Friday afternoon, I had the opportunity to speak with Alain Lambert and Steve Robertson of Prismo Metals. Prismo is a $10 million market cap junior explorer with a trio of exploration projects: Hot Breccia in Arizona, and Palos Verdes and Los Pavitos in Mexico. As a result of this conversation I have a much better understanding of Prismo's 2024 objectives, and I came away with a positive impression of Prismo management and the exploration potential of its project portfolio.
Goldfinger:
This is Robert Sinn with Goldfinger Capital and I'm speaking with a company called Prismo Metals (CSE:PRIZ, OTC:PMOMF) this afternoon. The symbol is PRIZ on the CSE. The CEO is Alain Lambert and the President is Steve Robertson. It's good to speak to you guys.
Alain Lambert:
Great for having us.
Goldfinger:
So with Alain, I'll start with Alain and then we'll talk to Steve. Tell us about the company and why you are the CEO of the company and why you want to invest your time in Prismo.
Alain Lambert:
Thank you, Robert. So I'm one of the co-founders of Prismo Metals. A few years ago, I was sitting down with friends and business associates, Peter Megaw and Craig Gibson, and we put Prismo together. Peter contributed an orogenic goal play that he had through his Mexican company. And Craig had a silver property in the Panuco district. And I have got a finance and law background. So I did my capital markets thing, put everything together, did an initial public offering, listed the company, and last year, in January 2023, we optioned 75% of the Hot Breccia Copper Project, which is located in Arizona. And that's when I met Steve. And at the time I was the chairman of Prismo. Fast forward to early May this year. We made some management changes. I went from executive chairman to CEO.
Steve became the president and Craig Gibson, who was the CEO and president, became the chief exploration officer, which is the role he always wanted. He's a Ph. D. in geology. He's a field geologist. He's happiest away from road shows with investors and happiest in the field.
Goldfinger:
So tell us about the share structure of the company and who are the largest shareholders and founders.
Alain Lambert:
So we're old school guys, Robert. We believe in something called alignment of interest. That means that we own a lot of the shares as management and co-founders. Although we only have 53 million shares outstanding, we still own 27.5% of the stock. Vizsla Silver owns 9.6% of our stock. And that's as a result of an investment they made in 2023 into our company. And the reason they did that, Robert, is that they surround our Palos Verdes silver prospect in the Panuco district on three sides. We have drilled 6000 meters there. We're going to drill some more. And so we're all big shareholders. We listed the company the old fashioned way through a prospectus initial public offering that would be Haywood friends of mine. And we like to keep it tight and own a lot of it.
As I said, we've been public for four years. We only have 53 million shares outstanding and have probably raised close to $10 million.
Goldfinger:
So there's 53 million shares outstanding. The founders and the insiders own ~27%. You mentioned that Vizsla Silver, a much larger mining company, owns nearly 10%. So yeah, the share structure is pretty tight. And it is unusual for a junior to only have 50 million shares out after four years being public. I've seen some juniors go well over 100 million shares in that timeframe.
Alain Lambert:
There's one specific reason that leads to that. There are various factors, Robert, but one which I want to highlight is that Prismo metals, nobody's on a fixed salary. So if you look at the typical junior Explorer model, the first thing you do is you hire a CEO, let's say at $350,000 and then the VPX at 280 and the CFO at 240. And on and on. You get an office downtown Vancouver. And by the time you get ready to get on the project and start doing exploration work, you've already spent a million bucks. And we don't have that structure. We eat what we kill. So Steve doesn't have an employment agreement with us and he's the president, doesn't mean he's not going to make a lot of money. It means that he's going to make a lot of money doing geological work.
And, you know, he was in Arizona at Hot Breccia, and he bills his time like he would bill anybody else. So I've seen examples of companies where they explore six months a year, but they have full time CFO, CEO and VPX, and we're not structured that way. And that is one of the factors that has contributed to a lower share count.
