Proactive Investors - Prismo Metals Inc (CSE:PRIZ, OTCQB:PMOMF) is a multi-commodity explorer with prospective projects in Mexico and Arizona in the United States.
In conversation with Proactive at the PDAC 2024 event, chairman Alain Lambert outlined the company’s strategic priorities for 2024 amid renewed optimism in the mining sector driven by record-high gold prices.
Proactive: Give us a quick introduction to Prismo Metals. I know you've got some interesting exploration projects in Arizona and Mexico.
AL: Prismo Metals Inc (CSE:PRIZ, OTCQB:PMOMF). has three different projects, two in Mexico and one in Arizona. So, in Mexico, we have large gold prospects. We have one property called Palos Verdes, which is a silver target entirely surrounded by a very big silver company called Vizsla Silver, a great partner of ours, they own 10% of our company. And we have a copper prospect in Arizona called Font Breccia.
Let's talk about that. Because I know that's the focus of the company at the moment, what's going on at Font Breccia?
Font Breccia is right in the heart of the Arizona copper belt. Very close to Resolution, which is very well known in the mining industry. It's just by the Resolution mine, which has been in operation for over 100 years, and contiguous to the old Christmas mine. We optioned that property a little bit more than a year ago. We did a lot of surface work last year, ran some geophysics and identified some drilling targets. We expect to get our permitting done probably next month. And the plan is to drill a number of deep holes. It was drilled in the 70s and the 80s by major companies, and we have some of the partial results. And we'll probably do 5000 meters of drilling at Font Breccia this year.
And all this drilling is in preparation for a resource estimate. Are we looking at something big?
We are going for quite a large target. So I don't think that we have ambitions to go too far. We’ll prove out our theories, which is there could be a large porphyry system there. I think that some of the majors will probably be knocking on our door.
Before we wrap up, tell us what's happening in Mexico with those two projects.
So, at the Palos Verdes silver prospect, surrounded by Vizsla, we have a strategic relationship with them. We're going to be doing another phase of drilling off of their property so that we can go deeper down into ours. And we did a considerable amount of drilling at Los Pavitos, our gold target last year, and in the first half of this year, we're going to run some geophysics and go back to drilling in the second half of this year.
It sounds like a busy 2024 program for you guys. Generally, Alain, before we wrap up, what's the mood here? What kind of sentiment are you sensing?
Better than I've seen it in a while. It's been great that gold has maintained prices over $2000. Before entering the conference, and walking the floor, a lot of people here, there's a lot of enthusiasm, and a lot of stocks, like ours, are at all-time lows. So, we're quite optimistic about prospects for this year in the sector as a whole.
Quotes have been edited for clarity and style