Ongoing drill program at Palos Verdes halfway completed
Prismo Metals Inc. (CSE: PRIZ) (OTCQB: PMOMF) (the "Company" or "Prismo") is pleased to provide an update on the current drill program at its Palos Verdes project, located in the historic Panuco-Copala district of the state of Sinaloa, Mexico. The program has drilled a total of 1,062 meters to date out of a planned minimum of 2,000 metres. The Company expects to complete the minimum target of 2,000 metres in early November. The Palos Verdes property is contiguous to the Panuco silver-gold project of Vizsla Silver Corp.
The drilling program is designed to test the Palos Verdes vein and a structural intersection with a second vein at depths where it is believed that potential for a large ore shoot is present, similar to the drilling accomplished by Vizsla Silver Corp. on their adjacent land package. Three holes have been completed and one hole is in progress.
Drill hole data for holes from the ongoing program:
*Depth as of Oct 10, 2022. Coordinates in UTM WGS84 using handheld Garmin GPS.
The first drill hole of the season, PV-22-11, intersected a large fracture zone that is believed to correspond to the shear zone recognized during surface mapping carried out previously. The fracture zone offsets the Palos Verdes structure and the first hole cut mineralized quartz veinlets in the footwall of the main structure. As a result, the orientation of the shear zone is now better defined and provides important information for future drilling of the vein system to the east of the fault zone.
Cross section through holes PV-22-11 and PV-22-12 showing interpreted Palos Verdes structure and offsetting fault.
To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/7434/140095_4cf28ea0e41cdbf8_002full.jpg
The second and third holes of the current program, PV-22-12 and PV-22-13, each cut a wide structural zone with several discrete multistage quartz veins separated by altered andesite wallrock with variable quartz veinlets and local zones of sheared rock with relatively sulfide-rich stages of mineralization. The structural zone in hole PV-22-12 measured 29 meters along the core, and that in hole PV-22-13 measured 36 meters downhole.
Cross section through hole PV-22-13 showing interpreted Palos Verdes structure.
To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/7434/140095_4cf28ea0e41cdbf8_003full.jpg
Longitudinal vein projection showing assays from selected rock samples and drill intercepts as well as drill intersections from the current program (no assays) and planned intersections.
To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/7434/140095_4cf28ea0e41cdbf8_004full.jpg
"In our past drilling campaigns and with holes PV-22-12 and PV-22-13, the sample protocol was focussed on the wider discrete quartz veins and did not include assays of samples from the wallrock with veinlets. The initial sampling of the current drilling campaign included about 13 meters in hole PV-22-12 and 18 meters in hole PV-22-13 within the wider structural zones," said Prismo President and CEO Craig Gibson.
He added: "After careful analysis of Vizsla Silver Corp.'s latest results from the Copala vein announced in their news release of September 12, 2022, showing significant mineralization over wide structural zones, including in wallrocks with quartz veinlets, we have decided to modify our protocol to sample the entire intercept of the structural zone in the same fashion as Vizsla Silver Corp. Accordingly, Prismo is sending to lab, in addition to samples already sent, about 30 meters of additional core from holes PV-22-12 and PV-22-13 as well as about 30-50 meters from the 2018 and 2020 drilling campaigns. These will be sent to the lab for analysis along with samples from the fourth hole, when completed. We expect to release the results of all these assays at the same time, once analyzed, in late October."
The true width of the reported intercepts is believed to be about 60% of the reported downhole lengths, and are about 50 to 75 meters below previous shallow drilling that had several high grade intercepts, with the best being 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 releases dated September 30 and December 20, 2020)
Dr. Craig Gibson, PhD., CPG., a Qualified Person as defined by NI-43-01 regulations and President, CEO and a director of the Company, has reviewed and approved the technical disclosures in this news release.
The Palos Verdes project is located in the historic Pánuco-Copala silver-gold district in southern Sinaloa, Mexico, approximately 65 kilometers NE of Mazatlán, Sinaloa, in the Municipality of Concordia. The Palos Verdes concession (claim) covers 700 meters of strike length of the Palos Verdes vein, a member of the north-easterly trending vein family located in the eastern part of the district outside of the area of modern exploration. Shallow drilling (see table of intercepts at www.prismometals.com). This mineralization is open in all directions and the currently planned drilling program is designed to follow it along strike and to depth.
The Palos Verdes property is contiguous to the Panuco silver-gold project of Vizsla Silver Corp. The current drill program is designed to test the Palos Verdes vein and a structural intersection with a second vein at depths where it is believed that potential for a large ore shoot is present, similar to the drilling accomplished by Vizsla Silver on their adjacent land package.
Prismo (CSE: PRIZ) is junior mining company focused on precious metal exploration in Mexico.
Contact: Craig Gibson, Chief Executive Officer and Director 1100 - 1111 Melville St., Vancouver, British Columbia V6E 3V6 craig.gibson@prismometals.com
Jason Frame, Manager of Communications jason.frame@prismometals.com
Neither the Canadian Securities Exchange accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
This press release contains 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, including without limitation, statements regarding the anticipated content, commencement and exploration program results, the ability to complete future financings, required permitting, exploration programs and drilling, and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct.
The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, the state of the financial markets for the Company's equity securities, the state of the commodity markets generally, variations in the nature, the analytical results from surface trenching and sampling program, including diamond drilling programs, the results of IP surveying, the results of soil and till sampling program. the quality and quantity of any mineral deposits that may be located, variations in the market price of any mineral products the Company may produce or plan to produce, the inability of the Company to obtain any necessary permits, consents or authorizations required, including CSE acceptance, for its planned activities, the inability of the Company to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies, the potential impact of COVID-19 (coronavirus) on the Company's exploration program and on the Company's general business, operations and financial condition, and other risks and uncertainties. All of the Company's Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/140095
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Mexico’s Sinaloa state hosts a number of prolific silver and gold mines, including McEwen Mining’s (TSX:MUX) El Gallo Complex, Americas Gold and Silver’s (TSX:USA) Cosalá operations and Kootenay Silver’s (TSXV:KTN) Copalito silver-gold project. Between 2012 and 2019, gold production at the El Gallo mine alone totaled 295,000 ounces (oz) and silver production peaked at 142,000 oz.
