PRIZ.CN · 2021-02-16 12:00:00

2021-02-16 Press release - drilling results

Drill Results

Prismo Metals Reports Results from Palos

Verdes Vein Drilling

Includes 315 g/t (10 oz/T) silver with 0.46 g/t Au over 0.5m

Vancouver, British Columbia--(Newsfile Corp. - February 16, 2021) -

Prismo Metals Inc. (CSE:

PRIZ) (the "

Company

" or "

Prismo

") is pleased to provide results from its initial five hole, 573m shallow-

level diamond drilling program carried out on its 100% owned

Palos Verdes project, located in the

famous Panuco-Copala Mining District in Concordia Municipality of Sinaloa, State, Mexico. The

program was designed to test the nature and continuity of mineralization below and lateral to historic

shallower-level reconnaissance drilling (See Press Release of 9/30/2020) and to test a newly inferred

cross-vein.

To date, drilling geometry has been constrained by working off existing roads that are too close to the

vein to allow drilling to desired depths. Permitting

for drilling off new roads in more ideal locations is

underway. This will not only allow drilling lateral to the high-grade intercepts from earlier drilling, but also

drilling deeper in the vein system, a strategy that has been successful in other veins in the district.

All five holes cut mineralized vein ranging from weakly anomalous to the best hole (PV-06) which cut vein

breccia and stockwork over 3.2 m (estimated true width) grading 69 g/t Ag, 0.13 g/t Au and negligible

Base Metals,

including a 0.5 m (ETW) sulfide-rich zone

grading

315 g/t (10 oz/T) silver and

0.46

g/t gold with negligible base metals.

(See Table 1 for results and

https://prismometals.com/project/the-palos-verdes-property

for maps and

sections).

All four of the Palos Verdes vein holes intersected the vein between about 75 and 100m below the

surface and in all cases the vein structure showed multiple discrete quartz vein stages lacing between

breccia fragments showing distinctly differing mineralogy. Selective sampling of three discrete vein

stages in surface exposures (Table 2) shows two extremes:

1. A precious metals-rich stage that

reported 18 g/t Au, 1468 g/t Ag

, 1.73 % Cu, 2.93% Pb and 10.1% Zn over 0.3m; and 2.

A base

metals-rich stage

that reported 0.16 g/t Au, 110 g/t Ag, 0.2 % Cu,

9.2% Pb and 23.8% Zn.

A similar

variation is observed in individual samples from the drill holes as can be seen in Table 1.

Hole PV-20-07 was the first ever test of a clay altered shear zone that cuts across the Palos Verdes

concession in a northwest orientation, and that hosts the inferred "Northwest Vein", which Prismo

geologists recognized by tracing isolated outcrops of massive, banded and brecciated quartz vein

material.

Hole PV-20-07 cut this shear zone obliquely near its intersection with the Palos Verdes vein

and intersected a wide brecciated and sheared interval containing anomalous precious and base metals

values but was not drilled at an orientation that allowed testing of the Northwest Vein.

"So far, all the drilling in the Palos Verdes vein has been very shallow and these new results, combined

with older data, reveal the sort of variability of width and grade that we expect to see in the very top of

veins in this district. This supports our interpretation that we are well above any coherent Bonanza-grade

zones in the system and we are very eager to trace the Palos Verdes vein to greater depths and along

strike," said Dr. Craig Gibson, President and CEO of the Company. "We are also pleased to have

confirmed the suspected Northwest vein and look forward to including it in our next campaign as we

trace both veins to depth, hopefully into more consistent widths and grades."

Table 1.

Drill results for all Prismo and previously drilled holes at the Palos Verdes Project

Hole

From

(m)

Width

(m)

Est True

width (m)

(g/t)

Ag (g/t)

(%)

ProDeMin holes (previously

released)

PV-01

23.90

28.80

4.90

4.2

0.89

0.21

0.30

2.63

PV-02

40.35

48.70

8.35

5.5

1.69

474

0.54

1.09

3.84

incl.

