2021-03-19 Press Release - Technical Report on Los Pavitos property
Prismo Metals Files NI 43-101 Technical
Report for Los Pavitos Gold-Silver Project in
Sonora, Mexico
Vancouver, British Columbia--(Newsfile Corp. - March 19, 2021) - Prismo Metals Inc. (CSE: PRIZ) (the
"
Company
" or "
Prismo
") is pleased to announce that it has filed on SEDAR a NI 43-101 Technical
Report for its Los Pavitos Gold-Silver Project in southern Sonora, Mexico. Los Pavitos is a single 5,289
hectare concession that lies 25 km west of the well-mineralized Alamos District, which encompasses
several active exploration and mining projects, including the Alamo Dorado mine of Pan American
Silver, the Piedras Verdes mine of Cobre de Mayo and the Alamos and Aurifero vein deposits being
explored by Minaurum Gold Inc. Infrastructure is excellent with paved highway access, electricity and
water. Prismo has an option to acquire 100% from Minera Cascabel S.A. de C.V., a Mexican
exploration and services company founded by Dr. Peter Megaw, an advisor to the Company (for terms of
the option, see the Company's prospectus filed on SEDAR dated September 8, 2020).
Past work has identified numerous historic small mines and prospects located along three northeast and
northwest-trending property-scale structural corridors extending from outcropping mineralization towards
covered areas. Reconnaissance work has identified three main target areas: two lie entirely within the
Los Pavitos concession and one is partly covered by a small (200ha) group of internal claims owned by
third parties. Historic rock samples from these structures have yielded from 1 g/t over 1.75m to 40.8 g/t
Gold over 0.3 meters (See Table 1).
The property is largely unexplored and additional targets are
expected to be developed quickly through satellite image analysis and field work.
Los Pavitos has potential for both Epithermal Gold-Silver veins and Orogenic (Shear-hosted) Gold
deposits. Epithermal veins are the most abundant mineralization style in the area and several have been
located in Los Pavitos.
However, the project is hosted by Mesozoic metasediments that are part of older
terranes that underlie much of Northwest Mexico and these rocks have been regionally sheared and later
intruded by plutons of intermediate composition.
Rocks of similar composition and history host several
large Orogenic Gold deposits that have been discovered elsewhere in western Sonora and Prismo
believes Los Pavitos is also prospective for them.
The approved NI 43-101 Technical Report recommends more work to ascertain the dominant
mineralization styles at Los Pavitos through a preliminary exploration program consisting of project and
target scale geologic mapping and sampling starting in the areas of known gold mineralization with the
goal of projecting the geology laterally into areas with partial to completer cover.
Dr. Craig Gibson, President and CEO of the Company, stated, "Los Pavitos provides Prismo a foothold
in a long-established but underexplored mining region and provides an excellent opportunity for
advancing a potentially large-scale gold project".
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
).
Table 1. Selected assays from Los Pavitos sampling
Area/Sample
Area
Easting
Northing
Width (m)
Type
Au (g/t)
Ag (g/t)
11004
Santa Cruz
676,817
3,001,885
Grab
3.49
6.2
11006
Santa Cruz
677,102
3,002,122
Grab
>10.0
59.80
11008
Santa Cruz
676,384
3,001,422
Grab
7.56
10.7
11010
Santa Cruz
680,502
2,999,488
Grab
1.47
20.10
193301
Las Auras
674,665
3,003,805
Dump
2.210
3.30
193302
Las Auras
674,656
3,003,805
0.20
Chip-Channel
2.190
4.70
193319
Santa Cruz
677,274
3,002,200
Dump
5.260
65.70
193323
Santa Cruz
677,496
3,002,335
Chip
1.110
2.60
193325
Santa Cruz
676,325
3,001,619
Dump
1.390
2.20
193326
Santa Cruz
676,338
3,001,605
Dump
1.515
39.10
193353
Santa Cruz
677,128
3,001,797
Chip
1.025
160.00
193385
Las Auras
674,658
3,003,802
0.30
Channel
40.800
99.00
193388
Oromuri
674,585
3,002,758
0.65
Channel
4.860
3.10
193389
Oromuri
674,619
3,002,767
0.20
Channel
1.575
3.80
622975
Las Auras
674,662
3,003,794
2.50
Chip-Channel
1.504
22.80
622976
Las Auras
674,664
3,003,793
2.50
Chip-Channel
2.418
15.90
622977
Las Auras
674,666
3,003,792
2.00
Chip-Channel
1.057
4.90
622978
Las Auras
674,668
3,003,792
0.50
Chip-Channel
2.298
2.90
622982
Santa Cruz
677,919
3,001,691
1.80
Chip-Channel
1.472
>100.0
622983
Santa Cruz
676,917
3,001,679
1.70
Chip-Channel
1.159
>100.0
Samples taken by several workers during reconnaissance work.
Coordinates in WGS84.
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
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
at
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/77824