Business
Prismo Metals to Increase Hot Breccia Interest to 95%, Secures Option for Full Control
Vancouver, British Columbia – TheNewswire - January 9th, 2025 – Prismo Metals Inc. (“Prismo” or the “Company”) (CSE: PRIZ) (OTCQB: PMOMF) is pleased to announce
About this update from Prismo Metals Inc.
[{"type":"text","content":"Vancouver, British Columbia – TheNewswire - January 9th, 2025 – Prismo Metals Inc. (“Prismo” or the “Company”) (CSE: PRIZ) (OTCQB: PMOMF) is pleased to announce that it has entered into an agreement with Infinitum Copper Corp. (TSXV: INFI) (“Infinitum”) whereby Prismo will increase its interest in the Hot Breccia copper project, located in the heart of Arizona’s prolific copper belt, from 75% to 95%. In addition, Prismo has obtained an irrevocable option to acquire Infinitum’s remaining 5% interest, providing a clear path to 100% interest in the project. Alain Lambert, CEO of Prismo commented: “The absence of a clear mechanism to secure full ownership at Hot Breccia had previously limited our ability to fund drilling and pursue potential third-party partnerships. The transaction announced today totally removes that constraint and materially improves the strategic flexibility of the project.” He added: “Prismo remains firmly committed to advancing Hot Breccia. The recent extension of certain milestone obligations under the option agreement with Walnut Mines LLC (the “Option Agreement”), the owner of the Hot Breccia claims, together with the deal announced today, provides the Company with additional flexibility as we evaluate a range of strategic alternatives. Each of these pathways is intended to position Prismo to commence drilling on what we consider to be one of the most compelling copper exploration opportunities in Arizona and the broader United States.” Dr. Linus Keating, manager of Walnut Mines LLC, enthusiastically commented: “Walnut Mines is solidly in favor of any action that moves Hot Breccia closer to a serious drill program. We are hopeful that this transaction will accomplish that goal in 2026. In our opinion, this property remains one of the best copper exploration opportunities in North America.” Under the terms of the transaction, Prismo will pay Infinitum CA $185,000 to acquire a 20% additional interest in the Hot Breccia project and assume all of Infinitum’s remaining obligations under the Option Agreement to issue shares to Walnut, which is currently evaluated at approximately CA $54,000 through the issuance of Prismo common shares at a deemed issue price of $0.11 per share, subject to adjustments at closing. Prismo has also agreed to pay 5% of any consideration received in connection with a transaction in whi...