The Palos Verdes Property
Palos Verdes
Palos Verdes is an intermediate-stage silver exploration project located in Sinaloa, Mexico. The property consists of one concession, Palos Verdes, comprising 22.7707 hectares. It is situated within the Pánuco-Copala mining district, a historically important mining area known for precious- and base-metal bearing epithermal veins.
Location & Accessibility
Palos Verdes is an intermediate-stage exploration project located about 65 km northeast of Mazatlán in Sinaloa State, Mexico and is accessed via the interstate highway from Mazatlán to Durango near the village of Santa Lucía. The property consists of one concession, Palos Verdes, comprising 22.7707 hectares (the “Palos Verdes Property”).
The Palos Verdes Property location in Sinaloa State, northwestern Mexico.
The Palos Verdes Property is within the Pánuco-Copala mining district, a historically important mining area in the region. Numerous small mines and prospects are located in the region with several intermittently active mines and mills. The district is known for precious- and base-metal bearing epithermal veins
The Palos Verdes Property consists of the Palos Verdes concession, shown in blue, near the village of Santa Lucia. The concession is surrounded by other concessions controlled by third parties. The new and old highways between Mazatlán and Durango cross the Palos Verdes Property.
On May 7, 2019, the Company entered into an option agreement with Prospeccion Y Desarrollo Minero Del Norte, S.A. de C.V., a company incorporated under the laws of Mexico (“ProDeMin”) and carrying mineral exploration contracting activities and controlled by the CXO of the Company (the “ProDeMin Option”) to earn up to 75% interest in the Palos Verdes Property. On November 30, 2020, the Company entered into an option agreement with the underlying owner of the remaining 25% of the Palos Verdes Property (the “Palos Verdes 25% Agreement”), thus securing the possibility of earning up to 100% interest in the property.
Geological Setting & Mineralization
Geologic map of the area of the Palos Verdes Property from ProDeMin study. The concession that makes up the Palos Verdes Property is indicated by the red outline.
The Palos Verdes vein strikes northeasterly across the concession and is hosted by andesitic volcanic rocks; these rocks are overlain by felsic tuffs to the northeast.
Photo of andesitic rocks hosting sulfide-rich vein near the portal of the Palos Verdes adit. The andesite is dark farther from the structure but becomes bleached adjacent to it.
Two main veins have been mapped on the property: the northeasterly trending Palos Verdes vein and a northwesterly trending vein and shear zone interpreted from clay alteration and an apparent offset of the Palos Verdes vein. Geological modeling completed after previous drilling indicates the Palos Verdes vein system consists of at least three discrete structures: the main Palos Verdes vein (steep southeast dip), a steeply dipping hanging wall vein, and a relatively flat-lying vein with high gold-silver ratios.
Alteration and Mineralization
Propylitic alteration with chlorite, epidote and pyrite, is the most widespread alteration on the Palos Verdes Property, affecting the andesite in a regional sense. Argillic alteration is observed in fault zones with the presence of kaolinite and gouge. Strong silicification and bleaching of the rock is restricted to zones near quartz veins, hydrothermal breccia and quartz stockworks. Mineralized structures occur as veins, stockworks, and hydrothermal breccias filling fractures or faults with preferred orientations striking northeasterly and northwesterly. The northeast system is the main mineralized trend and is the orientation of the Palos Verdes vein. The width of the vein is generally 0.20 to 5.0 meters, but sometimes up to 10.0 meters. The mineralized structure outcrops along 650 to 750 meters on the Palos Verdes Property.
Photo of the Palos Verdes vein exposed in the road cut of the old highway.
The Palos Verdes Vein consists of banded quartz vein material and hydrothermal breccia and is multistage with milky quartz, light gray quartz and sulfide-rich material. Breccia fragments consist mostly of angular fragments of strongly silicified andesite. The structure has N60°E strike and dips to the southeast at 78 to 82°, although vein flexures and a possible sigmoid structure are observed. Economic minerals consist of argentiferous galena, possible electrum, gold, sphalerite, chalcopyrite and pyrite. The vein is well exposed in the Palos Verdes adit, an approximately 75-meter long working with a shallow winze about halfway along the tunnel. Sampling carried out at the surface and old workings yield as much as 2 g/t Au and 116 g/t Ag in surface exposures and 6.7 g/t Au and 544 g/t Ag in old workings. The wall rocks to the main structure commonly host veinlets and stockworks. Sulfide-rich bands or discrete veins locally cut the main quartz vein and are locally included as fragments in more massive quartz. Local bladed textures presumably of quartz after tabular calcite are observed.
