Vancouver, British Columbia, April 25th, 2023 – Prismo Metals Inc. (CSE: PRIZ, OTCQB: PMOMF) (“Prismo” or the “Company”) is pleased to announce that it has signed a contract for the upcoming drill program of a minimum of 2,500 meters at its Palos Verdes Project in the Panuco mining district of Sinaloa State, Mexico and drilling will begin in a few days. The Palos Verdes property is contiguous to the Panuco silver-gold project of Vizsla Silver Corp. (TSXV: VZLA).
The drill program is designed to test the 65% of the strike length of the Palos Verdes vein that has not yet been drilled. 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 is present on Prismo’s concession. Previous drilling has intersected high grade mineralization with the best intercept of 2,336 g/t Ag and 8.42 g/t Au over a true width estimated at 0.8 meters within a larger mineralized interval with 1,098 g/t Ag and 3.75 g/t Au over a true width of 2.3 meters (see Prismo’s news release dated September 30, 2020).
“Following Vizsla Silver’s strategic investment in Prismo in January 2023, when they acquired a 10.1% ownership stake in our Company, we have worked with their technical team in Mexico to modify our technical data collection procedures to comply with theirs and plan this next phase of drilling”, said Dr. Craig Gibson, President and CEO of the Company.
“The upcoming drill program will begin by testing the Palos Verdes vein to the northeast of the previous intercepts, initially with shallow drilling to confirm the orientation of the vein and followed by deeper holes. The drill program will consist of ten to twelve holes and is expected to last about two months”, he stated.
“Vizsla is pleased to see renewed exploration drilling on the Palos Verdes Vein located in the eastern portion of the Panuco district”, commented Michael Konnert, President, and CEO of Vizsla Silver. “While Vizsla is currently focused on expanding and upgrading its robust resource base in the western portion of the district, exploration conducted by Prismo at Palos Verdes will serve to advance the geologic understanding in the east, where the district remains largely unexplored.”
The Palos Verdes vein originates on Vizsla’s concession to the south-west of the Palos Verdes concession and has 750 meter of strike length on Prismo’s ground (Fig. 1).
Figure 1. Geologic map of the Palos Verdes and adjacent concessions.
The Company recently completed a mapping and sampling program in the eastern portion of the Palos Verdes concession to better define the orientation of the main vein as well as several subsidiary structures that were previously recognized. Eight samples were taken on the Palos Verdes concession and several others were taken on adjacent concessions, yielding anomalous precious metals values of as much as 39.9 g/t Ag and 0.244 g/t Au in the area to be drilled initially (Table 1, Fig. 2).
Table 1. Surface sample data from recent sampling at the Palos Verdes project
Figure 2. Silver assays in the eastern Palos Verdes and adjacent concessions.
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 25-gram digestion. Certified Reference Materials including standard pulps and coarse blank material are 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 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 meters 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 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.
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