The Prospector News

Prismo Metals Options Two High-Grade Silver-Gold Mines in the Arizona Copper Belt

You have opened a direct link to the current edition PDF

Open PDF Close
Slider

Share this news article

Prismo Metals Options Two High-Grade Silver-Gold Mines in the Arizona Copper Belt

 

 

 

 

 

 

Immediate Exploration Planned

 

Prismo Metals Inc. (CSE: PRIZ) (OTCQB: PMOMF) is pleased to announce that it has signed option agreements to acquire 100% interest in two historic high-grade precious and base metal mines — the Silver King and Ripsey mines — both located in Arizona’s prolific Copper Belt near its flagship Hot Breccia project.

 

Additional information on the Silver King and Ripsey mines as well as Prismo’s other projects (Hot Breccia and Palos Verdes) is available on Prismo’s Youtube channel at: https://youtu.be/G4FsHrSfPF0

 

Exceptional Grades and Untapped Potential

 

Discovered in 1875, the Silver King mine is one of Arizona’s most important historic producers, yielding nearly 6 million ounces of silver at grades of up to 61 oz/t. Remarkably, selected samples from small-scale production in the late 1990s returned grades as high as 644 oz/t silver (18,250 g/t) and 0.53 oz/t gold (15 g/t), indicating that high-grade mineralization remains. Additionally, the presence of freibergite (AgCuSbS) suggests a potential for antimony, a critical mineral with growing strategic demand.

 

The Ripsey mine, located 20 km west of Hot Breccia, is also an historic gold-silver-copper producer with significant upside. Historic sampling has returned up to 15.85 g/t gold and 276 g/t silver, yet no modern exploration has been conducted.

 

Strategic Location — World-Class Neighbors

 

The Silver King mine sits only 3 km from the main shaft of the Resolution Copper project — a joint venture between Rio Tinto and BHP and one of the world’s largest unmined copper deposits with an estimated copper resource of 1.787 billion metric tonnes at an average grade of 1.5% copper(1). This unique land position is fully surrounded by Resolution Copper’s claim block, offering strategic upside.

 

“The Silver King and Ripsey mine projects are exciting additions to our Arizona portfolio. We see an opportunity to create near term value through immediate exploration on a historic high-grade silver producer with antimony potential that has seen limited modern exploration by drilling both laterally and at depth into a prospective source formation, said Gordon Aldcorn, President of Prismo. “We look forward to getting our exploration team back in the field, advancing our exciting projects and revitalizing investor interest in the Company.”

 

The Silver King mine was discovered in 1875 and produced ore with as much as 10,000 ounces per ton silver in near surface workings(2). Underground production through 1889 is estimated at almost 6 million ounces of silver at grades of between 61 and 21 ounces per ton. During a second period of production from 1918 to 1928, 230,000 ounces were produced at a grade of 18.7 ounces per ton. No significant production has occurred after 1928.

 

The orebody at Silver King is a steeply west-dipping pipelike stockwork and breccia zone that was mined on eight levels to about 300 meters depth below a glory hole at the surface. The pipe is described as a dense stockwork with local breccia zones and a quartz core(3). Records indicate that due to variations in mineralogy, much of the upper portion of the body was evidently not mined. The current owners rehabilitated the main shaft in the late 1990s, opened the upper levels of the mine and produced a small tonnage. Assay certificates from this period show selected samples with 400 to 600 ounces per ton silver with 0.2-0.5 oz/t gold and some base metals. Virtually no modern exploration has been carried out at the mine providing significant exploration upside and multiple drill targets.

 

The Ripsey mine is a historic gold-silver-copper producer located about 20 km west of the Hot Breccia project. Historic mine workings consisting of tunnels and shafts on several levels were developed along a vein over about 400 meters of strike length and 160 meters vertically. A small tonnage of mineral was produced by the Optionor in the late 1990’s. Sampling by Dr. Craig Gibson from the mine workings has yielded 15.9 g/t gold and 275 g/t silver over 0.75 meters and 8.7 g/t gold, 181 g/t silver, 3% copper and 9% zinc over 1 meter. No modern exploration has been carried out at the project, providing significant exploration upside and multiple drill targets.

