Today, Prismo Metals Inc. (Ticker: PRIZ.c or PMOMF for US investors) announced significant updates on its ongoing exploration activities and financing, reflecting its commitment to advancing its mineral exploration projects. PRIZ's exploration activities are centered on two key projects: the Hot Breccia Copper Project in Arizona and the Palos Verdes Silver Project in Mexico.
Hot Breccia Copper Project
The Hot Breccia property, spanning 1,420 hectares in the Arizona Copper Belt, is poised for significant exploration efforts. With the Bureau of Land Management (BLM) permit expected imminently, PRIZ is preparing to commence an extensive diamond drilling program. This program will involve drilling five holes, each anticipated to reach depths of 1,000 meters, targeting the Paleozoic carbonate sequence, which is considered highly prospective for copper mineralization.
The Hot Breccia property has shown promising signs of copper and gold mineralization through previous sampling and a ZTEM survey conducted last year. The survey revealed a substantial conductive anomaly beneath the breccia outcrops, supporting the potential for significant mineral deposits.
Palos Verdes Silver Project
At the Palos Verdes Silver Project in Mexico, PRIZ plans to drill approximately 3,600 meters across ten holes in a two-phase program. The drilling will be conducted from Vizsla Silver Corp. (a partner and large shareholder of PRIZ) concessions adjacent to the Palos Verdes concession, aiming to explore the Palos Verdes vein at depth.
The Palos Verdes project is located in the historic Pnuco-Copala silver-gold district in Sinaloa, Mexico. Previous shallow drilling revealed well-mineralized multistage veins with high-grade precious metal values. The upcoming drilling will follow recommendations from the Panuco Joint Technical Committee, which includes experts from both Prismo and Vizsla Silver.
Leadership Insights
Steve Robertson, President of Prismo Metals, highlighted the renewed investor interest due to rising commodity prices. He emphasized the company's focus on initiating drilling at both the Hot Breccia and Palos Verdes projects, underscoring the strategic importance of these exploration activities.
Craig Gibson, Co-Founder and Chief Exploration Officer, provided insights into the technical aspects of the Palos Verdes drilling program. He emphasized the collaborative efforts with Vizsla Silver and the goal of uncovering deeper mineralization along the Palos Verdes vein.
Private Placement and Debt Settlement
PRIZ also highlighted that it has successfully secured commitments for a $1.1 million private placement. The proceeds will be primarily allocated to fund drilling activities at the company's Palos Verdes project in Mexico and for general working capital purposes. In addition to the private placement, PRIZ has entered into debt settlement agreements, where it will issue 646,391 units, similar in structure to those in the private placement, to settle debts totaling $109,886.
Overall, today's press release highlights how PRIZ is advancing its exploration projects with a well-funded strategy, backed by strong investor support. The upcoming drilling programs at the Hot Breccia and Palos Verdes projects are pivotal steps in the company's growth trajectory, aiming to unlock substantial mineral resources and enhance shareholder value.
Full press release: https://prismometals.com/prismo-metals-announces-private-placement-debt-settlement-and-exploration-update
Posted on behalf of Prismo Metals Inc.