- Mining company Prismo Metals (PRIZ) has received an extension on the environmental permit for its Palos Verdes project
- The extension came from SEMARNAT, Mexico’s environmental ministry and permitting agency
- Prismo Metals has also successfully negotiated terms to extend its surface access agreement at the project
- These extensions will allow the company to complete a minimum 500-metre drill program at Palos Verdes without time pressures
- Prismo Metals (PRIZ) is up 3.45 per cent and is currently trading at C$0.60 per share
Mining company Prismo Metals (PRIZ) has received an extension on the environmental permit for its Palos Verdes project.
The company’s Palos Verdes project is located in southern Sinaloa State, within Mexico’s north-western region. It lies within the historic Panuco-Copala silver-gold district, where other companies have recently reported significant discoveries.
The extension on Prismo’s environmental permit came from Secretaría de Medio Ambiente y Recursos Naturales (SEMARNAT). SEMARNAT, the Secretariat of Environment and Natural Resources, is Mexico’s environmental ministry and permitting agency.
In addition to obtaining the permit extension, Prismo Metals has also successfully negotiated general terms for another extension. This extension relates to the company’s surface access agreement.
These two extensions will allow Prismo to complete a minimum 500-metre drill program at Palos Verdes, without time pressures.
Prismo Metals’ President and CEO, Dr Craig Gibson, welcomed the two extensions, and their impact on the company’s mining operations.
“Receiving the permit extension is welcome evidence that the permitting process is fully functional, despite earlier slow-downs stemming from the COVID-19 crisis.
“The combined extensions will let our drilling program follow the geology, not the clock, as we seek to follow the high-grade mineralisation encountered earlier into untested ground at depth,” he said.
Prismo Metals’ drilling program at Palos Verdes will consist of roughly five holes, the longest of which is planned at 150 to 157 metres. The drilling will test the vein on strike, as well as below the high-grade intercepts from a previous drill program conducted in May of 2018.
The company’s drill program is scheduled to start in November 2020, with results likely to become available in January 2021.
Prismo Metals (PRIZ) is up 3.45 per cent and is trading at C$0.60 per share at 10:54am EDT.