | 8 | 10.05 |
ALH4481 | Peque | 80.30 | 81.55 | 1.25 | 0.91 | 12.53 | 43 | 8.31 |
ALH4496 | Peque | 55.00 | 57.30 | 2.30 | 1.82 | 4.74 | 35 | 1.26 |
ALH4577 | Peque | 101.30 | 103.75 | 2.45 | 1.11 | 11.57 | 23 | 7.61 |
ALH4644 | Peque | 59.35 | 60.20 | 0.85 | 0.83 | 13.77 | 77 | 1.54 |
ALH4715 | Peque | 202.75 | 207.85 | 5.10 | 1.48 | 10.71 | 13 | 2.74 |
ALH4729 | Rafael II | 56.35 | 59.65 | 3.30 | 1.95 | 4.74 | 415 | 3.86 |
ALH4701 | Sat. 1 Maqui | 152.55 | 154.40 | 1.85 | 0.92 | 20.61 | 13 | 0.09 |
ALH4424 | Satelite Mila Sur 1 | 371.85 | 373.35 | 1.50 | 1.41 | 2.62 | 627 | 1.44 |
ALH4534 | Satélite Valeria 1 | 111.35 | 112.60 | 1.25 | 0.92 | 14.06 | 27 | 0.04 |
ALH4549 | Satélite Valeria 1 | 107.25 | 109.90 | 2.65 | 1.88 | 9.05 | 11 | 0.09 |
ALH4594 | Satélite Valeria 1 | 166.35 | 167.70 | 1.35 | 0.85 | 16.60 | 17 | 2.09 |
ALH4516 | Satélite Valeria 8 | 72.65 | 73.90 | 1.25 | 1.05 | 3.39 | 1645 | 0.18 |
ALH4521 | Satélite Valeria 8 | 91.00 | 92.15 | 1.15 | 0.82 | 11.64 | 55 | 2.60 |
ALH4617 | Satélite Valeria 8 | 61.75 | 62.95 | 1.20 | 1.18 | 15.05 | 15 | 0.83 |
ALH4436 | Satélite VCS 21 | 51.50 | 52.65 | 1.15 | 0.68 | 15.53 | 56 | 0.81 |
ALH4426 | Sorpresa | 41.85 | 44.20 | 2.35 | 2.14 | 5.84 | 12 | 1.35 |
ALH4449 | Sorpresa | 43.60 | 46.30 | 2.70 | 1.82 | 5.05 | 7 | 0.97 |
ALH4600 | Sorpresa | 20.90 | 26.50 | 5.60 | 2.93 | 5.34 | 18 | 3.40 |
ALH4657 | Sorpresa | 21.70 | 28.10 | 6.40 | 2.95 | 8.79 | 10 | 1.48 |
ALH4672 | Sorpresa | 13.25 | 15.00 | 1.75 | 1.34 | 6.67 | 13 | 1.61 |
Whitney Project (Timmins), Canada
The following table provides infill and exploration drill result highlights from the Hallnor/Bonetal and Broulan Reef deposits of the Whitney Project for the period November 2023 to September 2024. Full infill and exploration drill results not included in this table, together with cross sections and plans, are available at: https://panamericansilver.com/operations/gold-segment/timmins/ .
