Prime Mining drills 3.74 g/t AuEq over 5.7 metres at Los Reyes, Mexico

Prime Mining Corp. [TSX-PRYM; OTCQX-PRMNF; FSE-04V3] reported expansion drilling results from the company’s Los Reyes project in Sinaloa state, Mexico. These results are from 2023 drilling at the Z-T area and are not included in the company’s May 2, 2023, mineral resource estimate.

Expansion Drilling Highlights in the Z-T Area – The company is reporting 21 core holes at Tahonitas with the following highlights 3.59 g/t gold-equivalent (AuEq) (3.54 g/t Au and 4.1 g/t Ag) over 6.6 metres estimated true width (etw) in hole 23TA-85, including 6.21 g/t AuEq (6.17 g/t Au and 2.9 g/t Ag) over 1.4 metres etw, and including 12.35 g/t AuEq (12.10 g/t Au and 19.1 g/t Ag) over 1.0 metres etw; 2.09 g/t AuEq (1.26 g/t Au and 63.9 g/t Ag) over 11.6 metres etw in hole 23TA-90, including 3.83 g/t AuEq (2.61 g/t Au and 94.5 g/t Ag) over 2.2 metres etw; 3.74 g/t AuEq (0.99 g/t Au and 212.5 g/t Ag) over 5.7 metres etw in hole 23TA-100, including 10.94 g/t AuEq (2.97 g/t Au and 616.0 g/t Ag) over 1.3 metres etw; 2.33 g/t AuEq (0.83 g/t Au and 115.9 g/t Ag) over 7.1 metres etw in hole 23TA-91, including 8.14 g/t AuEq (2.85 g/t Au and 409.0 g/t Ag) over 0.9 metres etw; 2.21 g/t AuEq (0.69 g/t Au and 117.8 g/t Ag) over 5.0 metres etw in hole 23TA-94; 6.39 g/t AuEq (4.51 g/t Au and 145.3 g/t Ag) over 1.2 metres etw in hole 23TA-99.

Scott Hicks, CEO, commented, “Drilling at the Z-T Area has discovered a new high-grade mineralized zone of over 350m, along strike to the southeast of the Tahonitas resource pit and has also extended two separate high-grade plunges in this area by an additional 70 to 80m down-dip. Mineralization here now continues 300m down-dip from the May 2023 resource pits. We are excited to see the potential of this expansion target evolve.”

Scott Smith, Executive Vice President of Exploration, added, “Today’s release reflects the potential for continued discovery of high-grade mineralization at Tahonitas. Additional access for drilling will enable us to further test the high potential of Z-T’s open strike to the southeast. Ongoing drilling at Z-T aims to extend the high-grade shoots that remain open at depth, as well as following up on the newly discovered mineralization along strike.”

As Tahonitas continues to demonstrate higher silver grades compared to other zones within the Z-T area, these higher silver grades have the potential to increase the overall AuEq grades and gold-silver ounces in these areas.

The shallow intersections, comprised of 23TA-89, 91 94 and 97, along with 100, extend Z-T mineralization to the south-east well beyond the current pit, with the following implications:

Shallow early-stage intersections that may support pit expansion to the SE near surface; demonstrates that the Tahonitas structure continues to be mineralized for 350m along strike from the south-east pit crest.

There is potential to discover more high-grade plunges as drilling continues at depth within the new southeast strike extension.

High-grade plunging shoots are still open at depth and along strike in multiple areas along the Z-T area as Prime targets expansion drilling at Z-T in 2024.

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.

Six 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.

Los Reyes is a rapidly evolving high-grade, low sulphidation epithermal gold-silver project. 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.

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.