Prime Mining Corp. announced continuing positive drill results from 26 drill holes into Guadalupe East, one of eight deposits at its wholly owned Los Reyes gold-silver project in Sinaloa State, Mexico. Drill hole 22GE-32 intercepted high-grade gold-silver at the intersection of multiple mineralized structures higher up in the Estaca Vein system.

Initial modelling suggests this may be a bonanza-grade plunging body (locally known as a clavo), the second such structure now encountered at Guadalupe East. Hole 22GE-33, previously released March 8, 2022, struck a 41.6 m-long, high-grade mineralized intercept also located at intersecting multiple mineralized structures. With continued drilling, these plunging ore shoots, clavos, are being modelled and targeted for drilling.

Drill hole 22GE-32 also intersected a second zone of bonanza-grade mineralization at 500 m below surface (502 m above sea level), representing the deepest mineralization intersected to date at Guadalupe East. Highlight Drill Intercepts Estaca Vein: 52.0 grams per tonne (“gpt”) gold (“Au”) and 1,007.6 gpt silver (“Ag”) over 4.3 m (4.0 m estimated true width (“etw”)) plus 7.62 gpt Au and 1,970 gpt Ag over 1.5 m (0.6 m etw) (22GE-32); 1.38 gpt Au and 39.5 gpt Ag over 19.5 m (18.3 m etw) plus 1.12 gpt Au and 38.3 gpt Ag over 15.0 m (14.1 m etw) (22GE-38); 4.09 gpt Au and 102.6 gpt Ag over 2.6 m (2.5 m etw) (22GE-43); and 1.47 gpt Au and 40.4 gpt Ag over 7.5 m (7.5 m etw) (22GE-47). San Nicholas and San Manuel Veins: 3.72 gpt Au and 370.0 gpt Ag over 3.0 m (1.9 m etw) plus 1.57 gpt Au and 2.5 gpt Ag over 1.5 m (1.0 m etw) plus 1.19 gpt Au and 9.1 gpt Ag over 1.0 m (0.6 m etw) (22GE-42); 1.38 gpt Au and 63.1 gpt Ag over 4.9 m (2.8 m etw) (22GE-31).

1.01 gpt Au and 4.7 gpt Ag over 2.8 m (2.4 m etw) plus 1.87 gpt Au and 6.9 gpt Ag over 1.5 m (1.3 m etw) (21GE-21); and 1.42 gpt Au and 2.3 gpt Ag over 1.0 m (0.9 m etw) (21GE-26). Five drill rigs now operate at Guadalupe East in the Phase 2 program with 11 drill holes completed but pending assay results. Phase 2 drilling is testing the Guadalupe East veins, including the Estaca Vein, along strike and at depth and targeting the known extensions of open pit resources.

The drill holes reported intercepted the high-grade Estaca, the San Nicolas and the San Manuel epithermal veins as well as other sub-parallel veins in the system. Two holes are from the Phase 1 program and 24 holes from Phase 2. Three holes were drilled to intersect mineralization within the boundary of the April 2020 Inferred resource open pit and the other holes were outside that boundary, seeking to expand mineralization at depth and southeast along strike of the semi-parallel Estaca and San Nicholas vein structures. Three of the reported holes were terminated in old workings or contained no significant mineralization.

Guadalupe East: San Nicolas and San Manuel, along with the Estaca, were the principal veins historically mined underground at Guadalupe East. Both San Nicolas and San Manuel are largely untested by current and historical drilling. Drill holes 21GE-21, 21GE-22, 21GE-24, 21GE-25, 21GE-26, 21GE-31, 22GE-42 intercepted the San Nicolas vein.

The San Nicolas vein lies directly within the footwall of the Estaca Vein, and outcrops in the shallowest portions of the northeast boundary of the April 2020 pit-constrained resource. Phase 2 drilling includes additional drilling to determine the extent and alignment of near-surface resources from the San Nicolas and San Manuel veins that could potentially be mined in conjunction with the main Guadalupe East pit-constrained resource.