Prismo Metals Announces Private Placement and Ripsey Gold Project Overlimit Silver Assay Results
Executive Summary
- Prismo Metals Inc. announced a non‑brokered private placement of 12.5 million units at $0.10 per unit, targeting minimum gross proceeds of $1.25 M.
- Net proceeds will be used primarily to fund an initial ≥1,000 m drill program at the Silver King project in Arizona and for general corporate purposes.
- Over‑limit silver assay results from the Ripsey vein were disclosed, showing high grades (132–224 g/t Ag) across multiple samples, confirming the high‑grade nature of that mineralization.
Key Details
- Private Placement Structure
- Units: 12.5 M total; each Unit = 1 common share + ½ common share purchase warrant.
- Issue price: $0.10 per Unit → minimum gross proceeds $1,250,000.
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Warrant terms: Exercise price $0.175, term 36 months, accelerated expiry if CSE price ≥ $0.25 for ten consecutive days (expiry then 30 days after news release).
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Use of Proceeds
- Primary: drilling at Silver King – first phase ≥1,000 m planned.
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Secondary: general corporate purposes.
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Drilling Program Overview
- Plan submitted to Arizona Forest Service (Aug 2025).
- First‑phase focus: upper half of steeply dipping pipelike mineralized body and adjacent dense stockwork.
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Potential follow‑up drilling to test additional targets, including a polymetallic vein.
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Existing Securityholder Exemption
- Available to shareholders as of 2025‑10‑18; max CAD 15,000 investment per 12‑month period unless suitability advice obtained.
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Pro‑rata adjustments if subscriptions exceed placement size.
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Holding Period & Restrictions
- Four‑month hold period from closing date under Canadian securities laws.
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Units not registered in the U.S.; cannot be offered or sold to U.S. persons absent exemption.
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Finder’s Fees
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Company may pay eligible finders, subject to applicable regulations and CSE policies.
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Ripsey Gold Project – Over‑limit Assay Results (Announced Oct 16 2025)
- Four samples reported Ag grades ranging from 132 g/t to 224 g/t.
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Sample highlights:
- Sample 544104 (East tunnel) – 214 g/t Ag, 14.7 g/t Au.
- Sample 544106 – 132 g/t Ag, 3.14 g/t Au.
- Sample 544107 – 223 g/t Ag, 3.05 g/t Au.
- Sample 544112 (Main shaft) – 148 g/t Ag, 14.6 g/t Au.
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Qualified Person
- Dr. Craig Gibson, PhD, CPG – Chief Exploration Officer and director – reviewed and approved technical disclosures.
Notable Quotes
“This first phase is designed to test the upper half of the steeply dipping pipelike Silver King mineralized body… The discovery of the two mineralized veins and porphyry style mineralization has resulted in Prismo evaluating a larger drill program to test those targets.” – Dr. Craig Gibson, Chief Exploration Officer
“We have also received the over‑limit assays for silver for four samples from the Ripsey mine, which range from 132 to 224 g/t Ag… confirming the high‑grade nature of the mineralization along the Ripsey vein.” – Dr. Craig Gibson