2023 Corporate Highlights
Advanced project investigations:
- Released Mineral Resource Estimate (“MRE”) on
May 2, 2023 , based on year end 2022 drilling, outlining:- 1.47 million Indicated gold-equivalent (“AuEq”) ounces at a 1.68 grams per tonne (“gpt”) average grade, comprised of 1.0 million ounces of gold at 1.16 gpt and 35 million ounces of silver at 40.4 gpt.
- 0.73 million Inferred AuEq ounces at a 1.26 gpt average grade, comprised of 0.5 million ounces of gold at 0.85 gpt and 18.4 million ounces of silver at 31.5 gpt.
- Completed 58,896 metres (“m”) of drilling over 184 holes following success-based exploration program; 162 drill holes intercepted mineralization above approximately 0.2 gpt Au cutoff.
- Expanded high-grade mineralization at Z-T by 350 m along strike and multiple high-grade shoots by several hundred metres down dip.
- Grew the mineralized grade shells at Central and Guadalupe Trends, where we have discovered several new high-grade antithetic veins.
- Continued to develop generative targets, with particular success at Las Primas, as well as several other zones including
Fresnillo ,Mina , Mariposa and the 300 Trend. - Advanced our metallurgical, geochemical, geotechnical and project understanding through testwork and field studies.
Strengthened Management Team and Board:
- Appointed
Indi Gopinathan as VPCapital Markets and Business Development inApril 2023 . - Appointed Advisor
Kerry Sparkes to Board of Directors inAugust 2023 . - Completed internal management transition in late 2023, culminating in
January 2024 appointment ofScott Hicks as CEO.
Ended year in strong financial position:
- Held approximately
C$33 million in cash atDecember 31 , following receipt ofC$28 million from successful warrant acceleration program inMay 2023 .
Demonstrated commitment to Environment, Social and Corporate Governance:
- Released inaugural ESG report in
April 2023 . - Social and community engagement activities, including agreement to double active work areas.
- Graduated from the
TSX Venture Exchange to the TSX main board.
Figure 1: 2023 Expansion and Generative Drilling
Note: In the discussion below, * denotes a newly released hole.
Z-T Trend – Expansion Drilling and Interpretation
Significant SE Strike Extension Potential and Below MRE
In 2023, Prime drilling continued to encounter high grades and wide zones of mineralization at the Z-T Trend, supporting expansion of the Au-Eq grade shell.
Drilling at silver rich Tahonitas extended mineralization 350 m to the south-east.
In the Zapote West area, exploration along the “300 Trend” began in 2023 as follow-up to the detailed surface mapping completed by the Prime exploration team. The 300 Trend is roughly a 2km long mineralized structure that splays from the main
High-grade plunging shoots remain open at depth and along strike in multiple areas along the Z-T Trend. While Prime has drill tested high-grade mineralization along a more than 3km strike length at Z-T, surface mapping has defined a strike length of more than 4km for the Z-T structure.
In 2024, Prime is targeting expansion drilling at Z-T along with generative drilling at Mariposa to the north-west.
Z-T Drill Highlights - Additional New Discovery Strike Extent Down Dip and Below MRE:
- 6.19 gpt AuEq (3.33 gpt Au and 220.9 gpt Ag) over 11.6 m etw in hole 23TA-64 in Tahonitas, including:
- 41.92 gpt AuEq (24.0 gpt Au and 1,385.0 gpt Ag) over 1.0 m etw.
- 4.86 gpt AuEq (3.80 gpt Au and 82.0 gpt Ag) over 13.3 m etw in hole 23TA-69, located 100 m below the MRE resource pit, including:
- 9.30 gpt AuEq (8.15 gpt Au and 89.2 gpt Ag) over 3.7 m etw.
- 3.87 gpt AuEq (3.16 gpt Au and 54.9 gpt Ag) over 20.5 m etw in hole 23TA-71, located 220 m down dip and below the MRE resource pit, including:
- 8.72 gpt AuEq (7.63 gpt Au and 84.0 gpt Ag) over 5.5 m etw.
- 2.09 gpt AuEq (1.26 gpt Au and 63.9 gpt Ag) over 11.6 m etw in hole 23TA-90, including:
- 3.83 gpt AuEq (2.61 gpt Au and 94.5 gpt Ag) over 2.2 m etw.
Significant SE Strike Extension Potential at Tahonitas:
- 3.74 gpt AuEq (0.99 gpt Au and 212.5 gpt Ag) over 5.7 m etw in hole 23TA-100, located 350m along strike to the SE from the MRE pit crest, including:
- 10.94 gpt AuEq (2.97 gpt Au and 616.0 gpt Ag) over 1.3 m etw.
- 2.33 gpt AuEq (0.83 gpt Au and 115.9 gpt Ag) over 7.1 m etw in hole 23TA-91, located 150m along strike to the SE from the MRE pit crest.