 

The Company plans to conduct a detailed mapping and sampling program at both projects at surface exposures and in accessible workings. A drill program is planned for Silver King, with about 1,000 meters initially. The Silver King drill program is designed to test the mineralized body at four elevations as well as lateral to the pipelike body. De-watering of the Silver King shaft to gain access to the upper levels may also be undertaken as submersible pumps are in place.

 

“This is a fabulous opportunity for the Company. Both projects are high-grade and are easily accessible and may be associated with porphyry copper mineralization. We also look forward to evaluating the potential for antimony at Silver King. We’re excited to begin exploration immediately to test the Silver King’s pipelike mineralized body at multiple depths and laterally,” said Dr. Craig Gibson, Chief Exploration Officer. “This region is world-class for porphyry systems and base and precious metals, and we believe these mines have significant untapped potential.”

 

Location of the Company’s projects within the Arizona Copper Belt

 

Land map of the Silver King mine.

 

Drone view of the Silver King mine.

 

 

The Silver King mine in the late 1800’s.

 

Small scale mining in the upper levels of the Silver King mine in the late 1990’s.

 

In addition to advancing the projects optioned today, Prismo remains committed to undertake a 5,000-meter drill program at its Hot Breccia copper project. To achieve this important milestone,

 

Prismo continues to engage in discussions with strategic partners already present in the district or wanting to gain a foothold in the district. Regarding our Palos Verdes silver project in Mexico, the Company continues to track the tremendous progress of its strategic partner Vizsla Silver Corp. as they move their exploration activities towards the northeast side of the Panuco district, where Palos Verdes is located.

 

Deal description

 

Prismo has the option to acquire a 100% interest in both the Silver King and Ripsey mines. Prismo can earn a 100% interest in the Ripsey mine by issuing one million shares to the Optionor, paying the Optionor US $10,000 within six months of the signing of the option agreement, US $10,000 on each anniversary of the Effective Date and US $1 million to the Optionor within five years of the Effective Date. Prismo does not have minimum work commitments as part of the Ripsey option agreement.

 

Regarding the Silver King mine, Prismo can acquire a 100% interest in three stages. Prismo must issue one million shares to the Optionor, pay the Optionor US $10,000 within six months of the Effective Date, and US $10,000 on each anniversary of the Effective Date. To earn a first 50% interest, Prismo must incur no less than US $500,000 in expenditures on or before the first anniversary of the Effective Date, incur no less than an additional US $2.5 million expenditures on or before the third anniversary of the Effective Date and issue to the Optionor two million shares. Prismo can acquire an additional 30% interest by incurring no less than an additional US $3 million in expenditures, paying the Optionor US $1 million and issuing to the Optionor two million shares before the fifth anniversary of the Effective Date. Prismo can elect to form a joint venture at anytime after earning it initial 50% interest. The option agreement and joint venture agreement terms and conditions contain standard buyout and dilution terms regarding the final 20% interest.

 

Private Placement

 

Prismo is also pleased to announce a non-brokered private placement  of five million units of the Company at an issue price of $0.05 per Unit for minimum gross proceeds of $250,000. Each Unit will consist of one common share in the capital of the Company and one-half of one common share purchase warrant of the Company. Each Warrant will entitle the holder to purchase one Share for a period of twenty-four (24) months from the date of issue at an exercise price of $0.10.

 

The Private Placement will also be made available to existing shareholders of the Company who, as of the close of business on July 1st, 2025, held Shares (and who continue to hold such Shares as of the closing date of the Private Placement), pursuant to the existing securityholder exemption set out in BC Instrument 45-534 – Exemption From Prospectus Requirement for Certain Trades to Existing Security Holders. The Existing Securityholder Exemption limits a shareholder to a maximum investment of CAD$15,000 in a 12-month period unless the shareholder has obtained advice regarding the suitability of the investment and, if the shareholder is resident in a jurisdiction of Canada, that advice has been obtained from a person that is registered as an investment dealer in the jurisdiction. If the Company receives subscriptions from investors relying on the Existing Securityholder Exemption exceeding the maximum amount of the Private Placement, the Company intends to adjust the subscriptions received on a pro-rata basis.