Goldfinger:
So, yeah, when I looked at the company for the first time, that really attracted me to it, because that tells me as an investor that if you have joy with the drill, shareholders will be compensated in a big way. The potential is there because the share structure is tight enough that it offers torque to a new discovery. So let's talk, Steve, let's talk about hot breccia, the flagship project for Prismo and why you're involved.
Steve Robertson:
Well, I'm an exploration geologist by background. I spent most of my career doing exploration and I actually worked for 24 years for a mine developer and operator in British Columbia. And we picked up the Red Crisp project in 2007. And at that time, everybody viewed that deposit as being a typical little BC porphyry. And after five years of deep drilling, we proved that it was a world class giant. And that really inspired me to want to pursue deep exploration plays. I love big copper, and this is certainly the right place to be chasing after a big copper play. We have world class deposits in every direction from Hot Breccia.
And I think the next generation of discoveries that are coming in the copper world are going to be ones that are cover plays, ones that are a little bit deeper and they don't stick out on surface and smack you in the face. They're a little bit more difficult to find. Takes a little bit more science and sophistication to be able to zone in on them. And that's exactly what we're talking about with hot breccia.
Goldfinger:
Hot Breccia is really in my wheelhouse. First of all, I love big copper, so when you say big copper, I get excited. I love the state of Arizona. It's the copper state in the US. I think it's the copper region in North America, quite frankly. I mean, obviously there's a lot of porphyries in BC, but I think Arizona is pretty special. Big companies there, like Freeport, one of the largest mining companies in the world with a 50 billion market cap. So it's a good address. And I look at your flagship project, and it's a two hour drive from Phoenix? It might not even be 2 hours. It's near a highway. It's in a good county for mining in Arizona. It checks a lot of boxes.
And then when I looked at some of the slides and the historical drill intercepts, I said, how could this be there? Like, how could Phelps Dodge have walked away from this project? So tell us how you guys acquired the project and how a 10 million market cap junior could have a project that's worthy of a major.
Steve Robertson:
Well, yeah, the history of the project is really fascinating to me. And there was some good exploration success back in the 1970s, over 50 years ago. But when the Christmas mine shut down, so that was the small, high grade mine that was immediately next door to the current hot breccia property. It had a good life. Started production before World War One, operated until 1982. When that shut down, it sort of sucked the wind out of the momentum in the area, and prices of copper were low at that time as well. And so the exploration emphasis in the area just sort of faded away, and eventually the property was dropped, and it sort of happened quietly. It's not like they ran up against a wall and had a bad result and decided to kill the project or anything like that.
It just sort of faded. And eventually the project was dropped. The core was thrown out from that old drilling. That was over 50 years ago. And so it's very exciting for us to be able to come in. We're the first company in over 50 years to come in and bring in a modern exploration toolbox with all the exploration power that we now have that wasn't available to the guys 50 years ago, and we can take a fresh look at this and really approach it with a fresh set of eyes. Your take on that, Alain?
Alain Lambert:
Yes. And so there's this doctor in geology, Linus Keating, who used to work with Kennecott. He picked up the project a few years back, and we were lucky enough last January to option 75% of the project. The other 25 is owned by another company called Infinitum Copper. For full disclosure, Steve's their chairman, but their focus is on a project in Mexico. And they're quite, I would say, favorable option terms Robert. So, with one drilling campaign, we'll satisfy our exploration expenditures towards the project, and then we'll be able to exercise the option. We'll own 75% and there'll be a 2% royalty owned by the claim owners. After that, it's a fairly clean deal.
Goldfinger:
Is there any opportunity to buy down the royalty in the future?
Steve Robertson:
No, it’s fixed.
Goldfinger:
Ok. Hot Breccia, let's dig in a little bit on this project. So, you know, Rio Tinto's exploration arm in the US is called Kennecott. And they had the project in the seventies, Kennecott drilled some pretty hot intercepts there. Phelps Dodge, also drilled two holes. Tell us about what you learned from looking at the results from the seventies by Kennecott.
