Mineralization Remains Open at Depth and Along Strike
VANCOUVER, British Columbia, Jan. 30, 2025 (GLOBE NEWSWIRE) -- Prime Mining Corp. ("Prime” or the "Company”) (TSX: PRYM) (OTCQX: PRMNF) (Frankfurt: 04V3) is reporting expansion drilling results from the Company's Los Reyes Project (the "Project”), located in Sinaloa State, Mexico. These results are from 2024 drilling at the Central Trend and are not included in the Company's October 15, 2024, Mineral Resource Estimate ("MRE”).
Expansion Drilling Highlights in the Central Trend
The Company is reporting 14 core holes at the Central Trend, 9 of which are from Noche Buena, at the southernmost part of the trend, with the following highlights:
- 3.48 grams per tonne ("g/t”) gold-equivalent ("AuEq”) (3.12 g/t Au and 27.7 g/t Ag) over 7.6 m estimated true width ("ETW”) in hole 24NB-78, including:
- 8.64 g/t AuEq (7.8 g/t Au and 64.8 g/t Ag) over 2.8 m ETW, including:
- 16.22 g/t AuEq (15.00 g/t Au and 94.0 g/t Ag) over 1.4 m ETW;
- 2.16 g/t AuEq (1.75 g/t Au and 31.9 g/t Ag) over 11.3 m ETW in hole 24NB-67, including:
- 8.65 g/t AuEq (7.42 g/t Au and 95.3 g/t Ag) over 2.3 m ETW;
- 1.65 g/t AuEq (1.03 g/t Au and 47.6 g/t Ag) over 11.2 m ETW in hole 24NB-77, including:
- 4.24 g/t AuEq (2.40 g/t Au and 142.0 g/t Ag) over 1.8 m ETW.
Scott Smith, Executive Vice President of Exploration, added, "This high-grade extension, defined by drillholes 24NB-77, -78, -73, and -74, confirms a 300-metre, high-grade shoot along strike from current stopes defined in our last MRE. The downdip extent of this high-grade shoot has been defined at over 120 metres, remains open, and presents an opportunity to add a significant volume of inferred stopes with follow-up drilling. We are excited for 2025 to bring a continuation of similar positive results as we continue further step-outs along strike and down dip at Noche Buena.”
Figure 1: Expansion drilling update
Central Drill Hole Highlights1
| Hole ID | From (m) | To (m) | Interval (m) | ETW (m)2 | Au (g/t) | Ag (g/t) | AuEq3 | Au Cut-off4 |
| 24NB-67 | 67.0 | 69.0 | 2.0 | 1.8 | 1.67 | 16.1 | 1.88 | 1.0 |
| 24NB-67 | 290.6 | 303.0 | 12.4 | 11.3 | 1.75 | 31.9 | 2.16 | 0.2 |
| including | 297.0 | 299.6 | 2.6 | 2.3 | 7.42 | 95.3 | 8.65 | 1.0 |
| 24NB-68 | 340.0 | 340.8 | 0.8 | 0.6 | 1.04 | 163.0 | 3.15 | 1.0 |
| 24NB-68 | 351.1 | 356.1 | 5.1 | 3.9 | 1.72 | 5.3 | 1.79 | 0.2 |
| including | 351.1 | 352.0 | 0.9 | 0.7 | 5.97 | 11.5 | 6.12 | 1.0 |
| including | 353.7 | 354.9 | 1.2 | 0.9 | 2.50 | 1.6 | 2.52 | 1.0 |
| 24NB-77 | 308.3 | 321.2 | 13.0 | 11.2 | 1.03 | 47.6 | 1.65 | 0.2 |
| including | 309.8 | 310.5 | 0.7 | 0.6 | 3.33 | 11.0 | 3.47 | 1.0 |
| including | 316.5 | 317.9 | 1.4 | 1.2 | 1.28 | 87.0 | 2.41 | 1.0 |
| including | 319.2 | 321.2 | 2.0 | 1.8 | 2.40 | 142.0 | 4.24 | 1.0 |
| 24NB-78 | 341.4 | 350.6 | 9.2 | 7.6 | 3.12 | 27.7 | 3.48 | 0.2 |
| including | 342.8 | 346.2 | 3.4 | 2.8 | 7.80 | 64.8 | 8.64 | 1.0 |
| including | 342.8 | 344.5 | 1.7 | 1.4 | 15.00 | 94.0 | 16.22 | 1.0 |
| 24NB-78 | 376.2 | 380.9 | 4.7 | 3.9 | 1.08 | 57.7 | 1.83 | 0.2 |
| including | 377.2 | 379.9 | 2.7 | 2.2 | 1.57 | 88.8 | 2.72 | 1.0 |
- 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.
