Prime Mining drills 11.81 g/t AuEq over 3 metres at Los Reyes, Mexico

Prime Mining Corp. [TSX-PRYM; OTCQX-PRMNF; FSE-04V3] reported generative drilling results from the company’s Los Reyes project in Sinaloa state, Mexico. These results are from 2024 drilling at the Las Primas generative target and are not included in the company’s May 2, 2023, mineral resource estimate (MRE).

The company is reporting 11 core holes at Las Primas, with the following highlights: 11.81 g/t gold equivalent (AuEq) (4.07 g/t gold and 598.1 g/t silver) over three metres estimated true width (ETW) in hole 24LP-30, including: 19.8 g/t AuEq (6.77 g/t Au and 1,007.1 g/t Ag) over 1.7 m ETW; 3.42 g/t AuEq (1.44 g/t Au and 153.1 g/t Ag) over 9.4 m ETW in hole 24LP-33, including 4.48 g/t AuEq (1.94 g/t Au and 196.1 g/t Ag) over five m ETW; 1.75 g/t AuEq (0.83 g/t Au and 71.1 g/t Ag) over 3.6 m ETW in hole 24LP-24; 1.75 g/t AuEq (1.21 g/t Au and 41.9 g/t Ag) over 3.8 m ETW in hole 24LP-28, including 2.75 g/t AuEq (1.78 g/t Au and 74.7 g/t Ag) over 2.1 m ETW.

Scott Hicks, CEO, commented: “Prime continues to discover high-grade mineralization starting near surface at Las Primas. Las Primas, located between the high-grade Guadalupe East area and the Central trend, is a very prospective generative target in Prime’s success-based drilling program with significant potential to further grow the Los Reyes resource.”

Scott Smith, executive vice-president of exploration, added: “We continue to learn about the complex mineralization at Las Primas, which has many similarities to Guadalupe East mineralization, including lithological host setting, very high silver grades and multiple, steeply dipping vein structures. Currently, one drill rig is turning at Las Primas, targeting mineralization that remains open in numerous directions.”

Results from 24LP-33 demonstrate similar characteristics to 23LP-14 with extension of mineralization and strong silver values over wide intersections. 24LP-30 is located in the same area with more modest silver grades.

24LP-24 and 24LP-28 are to the east of -33 and -30 and demonstrate good gold-equivalent grades over wide intersections. These holes are also 60m down-dip from 23LP-18, which was one of Prime’s best intercepts from Las Primas. The structure intercepted in 23LP-18, 24LP-24, and -26 remains open down-dip.

Mineralization at Las Primas appears continuous along a strike length of 510m, measured from drill hole 23LP-11  to 24LP-23.

Las Primas mineralization appears in multiple, steeply northeast- and southwest-dipping structures. Given the similarities to the host lithology and the Laija flower structure of Guadalupe East, a key focus for further exploration at Las Primas is to identify the main source for mineralizing fluids, as with the Estaca vein at Laija.

Prime is targeting 40,000 metres in its 2024 drill program and will continue to evaluate drilling plans using its success-based approach. This evaluation will also include prioritization of targets based on probability of resource development and generative area discovery potential.

Four drill rigs are currently active on site at Los Reyes, with 2024 exploration focused on: extending the high-grade Z-T Area shoots that remain open at depth, as well as along strike, both north and south; expanding the known high-grade mineralization at Guadalupe East; increasing the Central Area resource through additions at Noche Buena and its connection to San Miguel East and generative target drilling of high-grade intercepts at Las Primas, Mariposa, Fresnillo, Mina and others to further develop the resource potential at Los Reyes.

Since acquiring Los Reyes in 2019, Prime has spent approximately CAD$48 million on direct exploration activities and has completed over 168,000 metres of drilling. On May 2, 2023, Prime announced an updated multi-million-ounce high-grade open pit constrained resource.

Measured and Indicated resources stand at 27.2Mt of 1.16 g/t gold and 40.40 g/t silver. Inferred resources are 18.1Mt of 0.85 g/t gold and 31.52 g/t silver.

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.