Steve Robertson:
Yeah, the drilling that they were doing back then was successful. I mean, they drilled down through the volcanic rocks, the volcanic unit. They got down into the Paleozoic carbonates down below, and found that the rocks were highly altered and highly mineralized. And so, you know, by all accounts, it was a success. And not only did they hit mineralization, but it was very high grade mineralization that they were intercepting as well. The one hole in our library.
The one hole in our data, unfortunately, is the actual assays are incomplete for the lower parts of those drill holes. We haven't been able to get that information, but we do have a lot of old memos and other records that indicate partially what the results were. And we see lots of samples that came back over percent copper, and some of them were over 3% copper. So we know that there's very rich mineralization at depth. And so I think that the. The. What we would be doing now is we're actually going to pick up where the previous guys left off. It's not like we're trying to do something dramatically different. They were on a good path and they just didn't complete the task. And we hope to do that.
Goldfinger:
Some of the holes that stand out from the seventies, like hole seven, 1.4% copper, 4.65% zinc. And they had 60ft of that. So it's 20 meters. That's a pretty good hit. A couple of other intercepts, 1.73% copper. And then Phelps Dodge had a hit as high as 3% copper. So that really stands out. The grade is there for sure. Now, I would say just my first take is, well, now you need to prove scale, because the target looks like it's pretty deep. So how do you prove scale, and what's the objective of the first program here?
Steve Robertson:
Yeah, you're absolutely right about the grade being there. I mean, the project name is Hot Breccia, and it's because of these breccias that have taken material from a kilometer deep and thrust it up to the surface so we can see it and map it and sample it. And we’re actually able to take some of those fragments earlier this year and send them in for assay. And one of them came back 5.7% copper. So there really is good grade there. And in terms of the zinc, we also have some old workings on the property where we've got high grade gold. We assayed up to 28 grams of gold. And one of the old workings, and there's placer gold that's found on surface in the area. So these are all indications of metal zonation that we would expect to see in a big system like this.
And really what we want to do is get down into the heart of the copper part of the system, and we believe that's a depth, and it's kind of an economic filter for us. If it's too small, that it's going to be difficult to find, then it's not going to be economic. At 400 meters depth, what we're looking for is a big target, and we think that we've got a pretty good indication where it is. One of the tools that we've brought to the table now is ZTEM. We've got a ZTEM survey that was conducted, and it picked up a big conductive anomaly down at depth where there should be limestones, and limestones are non-conductive rocks. So why are those limestones conductive? Well, a good explanation for that would be, if it's highly mineralized with copper, it would be a good conductor.
And so this makes a great target for us to zone in our drilling. And we've actually got an AI company out of California that is taking advantage of the opportunity to reprocess that geophysical data and give us even more certainty on where we're going to be drilling to test that anomaly. So these are the tools that we'll be using to hone in on the heart of the system. And then it's just a matter of getting the drill going.
Goldfinger:
What I hear you saying is basically the ZTEM you did in 2023, it kind of confirms those historic holes that were drilled in the seventies, that they were drilled pretty much close to the right area, and the ore body should actually be quite a bit larger than they were able to prove with eight holes.
Steve Robertson:
Yeah, that's right. This is all about reducing risk. And we take a look at all of the basket of evidence, and when we take a look at the surface mapping, we can see that on the outer fringes of the property, it looks like it's a little bit boring. And then as you get in toward the heart of the system, you can see increased complexity in the surface geology. You see more faulting, all sorts of dikes that are coming up. You see the breccias and so on and so forth, and you go, looks like there might be a heat source here somewhere that's causing all of this chaos. And, of course, that's what we're really wanting to find, is a big source of energy that is being disruptive and bringing lots of metals into the system.
And I believe that we've done a good job of sort of systematically logging all of the evidence so that we've got the best chance possible of having success in the drilling.
Goldfinger:
Let me ask you one more slightly technical question. So there is a former mine right next door. Would you say these two ore bodies were one at some point, and they just got, you know, separated, or. What's your model tell you about the mine that was operating 100 years ago and your target area?