 

The Units issued pursuant to the Private Placement and the Existing Securityholder Exemption will be subject to a four-month hold period from the closing date of the Private Placement under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.

 

The Company intends to use the net proceeds of the Private Placement for general corporate purposes. The Company may pay finder’s fees to eligible finders in connection with the Private Placement, subject to compliance with applicable securities laws and Canadian Securities Exchange policies.

 

The securities being offered have not been and will not be registered under the U.S. Securities Act and may not be offered or sold in the United States, or to, or for the account or benefit of, U.S. persons or persons in the United States, absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

 

Debt Settlements

 

Prismo also announces that it has entered into debt settlement agreements with certain creditors of the Company pursuant to which the Company agreed to issue to the Creditors, and the Creditors agreed to accept, an aggregate of 160,000 shares of the Company in full and final settlement of accrued and outstanding indebtedness in the aggregate amount of $11,000. All securities issued pursuant to the Debt Settlement will be subject to a statutory hold period of four months from the date of issuance, in accordance with applicable policies of the Canadian Securities Exchange.

 

Share and Warrants Issuance

 

A private company dealing at arms’ length with Prismo, its officers and directors, had certain rights into the Silver King and Ripsey mines. In consideration for PrivateCo relinquishing its rights in the Silver King and Ripsey mines in favor of the Company, Prismo has agreed, subject to regulatory approval, to issue PrivateCo five million units. Each Unit is comprised of one common share and one share purchase warrant. The Shares will become free trading as to 25% every six months from the Effective Date. Two million of the Warrants will be exercisable at $0.10 and three million Warrants will be exercisable at $0.15, all for a period of three years. The shares from the exercise of the Warrants will become free trading as to 25% every six months from the Effective Date. In addition, the exercise of the First Tranche is conditional on Prismo having raised $1.5 million from parties introduced to Prismo by the principals of PrivateCo and the exercise of the Second Tranche is conditional on Prismo having raised $3.0 million from parties introduced to Prismo by the principals of PrivateCo.

 

Qualified Person

 

Dr. Craig Gibson, PhD., CPG., a Qualified Person as defined by NI-43-01 regulations and Chief Exploration Officer and a director of the Company, has reviewed and approved the technical disclosures in this news release. Other than the sampling conducted by Dr. Craig Gibson as indicated herein, the data presented in this press release was obtained from public sources, should be considered incomplete and is not qualified under NI 43-101, but is believed to be accurate. The Company has not verified the historical data presented and it cannot be relied upon, and it is being used solely to aid in exploration plans.

 

(1) https://resolutioncopper.com/about-us/

(2) Galbraith, F, 1935, Geology of the Silver King area, Superior, Arizona, Univ. of Arizona thesis, 153p plus plates.

(3) Blake, W.P., 1883, Description of the Silver King Mine, Arizona, New Haven, 48p plus plates.

 

About Prismo Metals Inc.

 

Prismo is a mining exploration company focused on advancing its Hot Breccia copper project in Arizona and its Palos Verdes silver project in Mexico.

Posted July 4, 2025

Share this news article

MORE or "SLIDER"


Rick Mills – “Silver North to Drill Haldane in Historic Keno Hill Silver District”

Silver North Resources (TSX-V:SNAG) (OTCQB:TARSF) offers invest... READ MORE

July 4, 2025

Honey Badger Silver Announces Closing of First Tranche of Non-Brokered Private Placement Raising Gross Proceeds of Approximately $2.013 Million

Honey Badger Silver Inc. (TSX-V: TUF) (OTCQB: HBEIF) is pl... READ MORE

July 4, 2025

Prospector Podcast - John Desjarlais: The 7 Generational Opportunity. Indigenous Leadership in Critical Minerals Development

Michael Fox is joined by John Desjarlais, the Executive Director of the ... READ MORE

July 3, 2025

Chris Temple: Mid-year Nuclear energy/ Uranium sector update with Scott Melbye

Here, I’m joined once again by my old friend Scott Melbye: V.P. of... READ MORE

July 3, 2025

Copyright 2025 The Prospector News