Prize Mining (PRZ.V) has announced an exploration update for its Manto Negro copper project in Mexico’s Coahuila state. As the drill results of the first phase were a bit disappointing with lower grade and shorter intervals than originally anticipated, Prize now confirms the displacement and control of the mineralization is not fully understood, and it will embark on an additional mapping and prospecting program to evaluate the remainder of the Kupferschiefer-type copper zones at Manto Negro.
Once this phase of the work program will have been completed, Prize will initiate a drill program to follow up on its findings. The company is expecting to drill 3,000-5,000 meters which should be good for quite a few holes considering the copper mineralization is quite shallow.
Prize is also launching a strategic review of the Kena gold project in British Columbia as it wants to focus on the metals used in sustainable energy. Let’s see what price Prize can sell the asset for, but it will be substantially less than the 28.5 million shares at a deemed price of C$0.35 (C$10M) it paid just to acquire just an option on Kena.