Steve Robertson:
That's one of the most exciting parts about our story is when you look 40 kilometers north, you see a very similar situation with Resolution. They had a small tonnage but high grade mine called Magma that operated right next door for many decades and produced 20 million tons of 5% copper. And it was actually the magma mine that led the explorationists to say, well, let's go and find the roots to this system. And it took them a few years, but eventually they kept drilling and they tapped into the 1.6 billion tons of 1.6% copper. And it might not be drilled off. It might be actually quite a bit larger than that. So it's an absolute monster. And we are hoping for something very similar. We've got the same rocks, we've got the same structural setting as resolution, but it's fortunately much shallower than resolution.
And what we're hoping to do is find the root to the system. We want to find that big beast that Christmas is just a symptom of.
Goldfinger:
Yeah, I like that. So let's talk about the maiden core program. It says in your presentation, slide ten, 5,000 meters of drilling, Q3 2024. So here we are approaching Q3 2024. First two priorities are to go deeper to confirm a couple of the historical holes that Kennecott drilled and then to test this ZTEM anomaly. So tell us about that. How many holes? How much money do you need and when do you start?
Steve Robertson:
We think that an initial program of five, 1000 meter holes would probably be a good estimate of what the first pass should be. With each drill hole, we want to make sure that we pass through the entire carbonate stratigraphy. So the carbonates being limestones and dolostones, those are the really good receptive hosts to mineralization in the area. And so if it takes us 1000 meters, that's our estimate, maybe it'll take us 900 meters, maybe it's 1300 meters for each one of those holes to pass through that whole stratigraphy. And I think that if five holes will give us a wide enough geographic distribution that we're going to be able to get a pretty big picture of the area and get an idea in terms of vectors toward the center of the system.
Goldfinger:
And so 5000 meters of core drilling, really, I’m thinking that's about US$2 million. What are your thoughts on the budget for the program?
Steve Robertson:
Yeah, I think it's going to probably cost us about US$500,000 to drill each hole. And so, you know, for five holes, two and a half million US, probably a pretty good estimate.
Goldfinger:
Let’s touch a bit on the other two projects that you kind of have in your bullpen.
Alain Lambert:
Well, I'd be happy to say a few words on Palos Verdes, given its history and our relationship with Vizsla. So, as we mentioned earlier Robert, Vizsla owns a piece of our company. And so we have this, a silver prospect called Palos Verdes in the Panuco district. That was our main property. We drilled it before going public. We drilled it after. Then we became surrounded on three sides. And it's a fairly narrow concession. So in order to drill deeper, we have to step out and actually go onto Vizsla's ground and drill deeper than we have in the past. So in the first 6000 meters we drilled, we found some bonanza grades that remind us of what Vizsla has found in the southwest part of the district when they made the investment. We call this strategic investment.
They have a number of rights attached to that. I think the most meaningful thing that we did together, over and above the investment, is we created this technical community joint technical committee. It's composed of their VP-Ex, Jesus Velador, our chief exploration officer Craig Gibson, and doctor Peter Megaw. And they came up with this plan, drilling plan, that we have now that we will probably start implementing, well, certainly in July. So we're finalizing plans to mobilize on site and start drilling at depth again. And one of the rights that Vizsla has is a right of first refusal on that asset. So as it relates to Palos Verdes, the goal is to further define what we have, define it at depth. And the logical conclusion of all of those activities is that it will one day belong in the Vizsla portfolio. Certainly that's our hope.
Steve Robertson:
Yeah, the geology really fits in like a hand and glove with stuff that Vizsla is chasing after. The magnitude of intercepts that we've had there fit in with the district, our top intercept being eleven and a half kilos silver. I love it when you can quote in kilos rather than ounces per ton. And so we've got a very rich vein there. We've got about 750 meters of strike on it. And yeah, it's pretty simple geometry. We just need to step back and take a deeper cut at it to see if we can actually get a little bit more vertical continuity on it. And that'll give us a much better idea of what sort of valuation that we can have on the vein.
