Prismo Metals Closes Strategic Transaction with Blade Resources

Executive Summary

• Prismo Metals completed its previously announced transaction with Blade Resources, receiving 6,755,000 Blade common shares and $185,000 cash, resulting in a ~24% stake in Blade and board representation rights.
• The company provided a drilling update for the Silver King project: Hole SK‑26‑01 reached 477 ft (145 m), intersected mineralized zones with visible silver sulfides; Hole SK‑26‑02 is at 155 ft. Phase 1 plans 1,000 m of diamond drilling across nine holes, fully funded.
• Strategic rationale: leverage Hot Breccia assets via Blade while focusing Prismo’s resources on Silver King and Ripsey Gold; access capital with limited dilution and potential upside for future partners.

Key Details

• Transaction Consideration: 6,755,000 Blade common shares + $185,000 cash (total consideration $2,364,250).
• Resulting Ownership: ~24% of Blade’s issued & outstanding shares; largest single shareholder.
• Board Rights: Prismo may nominate one director to Blade’s board (nominee not yet selected).
• Future Equity Participation: Right to subscribe for Blade equity on the same terms as other investors to maintain ownership percentage.
• Silver King Hole SK‑26‑01: 477 ft (145 m) vertical hole; intersected mineralized body, two small voids near 114 ft level, quartz veining ~100 ft downhole, visible sulfide minerals, native silver confirmed by handheld XRF; minerals include freibergite, stromeyerite, probable acanthite.
• Silver King Hole SK‑26‑02: Currently at 155 ft depth (drilling ongoing).
• Phase 1 Drill Program: Target ~1,000 m of diamond drilling to test upper portion of steeply west‑dipping pipe‑like Silver King mineralized body; nine holes planned; program fully funded.
• Future Drilling Plans: Additional lower‑zone and adjacent target drilling may be added after Phase 1.
• Geological Context: Silver King shares regional framework with nearby Magma Mine (Precambrian–Paleozoic sequence, fault‑controlled mineralization). Silver‑dominant epithermal veins suggest potential for deeper copper styles similar to Magma’s Resolution Copper system.

Notable Quotes

“In our opinion, Hot Breccia is one of the most compelling copper exploration opportunities in North America… We expect this will result in Hot Breccia being drilled this year.” – Alain Lambert, CEO, Prismo Metals

“The first drill hole at Silver King … was successful in traversing the mineralized body as projected from the historic workings…” – Dr. Craig Gibson, Chief Exploration Officer, Prismo Metals