PRIZ:CC - [Video Enhanced} Prismo Metals raises money targets 5000 meter drill program in the heart of Arizona's Copper Belt
(TheNewswire)
Vancouver, BC – TheNewswire - June 13, 2024 – Global Stocks News – OnJune 11, 2024 Prismo Metals (CSE: PRIZ) (OTCQB: PMOMF) updatedthe market with three significant announcements .
1. The company has received commitments for a $1.1 million private placement ofunits at a price of $0.17 per unit.
2. At its Hot Breccia CopperProject (Arizona ), a drillingpermit is expected this month. The upcoming explorationprogram will focus on diamonddrilling five holes with an expected depth of 1,000 metres each .
3. At its Palos Verdes SilverProject (Mexico), there is a plan for a two-phase, 10-hole 3,600- meter drillprogram .
Prismo Metals is a base and preciousmetals company strategically positioned to benefit from the globaltransition to green energy (copper & silver) and thededollarization 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 theholder to purchase one common share or Prismo for two years @ $0.25.
“We are pleased to welcome several new incomingshareholders who will be participating in the PrivatePlacement ,”stated Steve Robertson, President of Prismo Metals .
2. Hot Breccia Copper Project
The Hot Breccia property consists of 1,420 hectares, 227contiguous mining claims located in the world class Arizona CopperBelt between several very well-understood world-class copper minesincluding Morenci, Ray and Resolution .
“At the Hot Breccia property, we're out in the desert and there'snot a lot around except mines and mining towns,” Alain Lambert,Prismo CEO told Guy Bennett, CEO of Global Stocks News (GSN). “Thetwo towns in the area, Hayden (pop. 500) and Winkelman (pop. 290) aresteeped in the history of Arizona mining. It’s a mining friendlycommunity with an experienced workforce.”
“ The anticipated exploration program at Hot Breccia will focuson diamond drilling five holeswith an expected depth of 1,000 metres each , fora program total of 5,000 metres ,” state Robertson in theJune 11, 2024 press release. “We will soon be drilling a veryexciting copper target, located in a favorable jurisdiction.”
The Christmas project 4 kilometers north, is a model for Hot Brecciamineralization. It is associated with intermediate intrusive rocksinto favorable sedimentary rocks. There are historic drill holes from70’s and early 80’s on and near the property.
“The Christmas Mine started production before World War One andoperated 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 aresearching for at Hot Breccia.”
When investors hear “copper” they typically think “Chile”“Australia” or “Peru”, but Arizona, USA is a major copperproducer.
“If Arizona were a country, it would be the seventh largest producerof 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 MiningSurvey , Arizona is the 7 th best mining jurisdiction on the global investmentattractiveness index , which takes into account the impact ofboth policy factors and mineral endowment .
Chile, by contrast, ranks 60 th on the global investment attractiveness index.
The Arizona Copper Belt has attracted some big miningcompanies.
Freeport-McMoRan (NYSE: FCX) – a $70 billion global resource companyheadquartered in Arizona operates theMorenci Mine which employs 3,760 workers, with a direct economic impact to the state of $691million .
The Morenci Mine is a porphyry copper deposit that has oxide, primaryand secondary sulfide mineralization.
Prismo’s project, Hot Breccia shows many features incommon with the neighboring systems of Morenci , Ray and Resolution .
On March 4, 2024 Prismo announced that it is engaging ExplorationTechnologies from San Diego, California toapply xFlare, their Artificial Intelligence (AI)-Optimized drillplanning solution, to the Hot Breccia Project where a number offeatures suggests well mineralized Arizona-style Copper Porphyry lies at depth.
Prismo ran a ZTEM survey last year that identified alarge conductive anomaly directly beneath the breccia outcrops. Prismo expects xFlare’s AI technology to zero in on where and atwhat 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, mildlyconductive zones are not going to show up. That’s good for us. We'relooking for big anomalies.”
3. At Palos Verdes Silver Project (Mexico), a plan fora two-phase, 10-hole 3,600- meter drill program .
The planned drill holes at Palos Verdes will be drilled from VizslaSilver Corp (TSXV: VZLA) concessions, adjacent to the Palos Verdesconcession and will target the Palos Verdes vein at depth,” statesPRIZ in the June 11, 2024 PR.
The project is located in the historic Pánuco-Copalasilver-gold district in southern Sinaloa, Mexico, approximately 65kilometers NE of Mazatlán, Sinaloa, in the Municipality ofConcordia.
The Palos Verdes concession (claim) covers 700 metersof strike length of the Palos Verdes vein. The mineralization isopen in all directions and the currently planned drilling program isdesigned to follow it along strike and to depth.
“ Immediately following closing of the Private Placement, wewill mobilize our drilling crew at our Palos Verdes for our next phaseof drilling,” stated Craig Gibson, Prismo Co-Founder and ChiefExploration Officer, “ These holes will targetthe Palos Verdes vein at depth.”
The Company completed its third drill campaign last year with 2,923meters drilled in 15 holes with high grade mineralization encounteredin several holes.
Assays included hole PV-23-25 with 102 g/t gold , 3,100 g/tsilver and 0.26% zinc over 0.5 meters, or 11,520 g/t silver equivalent.
Prismo Metals recently gave apresentation at the Deutsche Goldmesse conference in Germany, hostedby Soar Financial Partners.
“The Arizona Copper Belt is one of the most productive copper beltson the face of the planet,” Robertson told the conference attendeesin Frankfurt. “We're surrounded by world class deposits.”
“One hundred kilometers to the east of our property, is Morenciwhich has a 75-billion-pound copper endowment,” continued Robertson,“Forty kilometers to the north is Resolution which has 1.6 billiontons of 1.6% Copper. Morenci and Resolution are important to thethesis driving our exploration objectives at Hot Breccia.”
The global industrial shift towards renewable energy,electric vehicles, and the burgeoning AI sector has boosted copper'sdemand outlook.
“Copper is the most compelling trade I have ever seenin my 30-plus years of doing this," stated Carlyle chief strategy officer,Jeff Currie . The price of copper has risen20% in 2024. Currie expects it to reach $15,000 a ton in the nextcouple of years, about a 45% gain.
“S&P Global forecasts that copper demand willdouble, reaching 50 million metric tons by 2035,” reports Euro News on May 15,2024 . “The most significant demands areexpected to emanate from the US, China, Europe, and India.”
Prismo’s Hot Breccia Copper Project in Arizona isdesigned 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
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