Prismo Metals (CSE:PRIZ, OTCQB: PMOMF) has made a strategic move to join the list of successful explorers in this region. The company’s leadership team has decades of experience in the Mexican precious metals industry. Director, president and CEO Dr. Craig Gibson has been an exploration consultant since 1998 and a Director of Garibaldi Resources Inc. (TSXV:GGI). Additionally, advisor Dr. Peter Megaw sits on the board of directors and is co-founder of MAG Silver Corp. (TSX:MAG) and Minaurum Gold Inc. (TSXV:MGG). Megaw and his team are credited with MAG Silver’s Juanicipio discovery in the famous Fresnillo District as well as Excellon Resources’ (TSX:EXN) Platosa mine.
Prismo Metals has two current exploration projects: Palos Verdes and Los Pavitos. The Palos Verdes property covers 22.77 hectares within the historic Panuco-Copala silver-gold district in Sinaloa. The district is well-known for its numerous veins with historical production. While much of the district has been consolidated by Vizsla Resources (TSXV:VZLA), the Palos Verdes project is located near the district’s under-explored northeastern limit.
Prismo Metals’ Palos Verdes property includes 700 meters of strike length along the Palos Verdes vein, which has been explored for 250 meters with findings yielding as much as 6.7 grams per ton (g/t) gold and 544 g/t silver from surface and underground sampling. A second vein system may be reflected in a northwest striking alteration zone, offering an additional high-grade exploration target on the property. In 2018, ProDeMin completed a diamond drilling program on the property. Notable drill results included 3.75 g/t gold and 1,098 g/t silver for 2.3 meters as well as 8.42 g/t gold and 2,336 g/t silver for 0.8 meters.
In May 2019, the company and ProDeMin entered an option agreement in which Prismo may acquire 75 percent interest in the Palos Verdes property. A second agreement with the owner of the remaining 25 percent will allow Prismo to obtain 100 percent ownership of the Palos Verdes concession. Prismo is now ready to begin a follow-up drilling program that will consist of four to five holes, with the longest planned at 150 to 175 meters. Drilling is set to begin in early December.
The company’s Los Pavitos project is located in the Alamos region of southern Sonora, a well-mineralized area that hosts several active exploration and mining projects. The project consists of one concession covering 5,289 hectares. Early sampling and reconnaissance work has been carried out by previous companies, including Minera Cascabel.
The company’s Palos Verdes property is located in Southern Sinaloa, roughly 65 kilometers northeast of Mazatlán. The Palos Verdes concession covers 22.77 hectares and is situated within the historic Panuco-Copala mining district, the largest silver producer in Sinaloa.
Limited sampling has been performed on the property. According to a sample database compiled by ProDeMin, findings have yielded as much as 4.15 g/t gold and 732.7 g/t silver. Prior to the turn of the century, a 70 meter tunnel was driven along the Palos Verdes vein near the bottom of the Palos Verdes arroyo. In 2018, ProDeMin completed a diamond drilling program on the property. Notable drill results included 3.75 g/t gold and 1,098 g/t silver for 2.3 meters and 8.42 g/t gold and 2,336 g/t silver for 0.8 meters.
The company recently announced a 10 year surface access agreement that grants Prismo immediate access for exploration. A comprehensive drilling program on the property is set to begin in early December and will include four to five holes, with the longest planned at 150 to 175 meters. Targets include high-grade intercepts lateral to, and below, previous intercepts drilled by ProDeMin in 2018.
The company’s Los Pavitos project is located in the Alamos region of Southern Sonora, a well-mineralized area that hosts multiple active exploration and mining projects. Los Pavitos consists of one concession covering 5,289 hectares. Early sampling and reconnaissance work has been carried out by previous companies, including Minera Cascabel. The property’s numerous mines and prospect pits indicate historical interest.
Dr. Craig Gibson has extensive experience in the minerals industry. He received his B.S. (1984) in Earth Sciences from the University of Arizona and M.S. (1987) and Ph.D. (1992) in Economic Geology and Geochemistry from the Mackay School of Mines, University of Nevada, Reno. He co-founded Prospeccion y Desarrollo Minero del Norte, S.A. de C.V. (ProDeMin) based in Guadalajara, Mexico, in 2009. ProDeMin is a consulting firm providing a broad spectrum of exploration related services to the mining industry and has been involved in several major precious metal discoveries in Mexico. Dr. Gibson is also a Director of Garibaldi Resources Inc., a Vancouver-based junior exploration company; a Certified Professional Geologist of the American Association of Professional Geologists; and a Qualified Person under NI 43-101.
Jorge Rafael Gallardo-Romero has been a consultant geologist of Cascabel since March 1992. He also acts as Mexico Exploration Manager of Gainey Capital Inc. (since January 2015) and of Minera Goldzone S.A. de C.V. (since March 2011). Gallardo-Romero graduated from the University of Sonora with a degree in Geology in 1984.
Jean-François Meilleur has been active in the capital market since 2006 as a Managing Partner of Paradox Public Relations and P.E. Partners providing strategic advisory, investor relations services and being a supportive shareholder providing development capital to different ventures. In May 2017, Meilleur was appointed President and CEO of Canada Strategic Metals. From 2012 to 2018, Meilleur was VP at Critical Elements Corp. Meilleur holds a bachelor’s degree from the HEC business school (Hautes Études Commerciales) in Montreal, with a specialization in marketing and finance. He is also a Managing Partner and co-owner of Paradox Public Relations.
Maria Yeomans is a geologist graduated from Universidad de Sonora, Mexico, in 1986, with master studies in Business Administration at the same university. She has been a part of the team at Cascabel since 1992 and is now Office Manager. She speaks English fluently and has extensive experience in the administration, legal and commercial relations related to mining.
