- Prismo Metals (PRIZ) has signed an agreement with Infinitum Copper to acquire a 75-per-cent interest in the Hot Breccia Property
- The Hot Breccia porphyry copper-skarn project is located in the Arizona Copper Belt and hosts some of the largest copper deposits in the world
- Under the terms of the agreement, Prismo will pay $350,000 in cash and issue 500,000 common shares of Prismo to Infinitum
- Prismo Metals is a junior mining company focused on precious metal exploration in Mexico and Arizona
- Prismo Metals Inc. (PRIZ) opened trading at $0.43
Prismo Metals (PRIZ) has signed an agreement with Infinitum Copper (INFI) to acquire a 75-per-cent interest in the Hot Breccia Property.
The property is located in the Arizona Copper Belt, host to some of the largest copper deposits in the world.
According to the Arizona Geological Society Spring Field Trip Guide of 2014), the project consists of 227 mining concessions that lie about four kilometres from the historic Christmas mine.
The Christmas mine recorded production of about 481.6 Mlbs of copper from 20.2 M tons at a grade of 1.2 per cent Cu plus significant gold and silver.
It is believed that the Hot Breccia Property may contain high-grade skarn mineralization similar to that originally mined at the Christmas mine, and the historical information is being used by the company solely to plan and guide future exploration.
“This acquisition agreement gives Prismo exposure to a copper system in the world-class Arizona copper belt with possible precious metal values,” said Craig Gibson, President and CEO of Prismo.
“We anticipate beginning exploration work at the project quickly and expect to be drilling before the end of the year,” he added.
The project is currently subject to an option agreement between Infinitum and Walnut Mines LLC, a Tucson, Arizona company.
Under the terms of the agreement, Prismo will pay $350,000 in cash and issue 500,000 common shares of Prismo to Infinitum. In addition, Prismo will assume certain earn-in obligations of Infinitum under the option agreement with Walnut in order to acquire a 75-per-cent ownership interest in Hot Breccia.
When the earn-in obligations are satisfied, and the option is exercised, Prismo and Infinitum will enter into a joint venture agreement whereby Prismo will be the initial operator of the project.
After all earn-in obligations are satisfied, Prismo will have acquired 75 per cent of the Hot Breccia Property, subject to a 2.0-per-cent NSR royalty to Walnut.
Prismo Metals is a junior mining company focused on precious metal exploration in Mexico and Arizona.
Prismo Metals Inc. (PRIZ) opened trading at $0.43.