Hole No. | Zone | From (m) | To (m) | Int (m) | Est. True Width (m) | Au g/t |
TW23-749 | Broulan Reef | 61.0 | 62.0 | 1.0 | 0.8 | 28.40 |
TW23-750 | Hallnor | 444.2 | 462.0 | 17.8 | 11.7 | 3.28 |
Incl. | 454.0 | 461.0 | 7.0 | 4.5 | 5.98 | |
TW23-751 | Hallnor | 411.2 | 430.0 | 18.8 | 13.7 | 2.11 |
Incl. | 415.0 | 425.0 | 10.0 | 7.3 | 3.27 | |
TW23-754 | Hallnor | 548.0 | 561.0 | 13.0 | 10.1 | 3.33 |
TW23-756 | Hallnor | 319.0 | 320.0 | 1.0 | 0.6 | 65.30 |
408.5 | 428.0 | 19.5 | 10.8 | 2.91 | ||
Incl. | 409.0 | 415.0 | 6.0 | 3.3 | 6.07 | |
TW24-758 | Hallnor | 472.7 | 476.9 | 4.2 | 2.7 | 19.89 |
TW24-759A | Hallnor | 500.0 | 508.0 | 8.0 | 5.1 | 5.15 |
TW24-765 | Hallnor | 118.0 | 119.0 | 1.0 | 0.8 | 58.20 |
TW24-770 | Hallnor | 99.0 | 117.0 | 18.0 | 14.5 | 3.42 |
Incl. | 99.0 | 110.0 | 11.0 | 8.8 | 4.58 | |
and | 99.7 | 102.0 | 2.3 | 1.8 | 14.40 | |
TW24-771 | Hallnor | 120.5 | 130.0 | 9.5 | 7.2 | 31.50 |
Incl. | 122.0 | 123.0 | 1.0 | 0.8 | 284.00 | |
TW24-772 | Bonetal | 132.0 | 133.0 | 1.0 | 0.8 | 71.40 |
TW24-776 | Bonetal | 110.0 | 112.0 | 2.0 | 1.5 | 21.75 |
TW24-780 | Bonetal | 193.0 | 194.0 | 1.0 | 0.8 | 67.80 |
TW24-782 | Bonetal | 125.0 | 140.0 | 15.0 | 11.4 | 3.78 |
TW24-783 | Bonetal | 115.0 | 127.0 | 12.0 | 9.8 | 2.74 |
139.0 | 152.0 | 13.0 | 10.6 | 3.37 | ||
TW24-786 | Broulan Reef | 169.5 | 180.5 | 11.0 | 7.6 | 6.26 |
Incl. | 175.0 | 176.0 | 1.0 | 0.7 | 11.80 | |
also incl. | 178.6 | 179.1 | 0.5 | 0.3 | 86.30 | |
TW24-793 | Broulan Reef | 197.1 | 200.0 | 2.9 | 2.4 | 360.18 |
Incl. | 197.6 | 198.1 | 0.5 | 0.4 | 1940.00 | |
also incl. | 198.1 | 198.5 | 0.4 | 0.3 | 140.00 | |
also incl. | 198.5 | 199.0 | 0.5 | 0.4 | 31.40 | |
TW24-802 | Broulan Reef | 116.8 | 117.2 | 0.4 | 0.3 | 378.00 |
TW24-804 | Broulan Reef | 138.5 | 144.3 | 5.8 | 4.3 | 4.69 |
Incl. | 140.5 | 141.0 | 0.5 | 0.4 | 41.20 |
General Notes with Respect to Technical Information
Grades are shown as contained metal before mill recoveries are applied. The Company has undertaken a verification process with respect to the data disclosed in this news release.
Samples are analyzed at a variety of laboratories, including by in-house staff at the mine (Jacobina and La Colorada), mine laboratories operated by third party independent commercial labs (Huaron), and commercial laboratories off-site (La Colorada, El Peñon, Minera Florida, Whitney and Jacobina). All the assay data reported in this news release has been subjected to the industry standard quality assurance and quality control ("QA/QC") program including the submission of certified standards, blanks, and duplicate samples. The results are reviewed on a monthly and quarterly basis by management. In general, the assay analytical technique for silver, lead, zinc and copper is acid digestion with either ICP or atomic absorption finish. The analytical technique for gold uses fire assay and atomic absorption spectrometry (AAS) finish. A gravimetric finish would be used if the gold assay exceeds > 10 g/t (or >5 g/t at El Peñon). The results of the QA/QC samples submitted for the resource databases demonstrate acceptable accuracy and precision. The offsite commercial laboratories are independent from Pan American and certified by ISO 17025:2017.
The Qualified Persons are of the opinion that the sample preparation, analytical, and security procedures followed for the samples are sufficient and reliable for the purpose of this news release and for the purpose of any future mineral resource and mineral reserve estimates. There were no limitations on the Qualified Persons' verification process. Pan American is not aware of any drilling, sampling, recovery or other factors that could materially affect the accuracy or reliability of the data reported herein.
Mineral resources and mineral reserves are as defined by the Canadian Institute of Mining, Metallurgy and Petroleum.
See the Company's Annual Information Form dated March 26, 2024, available at www.sedarplus.com , or the Company's most recent Form 40-F filed with the United States Securities and Exchange Commission (the "SEC") for further information on the Company's material mineral properties, including detailed information concerning associated QA/QC and data verification matters, the key assumptions, parameters and methods used by the Company to estimate mineral reserves and mineral resources, and for a detailed description of known legal, political, environmental, and other risks that could materially affect the Company's business and the potential development of the Company's mineral reserves and mineral resources.