45.25

48.70

3.45

2.3

3.75

1098

0.67

1.99

3.00

incl.

46.55

47.70

1.15

0.8

8.42

2336

0.27

1.72

2.46

PV-03

31.30

40.65

9.35

7.0

1.45

0.05

0.11

1.04

incl.

39.55

40.65

1.10

0.8

12.15

0.26

0.53

5.01

PV-04

55.45

59.00

3.55

3.0

0.12

0.31

0.12

0.74

PV-05

54.25

57.40

3.15

2.0

0.25

0.06

0.32

0.62

Prismo holes

PV-06

70.55

75.85

5.3

3.2

0.13

0.14

0.12

0.29

75.00

75.85

0.85

0.5

0.46

317

0.12

0.09

0.21

PV-07

32.40

34.20

1.8

0.01

0.35

0.24

0.47

PV-08

92.70

96.05

3.35

2.5

0.24

0.09

0.19

0.58

92.70

93.65

0.95

0.7

0.55

0.24

0.61

1.21

PV-09

87.10

88.95

1.85

1.3

0.73

0.19

0.61

3.89

PV-10

125.30

126.50

1.20

0.9

0.03

0.06

0.03

1.4

Data for holes PV-01 to PV-05 was included in a news release of September 30, 2020.

True width of the intercept in hole PV-07 unknown.

Table 2. Assays for samples of the Palos Verdes and Northwest veins, Palos Verdes project.

Sample

Width

Description

g/t

Palos Verdes Vein

Sulfide bands (

from

the Palos Verdes

tunnel portal area)

58954

0.10

Sulfide rich vein

with little gangue.

0.08

67.0

0.43

0.82

15.50

58955

0.15

Sulfide rich vein

with 10% quartz.

0.16

111.5

0.19

9.20

23.80

58956

0.30

Sulfide rich band in

1m quartz vein

18.10

1,468.5

1.73

2.93

10.10

Tunnel*

465801

0.50

Half of vein, quartz

with sulfide band

6.17

0.15

1.12

1.62

465833

1.10

Quartz vein breccia

with rock fragments

0.09

0.13

0.26

0.28

465834

0.60

Fault breccia with

fragments of quartz

0.34

0.01

0.16

465835

1.80

Vein breccia with

galena and

chalcopyrite

0.02

0.03

0.02

0.05

465836

1.30

Vein breccia with

sphalerite and

galena

6.71

544

0.06

0.08

0.13

vein

Prismo samples (one vein exposure)

58951

0.70

Quartz vein

breccia, iron oxide

and pyrite

0.03

0.05

58952

0.70

Quartz vein breccia

with fine gray

sulfides

0.06

0.11

0.06

58953

1.10

Quartz vein

breccia, hematite

and jarosite

0.02

0.01

Older samples*

465817

0.60

Banded quartz

vein, traces of

pyrite

0.11

0.03

465837

2.30

Quartz vein, traces

of galena

0.11

0.01

0.11

0.19

*Samples from the Palos Verdes tunnel and the older samples of the NW vein were taken by ProDeMin

in 2017.

Table 3: Drill hole data for the Prismo December 2020 Palos Verdes drill program.

Hole

Date

Easting

Northing

Elev.

Azim

Incl

Depth

Start

End

PV-20-06

3-Dec-20

6-Dec-20

413,767

2,593,146

1,207

330

-75

101.40

PV-20-07

6-Dec-20

9-Dec-20

413,768

2,593,146

1,207

355

-60

104.40

PV-20-08

10-Dec-

15-Dec-

413,765

2,593,098

1,208

345

-60

125.40

PV-20-09

15-Dec-

19-Dec-

413,764

2,593,099

1,208

330

-50

107.40

PV-20-10

20-Dec-

23-Dec-

413,597

2,592,994

1,240

-55

134.40

*Coordinates in UTM WGS84, surveyed with a handheld GPS (Garmin eTrex 30x), orientation with a

handheld Brunton compass.

