Prime Mining drills 4.99 g/t AuEq over 9.1 metres at Los Reyes, Mexico

Prime Mining Corp. [PRYM-TSXV; PRMNF-OTCQX; O4V3-FSE] reported drill results from nine core holes at the Central area, one of three main zones hosting the gold-silver mineral resource estimate (MRE) at the company’s Los Reyes project, located in Sinaloa state, Mexico.

Central Area Drilling Highlights: 4.99 g/t gold-equivalent (AuEq) (4.11 g/t Au and 67.9 g/t Ag) over 9.1 metres estimated true width (etw) in hole 23NB-46, located 150 metres along strike from the bottom of the MRE pit, including 37.48 g/t AuEq (31.40 g/t Au and 470.0 g/t Ag) over 1.1 m etw; 1.50 g/t AuEq (1.23 g/t Au and 20.5 g/t Ag) over 14.0 metres etw in hole 23NB-39, located immediately adjacent to the MRE pit, including 5.17 g/t AuEq (4.19 g/t Au and 76.0 g/t Ag) over 2.0 metres etw; 2.25 g/t AuEq (1.86 g/t Au and 30.2 g/t Ag) over 5.7 metres etw in hole 23NB-40, located 80 m along strike and below the MRE pit, including 5.62 g/t AuEq (4.75 g/t Au and 67.6 g/t Ag) over 1.4 metres etw.

The holes reported in this news release were drilled at Noche Buena, located in the southeastern-most end of the Central Area up to 150 metres along strike from the bottom of the recently announced resource pit. As with the company’s June 20 release regarding the Z-T Area, the drilling at Central Area confirms the ongoing expansion of potential gold-silver resources in addition to and not included in the company’s MRE.

Prime Mining CEO Daniel Kunz commented, “Our expansion drilling continues to encounter wide intercepts of high-grade mineralization outside of the current resource pits, this time in the Central Area. These results parallel what we recently reported at the Z-T Area. We see expansion of the Central Area with high-grade mineralization discovered along strike and at depth beyond the current resource pit, with the potential discovery of a new high-grade structure. We are excited by the continued discovery of high-grade areas outside of the MRE that demonstrate the scale of the Los Reyes system with potential to contribute to the global project.”

The mineralization encountered in this drilling has identified a new developing high-grade shoot in drill holes 23NB-40 and 46. Extending out from previously released drill hole 23NB-21, this high-grade shoot remains open south-southeast along strike. Results from remaining drill holes 23NB-47 and 23NB-48, with a quartz vein intersected about 30 metres down-plunge from the intercept in 23NB-46, are expected in the coming weeks.

Drilling is ongoing through the current rainy season (which started at the end of June) with four drill rigs focusing on extending the high-grade Z-T Area shoots that remain open at depth, as well as along strike north and south; expanding the two other MRE resource areas, including the eastern extensions of the Guadalupe System and Echeguren Shaft area; and exploring the new generative targets.

Prime has completed over 30,000 metres of its planned 60,000-metre 2023 drill program and will continue to evaluate its drilling plans using its success-based approach.

Los Reyes is a rapidly evolving high-grade, low sulphidation epithermal gold-silver project located in Sinaloa State, Mexico. Since acquiring Los Reyes in 2019, Prime has spent approximately US$30 million on direct exploration activities and has completed over 120,000 metres of drilling. On May 2, 2023, Prime announced an updated multi-million-ounce high-grade open pit constrained resource.

Drilling is on-going and suggests that the three known main deposit areas (Guadalupe, Central and Z-T) are larger than previously reported. Potential also exists for new discoveries where mineralized trends have been identified outside of the currently defined resource areas.

Historic operating results indicate that an estimated 1 million ounces of gold and 60 million ounces of silver were recovered from five separate operations at Los Reyes between 1770 and 1990. Prior to Prime’s acquisition, recent operators of Los Reyes had spent approximately US$20 million on exploration, engineering, and prefeasibility studies.