Prismo Metals drills 11,520 g/t AgEq over 0.5 metres at Palos Verdes, Mexico

Prismo Metals Inc. [PRIZ-CSE; PMOMF-OTCQB] reported results from seven drill holes targeting the Palos Verdes vein on the property of the same name located in the Panuco district in Mexico.

Highlights: PV-23-25 intersected 11,520 g/t AgEq (silver equivalent) over 0.5 metres (3,100 g/t Ag, 102 g/t Au and 0.26% Zn). This intercept is part of a wider mineralized interval with 4,311 g/t AgEq over 1.35 metres (1,157 g/t Ag, 38 g/t Au and 0.1% Zn).

A second interval higher in the hole yielded 512 g/t AgEq over 0.3 metres (384 g/t Ag, 1.36 g/t Au and 0.27% Zn).

Hole PV-23-24 intercepted 1,234 g/t g/t AgEq over 0.7 metres (60 g/t Ag, 11.9 g/t Au and 3.9% Zn). This interval is within a wider 2.6-metre interval with 384 g/t AgEq (32 g/t Ag, 3.3 g/t Au and 1.57% Zn).

A second interval higher in the hole yielded 302 g/t AgEq over 1.2. metres (95 g/t Ag, 1.84 g/t Au and 1.2% Zn).

Hole PV-23-20 intercepted 189 g/t g/t Ag Eq over 0.9 metres (58 g/t Ag and 1.58 g/t Au) and is the first mineralized intercept in the northeastern portion of the concession.

The company is conducting a 2,500-metre drill program at the property, which is contiguous to the Panuco silver-gold project of Vizsla Silver Corp. [VZLA-TSXV, NYSE; 0G3-FSE]. The Palos Verdes vein originates on Vizsla’s concession to the south-west of the Palos Verdes concession and has 750-metere of strike length on Prismo’s ground.

“We are excited to report these high-grade mineralization intercepts at Palos Verdes. What makes these results even more significant is that they come from drill sites that were not previously accessible for drilling,” said Dr. Craig Gibson, President and CEO. “Previous drilling in the southwest portion of the vein had intersected high-grade mineralization with the best intercept of 2,336 g/t silver and 8.42 g.t gold over a true width estimated at 0.8 metres within a larger mineralized interval with 1,098 g/t silver and 3.75 g/t gold over a true width of 2.3 metres.”

Dr. Gibson added, “Holes 24 and 25 were drilled underneath the body of mineralized vein defined by our previous drill campaigns and have further extended the zone of high-grade mineralization. Holes drilled near the northeastern limit of the concession and vein outcrop seem to confirm the interpretation that this area has been down-dropped along the northwesterly striking fault zone that crosses the center of the Palos Verdes concession, and provides information that will allow targeting by deeper drilling.”

“Given the encouraging results announced today, Prismo will shortly be finalizing plans to at least double the number of meters of drilling at Palos Verdes,” said Alain Lambert, Executive Chairman of Prismo. “Any decision we make will include the advice and recommendations of the Joint Technical Committee formed as part of the strategic investment completed by Vizsla in January. The Joint Technical Committee is comprised of our CEO, Vizsla’s VP Exploration Jesus Velador and Dr. Peter Megaw.”

“The results announced today by Prismo clearly reaffirm the great potential of the Panuco district. Of particular interest is that the multiple high-grade mineralized intercepts announced are from the northeast part of the district where little exploration has been conducted by Vizsla to date, paving the way to potential discoveries,” said Micheal Konnert, President and CEO of Vizsla Silver. “Vizsla owns a right-of-first-refusal on the Palos Verdes project. We look forward to the recommendations of the Joint Technical Committee and seeing Prismo expand its exploration footprint in this promising part of the Panuco district.”

Prismo started the current drill program at the northeastern portion of the surface exposure of the Palos Verdes vein where it is believed that the mineralization has been offset downward. The first holes also target hangingwall splits off of the main vein.

Further drilling is planned to offset this intercept and determine the orientation of the vein. Several additional holes are planned to explore the gap in drilling along the southwester portion of the Palos Verdes vein between 13 and 15.

The company granted 815,000 incentive stock options, 525,000 stock appreciation rights (the SARs), and 525,000 restricted share units (the RSUs) to certain directors, officers, and consultants of the company subject to certain vesting requirements. Each Option is exercisable upon vesting into one common share of the company at a price equal to the greater of $0.285 and the closing market price of the company’s shares on the CSE on July 28, 2023 for five years from July 27, 2023.