There is a fault that goes right through the middle of the property, and we're not exactly sure what that does in terms of displacement for the vein. And so that's also a big part of the next drilling program will be to understand where that vein is displaced to across that fault.
Goldfinger:
So at Palos Verdes you have high grade gold and silver that's vein hosted, so it's a bit of a narrower target, a little harder to find, like maybe in certain areas. And at Hot Breccia you've got a massive copper porphyry with some zinc and maybe even some gold. So two very different projects, but both very interesting. And I think Palos Verdes is a great backup project to have. And you're going to be out there with the drill as well this year.
Steve Robertson:
Well, I was just going to say we really have a three legged stool here. We've got a great copper project in Arizona. We got a great silver project in Sinaloa state in Mexico. And then we've got the Las Pavitos project, which is a really good orogenic gold project in Sonora state in Mexico as well. That's a beautiful project as far as I'm concerned, because it came into the company as a concept. This is at the south end of a large orogenic gold belt that stretches all the way up into California. And with the initial drill program, you know, the results came back 10.4 grams gold over six and a half meters and had 45 grams silver with it as well. So, you know, proof positive on the first drill program that we do have a large scale orogenic gold project on our hands.
And so I think the next step is to actually, once again, you know, systematic exploration. Go back to the basics and do a lot of mapping and prospecting, do some ground geophysics and make sure that when we get out there with the drill the next time, it's going to be the most efficient use of the drill meterage, as possible. So, you know, that's. That really gives us a lot of risk mitigation in a small exploration company like ours. A lot of companies are basing everything on one project. We've got three great projects to pursue here.
Goldfinger:
With Los Pavitos. Let me ask you, because some of these intercepts kind of stand out to me. So was that the first program that you ever did there in 2023? The one where you have the 11.93 meters of 5.77 grams per ton gold and 31 grams per ton silver? Was that the maiden drill program?
Steve Robertson:
Yes.
Goldfinger:
That's really impressive for a maiden program. So you got multiple nice hits here in this maiden program with some good, you know, silver grades, too. I mean, some pretty, you know, like over 100 grams in one hole. Wow, that's impressive. Yeah. So that's nice. That's a really nice third project to have in the pipeline. Yeah. So it's. Look, I think to me, this company checks a lot of boxes. I have actually bought some Prismo shares in the open market in the last week, and I think I'm going to buy some more. It's very intriguing, but it's not without risk. So I'd like to just ask you guys, like, what could go wrong? Obviously, this is exploration. It's early stage or fairly early stage. You guys need to raise capital to drill and do exploration programs.
Steve Robertson:
Okay, we’ll talk about it from a technical perspective. I mean this is exploration and you don't know what's down there until you get the truth machine turning and actually drill and find out what the rocks are down there. But I think that's what differentiates Prismo from hopefully others is that good management will do all the things that are necessary to mitigate the risk. And what we do is try and stack the odds in our favor. And I think that the way we approach exploration, the way we operate the company and so on does all of that and it tries to make sure that we're always trying to increase the odds in favor of success. And so far so good. We've got a great company with three great projects and great people that are involved. You know, I'm very optimistic.
Alain Lambert:
Yeah, from one perspective I'd like to say that. So with our probably $11 million market cap, I think the market's not fully valuing any of our projects. And as Steve said, they're all very different. So if you look at the Hot Breccia, Steve likes to say it's swinging for the fences. So, that's, you know, high reward, high risk because it's, you know, it's the first drill hole in whatever, 40 years and, but the risk is mitigated with Palos Verdes which is, you know, I don't want to say is a fairly advanced project but we've drilled 6000 meters and we have the money to drill the next phase. And so we're going to start and we'll do 3000 meters. And so I think that's a big risk mitigator. It already has some kind of interesting value.
And then you say, well okay, well that's great. Is there another one swinging for the fences in your portfolio? And I think that would apply to Los Pavitos, but it's a different kind of deposit, different kind of animal, right. You're going to have to spend a lot of money drilling it. Little different in the timeline of.