Technical information contained in this news release with respect to Pan American has been reviewed and approved by Christopher Emerson, FAusIMM, Vice President Exploration and Geology, and Martin Wafforn, P.Eng., Senior Vice President Technical Services and Process Optimization, each of whom is a Qualified Person for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects (‘‘NI 43-101''). Pan American is authorized by The Association of Professional Engineers and Geoscientists of the Province of British Columbia to engage in Reserved Practice under Permit to Practice number 1001470.
Cautionary Note to US Investors
This news release has been prepared in accordance with the requirements of Canadian NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards, which differ from the requirements of U.S. securities laws. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects.
Canadian public disclosure standards, including NI 43-101, differ significantly from the requirements of the SEC, and information concerning mineralization, deposits, mineral reserve and mineral resource information contained or referred to herein may not be comparable to similar information disclosed by U.S. companies. The requirements of NI 43-101 for identification of "reserves" are not the same as those of the SEC and may not qualify as "reserves" under SEC standards. Under U.S. standards, mineralization may not be classified as a "reserve" unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. U.S. investors should also understand that "inferred mineral resources" have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. Under Canadian securities laws, estimated "inferred mineral resources" may not form the basis of feasibility or pre-feasibility studies except in rare cases.
About Pan American Silver
Pan American Silver is a leading producer of silver and gold in the Americas, operating mines in Canada, Mexico, Peru, Brazil, Bolivia, Chile and Argentina. We also own the Escobal mine in Guatemala that is currently not operating, and we hold interests in exploration and development projects. We have been operating in the Americas for three decades, earning an industry-leading reputation for sustainability performance, operational excellence and prudent financial management. We are headquartered in Vancouver, B.C. and our shares trade on the New York Stock Exchange and the Toronto Stock Exchange under the symbol "PAAS".
Learn more at panamericansilver.com
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Cautionary Note Regarding Forward-Looking Statements and Information
Certain of the statements and information in this news release constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian provincial securities laws. All statements, other than statements of historical fact, are forward-looking statements or information. Forward-looking statements or information in this news release relate to, among other things: the extent of, and success related to any future exploration or development programs, including with respect to its Jacobina, El Peñon, La Colorada, Minera Florida, Huaron and Timmins properties and for its La Colorada Skarn and Whitney projects, and the potential impact of any such drill results on the Company's mineral reserves or mineral resources.
These forward-looking statements and information reflect Pan American's current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by Pan American, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include: tonnage of ore to be mined and processed; ore grades and recoveries; prices for silver, gold and base metals remaining as estimated; currency exchange rates remaining as estimated; capital, decommissioning and reclamation estimates; our mineral reserve and resource estimates and the assumptions upon which they are based; prices for energy inputs, labour, materials, supplies and services (including transportation); no labour-related disruptions at any of our operations; no unplanned delays or interruptions in scheduled production; all necessary permits, licenses and regulatory approvals for our operations are received in a timely manner; our ability to secure and maintain title and ownership to properties and the surface rights necessary for our operations; and our ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive.