Louis Doyle has over 30 years of experience focused primarily on capital markets and public companies. Since 2016, he has also provided consulting services to private companies seeking listing on Canadian exchanges. Since January 2016, Mr. Doyle is the Executive Director of Québec Bourse. Between October 1999 and December 2015, he was the Vice-President, Montréal of the TSX Venture Exchange. As such, he was responsible for business development and listing activities in the Province of Québec and Atlantic Canada. During his tenure, he acted as chairman of TSX Venture Listing Committee and was a member of the Policy committee. Mr. Doyle also led the nationwide TSX Venture Mentorship program and further acted regularly as a speaker and advisor at conferences and workshops. He also holds directorship roles with two other publicly traded companies. Mr. Doyle was granted 150,000 incentive stock options exercisable at $0.165 per share before June 26, 2027. Also, three other directors were granted 50,000 incentive stock option each exercisable at $0.165 per share before June 26, 2027.
Dr. Megaw is best known as co-founder of MAG Silver Corp. and Minaurum Gold Inc. He and his team are credited with MAG Silver’s Juanicipio discovery in the famous Fresnillo District and Excellon Resources Inc’s Platosa mine. He received his doctorate from the University of Arizona and has more than 35 years of experience exploring for silver and gold in Mexico. Dr. Megaw is a Certified Professional Geologist by the American Institute of Professional Geologists and an Arizona Registered Professional Geologist. He is the author of numerous scientific publications on ore deposits and is a frequent speaker at academic and international exploration conferences. He was awarded the 2017 Thayer Lindsley Award for the 2003 discovery of the Juanicipio silver deposit in the Fresnillo District, ultimately leading to a further 600 million ounces being identified in the immediate area. Dr. Megaw also received the Society of Mining Engineers 2012 Robert M. Dreyer Award for excellence in Applied Economic Geology.
Allan Frame recently retired from the investment business. During his successful forty-seven-year career, Mr. Frame focused primarily on working with mining companies, helping them raise over $100 million and having had the benefit of being associated with multiple major discoveries, including the Snip Deposit now owned by Skeena Resources Ltd.
Prismo Metals Inc. (CSE: PRIZ) (OTCQB: PMOMF) ("PRISMO" or the "Company") announces the results of its 2022 Annual and Special Meeting of shareholders held on Thursday, September 29th, 2022, in virtual format.
Shareholders approved all the resolutions detailed in the management information circular of the Company dated August 31, 2022, namely:
Electing all five of the nominees to the Board of Directors of the Company, namely Peter Craig Gibson, Jean-François Meilleur (*), Jorge Rafael Gallardo Romero, María Guadalupe Yeomans Otero (*), and Louis Doyle (*).
Appointing Davidson & Company LLP as auditor of the Company for the ensuing year and authorizing the directors to determine the auditor's compensation.
Approving the Company's long term performance incentive plan (the "LTIP") to replace the Company's prior stock option plan. The LTIP provides Prismo with a variety of security-related mechanisms to attract, retain, and motivate qualified directors, officers, employees, management company employees and consultants. A summary of the LTIP can be found in the management information circular dated August 31, 2022 (the "Circular"), filed under its profile on SEDAR at www.sedar.com. The LTIP, in its entirety, is also attached as Appendix "B" to the Circular."
(*) Indicates members of the audit committee.
Prismo (CSE: PRIZ) is junior mining company focused on precious metal exploration in Mexico.
Contact: Craig Gibson, Chief Executive Officer and Director 1100 - 1111 Melville St., Vancouver, British Columbia V6E 3V6 craig.gibson@prismometals.com
Jason Frame, Manager of Communications jason.frame@prismometals.com
Neither the Canadian Securities Exchange accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
This news release may include certain forward-looking statements concerning the future performance of our business, its operations and its financial performance and condition, as well as management's objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks, the availability of financing, the potential impact of COVID-19 on the Company's exploration program and on the Company's general business, operations and financial condition, and other risks and uncertainties described in more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/138914
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Virtual core shack visit planned for September 21, 2022 at 4:00 pm EDT
Prismo Metals Inc. (CSE: PRIZ) (OTCQB: PMOMF) (the "Company" or "Prismo") is pleased to provide an update of the drilling program currently underway at its Palos Verdes project, located in the historic Panuco-Copala district of the state of Sinaloa, Mexico. The Company has drilled approximately 560 meters in two core holes of a planned minimum of 2,000-meter drill program, with the second hole currently in progress. The Palos Verdes property is contiguous to the Panuco silver-gold project of Vizsla Silver Corp. The drilling campaign is expected to last approximately two and a half months. The first batch of samples have been sent to SGS, an internationally recognized laboratory with a preparation and analytical facility near the project in Durango, Mexico.
"After a challenging start due to a particularly intense rainy season and some maintenance issues with the drill rig, we are now advancing with the drilling," said Craig Gibson, President and CEO of Prismo. "The first batch of samples have been sent to the lab for analysis. Results are expected to be received in about two weeks."
The drill program is designed to test the Palos Verdes vein and a structural intersection with a second vein at depths where it is believed that potential for a large ore shoot is present, similar to the drilling accomplished by Vizsla Silver on their adjacent land package. Previous shallow drilling has intersected high grade mineralization with the best intercept of 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 releases dated September 30 and December 20, 2020).
Photos of some vein intercepts from the current drilling campaign are presented on the Prismo website:
https://prismometals.com/wp-content/uploads/2022/09/photos_of_vein_intercepts_from_the_second_hole_Palos_V.pdf
Prismo also announces that will be hosting virtual visit of its Palos Verdes core shack by ZOOM call on Wednesday September 21, 2022 at 4:00 pm EDT.
Format: Management presentation (15 to 20 minutes) followed by question period (5 to 10 minutes). Please email your questions to jason.frame@prismometals.com
https://us02web.zoom.us/j/85022667307?pwd=bG14bC9KMXUrOHFFbGJhMzVUSW95Zz09
The investor update will be posted on the Company's website immediately following the meeting.
Dr. Craig Gibson, PhD., CPG., a Qualified Person as defined by NI-43-01 regulations and President, CEO and a director of the Company, has reviewed and approved the technical disclosures in this news release.
The Palos Verdes project is located in the historic Pánuco-Copala silver-gold district in southern Sinaloa, Mexico, approximately 65 kilometers NE of Mazatlán, Sinaloa, in the Municipality of Concordia. The Palos Verdes concession (claim) covers 700 meters of strike length of the Palos Verdes vein, a member of the north-easterly trending vein family located in the eastern part of the district outside of the area of modern exploration. Shallow drilling (see table of intercepts at www.prismometals.com). This mineralization is open in all directions and the currently planned drilling program is designed to follow it along strike and to depth.
