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    PRYM   CA74167M1059

PRIME MINING CORP.

(PRYM)
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Prime Mining Corp. Announces Commencement of Phase 2 Drilling At Los Reyes

11/17/2021 | 06:00am EST

Prime Mining Corp. (?Prime? or the ?Company?) announced Phase 2 drilling is underway at its wholly owned Los Reyes gold-silver project in Sinaloa State, Mexico (?Los Reyes?). Phase 2 represents the Company?s second year of drilling at Los Reyes. Phase 2 will include over 250 new drill holes, for a minimum of 50,000 metres (?m?) with a focus on identifying additional higher mill-grade gold-silver mineralization identified in three corridors of mineralization at Los Reyes. Presently, the drill program includes up to eight diamond drills and up to three reverse circulation drills. Several new targets immediately adjacent to these corridors have been identified and will be drilled for the first time as part of Phase 2. Expanding resources along the three main corridors of known open-pit mineralization, following up on previously reported high-grade areas in Phase 1: Guadalupe Structure - drilling will target new areas of bonanza-grade mineralization, including significant step-out drill holes to the south east; Zapote-Tahonitas (?Z-T?) Structure - will be drilled to connect deposits and to expand higher-grade areas to depth; and, Central Zone Structure - including San Miguel West, San Miguel East and Noche Buena, will test the individual deposits to expand them to collectively form larger pits as well as to assess the depth potential in this under-explored area. Complete first pass testing of newly developed targets: Last year?s technical program led to the development of several high potential targets within an approximate 5 kilometre (?km?) radius of the main mineralized corridors at Los Reyes; Drill testing will include high priority targets Mina 20/21, Mariposa, Las Primas, Fresnillo, El Tule and others on the two parallel El Orito trends: and, Resume surface mapping and sampling: Phase 1 prospecting, mapping, and sampling that led to the development of new targets will continue in Phase 2. The Guadalupe deposits comprise multiple veins within a 5 km long structural corridor. To the southeast of Guadalupe East, there is approximately 900 m of strike length that remains open. Phase 2 drilling includes 75 planned core holes for approximately 23,000 m targeting the Estaca, San Nicolas and San Manuel veins along strike in both directions (to the west and to the southeast), and down-dip with step outs between 100 m and 280 m spacings. Surface mapping, sampling, and modelling is confirming the existence of more veins in the east and southeast parts of the deposit than previously recognized. Combined, these veins have the potential to significantly reduce the quantity of waste associated with the Guadalupe East open pit resource. Z-T, with a strike length of over 1.8 km, remains open along strike and at depth. Phase 2 includes 79 core holes for approximately 13,800 m to expand and link the Zapote North, South and Tahonitas deposits. Phase 2 drilling will follow-up on high-grade mineralization previously identified at depth ?below pit? at Zapote. Drilling will also follow-up on near-surface mineralization at Tahonitas encountered in Phase 1. This mineralization is at relatively shallow depth compared to the higher-grade mineralization in the adjacent Zapote deposit. Phase 2 at Tahonitas will test both the depth potential of the system and to the south-east, where the system remains open. Additionally, current mapping and sampling work shows that the Z-T structure has the potential to be extended northwest and potentially connecting with the Mariposa target.


ę S&P Capital IQ 2021
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Financials (USD)
Sales 2022 - - -
Net income 2022 -14,5 M - -
Net cash 2022 14,3 M - -
P/E ratio 2022 -25,1x
Yield 2022 -
Capitalization 328 M 328 M -
EV / Sales 2022 -
EV / Sales 2023 -
Nbr of Employees 8
Free-Float 75,9%
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Mean consensus BUY
Number of Analysts 4
Last Close Price 3,64 CAD
Average target price 6,79 CAD
Spread / Average Target 86,5%
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Managers and Directors
Daniel James Kunz President, Chief Executive Officer & Director
Ian Tyler Harcus Chief Financial Officer
William Murray John Chairman
Paul Anthony Larkin Independent Director
Paul Bristol Sweeney Independent Director
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