Pan American cautions the reader that forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements or information contained in this news release and Pan American has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: fluctuations in silver, gold and base metal prices; fluctuations in prices for energy inputs, labour, materials, supplies and services (including transportation); fluctuations in currency markets (such as the PEN, MXN, ARS, BOB, GTQ, CAD, CLP, and BRL versus the USD); operational risks and hazards inherent with the business of mining (including environmental accidents and hazards, industrial accidents, equipment breakdown, unusual or unexpected geological or structural formations, cave-ins, flooding and severe weather); risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom Pan American does business; inadequate insurance, or inability to obtain insurance, to cover these risks and hazards; employee relations; relationships with, and claims by, local communities and indigenous populations; our ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner; changes in laws, regulations and government practices in the jurisdictions where we operate, including environmental, export and import laws and regulations; changes in national and local government, legislation, taxation, controls or regulations and political, legal or economic developments, including legal restrictions relating to mining, risks relating to expropriation, and risks relating to the constitutional court-mandated ILO 169 consultation process in Guatemala; diminishing quantities or grades of mineral reserves as properties are mined; increased competition in the mining industry for equipment and qualified personnel; the duration and effects any pandemics on our operations and workforce; and those factors identified under the caption "Risks Related to Pan American's Business" in Pan American's most recent form 40-F and Annual Information Form filed with the United States Securities and Exchange Commission and Canadian provincial securities regulatory authorities, respectively. Although Pan American has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Investors are cautioned against undue reliance on forward-looking statements or information. Forward-looking statements and information are designed to help readers understand management's current views of our near and longer term prospects and may not be appropriate for other purposes. Pan American does not intend, nor does it assume any obligation to update or revise forward-looking statements or information, whether as a result of new information, changes in assumptions, future events or otherwise, except to the extent required by applicable law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241209583019/en/
For more information contact:
Siren Fisekci
VP, Investor Relations & Corporate Communications
Ph: 604-806-3191
Email: ir@panamericansilver.com
News Provided by Business Wire via QuoteMedia
Silver Tiger Announces Filing of Updated Mineral Resource Estimate and Pre-Feasibility Study Technical Report for the El Tigre Silver-Gold Project
Silver Tiger Metals Inc. (TSXV:SLVR)(OTCQX:SLVTF) ("Silver Tiger" or the "Corporation") is pleased to announce the filing of a Preliminary Feasibility Study(" PFS") for its 100% owned, silver-gold El Tigre Project (the "Project" or "El Tigre") located in Sonora, Mexico. The Technical Report supports the scientific and technical disclosure in the Company's news release dated October 22, 2024, announcing the results of an updated Mineral Resource Estimate and Pre-Feasibility Study. The Technical Report is available at www.sedarplus.ca under the Company's profile.
The updated MRE also contains an Out-of-Pit Mineral Resource that Silver Tiger plans to study in a Preliminary Economic Assessment in H1-2025.
Highlights of the PFS are as follows (all figures in US dollars unless otherwise stated):
- After-Tax net present value ("NPV") (using a discount rate of 5%) of US$222 million with an After-Tax IRR of 40.0% and Payback Period of 2.0 years (Base Case);
- 10-year mine life recovering a total of 43 million payable silver equivalent ounces ("AgEq") or 510 thousand payable gold equivalent ounces ("AuEq"), consisting of 9 million silver ounces and 408 thousand gold ounces;
- Total Project undiscounted after-tax cash flow of US$318 million;
- Initial capital costs of $86.8 million, which includes $9.3 million of contingency costs, over an expected 18-month build, expansion capital of $20.1 million in year 3 and sustaining capital costs of $6.2 million over the life of mine ("LOM");
- Average LOM operating cash costs of $973/oz AuEq, and all in sustaining costs ("AISC") of $1,214/oz AuEq or Average LOM operating cash costs of $12/oz AgEq, and all in sustaining costs ("AISC") of $14/oz AgEq;
- Average annual production of approximately 4.8 million AgEq oz or 56.7 thousand AuEq oz; and
- Three (3) years of production in the Proven category in the Phase 1 Starter Pit.
Preliminary Feasibility Summary
The PFS was prepared by independent consultants P&E Mining Consultants Inc. ("P&E"), with metallurgical test work completed by McClelland Laboratories, Inc. - Sparks, Nevada, process plant design and costing by D.E.N.M. Engineering Ltd., environmental and permitting led by CIMA Mexico, and geotechnical assessment of heap leach design, waste dump design and pit slopes by WSP Global Inc. Table 1 shows key assumptions and results.
Table 1: El Tigre PFS Key Economic Assumptions and Results(1-2)
- Grades shown are LOM average process plant feed grades include only OP sources. Mining losses and external dilution of 3.7% were incorporated in the mining schedule.
- Column testing indicated both variable gold and silver recovery for the oxide material vs the previously reported non-discounted PEA (83% and 64%) at a 3/8-in crush size. In the process design and financial model for the PFS process design and financial model recoveries have been discounted by 3% for leaching in the field versus optimum conditions in the laboratory and shown accordingly. The presence of transition and sulfide zones has affected both the gold and silver recoveries and are shown as separate recoveries. These are reasonable and appropriate for use in this PFS design and economic analysis.