About Palos Verdes

The Palos Verdes project lies at the eastern, and topographically highest end of the historic Pánuco-

Copala silver-gold district in southern Sinaloa, Mexico, approximately 65 kilometers NE of Mazatlán,

Sinaloa, in the Concordia Municipality. The Palos Verdes vein is a member of the important north-

easterly trending vein family, which provided much of the district's historic production. The Palos Verdes

concession (claim) covers 700 meters of strike length of the vein outside of the area of modern

exploration. Shallow drilling conducted in 2018 on the Palos Verdes Vein was targeted 30 to 50 meters

beneath largely barren vein outcrops and cut a well-mineralized multistage vein two to seven metres

wide with narrow intervals of high-grade precious metal values and subordinate base metals (

see

table

of intercepts at www.prismometals.com).

This mineralization is open in all directions the planned drilling

program is designed to follow it along strike and to depth.

About Prismo

Prismo is engaged in mineral exploration and the acquisition of mineral property assets in Mexico. The

Company has an option to acquire a 100% interest in the Palos Verdes Property, which lies within the

historic high-grade silver-gold Pánuco-Copala Mining District in northwestern Mexico where Vizsla

Resources Corp. have reported considerable success recently.

The company also has an option to

acquire a 100% interest in the Los Pavitos property, located in the well mineralized Alamos region of

Sonora.

For more information, please refer to the Company's prospectus dated September 8, 2020 available on

SEDAR (

www.sedar.com

Qualified Person

Dr. Craig Gibson, Ph.D., the President and Chief Executive Officer of the Company, a Qualified Person

under NI 43- 101 -

Standards of Disclosure for Mineral Projects

, has prepared and approved the

technical content of this release.

On Behalf of the Board of Directors

Craig Gibson

Chief Executive Officer, President and Director

For further information, please contact:

Jason Frame

Investor Relations

(587) 225-2599

[email protected]

Cautionary Statement Regarding Forward-Looking Information

This news release includes certain forward-looking statements and forward-looking information

(collectively, "

forward-looking statements

") within the meaning of applicable Canadian securities

legislation. All statements, other than statements of historical fact, included herein including, without

limitation, statements regarding future capital expenditures, anticipated content, commencement, and

cost of exploration programs in respect of the Company's projects and mineral properties, anticipated

exploration program results from exploration activities, resources and/or reserves on the Company's

projects and mineral properties, and the anticipated business plans and timing of future activities of the

Company, are forward-looking statements. Although the Company believes that such statements are

reasonable, it can give no assurance that such expectations will prove to be correct. Often, but not

always, forward looking information can be identified by words such as "will", "pro forma", "plans",

"expects", "may", "should", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates",

"believes", "potential" or variations of such words including negative variations thereof, and phrases that

refer to certain actions, events or results that may, could, would, might or will occur or be taken or

achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors

which may cause the actual results, performance or achievements of the Company to differ materially

from any future results, performance or achievements expressed or implied by the forward-looking

statements. Such risks and other factors include, among others, statements as to the anticipated

business plans and timing of future activities of the Company, including the Company's option to acquire

a 75% interest in and to the Palos Verdes Property, the proposed expenditures for exploration work

thereon, the ability of the Company to obtain sufficient financing to fund its business activities and plans,

delays in obtaining governmental and regulatory approvals (including of the Canadian Securities

Exchange), permits or financing, changes in laws, regulations and policies affecting mining operations,

the Company's limited operating history, currency fluctuations, title disputes or claims, environmental

issues and liabilities, as well as those factors discussed under the heading "

Risk Factors

" in the

Company's prospectus dated September 8, 2020 and other filings of the Company with the Canadian

Securities Authorities, copies of which can be found under the Company's profile on the SEDAR website

www.sedar.com

Readers are cautioned not to place undue reliance on forward-looking statements. The Company

undertakes no obligation to update any of the forward-looking statements in this presentation or

incorporated by reference herein, except as otherwise required by law.

To view the source version of this press release, please visit

https://www.newsfilecorp.com/release/74570

← Back to feed