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Prismo Primed With Recent Deal and Ready to Drill New Property

On the back of a recent $3.1-million financing, a $2-million strategic investment by Vizsla Silver Corp., and property acquisition, Prismo Metals Inc. (CSE: PRIZ | OTCQB: PMOMF) is set to explore and deliver a busy summer of news.  The company is ready to put the money to work.

First off, the company recently signed a definitive agreement with Infinitum Copper  Corp. (TSX-V: INFI | OTCQB:INUMF) to acquire a 75-per-cent interest in the Hot Breccia porphyry copper-skarn project located in the Arizona copper belt, which is home to some of the largest copper deposits in the world.

The project comprises 227 mining concessions that lie about four kilometres from the historic Christmas mine, which recorded production of about 481.6 million pounds of copper from 20.2 million tons at a grade of 1.2% copper (Cu) plus significant amounts of gold and silver.

The Hot Breccia property could contain high-grade skarn mineralization similar to that originally mined at the Christmas mine, and the historical information is being used by the company only to plan and guide future exploration.

Kennecott drilled seven holes from 1972 to 1981, and Phelps Dodge drilled two holes on and near the current property in the same era. Although the data are not complete and not National Instrument 43-101 compliant, several intercepts of high-grade mineralization were reported as detailed below.

Kennecott reported highlights:

  • OC-1: 77 feet with 0.54% copper at 2,100 feet;
  • OCC-7: 60 feet of 1.4% Cu, 4.6% zinc at 2,900 feet;
  • OCC-8: 25 feet with 1.73% Cu and 0.11% Zinc (Zn) at 2,305 feet and 15 feet with 1.4% Cu and 0.88% Zn at 2,350 feet.

Phelps Dodge drill hole PD 2 reported:

  • 1,270 feet of variably mineralized skarn with several intercepts over 1% Cu and a high of 3.16% Cu.

Dr. Craig Gibson, president and chief executive officer of Prismo, stated: "This acquisition agreement gives Prismo exposure to a copper system in the world-class Arizona copper belt with possible precious metal values. We anticipate beginning exploration work at the project quickly and expect to be drilling before the end of the year. Prismo has enough cash on hand to meet property payments and minimum exploration expenditures on all its projects, including Hot Breccia, through 2024."

Vizsla Silver Corp. (TSX-V: VZLA, NYSE: VZLA) acquired the right of first refusal to purchase the Palos Verdes project from Prismo and acquire four million units of Prismo for $2-million in cash and shares. 

The Palos Verdes concession sits in the eastern area of Vizsla's Panuco district and sits along 700 metres of strike length of the Palos Verdes vein, part of the northeasterly trending vein family located in the eastern part of the district outside of the area of modern exploration. 

Prismo completed shallow drilling in 2018 at Palos Verdes which targeted 30 to 50 metres beneath surface outcrops. Drills hit a well-mineralized vein two to seven metres wide with high-grade precious metal values. This mineralization remains open in all directions and the company plans to drill this.

In September 2022, the company announced results from a wide vein structure with the best being 2,336 grams per tonne (g/t) silver (Ag) and 8.42 g/t Au over a true width estimated at 0.8 metre within a larger mineralized interval with 1,098 g/t Ag and 3.75 g/t Au over a true width of 2.3 metres.

Panuco hosts an estimated in situ indicated mineral resource of 61.1 million ounces (Moz) silver equivalent (AgEq) and an in situ inferred resource of 45.6 Moz AgEq., according to a National Instrument 43-101 technical report filed on SEDAR on April 7, 2022.

In addition to its Palos Verdes project, the company announced that it has received a drill permit for its Los-Pavitos project located in the well-mineralized Alamos region of southern Sonora state, Mexico. The permit allows for the construction of as many as 23 trenches and 30 drill sites. The company is exploring for a multi-million ounce high grade gold deposit.

"We are very pleased to receive the environmental permit that will allow the first-ever drill program to be conducted at Los Pavitos," said Dr. Craig Gibson, president and chief executive officer of the company. "We are looking forward to being able to construct trenches across mineralized structures in our ongoing program for target generation, and to subsequently drill test the mineralized structures."

The Los Pavitos project comprises a 5,289-hectare concession located in the well mineralized Alamos region of southern Sonora State that lies 25 kilometers west of the well-mineralized Alamos District, which hosts several active exploration and mining projects, including the past producing Pan American Silver’s Alamo Dorado mine, the Piedras Verdes copper mine of Cobre de Mayo and Minaurum Gold’s Alamos and Aurifero vein exploration projects. 


The region’s infrastructure is well developed with paved highway access, electricity and water. Rafael Gallardo started the project, which was acquired from Minera Cascabel, a Mexican exploration and services company founded by Dr. Peter Megaw, a legend in silver exploration in Mexico. 

Prior to the permitting, Prismo released assays for 277 samples. The best results are from the Santa Cruz target area, which yielded several gold assays above 5 g/t over widths of 0.20 to 1 meter. The best target shows 20.3 g/t gold (Au) over 0.6 meters. At least six other target areas have been identified for additional detailed work to develop drilling targets for later this year. 

Drilling permits are in process and drilling is expected to begin in Q2 2023. This work is being funded in part by the recent success at its other Mexican property, the Palos Verdes silver project and a healthy financing for exploration.

Prismo Trading Under Recent Financings

With two prospective properties and one property attracting acquisition, Prismo has the catalysts to drive value in the market. The company listed just under 12-months ago and has gone from sub 16 cents to a high of 76 cents and recently settled around 40 cents. The company has 39,671,729 shares outstanding. The company has multiple options to build value through further discovery.


Not too many months ago the company completed a financing and a strategic investment by Vizsla Silver, above the current market quoted price. A pretty tight and attractive share structure, funded and advancing their projects forward, Prismo looks favorable from both a market price risk/reward perspective and from adding value through exploration and discovery in the coming quarters.

The company is well positioned to excite the market with a busy season ahead with news flow and a junior exploration market that has started to see renewed interest with precious metals prices rising and Copper recovering from its 2022 sell-off. I believe this relatively new, and undiscovered, exploration gem will start receiving recognition and respect by the market soon. I have been accumulating a position down at these levels.

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To continue your research and learn more about Prismo Metals, please visit

This report’s analysis was produced with the work of Nicholas LePan,

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Disclosure: employees own shares of Prismo Metals Inc. and the company is a sponsor of this website.

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