Prismo Metals Announces Assay & IP Results at Silver King
Executive Summary
- Assay results from the Black Diamond replacement target show high‑grade copper (several samples > 1 % Cu, two > 5 % Cu) and anomalous gold.
- Crown porphyry intrusion samples reveal significant gold values in vein material (4–5 g/t Au) and elevated lead, zinc, and silver.
- The company completed an upsized second closing of its private placement, issuing 1.65 M units at $0.10 per unit for gross proceeds of $165,000, bringing total raised to $1.91 M; proceeds will fund drilling at Silver King.
Key Details
- Black Diamond Target – Copper Assays
- Sample 544572: 0.18 % Cu (width 1.5 m)
- Sample 544575 (historic adit 3): 5.56 % Cu (width 0.5 m)
- Sample 544578 (historic adit 1): 6.02 % Cu (width 0.8 m)
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Two samples exceed 5 % Cu, confirming high‑grade mineralization.
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Black Diamond – Gold Anomalies
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Samples show Au up to 1.08 g/t; most are sub‑0.1 g/t but indicate gold presence.
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Crown Porphyry Intrusion – Gold Vein Material
- Sample 544591: 5.19 g/t Au, 46.44 g/t Ag (width 1.0 m)
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Sample 544592: 4.06 g/t Au, 13.97 g/t Ag (width 1.0 m)
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Crown – Base Metal Assays
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Lead up to 0.21 % Pb, Zinc up to 0.11 % Zn, Silver up to 46.44 g/t Ag in gold‑bearing samples.
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IP Survey Findings
- Low resistivity anomalies associated with Black Diamond replacement body and a central east‑west trend suggesting structural control similar to the Magma vein.
- Chargeability anomalies linked to disseminated sulfides and stockwork intrusion, identifying additional porphyry targets.
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Follow‑up pole‑dipole survey planned for December to refine shallow–deep anomalies.
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Drilling Plans
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Fully funded drill program targeting historic Silver King mine area; minimum 1,000 m of drilling to test upper half of steeply dipping mineralized body and adjacent stockwork zones.
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Financing – Second Tranche Private Placement
- Units issued: 1,650,000 (price $0.10 per unit) → Gross proceeds $165,000.
- Total aggregate gross proceeds to date: $1,910,000 (including first closing of $1,745,000).
- Each Unit = 1 common share + 1 warrant (exercise price $0.175, 36‑month term).
- Finder’s Warrants: 68,000 issued; exercise price $0.10, 24‑month term.
- Finder commissions paid: $6,800; financial advisor cash fee: $2,000.
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Net proceeds earmarked primarily for Silver King drilling and general corporate purposes; additional subscriptions expected (~$125,000).
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Regulatory & Compliance
- Units subject to a four‑month hold period under Canadian securities law.
- Securities not registered in the U.S.; offering restricted to non‑U.S. persons.
Notable Quotes
- “The results announced today confirm the vast exploration potential at Silver King… our immediate priority is to undertake our fully funded drill program.” – Alain Lambert, CEO
- “We are pleased with the steady progress on the permitting front… the collaboration of Forest Service officials demonstrates a clear commitment to supporting mining activities in Arizona.” – Alain Lambert, CEO
All assay data were generated by SGS (Tempe, AZ preparation; Burnaby lab analysis) and reviewed/approved by Dr. Craig Gibson, PhD, CPG, Qualified Person.