Samples of the Palos Verdes vein showing multistage textures.
Exploration
The Company has undertaken several drill campaigns at the project and a total of about 6,052 meters has been drilled in 33 holes to date, including 5 holes drilled by ProDeMin in 2018.
The expanded drilling program at Palos Verdes commenced on September 24, 2024. This program, planned for 1,250 meters in its first phase and an overall proposed 3,000 meters in stages, is a collaborative effort with Vizsla Silver Corp. It utilizes drill pads on Vizsla’s adjacent concessions to allow for better hole geometry and more efficient testing of the Palos Verdes vein system at depth. This required Prismo’s team and drillers to learn Vizsla’s safety and work protocols. The rugged terrain necessitated manual access and site preparation, which extended the preparation time. The program aims to: trace the down-dip extension of the mineralized shoot in the southwest portion of the vein; seek continuation of the vein across a cross-fault to the northeast, where the vein is believed to have been offset downward; and test the extreme northeasterly extension of the vein system near the historical Jesusita mine.
Two holes, PV-24-34 (286.5 meters) and PV-24-35 (318.0 meters), were completed from remote site PV005. The program was curtailed in late November 2024 due to slower than anticipated advances and budgetary considerations, with assay results still pending.
Drill hole data for past drilling and Prismo’s drill holes
| Hole | Easting | Northing | Elev. | Azimuth | Inclination | Depth (m) | |
|---|---|---|---|---|---|---|---|
| PV‐18‐01 | 413,759 | 2,593,160 | 1,222 | 318 | ‐50° | 80.00 | |
| PV‐18‐02 | 413,762 | 2,593,161 | 1,222 | 318 | ‐75° | 120.10 | |
| PV‐18‐03 | 413,762 | 2,593,160 | 1,222 | 280 | ‐45° | 63.00 | |
| PV‐18‐04 | 413,759 | 2,593,160 | 1,222 | 270 | ‐65° | 100.00 | |
| PV‐18‐05 | 413,607 | 2,593,040 | 1,257 | 335 | ‐60° | 94.00 | |
| 2020 drill campaign | |||||||
| PV‐20‐06 | 413,767 | 2,593,146 | 1,207 | 330 | ‐75° | 101.40 | |
| PV‐20‐07 | 413,768 | 2,593,146 | 1,207 | 355 | ‐60° | 104.40 | |
| PV‐20‐08 | 413,765 | 2,593,098 | 1,208 | 345 | ‐60° | 125.40 | |
| PV‐20‐09 | 413,764 | 2,593,099 | 1,208 | 330 | ‐50° | 107.40 | |
| PV‐20‐10 | 413,597 | 2,592,994 | 1,240 | 10 | ‐55° | 134.40 | |
| 2022 drill campaign | |||||||
| 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 | |
| 2023 drill campaign | |||||||
| PV-23-19 | 414,023 | 2,593,310 | 1,313 | 326 | -44 | 93.00 | |
| PV-23-20 | 414,049 | 2,593,296 | 1,296 | 324 | -59 | 201.00 | |
| PV-23-21 | 414,004 | 2,593,260 | 1,294 | 330 | -45 | 160.00 | |
| PV-23-22 | 414,008 | 2,593,262 | 1,294 | 330 | -60 | 129.00 | |
| PV-23-23 | 413,963 | 2,593,219 | 1,261 | 300 | -45 | 144.00 | |
| PV-23-24 | 413,806 | 2,593,118 | 1,226 | 315 | -70 | 201.00 | |
| PV-23-25 | 413806 | 2593083 | 1236 | 320 | -68 | 258.00 | |
| PV-23-26 | 413,807 | 2,593,082 | 1,236 | 10 | -45 | 327.00 | |
| PV-23-27 | 413,814 | 2,593,082 | 1,226 | 320 | -75 | 234.00 | |
| PV-23-28 | 413,801 | 2,593,136 | 1,244 | 35 | -60 | 117.00 | |
| PV-23-29 | 413,735 | 2,593,073 | 1,216 | 330 | -75 | 183.00 | |
| PV-23-30 | 413,707 | 2,592,990 | 1,202 | 330 | -50 | 180.00 | |
| PV-23-31 | 413,709 | 2,592,990 | 1,200 | 330 | -75 | 246.00 | |
| PV-23-32 | 413,677 | 2,592,942 | 1,211 | 315 | -50 | 199.50 | |
| PV-23-33 | 413,678 | 2,592,938 | 1,216 | 330 | -75 | 250.50 | |
Coordinates in UTM WGS84 from a handheld GPS
The results of the Company’s drilling are shown in the following table, along with the results from the previous drilling by ProDeMin.