Qualified Persons
Mineral Resource Estimate: Dave Duncan P. Geo. VP Exploration of Silver Tiger, Charles Spath P.Geo., VP of Technical Services of Silver Tiger, and Fred Brown, P.Geo RM-SME Senior Associate Geologist of P&E Mining Consultants, and Eugene Puritch, P.Eng., FEC, CET, President of P&E Mining Consultants are the Qualified Persons as defined under National Instrument 43-101. All Qualified Persons have reviewed and approved the scientific and technical information in this press release.
Preliminary Feasibility Study: Andrew Bradfield P. Eng of P&E Mining Consultants, Eugene Puritch, P.Eng., FEC, CET, President of P&E Mining Consultants and David J. Salari, P. Eng. of D.E.N.M. Engineering Ltd are the Qualified Persons as defined under National Instrument 43-101. All Qualified Persons have reviewed and approved the scientific and technical information in this press release.
A Technical Report is being prepared on the Preliminary Feasibility Study in accordance with National Instrument 43-101 ("NI-43-101"), and will be available on the Company's website and SEDAR within 45 days of the date of this news release. The effective date of this Preliminary Feasibility Study is October 22, 2024.
About Silver Tiger and the El Tigre Historic Mine District
Silver Tiger Metals Inc. is a Canadian company whose management has more than 25 years' experience discovering, financing and building large epithermal silver projects in Mexico. Silver Tiger's 100% owned 28,414 hectare Historic El Tigre Mining District is located in Sonora, Mexico. Principled environmental, social and governance practices are core priorities at Silver Tiger.
The El Tigre historic mine district is located in Sonora, Mexico and lies at the northern end of the Sierra Madre silver and gold belt which hosts many epithermal silver and gold deposits, including Dolores, Santa Elena and Las Chispas at the northern end. In 1896, gold was first discovered on the property in the Gold Hill area and mining started with the Brown Shaft in 1903. The focus soon changed to mining high-grade silver veins in the area with production coming from 3 parallel veins the El Tigre Vein, the Seitz Kelley Vein and the Sooy Vein. Underground mining on the middle El Tigre Vein extended 1,450 metres along strike and was mined on 14 levels to a depth of approximately 450 metres. The Seitz Kelley Vein was mined along strike for 1 kilometre to a depth of approximately 200 meters. The Sooy Vein was only mined along strike for 250 metres to a depth of approximately 150 metres. Mining abruptly stopped on all 3 of these veins when the price of silver collapsed to less than 20¢ per ounce with the onset of the Great Depression. By the time the mine closed in 1930, it is reported to have produced a total of 353,000 ounces of gold and 67.4 million ounces of silver from 1.87 million tons (Craig, 2012). The average grade mined during this period was over 2 kilograms silver equivalent per ton.
For further information, please contact:
Glenn Jessome
President and CEO
902 492 0298
jessome@silvertigermetals.com
CAUTIONARY STATEMENT:
Neither 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.
This News Release includes certain "forward-looking statements". All statements other than statements of historical fact included in this release, including, without limitation, statements regarding potential mineralization, Mineral Resources and Reserves, the ability to convert Inferred Mineral Resources to Indicated Mineral Resources, the ability to complete future drilling programs and infill sampling, the ability to extend resource blocks, the similarity of mineralization at El Tigre to Delores, Santa Elena and Chispas, exploration results, and future plans and objectives of Silver Tiger, are forward-looking statements that involve various risks and uncertainties. Forward-looking statements are frequently characterized by words such as "may", "is expected to", "anticipates", "estimates", "intends", "plans", "projection", "could", "vision", "goals", "objective" and "outlook" and other similar words. Although Silver Tiger believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, there can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Silver Tiger's expectations include risks and uncertainties related to exploration, development, operations, commodity prices and global financial volatility, risk and uncertainties of operating in a foreign jurisdiction as well as additional risks described from time to time in the filings made by Silver Tiger with securities regulators.
First Majestic Announces Effectiveness of Registration Statement on Form F-4 and Record & Meeting Dates of Special Meeting for Gatos Silver Acquisition
First Majestic Silver Corp. (NYSE: AG) (TSX: AG) (FSE: FMV) (the "Company" or "First Majestic") is pleased to announce that the Registration Statement on Form F-4 (the "F-4") filed by the Company with the United States Securities and Exchange Commission (the "SEC") in connection with the Company's previously announced acquisition of Gatos Silver, Inc. ("Gatos") (the "Transaction") has become effective under the U.S. Securities Act of 1933. The effectiveness of the F-4 is a condition to closing of the Transaction.
