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RETRANSMISSION: Prismo Metals Announces Definitive Agreement to Acquire Majority Interest in Hot Breccia Property in the Arizona Copper Belt
Vancouver, British Columbia--(Newsfile Corp. - January 30, 2023) - Prismo Metals Inc. (CSE: PRIZ)...
About this update from Infinitum Copper Corp
[{"type":"text","content":"RETRANSMISSION: Prismo Metals Announces Definitive Agreement to Acquire Majority Interest in Hot Breccia Property in the Arizona Copper BeltVancouver, British Columbia--(Newsfile Corp. - January 30, 2023) - Prismo Metals Inc. (CSE: PRIZ) (OTCQB: PMOMF) (\"Prismo\") is pleased to announce that it has signed a definitive agreement (the \"Agreement\") with Infinitum Copper Corp. (TSXV: INFI) (OTCQB: INUMF) (\"Infinitum\") to acquire a 75% interest in the Hot Breccia porphyry copper-skarn project (the \"Project\" or \"Hot Breccia\") located in the Arizona Copper Belt which is home to some of the largest copper deposits in the world.The Project consists of 227 mining concessions that lie about four kilometers from the historic Christmas mine which recorded production of about 481.6 Mlbs of copper from 20.2 M tons at a grade of 1.2% Cu plus significant gold and silver (Sources: Arizona Geological Society Spring Field Trip Guide in 2014). The Company has not been able to verify the production information and it is not necessarily indicative of the mineralization on the Hot Breccia property. It is believed that the Hot Breccia property may contain high grade skarn mineralization similar to that originally mined at the Christmas mine and the historical information is being used by the Company solely to plan and guide future exploration.Dr. Gibson, President and CEO of Prismo, stated that, \"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.\" The Project is currently subject to an Option Agreement between Infinitum and Walnut Mines LLC, a Tucson, Arizona company (\"Walnut\"). Walnut provided data from several drill holes completed by Bear Creek Mining, a subsidiary of Kennecott Copper Co., on a portion of the property in the 1970's and 80's. Although the data is not complete and not NI 43-101 compliant, several intercepts of high-grade mineralization were reported as detailed below. Under the terms of the Agreement, Prismo will pay $350,000 in cash and issue 500,000 common shares o...