Mariposa, agenerative target northwest of Z-T, returned strong gold grades:
- 3.3 gpt AuEq (3.11 gpt Au and 14.8 gpt Ag) over 2.2 m etw downhole in new hole 23MA-11*
Guadalupe Trend Expansion Drilling and Interpretation
High Grades in Guadalupe East Hold Potential to Expand and Increase Mineralization
The Guadalupe Trend hosts approximately one-half of the Indicated gold-equivalent resource in Prime’s 2023 MRE. Within this trend,
Drilling completed in 2023 in the San Manuel-Echeguren shaft area, which includes 23GE-142, -144, and -145, resulted in the expansion of the >1gpt AuEq grade shell approximately 370 m along strike from the current Guadalupe East MRE pit crest (measured from pit to the intercept in 23GE-146), with mineralization open in several directions.
In 2024, drilling at Guadalupe is planned to expand the known high-grade areas.
- 13.51 gpt AuEq (10.10 gpt Au and 263.8 gpt Ag) over 2.2 m etw in hole 23GE-142 at Guadalupe East, including:
- 23.46 gpt AuEq (17.80 gpt Au and 437.0 gpt Ag) over 1.2 m etw; and,
- 44.39 gpt AuEq (18.20 gpt Au and 2,024.0 gpt Ag) over 1.0 m etw
- 15.06 gpt AuEq (5.46 gpt Au and 742.0 gpt Ag) over 0.8 m etw in hole 23GE-136.
- 17.95 gpt AuEq (9.69 gpt Au and 638.55 gpt Ag) over 31.25 m etw in hole 23GE-147, including;
- 52.67 gpt AuEq (29.41 gpt Au and 1,797.3 gpt Ag) over 6.45 m etw, and including,
- 80.57 gpt AuEq (45.34 gpt Au and 2,722.6 gpt Ag) over 3.90 m etw.
- 27.56 gpt AuEq (8.17 gpt Au and 1,498.0 gpt Ag) over 0.6 m etw in new hole 23GE-144*
Orito Sur, a generative target north of
- 5.3 gpt AuEq (2.70 gpt Au and 200.5 gpt Ag) over 2.4 m etw in new hole 23OS-01*
- 4.24 gpt AuEq (2.54 gpt Au and 131.3 gpt Ag) over 4.9 m downhole in new hole 23MINA-13*
Central Trend Expansion Drilling and Interpretation
Filling the Gap with High Grade Near-Surface Material
2023 drilling at
In 2024 target, Prime drilling at Central is intended to increase the Central Area resource through additions at
Central – High Grade, Near-Surface Material at
- 4.99 gpt AuEq (4.11 gpt Au and 67.9 gpt Ag) over 9.1 m etw in hole 23NB-46, located 150 m along strike from the bottom of the MRE pit, including:
- 37.48 gpt AuEq (31.40 gpt Au and 470.0 gpt Ag) over 1.1 m etw.
- 1.50 gpt AuEq (1.23 gpt Au and 20.5 gpt Ag) over 14.0 m etw in hole 23NB-39, located immediately adjacent to the MRE pit, including:
- 5.17 gpt AuEq (4.19 gpt Au and 76.0 gpt Ag) over 2.0 m etw.
- 2.43 gpt AuEq (0.91 gpt Au and 117.3 gpt Ag) over 6.5 m etw in new hole 23NB-59*
- 4.49 gpt AuEq (1.48 gpt Au and 232.6 gpt Ag) over 5.0 m etw in hole 23NB-51, including:
- 8.00 gpt AuEq (2.70 gpt Au and 409.4 gpt Ag) over 2.6 m etw and;
- 3.51 gpt AuEq (3.36 gpt Au and 11.9 gpt Ag) over 1.2 m etw.
- 3.81 gpt AuEq (1.62 gpt Au and 169.2 gpt Ag) over 2.6 m etw in hole 23NB-53, including:
- 8.21 gpt AuEq (2.77 gpt Au and 420.0 gpt Ag) over 1.0 m etw;
- 1.33 gpt AuEq (0.55 gpt Au and 60.1 gpt Ag) over 4.4 m etw in hole 23SME-37, including:
- 2.65 gpt AuEq (2.03 gpt Au and 48.2 gpt Ag) over 0.7 m etw;
- 2.23 gpt AuEq (0.99 gpt Au and 95.9 gpt Ag) over 1.4 m etw in hole 23SME-34, located on the north-east side of San Miguel East.
Las Primas Generative Drilling and Interpretation
Prime Discovery Similar to
Las Primas, located between the Central and Guadalupe Trends, was first identified through historical records and the Company’s earlier sampling and mapping work. Newly discovered Las Primas mineralization lies entirely outside of the MRE and contains high-grades and significant thicknesses. The precious metals mineralization is in high-grade plunging shoots containing multiple gram per tonne AuEq centers with outer, lower-grade halos.
In 2023, mapping and drilling at Las Primas confirmed the continuity of at least two mineralized structural corridors that remain open in all directions. Drilling at Las Primas intercepted several new high grade mineralized structures that appear to have many similarities to
In 2024, Las Primas is targeted as part of the generative drilling program.
