Vancouver, British Columbia, April 3, 2023 – Prismo Metals Inc. (CSE:PRIZ, OTCQB: PMOMF) (“Prismo” or the “Company”) is pleased to announce assays for 277 samples from ongoing property-scale exploration of its 5289 hectare (20 square miles) Los Pavitos project located in the well mineralized Alamos region of southern Sonora State, Mexico. The best results are from the Santa Cruz target area, which yielded numerous gold assays above 5 g/t over widths of 0.20 to 1 meter. The best structure shows 20.3 g/t gold over 0.6 meters. At least six other target areas have been identified for additional detailed work to develop drilling targets for later this year. Drilling permits are in process and drilling is expected to begin in Q2 2023.
The mapping and sampling program at Santa Cruz is the first systematic exploration conducted on the project and was guided by previous regional reconnaissance exploration. A total of 175 samples (not including control samples) were taken on, and between, a series of parallel veins in the Santa Cruz area. Thirty-seven samples yielded 0.5 g/t or more Au, and seven samples also assayed over 100 g/t Ag. Pathfinder elements As and Bi are also generally strongly anomalous. Highlight assays and a general geologic and gold results map are below (Table 1, Figure 1). Full assay results and detailed metals distribution maps are available at www.prismometals.com.
“We are very pleased to see such consistent and high-grade gold results emerge from our first detailed sampling program at Pavitos”, said Dr. Craig Gibson, President and CEO of the Company, stated, “The highest gold assays came from an area of stockwork veining and disseminations where the northeast-trending Santa Cruz vein is cut by a cross vein. Both trends project under cover from there and we will try to trace the mineralized structures by trenching once permits are approved”.
Table 1. Highlight assays from the Santa Cruz area
Sample | Type | Style | Width (m) | Easting | Northing | Au_g/t | Ag g/t | As_ppm | Bi_ppm |
11801 | Channel | Veinlets | 0.20 | 677,110 | 3,002,140 | 0.68 | 9.52 | 2620 | 0.57 |
11802 | Channel | Veinlets | 0.20 | 677,109 | 3,002,145 | 5.81 | 24.4 | 4510 | 2.11 |
11815 | Channel | Veinlets | 0.50 | 677,273 | 3,002,198 | 3.88 | 1.16 | 592 | 0.51 |
11819 | Chip | Chip | 1 | 677,068 | 3,002,117 | 0.74 | 5.47 | 620 | 0.12 |
11821 | Chip | Chip | 0.40 | 677,068 | 3,002,115 | 1.12 | 6.87 | 287 | 0.1 |
11825 | Chip | Chip | 0.60 | 676,817 | 3,001,854 | 6.09 | 6.31 | 2770 | 1.89 |
11826 | Channel | Vein | 0.70 | 676,816 | 3,001,851 | 1.92 | 43.7 | >10000 | 12.4 |
11829 | Chip | Iron staining | 1 | 676,847 | 3,001,885 | 1.55 | 20.1 | 659 | 0.34 |
11830 | Chip | Breccia | 0.10 | 676,846 | 3,001,885 | 1.67 | 7.04 | 1745 | 0.78 |
11831 | Channel | Veinlets | 0.5 | 677,273 | 3,002,201 | 0.948 | 0.75 | 416 | 0.17 |
11833 | Channel | Veinlets | 0.5 | 677,289 | 3,002,198 | 18.85 | 27.8 | 1355 | 0.34 |
11834 | Channel | Veinlets | 0.5 | 677,289 | 3,002,198 | 5.51 | 83.5 | 4570 | 0.42 |
11847 | Channel | Vein | 0.60 | 676,855 | 3,001,895 | 7.18 | 63.9 | 6780 | 3.26 |
11848 | Channel | Vein | 0.60 | 676,853 | 3,001,895 | 1.81 | 29.5 | 4320 | 1.06 |
11849 | Channel | Vein | 0.60 | 676,855 | 3,001,895 | 9.55 | 252 | >10000 | 2.5 |
11850 | Channel | Vein | 0.60 | 676,859 | 3,001,899 | 20.3 | 171 | 1625 | 2.44 |
11852 | Channel | Vein | 0.60 | 676,864 | 3,001,904 | 2.88 | 10.15 | >10000 | 0.61 |
11857 | Chip | Iron staining | 0.30 | 676,810 | 3,001,936 | 2.43 | 184 | 2230 | 102.5 |
11858 | Channel | Vein | 0.70 | 676,810 | 3,001,935 | 1.27 | 21 | 292 | 24.9 |
11859 | Channel | Vein | 0.70 | 676,808 | 3,001,933 | 1.88 | 26.6 | 1100 | 24.4 |
11863 | Chip | Chip | 1 | 676,808 | 3,001,941 | 2.1 | 26 | 295 | 22.7 |
11872 | Channel | Vein | 0.60 | 677,068 | 3,001,780 | 1.73 | 211 | >10000 | 0.9 |
11876 | Channel | Vein | 0.60 | 676,794 | 3,001,830 | 0.776 | 0.82 | 588 | 1.1 |
11877 | Channel | Vein | 1 | 676,795 | 3,001,829 | 2.95 | 1.67 | 1740 | 3.57 |
11878 | Channel | Vein | 0.80 | 676,803 | 3,001,814 | 0.884 | 3.08 | 954 | 2.03 |
11879 | Chip | Disseminated | 0.80 | 676,803 | 3,001,812 | 0.933 | 1.82 | 2100 | 3.16 |
11890 | Channel | Veinlets | 1 | 677,413 | 3,002,336 | 0.831 | 1.52 | 418 | 0.35 |
11896 | Channel | Veinlets | 0.50 | 677,288 | 3,002,195 | 7.74 | 63 | 2900 | 1.07 |
11981 | Channel | Veinlets | 0.20 | 677,048 | 3,001,732 | 1.06 | 180 | >10000 | 2.98 |
11986 | Channel | Veinlets | 0.20 | 677,102 | 3,001,758 | 1.1 | 15.5 | 9040 | 0.59 |
12008 | Chip | Disseminated | 1 | 676,833 | 3,001,870 | 4.44 | 14.75 | 4400 | 5.55 |
12018 | Chip | Iron staining | 1 | 676,541 | 3,001,450 | 1.57 | 39.9 | >10000 | 1.72 |
12021 | Channel | Vein | 1 | 676,918 | 3,001,691 | 0.545 | 181 | >10000 | 1.25 |
12022 | Chip | Iron staining | 1 | 676,913 | 3,001,690 | 0.517 | 112 | 8360 | 0.65 |
12025 | Channel | Veinlets | 0.20 | 676,509 | 3,001,402 | 0.631 | 32.3 | >10000 | 0.31 |
12033 | Chip | Chip | 1 | 677,268 | 3,002,193 | 7.52 | 19.8 | 2810 | 11.65 |
12034 | Chip | Chip | 1 | 677,283 | 3,002,201 | 9.77 | 83.3 | 4040 | 1.15 |
Figure 1. Gold assays in the Santa Cruz area of the Los Pavitos project.
