Additional Drilling Planned at Palos Verdes in January 2023
Vancouver, British Columbia, December 1st, 2022: Prismo Metals Inc. (the “Company” or “Prismo“) (CSE: PRIZ, OTCQB: PMOMF) is pleased to announce assay results for the first five holes in the recent drilling program at its Palos Verdes project, located in the historic Panuco-Copala district of the state of Sinaloa, Mexico. Assays for the last three holes of the 2022 drilling campaign are expected by the end of December.
The first drill hole of the season, PV-22-11, cut 0.7 meters downhole length with 553g/t AgEq or 4.18 g/t gold and 207 g/t silver.All five holes reported here cut significant mineralization, and in general intercepts were relatively gold and base-metal rich (Table 1). The Company has completed the current drill program with almost 2,100 meters drilled in eight holes as shown in Table 2.
Several holes cut wide zones of mineralization, including nine meters downhole in hole PV-22-15 that averaged 187 g/t AgEq or 1.02 g/t Au with 1.1 % Pb and 1.4 % Zn.These intercepts shown in table 3 range from 50 to 150 meters below previous shallow drilling that had several high-grade intercepts. Table 3 shows the intercepts from the historic drilling with silver equivalent values shown for comparison purposes, with the best being 3,175 g/t AgEq over a true width estimated at 0.8 meters within a larger mineralized interval with 795 g/t AgEq over a true width of 5.5 meters (see Prismo’s news releases dated September 30 and December 20, 2020).
“The drill program was successful in extending the mineralization to depth below the shallow drill holes completed previously and provided important information on the distribution of metal values,” stated Craig Gibson, President and CEO of the Company. “Under the current environmental permit, we had access to limited drill sites, which leaves ample room to significantly extend the higher-grade zones in the mineralized ore shoot along strike.”
Dr. Gibson emphasized that “Approximately 70% of the strike length of the Palos Verdes vein remains untested, including the central portion of the southwestern segment of the vein, and all of the northeastern extension. In April of this year, we applied for an expanded environmental permit which we anticipate obtaining before our next phase of drilling planned for January 2023. Upon receipt of the expanded environmental permit, we will immediately initiate further drilling to the northeast to be funded by the announced strategic investment from Vizsla Silver Corp. Also, once this agreement with Vizsla is finalized, we will be able access the central portion of the southern segment of the Palos Verdes vein from roads on their adjacent concession, thereby further expanding our ability to explore the Palos Verdes property.”
Note: the blue dots above are the proposed drill sites under the expected expanded environmental permit
Prismo also provided an update on its short-term corporate priorities.
Prismo is currently working on finalizing the announced strategic investment by Vizsla Silver Corp. The strategic investment will provide for a cash injection to Prismo of $500,000 and issuance to Prismo of $1.5 million in Vizsla shares which will provide Prismo shareholders further exposure to the district via equity ownership position in Vizsla Silver.
The companies will also form a joint technical committee to allow for the pursuit of district-scale exploration of Panuco silver-gold district. This transaction is expected to be finalized by December 16, 2022. The next phase of drilling at Palos Verdes, expected in January 2023, will be reviewed by the technical committee to be formed as part of the agreement with Vizsla Silver.
At the Los Pavitos project, the surface mapping and sampling program begun early in 2022 continues, with completion of the initial mapping and sampling program over the concession slated for December.Preparation of the environmental permit application is in progress, field work has been completed and the application will be submitted shortly, with drilling planned in the first quarter of 2023.
Table 1. Assays for drill holes in the current program.
