Results include 9.5 g/t gold-equivalent over 2 metres estimated true width
VANCOUVER, British Columbia, Jan. 15, 2025 (GLOBE NEWSWIRE) -- Prime Mining Corp. ("Prime” or the "Company”) (TSX: PRYM) (OTCQX: PRMNF) (Frankfurt: 04V3) is reporting expansion drilling results and new "Tahonitas Footwall” discovery from the Company's Los Reyes Project (the "Project”), located in Sinaloa State, Mexico. These results are from 2024 drilling at the Z-T Trend and are not included in the Company's October 15, 2024, Mineral Resource Estimate ("MRE”).
Expansion Drilling Highlights at Z-T
The Company is reporting 25 core holes at the Z-T Trend, 14 of which are from Tahonitas, located in the south-east end of the Z-T Trend, with the following highlights:
- 5.67 grams per tonne ("g/t”) gold-equivalent ("AuEq”) (2.23 g/t Au and 266.1 g/t Ag) over 4.2 metres ("m”) estimated true wide ("etw”) in hole 24TA-149, including:
- 9.49 g/t AuEq (3.94 g/t Au and 428.7 g/t Ag) over 2.1 m etw;
- 1.62 g/t AuEq (1.36 g/t Au and 19.9 g/t Ag) over 15.2 m etw in hole 24TA-144, including:
- 4.94 g/t AuEq (4.22 g/t Au and 55.3 g/t Ag) over 3.7 m etw;
- 4.93 g/t AuEq (2.55 g/t Au and 184.0 g/t Ag) over 3.3 m etw in hole 24TA-153, including:
- 14.09 g/t AuEq (7.09 g/t Au and 541.0 g/t Ag) over 1.1 m etw;
- And also, 0.92 g/t AuEq (0.72 g/t Au and 15.2 g/t Ag) over 19.2 m etw in hole 24TA-153.
Scott Smith, Executive Vice President of Exploration, added, "24TA-144, -153, -155, and -156 delineate a newly discovered high-grade ore shoot at the southernmost end of Tahonitas on the Z-T Trend. The shoot, currently defined over 260 metres by 140 metres, remains open along strike in both directions and at depth and will be a key focus for follow-up drilling. It is great to see that our grassroots, boots on the ground field programs, such as mapping and soil sampling, have led to this exciting new discovery.”
Figure 1: Expansion drilling update
Z-T Trend Drill Hole Highlights - Tahonitas and Zapote1
| Hole ID | From
(m) | To (m) | Interval
(m) | ETW (m)2 | Au (g/t) | Ag
(g/t) | AuEq3 (g/t) | Au Cut- off 4 (g/t) |
| 24TA-144 | 148.6 | 163.8 | 15.2 | 15.2 | 1.36 | 19.9 | 1.62 | 0.2 |
| including | 148.6 | 149.4 | 0.8 | 0.8 | 1.17 | 28.5 | 1.54 | 1.0 |
| & including | 155.0 | 158.6 | 3.7 | 3.7 | 4.22 | 55.3 | 4.94 | 1.0 |
| 24TA-149 | 212.3 | 216.5 | 4.2 | 4.2 | 2.23 | 266.1 | 5.67 | 0.2 |
| including | 212.3 | 214.4 | 2.1 | 2.1 | 3.94 | 428.7 | 9.49 | 1.0 |
| 24TA-153 | 170.5 | 174.5 | 4.1 | 3.3 | 2.55 | 184.0 | 4.93 | 0.2 |
| including | 170.5 | 171.8 | 1.4 | 1.1 | 7.09 | 541.0 | 14.09 | 1.0 |
| 24TA-153 | 178.5 | 201.9 | 23.5 | 19.2 | 0.72 | 15.2 | 0.92 | 0.2 |
| including | 183.0 | 185.9 | 2.9 | 2.4 | 2.23 | 45.9 | 2.82 | 1.0 |
| 24TA-156 | 211.8 | 227.7 | 15.9 | 11.3 | 0.72 | 30.4 | 1.11 | 0.2 |
| including | 215.1 | 217.6 | 2.5 | 1.8 | 1.97 | 77.9 | 2.98 | 1.0 |
| including | 221.1 | 223.0 | 1.9 | 1.4 | 1.06 | 65.5 | 1.91 | 1.0 |
| 24TA-156 | 231.0 | 237.0 | 6.0 | 4.2 | 1.16 | 14.1 | 1.34 | 0.2 |
| including | 235.2 | 235.9 | 0.8 | 0.6 | 4.69 | 23.3 | 4.99 | 1.0 |
| 24ZAP-130 | 277.7 | 288.9 | 11.2 | 10.8 | 1.07 | 19.8 | 1.33 | 0.2 |
| including | 284.6 | 288.9 | 4.4 | 4.2 | 1.99 | 31.7 | 2.40 | 1.0 |
| 24ZAP-131 | 275.5 | 286.2 | 10.7 | 10.7 | 1.06 | 16.3 | 1.27 | 0.2 |
| including | 276.2 | 277.3 | 1.1 | 1.1 | 3.44 | 24.8 | 3.76 | 0.2 |
| including | 284.2 | 285.2 | 1.0 | 1.0 | 4.60 | 53.0 | 5.29 | 0.2 |
| 24ZAP-134 | 234.0 | 243.7 | 9.7 | 9.4 | 1.20 | 5.6 | 1.27 | 0.2 |
| including | 239.3 | 240.6 | 1.3 | 1.3 | 6.27 | 12.9 | 6.44 | 1.0 |
| 24ZAP-136 | 226.5 | 228.2 | 1.7 | 1.7 | 4.32 | 23.2 | 4.62 | 0.2 |
| 24ZAP-137 | 311.6 | 320.0 | 8.5 | 8.5 | 1.21 | 17.1 | 1.43 | 0.2 |
| including | 314.0 | 315.3 | 1.3 | 1.3 | 5.81 | 44.3 | 6.38 | 1.0 |
| 24ZAP-138 | 224.5 | 228.4 | 3.9 | 3.4 | 1.35 | 14.7 | 1.54 | 0.2 |
| including | 224.5 | 225.8 | 1.3 | 1.1 | 3.28 | 35.0 | 3.73 | 1.0 |
| 24ZAP-138 | 231.0 | 238.3 | 7.3 | 6.3 | 0.82 | 7.4 | 0.92 | 0.2 |
| including | 232.7 | 234.0 | 1.3 | 1.2 | 2.77 | 10.8 | 2.91 | 1.0 |
Notes:
- A complete table of assay results from all deposits and all secondary zones intersected utilizing a 0.20 g/t Au cut-off is on the Company's website.