The Company is also pleased to announce that it has set the date of the special meeting of First Majestic shareholders (the "Special Meeting") to approve the issuance of First Majestic common shares to Gatos stockholders in connection with the Transaction. The details of the First Majestic Special Meeting are as follows:
Special Meeting of First Majestic Shareholders
| Date: | Tuesday, January 14, 2025 |
| Time: | 11:00 a.m. (Vancouver time) |
| Location: | Offices of Bennet Jones LLP Suite 2500 - 666 Burrard Street Vancouver, British Columbia V6C 2X8 |
The record date for the Special Meeting has been set as November 25, 2024 (the "Record Date"). First Majestic currently expects to send the meeting materials for the Special Meeting to shareholders of record as of the Record Date on or about December 9, 2024; however, delivery of materials to some Canadian shareholders may be impacted by the ongoing Canada Post labour dispute which is affecting the delivery of mail within Canada.
The Company will issue another news release within the next couple of weeks to provide additional details regarding the Special Meeting, including how Canadian shareholders may access the meeting materials and vote their First Majestic common shares in the event they do not receive their materials due to the ongoing Canada Post labour dispute.
At the Special Meeting, First Majestic shareholders will be asked to approve the issuance of common shares of First Majestic to Gatos stockholders in connection with the Transaction, as required under the rules of the Toronto Stock Exchange and the New York Stock Exchange.
Holders of shares of Gatos common stock are also required to provide their approval of the Transaction, and accordingly, Gatos has announced that it will hold its stockholder meeting virtually on Tuesday, January 14, 2025, at 10:00 a.m. (Vancouver time), one hour prior to the First Majestic Special Meeting.
Subject to the approval of First Majestic's shareholders and Gatos Silver's stockholders and the satisfaction or waiver of other conditions precedent, it is anticipated that the Transaction will close in early 2025.
Important Information for Investors and Shareholders about the Transaction and Where to Find It
This news release is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities of First Majestic or Gatos or the solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of securities of First Majestic or Gatos in any jurisdiction in contravention of applicable law. This news release may be deemed to be soliciting material relating to the Transaction.
In connection with the proposed transaction between First Majestic and Gatos pursuant to the Merger Agreement and subject to future developments, First Majestic has filed the F-4 with the SEC, which includes a proxy statement of Gatos that also constitutes a prospectus of First Majestic (the "Proxy Statement/Prospectus"). First Majestic will also file a management proxy circular in connection with the proposed Transaction with applicable Canadian securities regulatory authorities. This news release is not a substitute for any registration statement, proxy statement, prospectus or other document First Majestic or Gatos has filed or may file with the SEC or Canadian securities regulatory authorities in connection with the proposed Transaction. Gatos plans to mail to the Gatos stockholders the definitive Proxy Statement/Prospectus in connection with the transaction and First Majestic will deliver its proxy circular to First Majestic shareholders. INVESTORS AND SECURITY HOLDERS OF GATOS AND FIRST MAJESTIC ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND MANAGEMENT PROXY CIRCULAR, RESPECTIVELY, AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC OR CANADIAN SECURITIES REGULATORY AUTHORITIES CAREFULLY IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BEFORE MAKING ANY VOTING OR INVESTMENT DECISION WITH RESPECT TO THE TRANSACTION BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT FIRST MAJESTIC, GATOS, THE TRANSACTION AND RELATED MATTERS. Investors and security holders may obtain free copies of the Proxy Statement/Prospectus, the filings with the SEC that are incorporated by reference into the Proxy Statement/Prospectus and other documents filed with the SEC by First Majestic and Gatos containing important information about First Majestic or Gatos and the Transaction through the website maintained by the SEC at www.sec.gov. Investors will also be able to obtain free copies of the management proxy circular and other documents filed with Canadian securities regulatory authorities by First Majestic, through the website maintained by the Canadian Securities Administrators at www.sedarplus.com. In addition, investors and security holders may obtain free copies of the documents filed by First Majestic with the SEC and Canadian securities regulatory authorities on First Majestic's website or by contacting First Majestic's investor relations team. Copies of the documents filed with the SEC by Gatos are available free of charge on Gatos' website at www.gatossilver.com or by contacting Gatos' investor relations team.