|
Hole |
From |
To |
Width |
Est True width (m) |
Au |
Ag (g/t) |
Cu |
Pb |
Zn |
Ag eq (g/t) |
| PV-11 |
114.85 |
115.55 |
0.7 |
0.42 |
4.18 |
207 |
0.02 |
0.02 |
0.02 |
553 |
| PV-12 |
117.9 |
118.8 |
0.9 |
0.54 |
3.18 |
13 |
0.01 |
– |
– |
276 |
| PV-13 |
118.5 |
120.0 |
1.5 |
0.9 |
0.66 |
93 |
– |
– |
– |
148 |
| PV-14 |
165.0 |
172.2 |
7.2 |
4.3 |
0.06 |
21 |
0.08 |
0.49 |
0.85 |
77 |
|
incl |
169.4 |
171.0 |
1.6 |
2.5 |
0.07 |
28 |
0.12 |
0.52 |
1.01 |
88 |
|
179.9 |
184.2 |
4.3 |
2.6 |
0.03 |
27 |
0.41 |
0.81 |
1.01 |
92 |
|
|
193.0 |
195.9 |
2.9 |
1.7 |
0.05 |
12 |
0.27 |
0.14 |
1.88 |
93 |
|
|
incl |
194.1 |
195.9 |
1.8 |
1.1 |
0.07 |
14 |
0.36 |
0.13 |
2.80 |
133 |
| PV-15 |
238.5 |
243.0 |
4.5 |
2.7 |
0.18 |
43 |
0.29 |
0.36 |
1.60 |
131 |
|
263.5 |
272.5 |
9 |
5.4 |
1.02 |
16 |
0.23 |
1.10 |
1.41 |
187 |
|
|
incl |
266.45 |
272.5 |
6.05 |
3.6 |
0.91 |
22 |
0.33 |
1.61 |
2.04 |
222 |
Silver equivalent values are calculated using the following metals prices: Au, US$1,750/oz, Ag, $21.24/oz, Pb, $0.97/lb and Zn, $1.34/lb.Cu was not used in the calculation, and metallurgical recoveries were not considered as there is no data available.
Table 2. Drill hole data for holes from the current program.
|
Hole |
Easting |
Northing |
Elev |
Azim |
Incl |
Depth (m) |
|
|
PV-22-11 |
413,761 |
2,593,096 |
1,209 |
355 |
-82 |
393.00 |
|
|
PV-22-12 |
413,759 |
2,593,095 |
1,209 |
325 |
-75 |
207.00 |
|
|
PV-22-13 |
413,758 |
2,593,094 |
1,209 |
300 |
-80 |
300.00 |
|
|
PV-22-14 |
413,610 |
2,529,919 |
1,230 |
330 |
-75 |
303.00 |
|
|
PV-22-15 |
413,607 |
2,529,918 |
1,230 |
15 |
-80 |
337.50 |
|
|
PV-22-16 |
413,767 |
2,593,098 |
1,209 |
70 |
-60 |
288.00 |
|
|
PV-22-17 |
413,765 |
2,593,148 |
1,205 |
340 |
-50 |
115.00 |
|
|
PV-22-18 |
413,770 |
2,593,149 |
1,205 |
40 |
-50 |
156.00 |
|
Coordinates in UTM WGS84 using handheld Garmin GPS.
Cross section 0 showing interpreted geology and drill intercepts
Longitudinal vein projection showing drill intercepts and possible ore shoot. No drilling has been completed to the northeast of the fault.
Cross section 50SW showing interpreted geology and drill intercepts
Cross section 250SW showing interpreted geology and drill intercepts
Table 3. Drill results for all previously released drill holes at the Palos Verdes Project
|
Hole |
From |
To |
Width |
Est True width (m) |
Au |
Ag (g/t) |
Cu |
Pb |
Zn |
Ag eq (g/t) |
|
| PV-01 |
23.90 |
28.80 |
4.90 |
4.2 |
0.89 |
31 |
0.21 |
0.30 |
2.63 |
216 |
|
| PV-02 |
40.35 |
48.70 |
8.35 |
5.5 |
1.69 |
474 |
0.54 |
1.09 |
3.84 |
795 |
|
|
incl. |
45.25 |
48.70 |
3.45 |
2.3 |
3.75 |
1098 |
0.67 |
1.99 |
3.00 |
1581 |
|
|
incl. |
46.55 |
47.70 |
1.15 |
0.8 |
8.42 |
2336 |
0.27 |
1.72 |
2.46 |
3175 |
|
| PV-03 |
31.30 |
40.65 |
9.35 |
7.0 |
1.45 |
15 |
0.05 |
0.11 |
1.04 |
178 |
|
|
incl. |
39.55 |
40.65 |
1.10 |
0.8 |
12.15 |
50 |
0.26 |
0.53 |
5.01 |
1263 |
|
| PV-04 |
55.45 |
59.00 |
3.55 |
3.0 |
0.12 |
37 |
0.31 |
0.12 |
0.74 |
121 |
|
| PV-05 |
54.25 |
57.40 |
3.15 |
2.0 |
0.25 |
23 |
0.06 |
0.32 |
0.62 |
77 |
|
| incl. |
56.40 |
57.40 |
1 |
0.42 |
30 |
0.12 |
0.83 |
1.27 |
138 |
||
| PV-06 |
70.55 |
75.85 |
5.3 |
3.2 |
0.13 |
69 |
0.14 |
0.12 |
0.29 |
220 |
|
|
75.00 |
75.85 |
0.85 |
0.5 |
0.46 |
317 |
0.12 |
0.09 |
0.21 |
365 |
||
| PV-07 |
32.40 |
34.20 |
1.8 |
? |
0.01 |
9 |
0.35 |
0.24 |
0.47 |
36 |
|
| PV-08 |
92.70 |
96.05 |
3.35 |
2.5 |
0.24 |
17 |
0.09 |
0.19 |
0.58 |
65 |
|
|
92.70 |
93.65 |
0.95 |
0.7 |
