Prismo Metals (PRIZ) - NEW Silver & Gold Exploration in Mexico

Prismo Metals Inc. is a Canadian junior exploration company focused on its assets located in Mexico. The company’s asset portfolio consists of its Palos Verdes project and its Los Pavitos project.

The Palos Verdes project is located approximately 65 km northeast of Mazatlán, in the municipality of Concordia in the southern part of the state of Sinaloa in northwestern Mexico. The project holds a land position of approximately 22.77 hectares and consists of one concession. The project hosts both gold and silver mineralisation and is set in one of Mexico’s most prominent silver production regions. The Los Pavitos project of the company is located in the Alamos region of southern Sonora State.  The region holds several active exploration and mining projects. The Los Pavitos project holds a land position of approximately 5,289 hectares and consists of one concession namely the Los Pavitos Reducción.

Prismo Metals Inc. announced at the end of October 2022, that it had signed a formal access agreement with the Francisco Villa Ejido, the surface owners of the Los Pavitos project. The access agreement will consist of two years of exploration access, allowing the company to conduct various exploration initiatives including drilling at the project.

The company announced on the 24th of November 2022, that it had signed a non-binding letter of intent (LOI) with Vizsla Silver Corp. The LOI captures the strategic investment by Vizsla Silver Corp. entails the purchase of 4 million units of Prismo Metals Inc. for a total value of CAD$ 2 million. The LOI also entails Vizsla Silver Corp. acquiring a right of first refusal to purchase the Palos Verdes project from Prismo Metals Inc.

Prismo Metals Inc. on the 1st of December 2022, announced assay results from the first five drill holes at its Palos Verdes project. The 2022 exploration drilling program was able to intersect significant mineralisation in all the holes drilled, with the highlights of the assay results including 553 g/t AgEq including 1.02 g/t Au with 1.1 % Pb and 1.4 % Zn over 9 m.

The company plans to conduct 5,000 m of exploration drilling at the Palos Verdes project in January 2023. The planned drilling program will be reviewed by the technical committee formed through the arrangement with Vizsla silver.

Prismo Metals Inc. is also underway with the completion of the initial mapping and sampling program at its Los Pravitos project. The company plans to conduct an initial diamond drilling program at the project, with 3,000 m of drilling planned.

Management

The company is led by Craig Gibson, who serves as the President, CEO and Director of the company. Gibson graduated from the University of Arizona in 1984 with a bachelor's degree in Earth Sciences from where he obtained his master's and PhD in Economic Geology and Geochemistry from the Mackay School of Mines. He is the co-founder of Prospeccion y Desarrollo Minero del Norte, S.A. de C.V. (ProDeMin), which is based in Guadalajara, Mexico. The company serves as a consulting firm providing a broad range of exploration-related services to the mining industry. He is also a director of Garibaldi Resources Inc., a Vancouver-based junior exploration company, a certified geologist and a NI 43-101 Qualified Person.

Carmelo Marrelli is the company's Chief Financial Officer (CFO) and secretary. Marrelli is the principal of the Marrelli Group. The company has been delivering accounting, corporate secretarial and regulatory compliance services to listed companies on various exchanges for over twenty years. Marrelli holds a Bachelor of Commerce degree from the University of Toronto and also acts as the CFO for various TSX, TSX-V and CSE companies.

Jorge Rafael Gallardo-Romero, Jean-François Meilleur, Maria Guadalupe Yeomans Otero, and Louis Doyle are directors of Prismo Metals Inc. Gallardo-Romero has been involved in the mining sector as a consultant geologist for more than 30 years. He also acts as the manager of Mexican exploration for Gainey Capital Inc. and of Minera Goldzone S.A. de C.V. Meilleur is a Managing Partner and co-owner of Paradox Public Relations and P.E. Partners, which specialises in providing strategic advisory, investor relations services and providing development capital to various ventures. Yeomans is a geologist by training and graduated from Universidad de Sonora, Mexico, in 1986. She also holds a master’s degree in Business Administration. She has extensive experience in the mineral sector's administration and legal and commercial relations management. Louis Doyle has more than 30 years of experience in capital markets and the operation of public companies. Doyle served as the Vice-President, Montréal of the TSX Venture Exchange between October 1999 and December 2015. He is currently the Executive Director of Québec Bourse.

Allan Frame is the director of business development for Prismo Metals Inc. and has more than 47 years of experience in investment. Throughout his career, Frame was primarily focused on the mining sector helping companies raise more than CAD$ 100 million throughout his career.

Dr Peter Megaw rounds out the team and serves as an advisor to the company. Megaw is the co-founder of MAG Silver Corp. as well as Minaurum Gold Inc. Megaw has more than 37 years of experience in exploring for silver and gold in Mexico and is a Certified Professional Geologist by the American Institute of Professional Geologists and an Arizona Registered Professional Geologist.