Participants in the Merger Solicitation
First Majestic, Gatos and certain of their respective directors, executive officers and employees may be considered participants in the solicitation of proxies in connection with the proposed Transaction. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of the shareholders of First Majestic and the stockholders of Gatos in connection with the Transaction, including a description of their respective direct or indirect interests, by security holdings or otherwise, will be included in the Proxy Statement/Prospectus described above and other relevant documents when it is filed with the SEC and Canadian securities regulatory authorities in connection with the proposed Transaction. Additional information regarding First Majestic's directors and executive officers is also included in First Majestic's Notice of Annual Meeting of Shareholders and 2024 Proxy Statement, which was filed with the SEC and Canadian securities regulatory authorities on April 15, 2024, and information regarding Gatos' directors and executive officers is also included in Gatos' Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 20, 2024, as amended by Amendment No. 1 to such annual report filed with the SEC on May 6, 2024 and Gatos' 2024 Proxy Statement for its 2024 Annual Meeting of Stockholders, which was filed with the SEC on April 25, 2024. These documents are available free of charge as described above.
ABOUT FIRST MAJESTIC
First Majestic is a publicly traded mining company focused on silver and gold production in Mexico and the United States. The Company presently owns and operates the San Dimas Silver/Gold Mine, the Santa Elena Silver/Gold Mine, and the La Encantada Silver Mine as well as a portfolio of development and exploration assets, including the Jerritt Canyon Gold project located in northeastern Nevada, U.S.A.
On September 5, 2024, First Majestic and Gatos announced that they had entered into a definitive merger agreement (the "Merger Agreement") pursuant to which First Majestic will acquire all of the issued and outstanding shares of Gatos common stock. More information relating to the proposed Transaction can be found on the Company's website, www.firstmajestic.com.
First Majestic is proud to own and operate its own minting facility, First Mint, LLC, and to offer a portion of its silver production for sale to the public. Bars, ingots, coins and medallions are available for purchase online at www.firstmint.com, at some of the lowest premiums available.
Cautionary Note Regarding Forward Looking Statements
This news release contains "forward‐looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws and "forward-looking information" under applicable Canadian securities laws (collectively, "forward‐looking statements"). These statements relate to future events or the future performance, business prospects or opportunities of First Majestic and/or Gatos that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management of First Majestic and/or Gatos made in good faith in light of management's experience and perception of historical trends, current conditions and expected future developments. Forward‐looking statements in this news release include, but are not limited to, statements with respect to: closing of the Transaction and the terms and timing related thereto; the anticipated timing of shareholder meetings, future news releases and sending meeting materials to shareholders. Assumptions may prove to be incorrect and actual results may differ materially from those anticipated. Consequently, guidance cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon guidance and forward‐looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. All statements other than statements of historical fact may be forward‐looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "forecast", "potential", "target", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward‐looking statements".
Actual results may vary from forward‐looking statements. Forward‐looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to materially differ from those expressed or implied by such forward‐looking statements, including but not limited to: satisfaction or waiver of all applicable closing conditions for the Transaction on a timely basis or at all including, without limitation, receipt of all necessary shareholder, stock exchange and regulatory approvals or consents and lack of material changes with respect to First Majestic and Gatos and their respective businesses, all as more particularly set forth in the Merger Agreement; the timing of the closing of the Transaction and the failure of the Transaction to close for any reason; the outcome of any legal proceedings that may be instituted against First Majestic or Gatos and others related to the Transaction; unanticipated difficulties or expenditures relating to the Transaction; and delays associated with the ongoing Canada Post labour dispute. First Majestic is not affirming or adopting any statements or reports attributed to Gatos (including prior mineral reserve and resource declaration) in this news release or made by Gatos outside of this news release. In addition, the failure of a party to comply with the terms of the Merger Agreement may result in that party being required to pay a fee to the other party, the result of which could have a material adverse effect on the paying party's financial position and results of operations and its ability to fund growth prospects and current operations. Although First Majestic has attempted to identify important factors that could cause actual results to differ materially from those contained in forward‐looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.
First Majestic believes that the expectations reflected in these forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included herein should not be unduly relied upon. These statements speak only as of the date hereof. First Majestic does not intend, and does not assume any obligation, to update these forward-looking statements or forward-looking information, except as required by applicable laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/232397
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