On June 11, 2024 Prismo Metals (CSE: PRIZ) (OTCQB: PMOMF) updated the market with three significant announcements.
1. The company has received commitments for a $1.1 million private placement of units at a price of $0.17 per unit.
2. At its Hot Breccia Copper Project (Arizona), a drilling permit is expected this month. The upcoming exploration program will focus on diamond drilling five holes with an expected depth of 1,000 metres each.
3. At its Palos Verdes Silver Project (Mexico), there is a plan for a two-phase, 10-hole 3,600- meter drill program.
Prismo Metals is a base and precious metals company strategically positioned to benefit from the global transition to green energy (copper & silver) and the dedollarization of international currencies (gold).
1. Non-Brokered Private Placement
Prismo received commitments for 6,500,000 units @ $0.17 per Unit for gross proceeds of $1,105,000 expected to be finalized on or around June 18, 2024.
Each Unit comes with a half-warrant. Each whole warrant entitles the holder to purchase one common share or Prismo for two years @ $0.25.
“We are pleased to welcome several new incoming shareholders who will be participating in the Private Placement,” stated Steve Robertson, President of Prismo Metals.
2. Hot Breccia Copper Project
The Hot Breccia property consists of 1,420 hectares, 227 contiguous mining claims located in the world class Arizona Copper Belt between several very well-understood world-class copper mines including Morenci, Ray and Resolution.
“At the Hot Breccia property, we’re out in the desert and there’s not a lot around except mines and mining towns,” Alain Lambert, Prismo CEO told Guy Bennett, CEO of Global Stocks News (GSN). “The two towns in the area, Hayden (pop. 500) and Winkelman (pop. 290) are steeped in the history of Arizona mining. It’s a mining friendly community with an experienced workforce.”
“The anticipated exploration program at Hot Breccia will focus on diamond drilling five holes with an expected depth of 1,000 metres each, for a program total of 5,000 metres,” state Robertson in the June 11, 2024 press release. “We will soon be drilling a very exciting copper target, located in a favorable jurisdiction.”
The Christmas project 4 kilometers north, is a model for Hot Breccia mineralization. It is associated with intermediate intrusive rocks into favorable sedimentary rocks. There are historic drill holes from 70’s and early 80’s on and near the property.
“The Christmas Mine started production before World War One and operated until 1982, with a small smelter on the property,” Robertson told GSN. “It produced 25 million tonnes of 1.5% copper. Christmas is a good indicator of the type of mineralization we are searching for at Hot Breccia.”
When investors hear “copper” they typically think “Chile” “Australia” or “Peru”, but Arizona, USA is a major copper producer.
“If Arizona were a country, it would be the seventh largest producer of copper in the entire world,” states the Arizona Mining Association.
There are 10 major copper mines in production in Arizona. About 75% of US copper output comes from The Grand Canyon State.
According to the 2023 Fraser Institute Mining Survey, Arizona is the 7th best mining jurisdiction on the global investment attractiveness index, which takes into account the impact of both policy factors and mineral endowment.
Chile, by contrast, ranks 60th on the global investment attractiveness index.
The Arizona Copper Belt has attracted some big mining companies.
Freeport-McMoRan (NYSE: FCX) – a $70 billion global resource company headquartered in Arizona operates the Morenci Mine which employs 3,760 workers, with a direct economic impact to the state of $691 million.
The Morenci Mine is a porphyry copper deposit that has oxide, primary and secondary sulfide mineralization.
Prismo’s project, Hot Breccia shows many features in common with the neighboring systems of Morenci, Ray and Resolution.
On March 4, 2024 Prismo announced that it is engaging Exploration Technologies from San Diego, California to apply xFlare, their Artificial Intelligence (AI)-Optimized drill planning solution, to the Hot Breccia Project where a number of features suggests well mineralized Arizona-style Copper Porphyry lies at depth.
Prismo ran a ZTEM survey last year that identified a large conductive anomaly directly beneath the breccia outcrops. Prismo expects xFlare’s AI technology to zero in on where and at what depth to drill.
“ZTEM gives you a clear window into what’s going on at depth,” Robertson told GSN. “It’s also an economic filter. Small, mildly conductive zones are not going to show up. That’s good for us. We’re looking for big anomalies.”
3. At Palos Verdes Silver Project (Mexico), a plan for a two-phase, 10-hole 3,600- meter drill program.
The planned drill holes at Palos Verdes will be drilled from Vizsla Silver Corp (TSXV: VZLA) concessions, adjacent to the Palos Verdes concession and will target the Palos Verdes vein at depth,” states PRIZ in the June 11, 2024 PR.
The 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. The mineralization is open in all directions and the currently planned drilling program is designed to follow it along strike and to depth.
“Immediately following closing of the Private Placement, we will mobilize our drilling crew at our Palos Verdes for our next phase of drilling,” stated Craig Gibson, Prismo Co-Founder and Chief Exploration Officer, “These holes will target the Palos Verdes vein at depth.”
The Company completed its third drill campaign last year with 2,923 meters drilled in 15 holes with high grade mineralization encountered in several holes.
Assays included hole PV-23-25 with 102 g/t gold, 3,100 g/t silver and 0.26% zinc over 0.5 meters, or 11,520 g/t silver equivalent.
Prismo Metals recently gave a presentation at the Deutsche Goldmesse conference in Germany, hosted by Soar Financial Partners.
“The Arizona Copper Belt is one of the most productive copper belts on the face of the planet,” Robertson told the conference attendees in Frankfurt. “We’re surrounded by world class deposits.”
“One hundred kilometers to the east of our property, is Morenci which has a 75-billion-pound copper endowment,” continued Robertson, “Forty kilometers to the north is Resolution which has 1.6 billion tons of 1.6% Copper. Morenci and Resolution are important to the thesis driving our exploration objectives at Hot Breccia.”
The global industrial shift towards renewable energy, electric vehicles, and the burgeoning AI sector has boosted copper’s demand outlook.
“Copper is the most compelling trade I have ever seen in my 30-plus years of doing this,” stated Carlyle chief strategy officer, Jeff Currie. The price of copper has risen 20% in 2024. Currie expects it to reach $15,000 a ton in the next couple of years, about a 45% gain.
“S&P Global forecasts that copper demand will double, reaching 50 million metric tons by 2035,” reports Euro News on May 15, 2024. “The most significant demands are expected to emanate from the US, China, Europe, and India.”
Prismo’s Hot Breccia Copper Project in Arizona is designed meet future copper demand.
Disclaimer: Prismo Metals paid GSN CND $1,500 for the research, creation and dissemination of this content.
Contact: guy.bennett@globalstocksnews.com