Mapping and sampling at Los Pavitos was conducted in the first half of 2022 and covered about 75% of the principal area of interest before taking a break for the monsoon season. In December, 2022 and January, 2023 mapping of the balance of the principal area of interest was completed and assays for 102 samples have recently been received. Two mineralized trends that reflect the main northeasterly and northwesterly structural orientations that characterize the rest of the project were defined.
Gold and associated pathfinder element (As and Bi) revealed two new target areas in the northwestern portion of the mapped area (Table 2, Figure 2). One is an area of quartz veining associated with a pyrite-rich rhyolite porphyry intrusion may be the extension of the Las Auras structural trend mapped in the northwestern portion of the project. The second target area is cut by north-northeasterly trending veins associated with a large area of silica-pyrite alteration.
Geologic mapping at the project in 2022 refined the Las Auras, Santa Cruz and Oromuri structural trends identified during earlier reconnaissance work by Minera Cascabel. Several additional new parallel structures have been recognized, including the La Española, San Jorge and La Ramada faults. Areas of mineralization identified during the recently completed work on the southeastern portion of the project will be added to the areas for more detailed examination.
Table 2. Analytical results for selected samples from the newly mapped area
Figure 2. Geologic map of the southeastern portion of the Los Pavitos project showing mineralized areas identified by mapping and northwesterly and northeasterly orientation of structures.
QA/QC
Samples taken by Prismo are analyzed by multielement ICP-AES and MS methods by ALS Group, an internationally recognized analytical service provider. Gold is analyzed as part of the ICP package using a 15-gram digestion. Certified Reference Materials including standard pulps and coarse blank material were inserted in the sample stream at regular intervals.
Dr. Craig Gibson, PhD., CPG., a Qualified Person as defined by NI-43-01 regulations and President, CEO and a director of the Company, has reviewed and approved the technical disclosures in this news release.
About Los Pavitos
The Los Pavitos project consists of a 5,289-hectare concession located in the well mineralized Alamos region of southern Sonora State that lies 25 km west of the well-mineralized Alamos District, which encompasses several active exploration and mining projects, including the past producing Alamo Dorado mine of Pan American Silver, the Piedras Verdes copper mine of Cobre de Mayo and the Alamos and Aurifero vein projects being explored by Minaurum Gold Inc. Infrastructure is excellent with paved highway access, electricity and water. The project, which was generated by Rafael Gallardo, was acquired from Minera Cascabel S.A. de C.V., a Mexican exploration and services company founded by Dr. Peter Megaw, an advisor to the Company (for terms see the Company’s prospectus filed on SEDAR). The company completed a NI 43-101 Technical Report on the project in March 2021 available on SEDAR.
Assays have now been received for 460 rock samples taken by the company (excluding control samples); a further 110 samples were taken previously by Minera Cascabel. Drilling at Los Pavitos is expected to begin in Q2 2023.
Location of the Los Pavitos project in southern Sonora State in relation to the Caborca Orogenic Gold Belt.
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).
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Prismo Metals Inc.
1100 – 1111 Melville St., Vancouver, British Columbia V6E 3V6
Contact:
Craig Gibson, President & Chief Executive Officer craig.gibson@prismometals.com
Jason Frame, Manager of Communications jason.frame@prismometals.com
Neither the Canadian Securities Exchange accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities legislation. All statements other than statements of historical fact, including without limitation, statements regarding the anticipated content, commencement and exploration program results, the ability to complete future financings, required permitting, exploration programs and drilling, and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct.
The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, the state of the financial markets for the Company’s equity securities, the state of the commodity markets generally, variations in the nature, the analytical results from surface trenching and sampling program, including diamond drilling programs, the results of IP surveying, the results of soil and till sampling program. the quality and quantity of any mineral deposits that may be located, variations in the market price of any mineral products the Company may produce or plan to produce, the inability of the Company to obtain any necessary permits, consents or authorizations required, including CSE acceptance, for its planned activities, the inability of the Company to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies, the potential impact of COVID-19 (coronavirus) on the Company’s exploration program and on the Company’s general business, operations and financial condition, and other risks and uncertainties. All of the Company’s Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to the Company’s mineral properties.