Prismo (CSE: PRIZ) is junior mining company focused on precious metal exploration in Mexico.
Contact: Craig Gibson, Chief Executive Officer and Director 1100 - 1111 Melville St., Vancouver, British Columbia V6E 3V6 craig.gibson@prismometals.com
Jason Frame, Manager of Communications jason.frame@prismometals.com
Neither the Canadian Securities Exchange accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
This news release includes certain forward-looking statements concerning the warrants exercise financing, the proceeds received from such warrant exercise financing, the use of proceeds of the warrant exercise financing, the future performance of our business, its operations and its financial performance and condition, as well as management's objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks, the availability of financing, the potential impact of COVID-19 on the Company's exploration program and on the Company's general business, operations and financial condition, and other risks and uncertainties described in more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/137874
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Palos Verdes drilling program in progress
Prismo Metals Inc. (CSE: PRIZ) (OTCQB: PMOMF) ("Prismo" or the "Company") is pleased to announce that it has received the data from the LiDAR survey carried out at its Los Pavitos project in Sonora State, Mexico. Preliminary interpretation of the topographic images is ongoing. Several structural features and small mine workings are visible in the data which will help to define the major mineralized structures at the project. The analysis of the data to date has identified several areas with small prospect pits that have not yet been visited or sampled.
Dr. Craig Gibson said: "While our analysis of the LiDAR data has not yet been completed, we are delighted with the results to date. Structural features and small mine workings are clearly visible in the data, and we feel that it will greatly aid in the delineation of important structural trends as part of the process to identify drill targets for a drilling campaign planned in late 2022."
Enlarged view of the central portion of the Los Pavitos concession showing features visible in the LiDAR data, including small mine workings and trenches along the Santa Cruz structural zone.
To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/7434/135166_36b1891ab4362b3d_002full.jpg
View of the central portion of the Los Pavitos concession showing larger scale features visible in the LiDAR data.
To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/7434/135166_36b1891ab4362b3d_003full.jpg
Geology overlain on the LiDAR map with the Santa Cruz structural zone defined by As assays.
To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/7434/135166_36b1891ab4362b3d_006full.jpg
LiDAR map with geology overlay and interpreted mineralized areas in magenta with Au assays. Several small mine workings visible in the data have not yet been visited and sampled. Geologic units are as shown in the previous figure.
To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/7434/135166_36b1891ab4362b3d_008full.jpg
Prismo also announced that its 2,000-meter drill program at its Palos Verdes project located in Sinaloa, Mexico is proceeding as planned with the first hole in progress. The Palos Verdes property is contiguous to the Panuco silver-gold project of Vizsla Silver Corp. The drilling campaign is expected to last approximately two months.
The drill program is designed to test the Palos Verdes vein and a structural intersection with a second vein at depths where it is believed that potential for a large ore shoot is present, similar to the drilling accomplished by Vizsla Silver on their adjacent land package. A minimum 2,000-meter program has been contracted with MW Drilling. Previous shallow drilling has intersected high grade mineralization with the best intercept of 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).
About the Los Pavitos project
Los Pavitos is an exploration project located in the Álamos area of Sonora State, Mexico. The project consists of one concession, Los Pavitos Reducción, that covers 5,289 hectares. The concession is located on the paved highway between Navajoa and Álamos at about the seventeen-kilometer marker, and the main mineralized area is about six kilometer north of the highway and are reached by unmaintained dirt roads that access local ranches. Several interior concessions owned by third parties cover mineralized occurrences within the boundaries of the Los Pavitos concession.
Mineralization at Los Pavitos consists of quartz veins and stockworks hosted in metasediments, in shear zones and parallel to foliation and crossing foliation. Three mineralized trends have been recognized through limited exploration that has been carried out. Two trends, the NE Santa Cruz trend and the NW Las Auras trend intersect in an area of small mines and prospects on the internal concessions mentioned previously and extend onto the Los Pavitos concession. The NE Omuri trend is parallel to the Santa Cruz trend about two kilometers to the northwest of the intersection of the other trends, and also intersect the La Auras trend.
Prismo (CSE: PRIZ) is junior mining company focused on precious metal exploration in Mexico.
Contact: Craig Gibson, Chief Executive Officer and Director 1100 - 1111 Melville St., Vancouver, British Columbia V6E 3V6 craig.gibson@prismometals.com
Jason Frame, Manager of Communications jason.frame@prismometals.com
Neither the Canadian Securities Exchange accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
This news release includes certain forward-looking statements concerning the warrants exercise financing, the proceeds received from such warrant exercise financing, the use of proceeds of the warrant exercise financing, the future performance of our business, its operations and its financial performance and condition, as well as management's objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks, the availability of financing, the potential impact of COVID-19 on the Company's exploration program and on the Company's general business, operations and financial condition, and other risks and uncertainties described in more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/135166
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Prismo Metals Inc. (CSE: PRIZ) (OTCQB: PMOMF) ("Prismo" or the "Company") is pleased to announce that, further to its August 18th, 2022 news release, it has closed a non-brokered private placement, issuing 750,000 common shares at a price of $0.20 per share for gross proceeds of $150,000. As a result of the closing of the private placement, there are now 29,228,723 common shares of the Company issued and outstanding. The private placement was carried out pursuant to prospectus exemptions of applicable securities laws and is subject to final acceptance by the Canadian Securities Exchange. There was no finder fee paid in this private placement. All securities issued in connection with the private placement are subject to a statutory hold period in Canada expiring four months and one day from the closing of the private placement.
Prismo (CSE: PRIZ) is junior mining company focused on precious metal exploration in Mexico.
