Prime Mining Corp. announced additional assay results from its recently completed Phase 2 drill program. Today's results are from the Guadalupe area where Prime continues to delineate and expand the multi-million-ounce Los Reyes high-grade gold-silver deposit.

Los Reyes and its three known gold-silver deposit areas (Guadalupe, Z-T and Central), has a mineralized footprint of over 15 square kilometres and is located in a highly prospective, 500-year old mining-friendly district of Sinaloa, Mexico. Drilling continues to encounter bonanza and high-grade intercepts at Guadalupe with additional remarkable gold and silver values being intercepted in the Estaca Vein. Additionally, outside of the main Estaca Vein, drilling is delineating a cluster of mineralized vein splays within the main Guadalupe deposit.

It is anticipated that these results will further expand resources at Guadalupe. Phase 2 drilling was completed on October 31. In total, 74,216 metres were drilled in 259 holes with zero lost-time injuries or material safety incidents.

Combined with Phase 1 and on-going drilling, Prime has now drilled over 100,000 metres in over 400 holes. Further details of the Phase 2 drilling results will be released as they become available. Phase 3 drilling began in November.

There are currently five rigs operating at site with drilling focused largely on resource expansion. Prime currently anticipates the release of an updated NI 43-101 resource estimate by mid-2023. The updated resource will include all Phase 1 and Phase 2 results, plus some initial results from the ongoing Phase 3 drilling program.

In addition to the significant intercepts shown above, Prime has released the full current assay table for the Guadalupe area (Link 2 above). While some of the holes included in that table are more exploratory in nature, holes targeting the key mineralized vein structures in Guadalupe continue to indicate potential high-grade, high-margin resource expanding ounces characteristic of the Guadalupe area. Included in these results are intersections of various structures, including previous underground workings.

Where previous workings or stopes have encountered what has been interpreted as backfill material, these segments have been included in the table and identified as such in the ‘Vein' column and will be excluded from future reported resource inventories and will not influence interpolated resource block grades. Highlights and significant intercepts shown above only include what has been interpreted as in situ material, and do not include any assayed backfill material. “Pending” silver grades in the Significant Intercepts table above indicate that part of the composites may have assayed over 100 gpt and follow-up ‘over-limit' test results have not been received.

Drill core at the Los Reyes project is drilled in predominately HQ size (63.5 millimetre “mm”), reducing to NQ or BQ size ranges (47.6 mm and 36.5 mm respectively) when required. Drill core samples are generally 1.50 m long along the core axis with allowance for shorter or longer intervals if required to suit geological constraints. After logging intervals are identified to be sampled and split, and one half is submitted for assay.

RC drilling returns rock chips and fines from a 133.35 mm diameter tricone bit. The returns are homogenized and split into 2 halves, with one half submitted for analysis and the other half stored. Sample QA/QC measures include unmarked certified reference materials, blanks, and field duplicates as well as preparation duplicates are inserted into the sample sequence and make up approximately 8% of the samples submitted to the laboratory for each drill hole.

Samples are picked up from the Project by the laboratory personnel and transported to their facilities in Durango or Hermosillo Mexico, for sample preparation. Sample analysis is carried out by Bureau Veritas and ALS Labs, with fire assay, including over limits fire assay re-analysis, completed at their respective Hermosillo, Mexico laboratories and multi-element analysis completed in North Vancouver, Canada. Drill core sample preparation includes fine crushing of the sample to at least 70% passing less than 2 mm, sample splitting using a riffle splitter, and pulverizing a 250-gram split to at least 85% passing 75 microns.

Gold in diamond drill core is analyzed by fire assay and atomic absorption spectroscopy of a 30 g sample (code FA430 or Au-AA23). Multi-element chemistry is analyzed by 4-Acid digestion of a 0.25-gram sample split (code MA300 or ME-ICP61) with detection by inductively coupled plasma emission spectrometer for a full suite of elements. Gold assay techniques FA430 and Au-AA23 have an upper detection limit of 10 ppm.

Any sample that produces an over-limit gold value via the initial assay technique is sent for gravimetric finish via method FA-530 or Au-GRA21. Silver analyses by MA300 and ME-ICP61 have an upper limit of 200 ppm and 100 ppm, respectively. Samples with over-limit silver values are re-analyzed by fire assay with gravimetric finish FA530 or Au-GRA21.

Both Bureau Veritas and ALS Labs are ISO/IEC accredited assay laboratories. Drill core assay results range from below detection to 200.0 gpt gold and 4,955.0 gpt silver. Scott Smith, P.Geo., Executive Vice President of Exploration, is a qualified person for the purposes of National Instrument 43-101 and has reviewed and approved the technical content in this news release.