PRIZ Market cap 7mm
VZLA market cap 257MM We have top shelf management here at PRIZ. Prismo Metals details new Palos Verdes sampling plan
2022-10-11 16:27 ET - News Release
Dr. Craig Gibson reports
PRISMO METALS PROVIDES UPDATE ON DRILLING PROGRAM AND ANNOUNCES NEW PROTOCOL FOR SAMPLING AT PALOS VERDES
Prismo Metals Inc. has provided an update on the current drill program at its Palos Verdes project, located in the historic Panuco-Copala district of the state of Sinaloa, Mexico. The program has drilled a total of 1,062 metres to date out of a planned minimum of 2,000 metres. The company expects to complete the minimum target of 2,000 metres in early November. The Palos Verdes property is contiguous to the Panuco silver-gold project of Vizsla Silver Corp.
The drilling program is 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 its adjacent land package. Three holes have been completed and one hole is in progress.
Technical summary:
- 1,062 metres drilled to date; currently drilling hole PV-22-14.;
- By analyzing Vizsla Silver's recent drill data, a new protocol has been adopted for sampling in the same fashion as Vizsla Silver over the wide structural zones, including in wallrocks with quartz veinlets;
- In addition to samples already sent to the lab, Prismo will sample about 30 metres of additional core from holes PV-22-12 and PV-22-13 as well as about 30 to 50 metres from the 2018 and 2020 drilling campaigns. The results of all these assays are to be expected to be announced at the same time, once analyzed, in late October.
The first drill hole of the season, PV-22-11, intersected a large fracture zone that is believed to correspond to the shear zone recognized during surface mapping carried out previously. The fracture zone offsets the Palos Verdes structure and the first hole cut mineralized quartz veinlets in the footwall of the main structure. As a result, the orientation of the shear zone is now better defined and provides important information for future drilling of the vein system to the east of the fault zone.
The second and third holes of the current program, PV-22-12 and PV-22-13, each cut a wide structural zone with several discrete multistage quartz veins separated by altered andesite wallrock with variable quartz veinlets and local zones of sheared rock with relatively sulphide-rich stages of mineralization. The structural zone in hole PV-22-12 measured 29 metres along the core, and that in hole PV-22-13 measured 36 metres downhole.
"In our past drilling campaigns and with holes PV-22-12 and PV-22-13, the sample protocol was focused on the wider discrete quartz veins and did not include assays of samples from the wallrock with veinlets. The initial sampling of the current drilling campaign included about 13 metres in hole PV-22-12 and 18 metres in hole PV-22-13 within the wider structural zones," said Prismo president and chief executive officer Craig Gibson.
He added: "After careful analysis of Vizsla Silver Corp.'s latest results from the Copala vein announced in their news release of Sept. 12, 2022, showing significant mineralization over wide structural zones, including in wallrocks with quartz veinlets, we have decided to modify our protocol to sample the entire intercept of the structural zone in the same fashion as Vizsla Silver Corp. Accordingly, Prismo is sending to lab, in addition to samples already sent, about 30 metres of additional core from holes PV-22-12 and PV-22-13 as well as about 30 to 50 metres from the 2018 and 2020 drilling campaigns. These will be sent to the lab for analysis along with samples from the fourth hole, when completed. We expect to release the results of all these assays at the same time, once analyzed, in late October."
The true width of the reported intercepts is believed to be about 60 per cent of the reported downhole lengths, and are about 50 to 75 metres below previous shallow drilling that had several high-grade intercepts, with the best being 2,336 grams per tonne silver and 8.42 g/t gold over a true width estimated at 0.8 metre within a larger mineralized interval with 1,098 g/t Ag and 3.75 g/t Au over a true width of 2.3 metres (see Prismo's news releases dated Sept. 30 and Dec. 20, 2020)
Dr. Gibson, PhD, CPG, a qualified person as defined by National Instrument 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 Panuco-Copala silver-gold district in southern Sinaloa, Mexico, approximately 65 kilometres northeast of Mazatlan, Sinaloa, in the municipality of Concordia. The Palos Verdes concession (claim) covers 700 metres of strike length of the Palos Verdes vein, a member of the northeasterly trending vein family located in the eastern part of the district outside of the area of modern exploration. Shallow drilling (less than 100 m) conducted in 2018 on the Palos Verdes vein was targeted 30 to 50 metres 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. This mineralization is open in all directions and the currently planned drilling program is designed to follow it along strike and to depth.
The Palos Verdes property is contiguous to the Panuco silver-gold project of Vizsla Silver. The current drill program is 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 its adjacent land package.
About Prismo Metals Inc.
Prismo is junior mining company focused on precious metal exploration in Mexico.
We seek Safe Harbor.