Contact: Craig Gibson, Chief Executive Officer and Director 1100 - 1111 Melville St., Vancouver, British Columbia V6E 3V6 craig.gibson@prismometals.com
Jason Frame, Manager of Communications jason.frame@prismometals.com
Neither the Canadian Securities Exchange accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
This news release includes certain forward-looking statements concerning the warrants exercise financing, the proceeds received from such warrant exercise financing, the use of proceeds of the warrant exercise financing, the future performance of our business, its operations and its financial performance and condition, as well as management's objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks, the availability of financing, the potential impact of COVID-19 on the Company's exploration program and on the Company's general business, operations and financial condition, and other risks and uncertainties described in more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/134597
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Prismo Metals Inc. (CSE: PRIZ) (OTCQB: PMOMF) ("Prismo" or the "Company") is pleased to announce that its 2,000-meter drill program at its Palos Verdes project located in Sinaloa, Mexico has commenced. The Palos Verdes property is contiguous to the Panuco silver-gold project of Vizsla Silver Corp. The drilling campaign is expected to last approximately two months.
The drill program is designed to test the Palos Verdes vein and a structural intersection with a second vein at depths where it is believed that potential for a large ore shoot is present, similar to the drilling accomplished by Vizsla Silver on their adjacent land package. A minimum 2,000 meter program has been contracted with MW Drilling. Previous shallow drilling has intersected high grade mineralization with the best intercept of 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).
Regarding the drill program, Dr. Craig Gibson, President and CEO of the Company, said: "We are pleased to be able to conduct our program to drill holes to intersect the Palos Verdes vein at significantly deeper levels than in the previous drilling campaigns. We will be able to test the vein several hundred meters underneath the surface exposures with the first hole being underway."
Prismo also announces that it intends to complete a non-brokered private placement, issuing 750,000 common shares at a price of $0.20 per share for gross proceeds of $150,000 in the coming days. The private placement will be carried out pursuant to prospectus exemptions of applicable securities laws and is subject to final acceptance by the Canadian Securities Exchange. There will be no finder fee paid in this private placement
Prismo (CSE: PRIZ) is junior mining company focused on precious metal exploration in Mexico.
Contact: Craig Gibson, Chief Executive Officer and Director 1100 - 1111 Melville St., Vancouver, British Columbia V6E 3V6 craig.gibson@prismometals.com
Jason Frame, Manager of Communications jason.frame@prismometals.com
Please follow @PrismoMetals on Twitter, Facebook, LinkedIn and Instagram
Neither the Canadian Securities Exchange accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
This news release includes certain forward-looking statements concerning the warrants exercise financing, the proceeds received from such warrant exercise financing, the use of proceeds of the warrant exercise financing, the future performance of our business, its operations and its financial performance and condition, as well as management's objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks, the availability of financing, the potential impact of COVID-19 on the Company's exploration program and on the Company's general business, operations and financial condition, and other risks and uncertainties described in more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/134200
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NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.
ALX Resources Corp. (TSXV: AL) (FSE: 6LLN) (OTC: ALXEF) ("ALX" or the "Company") announced today a non-brokered private placement of flow-through units (the "FT Units") for gross proceeds of up to $750,000 (the "Offering"). The Offering will be available to Canadian accredited investors. Red Cloud Securities Inc. of Toronto, Ontario, has agreed to act as a finder for ALX on a "best efforts" basis for the Offering.
Up to 15,000,000 FT Units will be offered at a price of $0.05 per FT Unit consisting of one flow-through common share and one half of one non flow-through common share purchase warrant, One whole common share purchase warrant from the FT Units will entitle the holder to purchase one non flow-through common share of the Company at a price of $0.075 for a period expiring 36 months following the closing date of the Offering.
Finder's fees will be payable to Red Cloud and other qualified finders in connection with the Offering consisting of 6.0% cash and 6.0% finder's warrants, with each finder's warrant exercisable at price of $0.05 for a period expiring 36 months following the closing date of the Offering. All the securities issuable will be subject to a four-month hold period from the date of closing, which is expected to occur on or about October 31, 2022.
Proceeds from the sale of FT Units will be used for exploration programs on the Company's Quebec, Saskatchewan, Ontario and Nova Scotia mineral exploration properties. The Offering is subject to acceptance by the TSX Venture Exchange.
ALX is based in Vancouver, BC, Canada and its common shares are listed on the TSX Venture Exchange under the symbol "AL", on the Frankfurt Stock Exchange under the symbol "6LLN" and in the United States OTC market under the symbol "ALXEF".
ALX's mandate is to provide shareholders with multiple opportunities for discovery by exploring a portfolio of prospective mineral properties, which include uranium, lithium, nickel-copper-cobalt and gold projects. The Company uses the latest exploration technologies and holds interests in over 220,000 hectares of prospective lands in Saskatchewan, a stable Canadian jurisdiction that hosts the highest-grade uranium mines in the world, a producing gold mine, and production from base metals mines, both current and historical.
ALX's uranium holdings in northern Saskatchewan include 100% interests in the Gibbons Creek Uranium Project,the Sabre Uranium Project and the Javelin and McKenzie Lake Uranium Projects, a 40% interest in the Black Lake Uranium Project (a joint venture with Uranium Energy Corporation and Orano Canada Inc.), and a 20% interest in the Hook-Carter Uranium Project, located within the uranium-rich Patterson Lake Corridor with Denison Mines Corp. (80% interest) as operator of exploration since 2016.
ALX owns 100% interests in four lithium exploration properties staked in September 2022 collectively known as the Hydra Lithium Project, located in the James Bay region of northern Quebec, Canada, and a 100% interest in the Anchor Lithium Project in Nova Scotia, Canada.
ALX also owns 100% interests in the Firebird Nickel Project (now under option to Rio Tinto Exploration Canada Inc., who can earn up to an 80% interest), the Flying VeeNickel/Gold and Sceptre Gold projects, and can earn up to an 80% interest in the Alligator Lake Gold Project, all located in northern Saskatchewan, Canada. ALX owns, or can earn, up to 100% interests in the Electra Nickel Project and the Cannon Copper Project located in historic mining districts of Ontario, Canada, the Vixen Gold Project (now under option to First Mining Gold Corp., who can earn up to a 100% interest in two stages), and in the Draco VMS Project in Norway.
For more information about the Company, please visit the ALX corporate website at www.alxresources.com or contact Roger Leschuk, Manager, Corporate Communications at: PH: 604.629.0293 or Toll-Free: 866.629.8368, or by email: rleschuk@alxresources.com.
On Behalf of the Board of Directors of ALX Resources Corp.