0.55 |
37 |
0.24 |
0.61 |
1.21 |
147 |
||
| PV-09 |
87.10 |
88.95 |
1.85 |
1.3 |
0.73 |
38 |
0.19 |
0.61 |
3.89 |
267 |
|
| incl. |
87.10 |
87.60 |
0.5 |
0.3 |
1.63 |
44 |
0.27 |
0.79 |
5.15 |
403 |
|
| PV-10 |
125.30 |
126.50 |
1.20 |
0.9 |
0.03 |
6 |
0.06 |
0.03 |
1.4 |
71 |
|
Partial data for holes PV-01 to PV-10 were included in previous news releases, of September 30, 2020 and December 20, 2020True width of the intercept in hole PV-07 is unknown.
The samples in this press release were analyzed by SGS, an accredited and internationally recognized laboratory with a preparation and analytical facility located near the project, in Durango, Mexico.The Company’s Quality Control/Quality Assurance program includes insertion of Certified Reference Materials consisting of standard pulps and coarse blank material into the sample stream.
Photos of some vein intercepts from the current drilling campaign are presented on the Prismo website.
Dr. Craig Gibson, PhD., CPG., a Qualified Person as defined by NI-43-01 regulations and President, CEO and a director of the Company, has reviewed and approved the technical disclosures in this news release.
About Palos Verdes
The Palos Verdes project is located in the historic Pánuco-Copala silver-gold district in southern Sinaloa, Mexico, approximately 65 kilometers NE of Mazatlán, Sinaloa, in the Municipality of Concordia. The Palos Verdes concession (claim) covers 700 meters of strike length of the Palos Verdes vein, a member of the north-easterly trending vein family located in the eastern part of the district outside of the area of modern exploration. Shallow drilling (<100m) conducted in 2018 on the Palos Verdes Vein was targeted 30 to 50 meters beneath largely barren vein outcrops and cut a well mineralized multistage vein two to seven metres wide with narrow intervals of high-grade precious metal values and subordinate base metals (see table of intercepts at www.prismometals.com).This mineralization is open in all directions and the currently planned drilling program is designed to follow it along strike and to depth.
About Prismo
Prismo (CSE: PRIZ) is junior mining company focused on precious metal exploration in Mexico.
Contact: Craig Gibson, Chief Executive Officer and Director
1100 – 1111 Melville St., Vancouver, British ColumbiaV6E 3V6
Jason Frame, Manager of Communications
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. Such statements include those relating to the strategic investment, the ability to negotiate definitive agreements, the nature and satisfaction of the conditions to completing the strategic investment, and plans following closing of the strategic investment. 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, by their nature, forward-looking statements involve assumptions, known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, and therefore 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. In particular, the completion of the Strategic Investment is subject to the satisfaction of certain conditions and uncertainties (including those noted above) and the Company can offer no assurance that the Strategic Investment will be completed on the terms, conditions and timelines anticipated by the Company or at all. While the Company may elect to, it does not undertake to update this information at any particular time except as required in accordance with applicable laws. 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.