Noche Buena:
24NB-77, -78, -73, and -74, along with previous drilling, now define a 400m long, by 80-160m wide, high-grade shoot at the far southern end of the Central trend. 24NB-78, the southernmost drillhole completed to date at Central, represents an extension of 210m and 300m along strike from the 2024 MRE pit crest and the southernmost 2024 MRE stopes, respectively. The shoot remains open along strike to the south and at depth, and given the high gold and silver grades intercepted, represents a strong opportunity to add additional underground Resources in the Central Trend. Drilling targeting the expansion of this high-grade shoot will continue to be a focus in early 2025.
Figure 2: Central Trend drilling update
Figure 3: Central Trend long section with drill holes highlighted (A-A')
Figure 4: Central Trend (Noche Buena) 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 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 - Central Trend drilling update
- Figure 3 - Central Trend long section with drill holes highlighted (A-A')
- Figure 4 - Central Trend (Noche Buena) 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 | 402 | 152.4 | 20,243 | 5.00 | 664 | 386.1 | 51,290 |
| Inferred | 4,055 | 2.10 | 273 | 78.6 | 10,247 | 3.12 | 406 | 240.7 | 31,380 | |
| Total Mill | Indicated | 28,789 | 1.41 | 1,301 | 52.4 | 48,504 | 2.08 | 1,928 | 161.0 | 149,012 |
| Inferred | 11,266 | 1.33 | 480 | 55.7 | 20,163 | 2.05 | 741 | 158.2 | 57,291 | |
| Open Pit - Heap Leach | Indicated | 20,254 | 0.29 | 190 | 8.4 | 5,492 | 0.40 | 261 | 31.0 | 20,201 |
| Inferred | 5,944 | 0.30 | 58 | 7.3 | 1,398 | 0.40 | 76 | 30.6 | 5,856 | |
| Total | Indicated | 49,042 | 0.95 | 1,491 | 34.2 | 53,995 | 1.39 | 2,190 | 107.3 | 169,213 |
| Inferred | 17,210 | 0.97 | 538 | 39.0 | 21,561 | ()[\]\\.,;:\s@\"]+)*)|(\".+\"))@((\[[0-9]{1,3}\.[0-9]{1,3}\.[0-9]{1,3}\.[0-9]{1,3}\])|(([a-zA-Z\-0-9]+\.)+[a-zA-Z]{2,}))$/;return b.test(a)}$(document).ready(function(){if(performance.navigation.type==2){location.reload(true)}$("iframe[data-lazy-src]").each(function(b){$(this).attr("src",$(this).attr("data-lazy-src"))});if($(".owl-article-body-images").length){$(".owl-article-body-images").owlCarousel({items:1,loop:true,center:false,dots:false,autoPlay:true,mouseDrag:false,touchDrag:false,pullDrag:false,nav:true})}var a=$("#display_full_text").val();if(a==0){$.ajax({url:"/ajax/set-article-cookie",type:"POST",data:{cmsArticleId:$("#cms_article_id").val()},dataType:"json",success:function(b){},error:function(b,d,c){}})}$(".read-full-article").on("click",function(d){d.preventDefault();var b=$(this).attr("data-cmsArticleId");var c=$(this).attr("data-productId");var f=$(this).attr("data-href");dataLayer.push({event:"paywall_click",paywall_name:"the_manila_times_premium",paywall_id:"paywall_article_"+b});$.ajax({url:"/ajax/set-article-cookie",type:"POST",data:{cmsArticleId:b,productId:c},dataType:"json",success:function(e){window.location.href=$("#BASE_URL").val()+f},error:function(e,h,g){}})});$(".article-embedded-newsletter-form .close-btn").on("click",function(){$(".article-embedded-newsletter-form").fadeOut(1000)})});$(document).on("click",".article-embedded-newsletter-form .newsletter-button",function(){var b=$(".article-embedded-newsletter-form .newsletter_email").val();var d=$("#ga_user_id").val();var c=$("#ga_user_yob").val();var a=$("#ga_user_gender").val();var e=$("#ga_user_country").val();if(validateEmail(b)){$.ajax({url:"/ajax/sendynewsletter",type:"POST",data:{email:b},success:function(f){$(".article-embedded-newsletter-form .nf-message").html(f);$(".article-embedded-newsletter-form .nf-message").addClass("show");setTimeout(function(){$(".article-embedded-newsletter-form .nf-message").removeClass("show");$(".article-embedded-newsletter-form .nf-message").html("")},6000);dataLayer.push({event:"newsletter_sub",user_id:d,product_name:"newsletter",gender:a,yob:c,country:e})},error:function(f,h,g){}})}else{$(".article-embedded-newsletter-form .nf-message").html("Please enter a valid email address.");$(".article-embedded-newsletter-form .nf-message").addClass("show");setTimeout(function(){$(".article-embedded-newsletter-form .nf-message").removeClass("show");$(".article-embedded-newsletter-form .nf-message").html("")},6000)}});$(document).on("click",".article-embedded-newsletter-form .nf-message",function(){$(this).removeClass("show");$(this).html("")});
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