- Estimated True Widths (ETW) are estimated based on drill hole geology or comparisons with other on-section drill holes.
- Au Equivalent (AuEq) grade is calculated as Au g/t + (Ag g/t x ($25.24/$1950)) where $25.24 and $1950 are the price of one ounce of Ag and Au respectively (in US dollars).
- Composite assay grades presented in summary tables are calculated using a Au grade minimum average of 0.20 g/t or 1.0 g/t as indicated in "Au Cut-off” column of Summary Tables. Maximum internal waste included in any reported composite interval is 3.00 m. The 1.00 g/t Au cut-off is used to define higher-grade "cores” within the lower-grade halo.
Tahonitas: New Footwall Structure
Drilling at the southeast end of Tahonitas has resulted in the discovery of a newly identified mineralized quartz vein in the footwall of the main Z-T structure. This vein, defined by 24TA-144, -153, -154, -155, and -156, is host to a high-grade ore shoot which currently measures 260x140m and remains open at depth and along strike both to the southeast and to the northwest toward the 2024 MRE pit crest. Overall, the drill results released today reflect wide mineralized intervals and good grades which may be amenable to either open pit or underground mining methods.
The target was initially identified by Prime's detailed surface mapping program in conjunction with soil geochemistry and shortwave infrared (SWIR) mineral analyses. This work delineated an overlapping zone of subtle gold-in-soil anomalism, northwest-striking quartz veinlets, and illite alteration, suggesting potential for Au-Ag mineralization at depth.
This area will continue to be a focus for follow-up in 2025, with drilling planned to test extensions to this newly identified ore shoot in several directions. Priority targets include the nearly 500m gap between 24TA-144 and the 2024 MRE pit crest, and potential extensions along strike to the south of 24TA-155 and 24TA-156, which currently place the southernmost extent of the shoot at roughly 650m along strike from the 2024 MRE pit crest.
Zapote: Expanding Underground Opportunities
The Company is also releasing 11 holes from Zapote in the Z-T Trend. Drill holes completed in the Zapote target area continued to demonstrate grades greater than 1 g/t AuEq over significant thicknesses outside of the 2024 MRE's stopes and pits at depth. These drillholes, along with those previously released for Zapote in 2024, continue to confirm the potential for expanded underground opportunities previously demonstrated in the Company's October 15, 2024 MRE.
Z-T Trend
The ongoing discovery of mineralization hosted along strike and at depth continues to suggest the following:
- The Z-T structure continues to be mineralized for more than 600m along strike from the current south-east pit crest.
- The potential exists to discover more high-grade plunging shoots with continued drilling below the current resource pit bottom and within the new south-east strike extension. These high-grade shoots have the potential to support underground resource estimation.
- Several high-grade plunging shoots identified to-date remain open at depth and along strike in multiple areas along the Trend.
Figure 3: Z-T Trend long section with drill holes highlighted (A-A')
Figure 4: Z-T Trend (Tahonitas) cross section B-B'
Outlook
Prime will continue to evaluate drilling plans using its success-based approach into 2025. 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 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.
- Generative target drilling of high-grade intercepts at Las Primas, Mariposa, Fresnillo and others to further develop the resource potential at Los Reyes.
- Figure 1 - Expansion drilling update
- Figure 2 - Z-T Trend drilling update
- Figure 3 - Z-T Trend long section with drill holes highlighted (A-A')
- Figure 4 - Z-T Trend (Tahonitas) cross section (B-B')
- Table 1 - Drill Intercepts in this Release
- Table 2 - Drill Intercepts to Date
Los Reyes is a high-grade, low-sulphidation epithermal gold-silver project located in Sinaloa State, Mexico. Since acquiring Los Reyes in 2019, Prime has spent more than $59 million on direct exploration activities and has completed over 210,000 metres of drilling. On October 15, 2024, Prime announced an updated multi-million-ounce high-grade open pit and underground resource based on exploration drilling up to July 17, 2024.
October 15, 2024 Resource Statement1
(based on a $1950/oz gold price, $25.24/oz silver price, economic-constrained estimate)
| Mining Method and Process | Class | Tonnage (kt) | Gold Grade (g/t) | Gold Contained (koz) | Silver Grade (g/t) | Silver Contained (koz) | Gold Equiv. (g/t) | Gold Equiv. (koz) | Silver Equiv. (g/t) | Silver Equiv. (koz) |
| Open Pit - Mill | Indicated | 24,657 | 1.13 | 899 | 35.7 | 28,261 | 1.60 | 1,265 | 123.3 | 97,723 |
| Inferred | 7,211 | 0.89 | 207 | 42.8 | 9,916 | 1.45 | 335 | 111.8 | 25,911 | |
| Underground | Indicated | 4,132 | 3.02 |
|