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PRIME MINING CORP (PRMNF) is a mining company focused on exploration and development projects in Mexico. The company's core business involves identifying and developing high-grade gold deposits with significant growth potential. With multiple active drill rigs at the Los Reyes site, PRIME MINING CORP aims to expand its mineral resources and advance its exploration activities to maximize shareholder value. PRIME MINING CORP is committed to maintaining the highest standards of safety, environmental stewardship, and community engagement in all its operations.
Prime Mining Corp. (PRMNF) has announced its 2025 outlook for the Los Reyes gold-silver project in Sinaloa, Mexico. The company plans a 40,000-metre drilling program focused on resource expansion and new discoveries. Key areas include extending high-grade Z-T Area shoots, expanding Guadalupe East mineralization, and increasing Central Area resources.
Drilling is temporarily suspended since January 28, 2025, due to security concerns in Sinaloa, though this is not expected to impact the overall 2025 program. The company has completed approximately 1,500 metres of drilling year to date.
Prime is well-funded with $19 million in cash (unaudited) as of December 31, 2024, plus approximately $19 million in in-the-money warrants and options, expected to fund operations through 2025 and into 2026. The company aims to complete a Preliminary Economic Assessment and continues technical de-risking activities.
Prime Mining Corp has reported significant expansion drilling results from its Los Reyes Project in Mexico. Key highlights from the Central Trend include high-grade intersections at Noche Buena, with notable results of 3.48 g/t gold-equivalent over 7.6m ETW in hole 24NB-78, 2.16 g/t AuEq over 11.3m ETW in hole 24NB-67, and 1.65 g/t AuEq over 11.2m ETW in hole 24NB-77.
The drilling has defined a new 400-meter long high-grade shoot at the southern end of Noche Buena, extending 210m and 300m along strike from the 2024 MRE pit crest and southernmost MRE stopes, respectively. The mineralization remains open at depth and along strike, suggesting potential for significant resource expansion.
The company currently has six drill rigs on site, focusing on extending high-grade shoots at Z-T Area, expanding mineralization at Guadalupe East, increasing Central Area resources, and exploring generative targets at Las Primas, Mariposa, and Fresnillo.
Prime Mining Corp (PRMNF) has reported significant expansion drilling results from its Los Reyes Project in Mexico, highlighting a new 'Tahonitas Footwall' discovery in the Z-T Trend. Notable intersections include 9.5 g/t gold-equivalent over 2.1 metres and 1.62 g/t gold-equivalent over 15.2 metres.
The newly discovered high-grade ore shoot at Tahonitas, defined over 260 metres by 140 metres, remains open along strike and at depth. The southern-most holes are located over 650 metres south of the Mineral Resource Estimate (MRE) pit crest and approximately 250 metres along strike from the southern-most stope. All highlighted intercepts are within 200 metres from surface, suggesting potential for both open pit and underground extraction.
The company currently has six drill rigs active on site, focusing on extending high-grade shoots at Z-T Area, expanding mineralization at Guadalupe East, increasing Central Area resources, and exploring generative targets.
Prime Mining Corp has reported expansion drilling results from its Los Reyes Project in Mexico, highlighting significant gold and silver intersections at the Guadalupe Trend. Key findings include an intersection of 42.07 g/t gold-equivalent (14.25 g/t Au and 2,150.0 g/t Ag) over 1.0 meters in hole 24GE-160, located over 400m from the main Guadalupe East resource area.
The company has expanded its fiscal 2024 drilling program to 50,000 metres from 40,000 metres, with five drill rigs currently active on site. The program focuses on extending high-grade Z-T Area shoots, expanding Guadalupe East mineralization, increasing Central Area resources, and exploring generative targets at Las Primas, Mariposa, and Fresnillo.
Prime Mining Corp has filed an updated technical report for its Los Reyes gold-silver project in Mexico, highlighting significant resource growth. The 2024 Mineral Resource Estimate shows Indicated Resources increased 49% to 2.2 million gold-equivalent ounces, while Inferred Resources grew 11% to 0.8 million gold-equivalent ounces compared to May 2023.