Projects

The asset portfolio of the company consists of its Palos Verdes project and its Los Pavitos project. The Palos Verdes project is located approximately 65 km northeast of Mazatlán, in the municipality of Concordia in the southern part of the state of Sinaloa in northwestern Mexico. The project holds a land position of approximately 22.77 hectares and consists of one concession. The company acquired the Palos Verdes project in May 2019 through an option agreement with ProDeMin. The agreement entails the company having the opportunity to acquire 75% of the project over a period of five years by incurring USD$ 1.5 million in exploration expenditures. Prismo Metals Inc. further entered into an option agreement with the owner of the remaining 25% of the project, enabling it to acquire 100% of the project. The project hosts both gold and silver mineralisation and is set in one of Mexico’s most prominent silver production regions.

The Los Pavitos project of the company is located in the Alamos region of southern Sonora State. The region holds several active exploration and mining projects. The Los Pavitos project holds a land position of approximately 5,289 hectares and consists of one concession namely the Los Pavitos Reducción. The company entered into an ear-in agreement with Minera Cascabel in October 2019, to acquire 100% of the project through incurring USD$ 1.5 million in exploration expenditures over a 5-year period and issuing 2 million common shares of the company to Minera Cascabel as well as paying USD$ 500,000.

Access agreement at the Los Pavitos project.

Prismo Metals Inc. announced at the end of October 2022, that it had signed a formal access agreement with the Francisco Villa Ejido, the surface owners of the Los Pavitos project. The access agreement will consist of two years of exploration access, allowing the company to conduct various exploration initiatives including drilling at the project.

The agreement enables the company to initiate the application process for its drilling permit, which will enable the company to conduct its planned exploration drilling program in 2023. The company was able to conduct an initial mapping and sampling program over the first half of 2022, with the company conducting the sampling program over 75% of the project.

The assay result of the sampling initiatives has been received, with the best results obtained originating at the project’s Las Auras and Santa Cruz areas. The highlights of the assay results include 10.15 g/t of gold as well as 28 g/t of gold.

Strategic Investment by Vizsla Silver Corp.

Prismo Metals Inc. announced on the 24th of November 2022, that it had signed a non-binding letter of intent (LOI) with Vizsla Silver Corp. The LOI captures the strategic investment by Vizsla Silver Corp. entailing the purchase of 4 million units of Prismo Metals Inc. for a total value of CAD$ 2 million. Prismo Metals Inc. will receive CAD$ 500,000 in cash payment as well as CAD$ 1.5 million in shares of Vizsla Silver Corp. The LOI also entails Vizsla Silver Corp. acquiring a right of first refusal to purchase the Palos Verdes project from Prismo Metals Inc.

The highlights of the strategic investment include the shareholders of Prismo Metals Inc. gaining larger exposure to the Pánuco-Copala district via an equity ownership position in Vizsla Silver Corp. The LOI will also entail the formation of a joint technical committee allowing the pursuit of district-scale exploration of the Panuco silver-gold district.

Palos Verdes drilling results and corporate update

Prismo Metals Inc. on the 1st of December 2022, announced assay results from the first five drill holes at its Palos Verdes project. The company announced the commencement of the exploration drilling program on the 18th of August 2022, with the program consisting of more than 2,000 m of drilling at its conclusion.

The 2022 exploration drilling program was able to intersect significant mineralisation in all the holes drilled, with the highlights of the assay results including 553 g/t AgEq as well as 1.02 g/t Au with 1.1 % Pb and 1.4 % Zn over 9 m.

The company also announced that the planned next phase of drilling at the Palos Verdes project will be reviewed by the technical committee formed through the arrangement with Vizsla silver.

The company is also underway with the completion of the initial mapping and sampling program at its Los Pravitos project.

Closing of brokered private placement and future plans

Prismo Metals Inc. on the 12th of December 2022, announced that it had concluded with a brokered private placement, which it previously announced on the 5th of December 2022. The private placement consisted of the issuing of approximately 5.8 million units of the company at CAD$ 0.52 per unit. The gross proceeds of the private placement amounted to approximately CAD$ 3 million.

The proceeds of the private placement will allow the company to continue its drilling endeavours at the Palos Verdes project as well as conclude with the initial mapping and sampling program at the Los Pavitos project. The funds will further enable the company to conduct an initial diamond drilling program at the project, with 3,000 m of drilling planned.

Prismo Metals Inc. further plans to conduct an additional 5,000 m of drilling at its Los Pavitos project, which the company aims to initiate in January 2023.

To find out more, go to the Prismo Metals website