Assay highlights for holes drilled at the Palos Verdes Project
| Hole | From | To | Width | Est. True | Au | Ag | Cu | Pb | Zn | AgEq | |
| (m) | width (m) | (g/t) | (g/t) | (%) | (%) | (%) | (g/t) | ||||
| ProDeMin holes (previously released) | |||||||||||
| PV‐01 | 23.9 | 28.8 | 4.9 | 4.2 | 0.89 | 31 | 0.21 | 0.3 | 2.63 | 228 | |
| PV‐02 | 40.35 | 48.7 | 8.35 | 5.5 | 1.69 | 474 | 0.54 | 1.09 | 3.84 | 840 | |
| incl. | 45.25 | 48.7 | 3.45 | 2.3 | 3.75 | 1098 | 0.67 | 1.99 | 3 | 1,650 | |
| incl. | 46.55 | 47.7 | 1.15 | 0.8 | 8.42 | 2,336 | 0.27 | 1.72 | 2.46 | 3,205 | |
| PV‐03 | 31.3 | 40.65 | 9.35 | 7 | 1.45 | 15 | 0.05 | 0.11 | 1.04 | 180 | |
| incl. | 39.55 | 40.65 | 1.1 | 0.8 | 12.15 | 50 | 0.26 | 0.53 | 5.01 | 1,280 | |
| PV‐04 | 55.45 | 59 | 3.55 | 3 | 0.12 | 37 | 0.31 | 0.12 | 0.74 | 111 | |
| PV‐05 | 54.25 | 57.4 | 3.15 | 2 | 0.25 | 23 | 0.06 | 0.32 | 0.62 | 82 | |
| Prismo holes | |||||||||||
| PV‐06 | 70.55 | 75.85 | 5.3 | 3.2 | 0.13 | 69 | 0.14 | 0.12 | 0.29 | 108 | |
| 75 | 75.85 | 0.85 | 0.5 | 0.46 | 317 | 0.12 | 0.09 | 0.21 | 378 | ||
| PV‐08 | 92.7 | 96.05 | 3.35 | 2.5 | 0.24 | 17 | 0.09 | 0.19 | 0.58 | 73 | |
| 92.7 | 93.65 | 0.95 | 0.7 | 0.55 | 37 | 0.24 | 0.61 | 1.21 | 169 | ||
| PV‐09 | 87.1 | 88.95 | 1.85 | 1.3 | 0.73 | 38 | 0.19 | 0.61 | 3.89 | 270 | |
| PV‐10 | 125.3 | 126.5 | 1.2 | 0.9 | 0.03 | 6 | 0.06 | 0.03 | 1.4 | 77 | |
| 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 | 1.5 | 0.9 | 0.66 | 93 | ‐ | ‐ | ‐ | 148 | |
| PV‐14 | 165 | 172.2 | 7.2 | 4.3 | 0.06 | 21 | 0.08 | 0.49 | 0.85 | 77 | |
| incl. | 169.4 | 171 | 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 | 195.9 | 2.9 | 1.7 | 0.05 | 12 | 0.27 | 0.14 | 1.88 | 93 | ||
| 194.1 | 195.9 | 1.8 | 1.1 | 0.07 | 14 | 0.36 | 0.13 | 2.8 | 133 | ||
| PV‐15 | 238.5 | 243 | 4.5 | 2.7 | 0.18 | 43 | 0.29 | 0.36 | 1.6 | 131 | |
| 263.5 | 272.5 | 9 | 5.4 | 1.02 | 16 | 0.23 | 1.1 | 1.41 | 187 | ||
| incl. | 266.45 | 272.5 | 6.05 | 3.6 | 0.91 | 22 | 0.33 | 1.61 | 2.04 | 222 | |
| PV-19 | Anomalous Ag | ||||||||||
| PV-20 | 2.99 | 3.9 | 0.91 | 0.9 | 1.58 | 58 | – | 0.01 | 0.01 | 189 | |
| PV-21 | Anomalous Au & Ag | ||||||||||
| PV-24 | 120.05 | 123.9 | 2.85 | 2 | 0.87 | 43 | 0.07 | 0.04 | 1.46 | 178 | |
| incl. | 121.4 | 122.6 | 1.2 | 0.84 | 1.84 | 95 | 0.05 | 0.05 | 1.26 | 302 | |
| 150.22 | 152.85 | 2.63 | 1.83 | 3.3 | 32 | 0.14 | 0.4 | 1.57 | 384 | ||
| incl. | 150.22 | 150.92 | 0.7 | 0.49 | 11.9 | 60 | 0.2 | 0.75 | 3.93 | 1,234 | |
| PV-25 | 78.7 | 79 | 0.3 | – | 1.36 | 384 | 0.11 | 0.15 | 0.27 | 512 | |
| 134.1 | 135.45 | 1.35 | – | 38.2 | 1,157 | 0.08 | 0.06 | 0.1 | 4,311 | ||
| incl. | 134.6 | 135.1 | 0.5 | – | 102 | 3,100 | 0.2 | 0.17 | 0.26 | 11,520 | |
| PV-27 | 0.9 | 1.3 | 0.4 | 0.1 | 0.22 | 107 | – | 0.02 | 0.02 | 126.2 | |
| PV-32 | 109.4 | 111.6 | 2.2 | 1.41 | 0.16 | 17.5 | 0.27 | 0.92 | 1.3 | 115.4 | |
| 111.3 | 111.6 | 0.3 | 0.19 | 0.83 | 45 | 0.68 | 4.32 | 4.67 | 333.9 | ||
