Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Prismo Metals (CSE: PRIZ) is preparing to drill-test an important near-surface target at its flagship Palos Verdes gold project in Sinaloa state, Mexico, after receiving an extension to its environmental permit in late July.
The drill program is designed to test the Palos Verdes vein and a structural intersection with a second vein at depths where the company believes it can test a prominent, higher-grade ore shoot that holds resource potential. That exploration would be similar to the drilling accomplished by Vizsla Silver Corp. (TSXV: VZLA) on its adjacent land package (see Vizsla’s latest results here), president and CEO Craig Gibson tells The Northern Miner in an interview.
Drilling at Vizsla’s Panuco project has yielded high grades over broad intervals near the surface, with intercepts grading over 1,000 grams silver-equivalent per tonne.
Heartened by the exploration momentum next door, Prismo plans to undertake at least 2,000 meters of drilling this summer to follow up on previous shallow drill results that had intersected high-grade mineralization. The best intercept entails 2,336 grams silver per tonne and 8.42 grams gold per tonne over an actual width estimated at 0.8 meters within a larger mineralized interval with 1,098 grams silver per tonne and 3.75 grams gold per tonne over a true width of 2.3 meters.
Special advisor to the company is globally acclaimed geologist Dr. Peter Megaw, best known as co-founder of MAG Silver Corp. (TSX: MAG) and Minaurum Gold (TSXV: MGG). Megaw and his team are credited with MAG Silver’s Juanicipio discovery in the famous Fresnillo District, and Excellon Resources’s (TSX: EXN) Platosa mine, Mexico’s highest-grade primary silver mine.
Megaw received his doctorate from the University of Arizona and has more than 35 years of experience exploring for silver and gold in Mexico.
“It is an important distinction to make that Palos Verdes is not a ’close-ology‘ play to Vizsla, but we were in the area first,” noted Megaw.