The report includes new Underground Resources of 664,000 Indicated ounces and 406,000 Inferred ounces. Open-pit resources have also expanded, with Milled Indicated Resources growing 48% to 1.93 million gold-equivalent ounces. The company has expanded its 2024 drilling program to 50,000 metres from 40,000 metres, with five drill rigs currently active.
Prime Mining Corp reported Q3 2024 results, highlighting significant progress at its Los Reyes Gold-Silver Project. The company announced a major resource expansion with a 49% increase in Indicated Resources to 2.2 million gold-equivalent ounces and an 11% increase in Inferred Resources to 0.8 million gold-equivalent ounces. Notable drilling results include intersections of 9.39 g/t gold-equivalent over 10.5 metres at Tahonitas. The company expanded its 2024 drilling program to 50,000 metres from 40,000 metres, with four drill rigs currently active. Financial results show cash position of $21.2 million as of September 30, 2024.
Prime Mining Corp. (TSX: PRYM) (OTCQX: PRMNF) has reported a significant expansion in its 2024 Mineral Resource Estimate (MRE) for the Los Reyes Project in Mexico. Indicated Resources have increased 49% to 2.2 million gold-equivalent ounces (AuEq), while Inferred Resources have grown 11% to 0.8 million AuEq ozs. The update includes new high-grade underground resources, validating the company's strategy for a high-recovery, high-margin milling operation.
Key highlights include:
- Milled Indicated Resources grew 48% to 1.93 million AuEq ozs at 2.08 g/t AuEq
- Milled Inferred Resources increased 19% to 0.74 million AuEq ozs at 2.05 g/t AuEq
- The MRE is based on 240,172 metres of drilling, with Prime's discovery cost at just over $US 20 per Resource ounce added
- Significant upside potential remains as mineralization is open along strike and at depth
The updated MRE demonstrates the project's potential for both open-pit and underground mining operations, with ongoing exploration targeting further resource expansion.
Prime Mining Corp. (TSX: PRYM) (OTCQX: PRMNF) is aggressively expanding its gold and silver resources in Mexico. The company has made significant progress at its Los Reyes project:
1. In May 2023, Prime doubled their initial resource estimate for Los Reyes, based on drilling completed through 2022.
2. They are now targeting an additional 110,000 metres of drilling by the end of 2024.
3. Prime Mining is evaluating both open pit and underground mining approaches, which could provide greater operational flexibility and long-term growth potential.
The company's efforts are focused on a prolific mining region in Mexico, positioning them for potential future success in the precious metals sector.
Prime Mining Corp. (TSV: PRYM) (OTCQX: PRMNF) has appointed Sunny Lowe to its Board of Directors as an Independent Director. Ms. Lowe, currently the CFO of Solaris Resources Inc., brings over 20 years of finance, international tax, and risk management experience in the mining sector. Her previous roles include CFO at INV Metals and leadership positions at Kinross Gold and Inmet Mining
Murray John, Chair of the Board, expressed enthusiasm for Ms. Lowe's addition, citing her extensive financial, mining, and executive experience as valuable assets for advancing the Los Reyes Project. The Company has granted Ms. Lowe 88,415 deferred share units (DSUs) at a 5-day volume weighted average price of $1.64, effective September 25, 2024.
Prime Mining Corp. (TSX: PRYM) (OTCQX: PRMNF) reports expansion drilling results from the Los Reyes Project in Mexico. Highlights include:
- 9.39 gpt AuEq over 10.5m etw in hole 24TA-139
- 4.55 gpt AuEq over 4.1m etw in hole 24TA-138
- 2.95 gpt AuEq over 4.1m etw in hole 24TA-135
The results demonstrate continuity of high-grade gold and silver down dip and within previous drilling gaps, supporting potential underground mining. The Z-T structure remains mineralized for over 500m along strike from the current south-east pit crest. Prime has expanded its 2024 drilling program to 50,000m from 40,000m due to success-based results.
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