Prime Mining drills 6.19 g/t AuEq over 12 metres at Los Reyes, Mexico

Prime Mining Corp. [PRYM-TSXV; PRMNF-OTCQX; 04V3-FSE] reported new results from core drilling at the Z-T area, one of three main zones hosting a gold-silver mineral resource estimate (MRE) announced May 2, 2023, at the company’s Los Reyes project in Sinaloa state, Mexico.

Prime’s recently announced MRE contains 1.47 million indicated AuEq (gold equivalent) ounces at a 1.68-g/t average grade and 730,000 inferred AuEq ounces at 1.26 g/t average grade. Results reported today are from 14 new core holes drilled at the southeast end of the Z-T area and are all outside of the recently announced resource pit shell from the Z-T area. This drilling confirms the potential continuing expansion of gold-silver resources in addition to and not included in the company’s MRE. This drilling follows similar Z-T results released Jan. 11, 2023.

Highlights: Tahonitas returned 3.33 g/t Au and 220.9 g/t Ag, or 6.19 g/t AuEq, over 12.0 metres (11.6 m estimated true width or ETW), including 24.0 g/t Au and 1,385.0 g/t Ag (41.92 g/t AuEq) over 1.0 m (1.0 m ETW) in hole 23TA-64; 1.52 g/t Au and 24.8 g/t Ag (1.84 g/t AuEq) over 10.0 m (9.8 m ETW), including 7.94 g/t Au and 61.4 g/t Ag (8.73 g/t AuEq) over 1.5 m (1.5 m ETW), in hole 23TA-57; 1.03 g/t Au and 34.5 g/t Ag (1.48 g/t AuEq) over 5.3 m (4.5 m ETW), including 2.69 g/t Au and 52.5 g/t Ag (3.37 g/t AuEq) over 1.3 m (1.1 m ETW), in hole 23TA-60.

Zapote South returned 0.96 g/t Au and 27.3 g/t Ag (1.31 g/t AuEq) over 19.5 m (13.8 m ETW) and 0.84 g/t Au and 14.4 g/t Ag (1.02 g/t AuEq) over 12.0 m (8.5 m ETW) in hole 23ZAP-98; 0.74 g/t Au and 36.9 g/t Ag (1.22 g/t AuEq) over 16.5 m (15.9 m ETW), including 2.72 g/t Au and 155.4 g/t Ag (4.73 g/t AuEq) over 1.5 m (1.4 m ETW) in hole 23ZAP-95A; 1.01 g/t Au and 23.3 g/t Ag (1.31 g/t AuEq) over 12.0 m (8.5 m ETW) and 0.79 g/t Au and 22.8 g/t Ag (1.09 g/t AuEq) over 4.2 m (3.0 m ETW) in hole 23ZAP-99.

Daniel Kunz, CEO,  commented: “These results are from step-out drill holes designed to test for and expand mineralization at depth below the Z-T resource pit shell. The width and grades of the drilling results released today continue to identify new potential mill feed extending the mineralization up to 100 metres vertically below the recently reported resource pit bottom and spanning a 500 m strike length. We also expanded an exceptional silver-rich, high-grade ore chute in hole 23TA-64 at Tahonitas that is unique in the Z-T area.”

Scott Smith, executive vice-president of exploration, added: “At Z-T we continue to discover wide areas of potential ore well above the cut-off grade, outside of the most recently announced resource pit shells. The step-out drilling is already expanding the mineralized envelope beyond the latest resource pits in a number of areas and directions. At Zapote South, mineralization was intersected 170 metres down dip of the latest resource pit. The results from each of the 14 holes display thicknesses and grades consistent with the latest resource. The deposits remain open down dip and along strike.”

Drilling results released today demonstrate the potential at Los Reyes for continued resource expansion.

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. In May 2023, Prime announced an updated multimillion-ounce high-grade open-pit resource.

Drilling is continuing 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 one 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.