Warren Stanyer, CEO and Chairman
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/140124
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Peruvian Metals Corp. (TSXV: PER) (OTCQB: DUVNF) ("Peruvian Metals" or the "Company") is pleased to provide an update regarding the mineral processing at its 80-per-cent-owned fully permitted Aguila Norte processing plant ("Aguila Norte" or the "Plant") located in Northern Peru.
During the third quarter of 2022, the Plant processed 6,871 tonnes for an accumulative total for 2022 of 21,757 tonnes. The 2022 year-to-date production represents an increase of 10% compared to the same period for 2021. Production during the month of September was lower compared to the previous months due to scheduled maintenance and replacing several key components of the mill. The Plant is now fully operational and processing material and production for the fourth quarter is expected to exceed previous quarters.
Jeffrey Reeder, Chief Executive Officer of Peruvian Metals, commented: "We are pleased that we are on track to achieve a record processing year in 2022 at Aguila Norte. We continue to improve the financial position of the Company during these difficult markets without share dilution. We are continuing to review our wholly owned properties with the intention to process our own resources of mineral."
The Aguila Norte processing plant has an environmental permit ("IGAC") from the Peruvian government which provides the Company with the ability to expand operations past the current 100 tonnes per day level. Jeffrey Reeder, P Geo, a qualified person as defined in National Instrument 43-101, has prepared, supervised the preparation, or approved the scientific and technical disclosure contained in this news release.
Peruvian Metals Corp. is a Canadian Exploration and Mineral Processing company. Our business model is to provide toll milling services for clients and to produce high grade concentrates from mineral purchases. The Company continues to acquire and develop precious and base metal properties in Peru.
For further information on Peruvian Metals Corp. please visit www.peruvianmetals.com.
Peruvian Metals Corp. is a Canadian resource company listed on the TSX Venture Exchange : Symbol "PER" For additional information, contact: Jeffrey Reeder Tel: (647) 302-3290 Website: www.peruvianmetals.com Email: jeffrey.reeder@peruvianmetals.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Disclosure Regarding Forward-Looking Statements: This press release contains certain "Forward-Looking Statements" within the meaning of applicable securities legislation. We use words such as "might", "will", "should", "anticipate", "plan", "expect", "believe", "estimate", "forecast" and similar terminology to identify forward looking statements and forward-looking information. Such statements and information are based on assumptions, estimates, opinions, and analysis made by management in light of its experience, current conditions and its expectations of future developments as well as other factors which it believes to be reasonable and relevant. Forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from those expressed or implied in the forward-looking statements and information and accordingly, readers should not place undue reliance on such statements and information. Risks and uncertainties are more fully described in our annual and quarterly Management's Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedar.com. While the Company believes that the expectations expressed by such forward-looking statements and forward-looking information and the assumptions, estimates, opinions and analysis underlying such expectations are reasonable, there can be no assurance that they will prove to be correct. In evaluating forward-looking statements and information, readers should carefully consider the various factors which could cause actual results or events to differ materially from those expressed or implied in the forward-looking statements and forward-looking information.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/140097
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NV Gold Corporation (TSXV:NVX)(OTCQB:NVGLF)(FSE:8NV) (NV Gold or the "Company ") is pleased to announce that it has received the approval of the Notice of Intent (NOI) for the Company's Triple T Gold Project in Pershing County, Nevada ("Triple T
About the Triple T Gold Property:
Thomas Klein, VP Exploration stated, "I am excited to have received the approval for drilling NV Gold's Triple T Gold Project located at the southeastern end of the Humboldt Range, Pershing County, Nevada. Triple T is one of three promising lease agreements the Company has done with Tom Callicrate (Mountain Gold Claims, LLC) over the last year. The Project has decent gold values with multiple grams up to 11.7 g/t Au from rock chip sampling and the remaining open gold intercepts from historical drilling in excess of 1.0 g/t Au were compelling enough to get the Project added back to NV Gold's Exploration Portfolio."
NV Gold (TSXV:NVX)(OTCQB:NVGLF)(FSE:8NV) is a well-financed exploration company with ~80 million shares issued, a solid treasury and no debt. The Company is based in Vancouver, British Columbia, and Reno, Nevada and is focused on delivering value through mineral discoveries in Nevada, USA. Leveraging its expansive property portfolio, its highly experienced in-house technical team, and its extensive geological data library, 2022 promises to be highly productive for NV Gold.
On behalf of the Board of Directors,
John Seaberg, Director and CEO
For further information, visit the Company's website at www.nvgoldcorp.com or contact:
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release includes certain forward-looking statements or information. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include regulatory issues, market prices, availability of capital and financing, general economic, market or business conditions, timeliness of government or regulatory approvals, The Company disclaims any intention or obligation to update or revise any forward-looking statements whether because of new information, future events or otherwise, except as otherwise required by applicable securities legislation.
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Table 1: Key Operational and Financial Figures 3
Novo Resources Corp. ( "Novo" or the "Company" ) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) provides a 2022 third quarter (" Q3 2022 ") operational update for the Beatons Creek gold project (" Beatons Creek ") and Golden Eagle processing facility (" Golden Eagle Plant "), located in Nullagine, Western Australia.
During Q3 2022 and year-to-date 2022, Novo did not record any lost time injuries.
COVID-19 continues to impact the Company's cost profile. While mandatory COVID-19 isolation requirements are being eased by the Australian government effective October 14, 2022, supply chain issues are resulting in elevated costs, particularly with respect to fuel and other consumables. Best efforts have been made to mitigate the impacts of the pandemic through the adoption of sound risk management processes. The Company intends to manage such impacts but remains cautious that they may affect all aspects of the Company's business, including exploration activities.
During the final quarter of current operations at Beatons Creek before the pause in operations, approximately 193 kt of mineralized material were mined from the Golden Crown and Edwards areas. Backfilling of the Grant's Hill pit has been completed in compliance with environmental requirements for the pause in operations 1 . Preliminary reshaping of waste landforms has commenced and rehabilitation works of recent drilling areas will continue.
The Golden Eagle Plant processed approximately 405 kt in Q3 2022, with an average head grade of 1.03 g/t Au.
Gold production totalled 13,137 ounces and recovery rates of approximately 90.7% were achieved in Q3 2022.