You find out what it's worth. If you look at Breccia, Steve and I like to give the analogy of Hercules Silver, they got lucky early. Their stock reacted quickly and they were able to bring in a major in a matter of days. I assume they were talking to them before but they, you know, were able to consume and put together a deal in a matter of a few days. And I think it's fair to say that the majors, who are all in the area where Hot Breccia is, they're quite aware that we're about to drill and we're in contact. And as you know, and people ask me sometimes, well, you know, don't tell me anything you can't tell me.
And, and I always say, well, let me tell you what my job description involves, and it involves talking to all the majors. So I'm not telling you something you shouldn't know. I don't talk to them, but Steve does, because that's what you need to do. Company like ours is going to take the initial risk, but should we see something and the majors like what we see, then you want to be prepared to take on a bigger investment in order to de-risk the company and the risk of the play.
Goldfinger:
You're in the right neighborhood with Freeport and Rio Tinto, both active in Arizona with multiple mining operations. So let's just leave it with the final question, gentlemen. What kind of news flow can investors expect over the next six months?
Alain Lambert:
I love it. I'll go first, Steve I'll let you fill in, or give more texture to my answers. But Robert, here's the way we look at things. I came up with this analogy. You tell me what you think. But the next twelve months for Prismo is like a Netflix series. So we know how many episodes, we know what the episode is going to be about, what we don't know is how the plot ends, because nobody knows what the rocks are going to tell us, what the assays are going to tell us.
And, and so each episode is part of the news flow. So, it is very important in the very short term. The next catalyst would be to get the drilling permit. We're getting really close in the sense that the final step is really in our control. It's a financial thing, and Steve's diligently working on that. So, you know, maybe as early as next week, hopefully we get. We can, we can announce that we got the drilling permit.
We've been talking to a lot of large investors to help us finance our drilling. So we're going to, Steve and I are going to be on the road and hopefully do that quickly. And then Steve and the team will get somebody, choose a driller, negotiate, mobilize, and then that's when I'm going to let you fill in the blanks.
Steve, about, you know, how long for a drill hole, how long for the assays? But before I turn it over to you. So moving to Palos Verdes, mobilize drilling in early July, start drilling in July, and we have 3000 meters that we're going to be drilling. And, one of the beauties of drilling in Mexico is quite inexpensive. And the turnaround time for assays in the part of Mexico where we are can be very quick. So we're going to get useful coming out of there on a regular basis. So over to you, Steve, on drilling assays and use flow at Hot Breccia.
Steve Robertson:
Yeah. One of the reasons why Alain and company asked me to join was because Craig Gibson was overwhelmed with everything that he was going to have to do in 2024. There's a lot of field work to do and he's going to certainly be needed to manage all of that activity that's going on. And that's where our news flow comes from, is being able to tell the story on these three projects as we're able to advance them. And this year the focus is most of our funds and the focus is going to be on Hot Breccia.
So we've already been working on that. You know, we did the geophysical survey last year. We've been out there mapping and sampling and so on, and that work will continue as well. We're going to continue to do the field work. The permitting, we believe, is, you know, just steps away from being in place. And then once that's completed, the focus will be on raising the money for the drilling. I've already been talking to drill contractors and advancing their knowledge of what it is that we want to do so that it's going to put them in a better position to give a competitive bid for getting out on the property. And there seems to be a lot of availability and capacity right now in Arizona. So our expectation would be that once we have the funds in place, then we'll be able to get out drilling fairly quickly. And, you know, each one of these holes is, they're not, you know, for the faint of heart, drilling kilometer long drill holes. So it's going to probably take us close to a month to drill each hole. And so that would probably be the bulk of the remainder of 2024 to complete the first program at Hot Breccia. And, of course, the news will flow from that.
Goldfinger:
All right, gentlemen, thank you so much for your time. I look forward to having more conversations over the coming months and talking about those results.
Disclosure: Author owns shares of Prismo Metals and may buy or sell at any time without notice. Prismo Metals is a sponsor of Goldfinger Capital.
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