Las Primas Area – Prime Discovery:
- 15.63 gpt AuEq (11.60 gpt Au and 311.1 gpt Ag) over 4.5 m etw in hole 23LP-18, including:
- 27.52 gpt AuEq (20.39 gpt Au and 550.8 gpt Ag) over 2.5 m etw, and including,
- 56.28 gpt AuEq (41.90 gpt Au and 1,111.0 gpt Ag) over 1.1 m etw;
- 12.34 gpt AuEq (10.85 gpt Au and 114.9 gpt Ag) over 2.5 m etw in hole 23LP-14 at Las Primas, including:
- 17.50 gpt AuEq (15.40 gpt Au and 162.2 gpt Ag) over 1.7 m etw.
- 1.73 gpt AuEq (1.70 gpt Au and 2.3 gpt Ag) over 9.6 m etw in hole 23LP-06, including:
- 4.94 gpt AuEq (4.88 gpt Au and 4.7 gpt Ag) over 3.0 m etw.
- 1.20 gpt AuEq (0.87 gpt Au and 25.8 gpt Ag) over 14.6 m etw in hole 23LP-07, starting just below surface.
Fresnillo Generative Drilling and Interpretation
Highly Prospective Prime Original Discovery
In 2024, follow-up drilling is planned with surface mapping and modelling ongoing.
- 1.67 gpt AuEq (1.44 gpt Au and 17.6 gpt Ag) over 15.8 m etw in hole 22FRE-09, including:
- 5.36 gpt AuEq (4.73 gpt Au and 48.4 gpt Ag) over 2.9 m etw.
- 1.65 gpt AuEq (1.06 gpt Au and 45.2 gpt Ag) over 10.9 m etw in hole 23FRE-19, including:
- 12.30 gpt AuEq (6.63 gpt Au and 438.0 gpt Ag) over 0.85 m etw.
2024 Outlook
Prime is targeting 40,000 metres in its 2024 drill program and will continue to evaluate drilling plans using its success-based approach. This evaluation will also include prioritization of targets based on probability of resource development and generative area discovery potential.
Six drill rigs are active on site at Los Reyes, with 2024 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 ,Mina and others to further develop the resource potential at Los Reyes.
Link 1– PDF Figures
Link 2 – PDF Drill Hole Tables
Note 1: Gold equivalent grades are calculated based on an assumed gold price of
About the
Los Reyes is a rapidly evolving high-grade, low sulphidation epithermal gold-silver project located in Sinaloa State,
Drilling is ongoing and suggests that the three known main deposit areas (Guadalupe, Central and Z-T) are larger than previously reported. Potential also exists for new discoveries where mineralized trends have been identified outside of the currently defined resource areas.
Historic operating results indicate that an estimated 1 million ounces of gold and 60 million ounces of silver were recovered from five separate operations at Los Reyes between 1770 and 1990. Prior to Prime’s acquisition, recent operators of
About
Prime is managed by an ideal mix of successful mining executives, strong capital markets personnel and experienced local operators all focused on unlocking the full potential of the
Qualified Person
QA/QC Protocols and Sampling Procedures
Drill core at the
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
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
Additional Notes
Metres is represented by “m”; “etw” is Estimated True Width and is based on drill hole geometry or comparisons with other on-section drill holes; “Au” refers to gold, and “Ag” refers to silver; “gpt” is grams per metric tonne; some figures may not sum due to rounding; Composite assay grades presented in summary tables are calculated using a Au grade minimum average of 0.20 gpt or 1.0 gpt 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 gpt Au cut-off is used to define higher-grade “cores” within the lower-grade halo.
For further information, please visit https://primeminingcorp.ca/ or direct enquiries to:
CEO & Director
VP Capital Markets & Business Development
710 –
+1(604) 238-1684
info@primeminingcorp.ca
Cautionary Notes to U.S. Investors Concerning Resource Estimates
This news release has been prepared in accordance with the requirements of the securities laws in effect in
Forward Looking Information
This news release contains certain “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities legislation as may be amended from time to time, including, without limitation, statements regarding the perceived merit of the Company’s properties, including additional exploration potential of
Photos accompanying this announcement are available at
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Figure 1 Los Reyes 2023 Drill Program_Feb 2024
Figure 1 Los Reyes 2023 Drill Program_Feb 2024
Figure 2 Z-T AuEq Grade Shells_Feb 2024
Figure 2 Z-T AuEq Grade Shells_Feb 2024
Figure 3 Guadalupe AuEq Grade Shells_Feb 2024
Figure 3 Guadalupe AuEq Grade Shells_Feb 2024
Figure 4 Central AuEq Grade Shells_Feb 2024
Figure 4 Central AuEq Grade Shells_Feb 2024
Figure 5 Las Primas AuEq Grade Shells_Feb 2024
Figure 5 Las Primas AuEq Grade Shells_Feb 2024
Figure 6 Fresnillo AuEq Grade Shells_Feb 2024
Figure 6 Fresnillo AuEq Grade Shells_Feb 2024
May 2, 2023 Los Reyes Resource
May 2, 2023 Los Reyes Resource
2024 GlobeNewswire, Inc., source