Q3 2022 gold sales totalled 12,426 ounces of gold and 1,336 ounces of silver for gross revenue of C$28.0 million (A$31.4 million) 3 . Throughout Phase One operations at Beatons Creek, Novo has sold its gold in Australian dollars to ABC Refinery of Sydney, Australia and enjoyed strong gold price performance in Australian dollar terms.
The Company expects to sell an additional 1 koz Au in Q4 2022 as gold is stripped from carbon and Beatons Creek transitions to an operational pause 2 .
Novo is preparing a reply to the appeal received in response to the Western Australian Environmental Protection Authority's decision to not assess the Company's submission regarding proposed Phase Two operations of the Fresh mineral resource at Beatons Creek 5 . The Company continues to engage with relevant regulatory authorities to seek approval to mine the Beatons Creek Fresh mineral resource and expects to make a final investment decision post receipt of results of the mineral resource update and feasibility study which are expected in Q4 2022 4 .
Drilling continues across priority gold and battery metal targets at Purdy's North and the Becher area in the Pilbara region of Western Australia 6 . The Company will provide an exploration update in early November 2022.
Novo's cash balance as at September 30, 2022 was C$65.3 million 3 and, as previously reported, Novo is free of long-term debt 7 .
In addition to its existing cash reserves, the Company has an investment portfolio with a fair value of approximately C$20.5 million as at September 30, 2022 8 .
Dr. Quinton Hennigh (P.Geo.) is the qualified person, as defined under National Instrument 43-101 Standards of Disclosure for Mineral Projects , responsible for, and having reviewed and approved, the technical information contained in this news release. Dr. Hennigh is the non-executive co-chairman and a director of Novo.
The decision by the Company to produce at Beatons Creek was not based on a feasibility study of mineral reserves demonstrating economic and technical viability and, as a result, there was an increased uncertainty of achieving any particular level of recovery of minerals or the cost of such recovery, including increased risks associated with developing a commercially mineable deposit. Production did not achieved forecast. Historically, such projects have a much higher risk of economic and technical failure. There was no guarantee that anticipated production costs would be achieved. Failure to achieve the anticipated production costs had a material adverse impact on the Company's cash flow and future profitability.
The Company cautions that its declaration of commercial production effective October 1, 2021 9 only indicated that Beatons Creek was operating at anticipated and sustainable levels and it did not indicate that economic results would be realized.
Novo explores and develops its prospective land package covering approximately 10,500 square kilometres in the Pilbara region of Western Australia, including the Beatons Creek gold project, along with two joint ventures in the Bendigo region of Victoria, Australia. In addition to the Company's primary focus, Novo seeks to leverage its internal geological expertise to deliver value-accretive opportunities to its shareholders. For more information, please contact Leo Karabelas at (416) 543-3120 or e-mail leo@novoresources.com.
On Behalf of the Board of Directors,
Executive Co-Chairman & Acting CEO
Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, that an additional 1,000 oz Au are estimated to be sold in Q4 2022, the Company's cash balance of C$65.3 million will support ongoing and extensive exploration programs and completion of the Beatons Creek mineral resource estimate update and feasibility study, the Company intends to manage the impacts of COVID-19, the Company is preparing a response to the appeal received regarding the Western Australian Environmental Protection Authority's decision to not assess the Company's submission regarding proposed Phase Two operations of the Fresh mineral resource at Beatons Creek, the Company continues to engage with relevant regulatory authorities to seek approval to mine the Beatons Creek Fresh mineral resource and expects to make a final investment decision post receipt of results of the mineral resource update and feasibility study which are expected in Q4 2022, and that the Company will provide an exploration update in early November 2022. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, without limitation, customary risks of the resource industry and the risk factors identified in Novo's management's discussion and analysis for the six-month period ended June 30, 2022, which is available under Novo's profile on SEDAR at www.sedar.com. Forward-looking statements speak only as of the date those statements are made. Except as required by applicable law, Novo assumes no obligation to update or to publicly announce the results of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward-looking statements. If Novo updates any forward-looking statement(s), no inference should be drawn that the Company will make additional updates with respect to those or other forward-looking statements.
1 Refer to the Company's news release dated July 6, 2022 . 2 Refer to the Company's news release dated June 14, 2022 . 3 These financial figures are unaudited and may differ from final results due to foreign exchange and rounding differences. 4 Refer to the Company's news release dated June 14, 2022 . 5 Refer to the Company's news release dated August 8, 2022 . 6 Refer to the Company's news release dated September 6, 2022 . 7 Refer to the Company's news release dated August 12, 2022 . 8 This value excludes the fair value of warrants held in GBM Resources Ltd. and other immaterial investments. The value of Novo's holdings in Elementum 3D, Inc. (" E3D ") is based on E3D's most recent financing price of US$8.00 per unit. Except for its investment in E3D and certain other immaterial investments, the fair value of Novo's investments is based on closing prices of its investments and relevant foreign exchanges rate as at September 30, 2022. 9 Refer to the Company's news release dated October 12, 2021 .
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Endeavour Silver Corp. ("Endeavour" or the "Company") (NYSE: EXK; TSX: EDR) ("Endeavour" or the "Company") is pleased to report third quarter 2022 production of 1,458,448 silver ounces (oz) and 9,194 gold oz, for silver equivalent 1 ("AgEq") production of 2.2 million oz, totalling 6.3 million AgEq oz for the 9 months ended September 30, 2022. Annual production is trending towards the upper end of the guidance range for the year, forecasted at 7.6 to 8.0 million AgEq oz.
"The ore grades processed at Guanacevi continue to exceed plan, which has positioned the Company to meet the upper end of our improved production guidance. The outperformance is well timed, as we continue to face financial pressure from lower metal prices and inflationary effects on inputs," stated Dan Dickson, Chief Executive Officer. "We announced impressive drill results from our exploration program in the quarter at Guanacevi, where we are extending and defining the vertical extents of the Porvenir Dos orebody, which is near historic working areas."
