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Prismo Metals Announces Drilling at Palos Verdes Warrant Exercise Financing and Investor Update Call
Vancouver, British Columbia--(Newsfile Corp. - June 17, 2022) - Prismo Metals Inc. (CSE: PRIZ) ("Prismo" or the "Company") is pleased to announce that it has re
About this update from Prismo Metals Inc.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - June 17, 2022) - Prismo Metals Inc. (CSE: PRIZ) (\"Prismo\" or the \"Company\") is pleased to announce that it has reached an agreement with certain of its warrantholders, including a number of insiders (collectively, the \"Warrantholders\"), to exercise a total of up to 6,821,250 outstanding founder warrants (the \"Warrants\") for gross proceeds of $682,125. The Warrants were issued to such Warrantholders in 2018 and 2019, prior to the Company's initial public offering. Each Warrant entitles the holder thereof to purchase one common share of Prismo at a price of $0.10 per share. The proceeds received by Prismo following the exercise of the Warrants will be primarily used to drill a minimum of 2,000 meters of HQ core at the Company's Verdes property in several holes to test mineralization at depth under the high-grade intercepts from previous drilling campaigns. Two of these holes intersected high-grade mineralization similar in grade and width to the results of Vizsla Silver Corp. in the Panuco district, whose property is contiguous to Palos Verdes. The best intercepts of these previous drilling campaigns were 2,336 g/t Ag and 8.42 g.t Au over a true width estimated at 0.8 meters within a larger mineralized interval with 1,098 g/t Ag and 3.75 g/t Au over a true width of 2.3 meters (see Prismo's news release dated September 30, 2020). The Company believes these intercepts indicate the presence of a potentially large Ag-Au shoot of the type being defined by Vizsla Silver. The Company also expects to use some of the proceeds to finalize surface exploration work on the Los Pavitos property to advance to the drill ready stage, with expected drilling in the fall. \"Immediately following the exercise of the warrants, Prismo will be selecting a drilling contractor and expects drilling to begin in late-July pending reception of our environmental permit,\" said Dr. Craig Gibson, President and CEO of Prismo. He added: \"The results recently announced by Vizsla Silver (https://vizslasilvercorp.ca/news/2022) support the large vertical extent of mineralization in the Napoleon vein system, but importantly show the presence of multiple mineralized strands or splits to the vein system, a feature we see at high structural levels at Palos Verdes.\" Regarding exploration at Prismo's other project in ...