| 150.1 | 155.65 | 5.55 | 3.57 | 0.2 | 20.7 | 0.16 | 0.61 | 1.09 | 103.8 | ||
| 155.25 | 155.65 | 0.4 | 0.26 | 0.04 | 17 | 0.21 | 3.56 | 6.03 | 391.5 | ||
| 225.65 | 226.4 | 0.75 | 0.26 | 0.03 | 94.8 | 2.28 | 0.31 | 3.39 | 253.4 | ||
| 225.95 | 226.4 | 0.45 | 0.14 | 0.04 | 144 | 3.65 | 0.45 | 5.12 | 382.2 | ||
*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 for the Palos Verdes vein. True width estimated from hole inclination and estimated vein dip, where known.
High-Grade Intercepts
Drilling at Palos Verdes has intersected what the Company believes is the upper part of a mineralized shoot typical of the veins in the Panuco district. Several bonanza grade intercepts have been reported, including the exceptional interval of 3,100 g/t Ag, 102 g/t Au (11,520 g/t Ag equivalent) over 0.5 m in hole PV-25, and 2336 g/t Ag with 8.42 g/t Au and 2.46% Zn over 1.15 m in hole PV-02. Work completed in 2023 indicates that this mineralized body may be cut off and down-dropped along a fault on the east.
The best intercept recorded at the project to date remains hole PV-23-25, which returned 102 g/t gold, 3,100 g/t silver, and 0.26% zinc over 0.5 meters, or 11,520 g/t silver equivalent. This high-grade mineralization is part of a wider interval of 4,311 g/t Ag equivalent over 1.35 meters.
Vizsla Strategic Investment
In January 2023, the Company signed a Strategic Investment Agreement with Vizsla Silver Corp. (TSXV: VZLA). This agreement involved a strategic investment in Prismo, including a $500,000 cash payment and the issuance of $1.5 million in Vizsla shares for 4,000,000 units of Prismo. Each unit consists of one share and one-half of one purchase warrant. The agreement also granted Vizsla the first right of refusal on the Palos Verdes concession.
Furthermore, the agreement led to the formation of a Joint Technical Committee, comprising of Dr. Peter Megaw, Dr. Jose Velador (VP Exploration of Vizsla), and Dr. Craig Gibson, Prismo’s Chief Exploration Officer. Vizsla also gained the right to nominate one director to Prismo’s board and the ability to maintain its equity percentage in future financing rounds.
The Panuco Joint Technical Committee reviewing cores at the Palos Verdes coreshack.
Planned Exploration
The Company is planning a deeper drill program from adjoining ground controlled by its Strategic Investment Partner Vizsla Silver to test for the extension of high-grade mineralization encountered at shallow depths as well as the possible down dropped extension of this body to the northeast.
Latest News Releases
- February 28, 2025 – Prismo Metals Updates Exploration at Hot Breccia
- February 24, 2025 – Prismo Provides Corporate Update
- October 15, 2024 – Artificial Intelligence Study Confirms Prismo Metals’ Exploration Plan at Hot Breccia
- September 24, 2024 – Drilling Has Started at Prismo Metals’ Palos Verdes Project
- July 31, 2024 – Prismo Metals Mobilizes for Palos Verdes Drilling