Consolidated silver production increased 12% to 1,458,448 ounces in Q3 2022 compared to Q3 2021, primarily driven by increased silver production at the Guanacevi mine. The high grades at the El Curso orebody have led to improved production, allowing for production targets to be met during a period of decreased plant throughput. Local third-party ores continued to supplement mine production, amounting to 12% of quarterly processed tonnes and contributing to higher ore grades. Guanacevi throughput was 4% higher than the prior quarter but lower than plan, due to heavy rainfall in a short, concentrated period during September. Management continues to review alternatives to further increase throughput above the current 1,200 tpd capacity with changes in grinding size and leach time.
Gold production decreased by 13% to 9,194 ounces primarily due lower gold grades mined at the Bolañitos mine. The increased gold production from Guanacevi offset the gold produced from the El Compas mine, which suspended operations in Q3, 2021.
Bolañitos Q3 2022 throughput was 3% lower Q3 2021 with silver grades 5% higher and gold grades 5% lower. Silver production increased by 2% while gold production decreased by 11% at the Bolañitos mine. The change in grades were due to typical variations in the ore body.
Production Highlights for the Three and Nine Months Ended September 30, 2022
Mine-by-mine production in the third quarter and the nine months ended September 30 was:
Production Tables for Q3 2022 by Mine (1)
Production Tables for the Nine Months Ended September 30, 2022 by Mine (1)
Q3 2022 Financial Results and Conference Call
The Company's Q3 2022 financial results will be released before markets open on Tuesday, November 8, 2022 and a telephone conference call will be held the same day at 10:00 a.m. PT / 1:00 p.m. ET. To participate in the conference call, please dial the numbers below.
About Endeavour Silver – Endeavour is a mid-tier precious metals mining company that operates two high-grade underground silver-gold mines in Mexico. Endeavour is currently advancing the Terronera mine project towards a development decision, pending financing and final permits and exploring its portfolio of exploration and development projects in Mexico, Chile and the United States to facilitate its goal to become a premier senior silver producer. Our philosophy of corporate social integrity creates value for all stakeholders.
Contact Information: Galina Meleger, VP, Investor Relations Email: gmeleger@edrsilver.com Website: www.edrsilver.com
Follow Endeavour on Facebook , Twitter , Instagram and LinkedIn .
Cautionary Note Regarding Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of the United States private securities litigation reform act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation (together, "forward-looking statements"). Such forward-looking statements and information herein include but are not limited to statements regarding future prospects of the Company's mines and projects. The Company does not intend to and does not assume any obligation to update such forward-looking statements or information, other than as required by applicable law.
Forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, production levels, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Such factors include but are not limited to the ultimate impact of the COVID 19 pandemic on operations and results, changes in production and costs guidance, national and local governments, legislation, taxation, controls, regulations and political or economic developments in Canada and Mexico; financial risks due to precious metals prices, operating or technical difficulties in mineral exploration, development and mining activities; risks and hazards of mineral exploration, development and mining; the speculative nature of mineral exploration and development and risks in obtaining necessary licenses and permits, and challenges to the Company's title to properties; as well as those factors described in the section "risk factors" contained in the Company's most recent form 40F/Annual Information Form filed with the Securities and Exchange Commission and available at www.sec.gov, and Canadian securities regulatory authorities available at www.sedar.com.
Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to: the continued exploration and mining operations, no material adverse change in the market price of commodities, mining operations will operate and the mining products will be completed in accordance with management's expectations and achieve their stated production outcomes, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or information, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended. There can be no assurance that any forward-looking statements or information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.
1 Silver equivalent calculated using an 80:1 silver:gold ratio.
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Precious metals are rare, naturally occurring, metallic assets that have high economic value.
In the past, the precious metals market was important because these commodities were used as currency. Today, precious metals are considered valuable because of their investment and industrial uses.
But what is the best precious metal to invest in? Different investors have different needs, and it’s important to be aware of the factors that affect supply, demand and prices for each precious metal before making a financial decision.
Below is a quick overview of the gold, silver, platinum and palladium markets. Those four are the most popular of the precious metals, and all can be good investment choices. Read on to find out the ways to invest and what to know before you buy.
The best-known precious metals are gold and silver, and it’s not hard to see why they are good assets to add to an investment portfolio. Gold is a key material for jewelry, and is also used as a store of wealth by investors around the world. Indeed, many believe that it’s superior to any and all paper currencies.
Silver is also used as a store of wealth and in jewelry, but unlike gold bullion, it’s also subject to a fair amount of industrial demand. In other words, the metal is not only bought by investors, but also by manufacturers that then put it to use in various ways.
Silver trading is intriguing because those applications are incredibly varied — the white metal is used in batteries, electronic devices and as a catalyst to produce industrial chemicals, but it’s also found in medical devices and in the automotive industry.
Gold and silver prices are most heavily affected by global economic and political changes. Both metals are considered safe-haven investments, and tend to receive increased attention from investors in times of turmoil. If you believe that more tumultuous times are in store, you may want to consider owning gold and silver bullion as a hedge against these troubles.
Sister metals palladium and platinum are also well-known precious metals. Like silver and gold, both metals are used in jewelry and are bought by investors for portfolio diversification.
However, what they’re perhaps best known for is their use in the automotive industry, specifically in catalytic converters: palladium for gasoline engines, and platinum for diesel engines.
While platinum and palladium prices sometimes also move because of worldwide economic and political volatility, they are influenced more strongly by supply and demand dynamics. In recent years, higher demand and strikes at key mines have pushed the markets for both platinum and palladium into deficit.
Investors who chart these changes and think those circumstances will eventually result in higher platinum and palladium prices may want to consider owning these metals to make a profit.
For investors looking to flex some purchasing power in the precious metals space, there’s perhaps no time like the present. Luckily, those interested in gold, silver, platinum or palladium have myriad options in terms of how to buy into the precious metals space.
From investing in stocks and mutual funds, to purchasing an exchange-traded fund to physically buying precious metals coins, there are many ways to get involved in the space. All it takes is some research to determine which is the best fit.
As a final note, it’s worth being aware that while gold, silver, platinum and palladium are undeniably the most high-profile precious metals, other precious metals do exist. Rhodium and rhenium are two fairly common ones, with rarer examples being germanium and beryllium — getting exposure to these metals is more complex.
This is an updated version of an article originally published by the Investing News Network in 2017.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
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