Prismo Metals to Submit Drilling Permit for Los Pavitos Project

The Canada-based exploration company Prismo Metals announced it submitted a drilling permit application for the Los Pavitos project in Sonora. The company considers it a great step toward the launching of its drilling program scheduled for 1H23. 

On Oct. 31, 2022, Prismo Metals reported it signed a formal access agreement with the Francisco Villa ejido, the landowners of the Los Pavitos project’s plot. The company negotiated a two-year agreement to formalize a previous informal agreement. After signing the deal, the company will be able to carry out exploration works. “This agreement allows Prismo to proceed with its drilling permit application, opening the door to a drilling program in early 2023 while we are getting to work right away on the environmental permitting necessary for drilling,” said Craig Gibson, President and CEO, Prismo Metals at the time.

Now, the company announced it has applied for the drilling permit. Additionally, Prismo Metals reported that it conducted significant mapping and sampling during 1H22 and covered 75% of the area of main interest.

Prismo Metals also conducted additional mapping and sampling works over the past two months, resulting in 106 rock samples whose results are expected to be ready by the end of February. According to Gibson, the exploration program’s next phase is focused on detailed mapping and sampling in individual mineralized areas. The execution of the drilling program is set for 1H23 as he expects to receive the drilling approval in early March 2023. The initial drilling program will total 2,500m. 

The company reported that the mapping works detected trends that may be an extension of the Las Auras structural trend in the area’s northwest. Additionally, one sample of the January assays reported 1.72g/t of gold, a similar result from the project’s previous owner, Minera Cascabel.

The Los Pavitos project is an early-stage exploration project located in Sonora. It consists of one single concession that covers 5,289ha. On Oct. 11, 2019, the company entered into an option agreement with Minera Cascabel, which granted Prismo Metals the option of owning 100% of the concession over a period of five years. For the option to happen, Prismo Metals incurred US$1.5 million in exploration expenses during the option period, paid US$500,000 and issued an additional 2 million Prismo Metals common shares to Minera Cascabel.