Pursuant to the
The consideration for the
In connection with the
The Strategic Investment Agreement also provides Vizsla with certain rights and privileges, including certain participation and top-up rights to permit Vizsla to acquire Prismo Shares on a pro rata basis in the future to maintain its ownership position, prospectus qualification/registration rights, the right to nominate a director to Prismo's board of directors, the right of first refusal on any transfer of all or part of the Palos Verdes project, and certain information and access rights.
For a summary of the rights of Vizsla under the Strategic Investment Agreement, see Prismo's news release dated
Prismo also announced assay results for the remaining holes from its now completed 2022 drilling program at its Palos Verdes project, located in the historic
Hole PV-22-17 was drilled along strike to the northeast of the historic shallow drilling to aid determining the location of the crosscutting northwesterly striking shear zone that disrupts the vein near the Palos Verdes tunnel. The hole cut 1.05 meters downhole length with 516 g/t AgEq or 1.18 g/t gold and 297 g/t silver within a wider mineralized interval. Hole PV-22-16, was drilled to explore the northwesterly striking vein and the parallel shear zone. It cut anomalous base metal values in sheared rock with narrow veins and veinlets and fragments of vein material, but did not hit a wide coherent vein. Fine grained pyrite is locally abundant. The northwesterly trending vein is better exposed to the north of the Palos Verdes vein and remains a high priority target upon reception of the updated environmental permit, expected to be received in early 2023.
Hole PV-22-18 was drilled to test the shear zone that cuts the vein to the east of the high-grade mineralization but did not intersect vein material and was not assayed. A previously drilled hole, PV-20-07 also tested this area and cut similar sheared rock with vein material and yielded anomalous base metal assays.
The Company completed eight holes for almost 2,100 meters in the 2022 program. Six holes tested the Palos Verdes vein at depth or along strike in two general areas accessible under the current environmental permit. Only about 30 to 40% of the 750-meter strike length of the Palos Verdes vein exposed on the Palos Verdes concession has been drilled from the two general areas of access located in the central and extreme southwestern portions of the concession. The six holes drilled on the Palos Verdes vein all cut significant mineralization, and in general intercepts were relatively gold and base-metal rich as announced on
'The drill program successfully extended mineralization to depth below previous shallow drilling,' stated
He concluded: 'Upon receipt of this expanded environmental permit, we will immediately initiate further drilling to the northeast to be funded by the announced strategic investment from
Silver equivalent values are calculated using the following metals prices: Au,
The samples presented in this press release were analyzed by SGS, an accredited and internationally recognized laboratory with a preparation and analytical facility located near the project, in
Photos of some vein intercepts from the current drilling campaign are presented on the Prismo website.
Finally, Prismo announced that the Board of Directors has approved the grant of 325,000 restricted share units ('RSUs') and 325,000 stock appreciation rights ('SARs') to directors and officers of the Company subject to certain vesting requirements. Each vested RSU entitles the holder to receive one common share of the Company by delivering an exercise notice in accordance with the LTIP. Each SAR is exercisable at
All grants of RSU and SARs are subject to the Company's Long Term Incentive Plan ('LTIP') which was approved by shareholders Prismo's annual and special meeting of shareholders on
Dr.
About Palos Verdes
The Palos Verdes project is located in the historic
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