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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. (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.
Prime Mining Corp. (TSV: PRYM) (OTCQX: PRMNF) reported its Q2 2024 financial and operating results, focusing on the exploration and development of its Los Reyes Gold-Silver Project in Mexico. Key highlights include:
1. Discovery of a new high-grade shoot at the Z-T Trend, yielding 7.68 gpt gold-equivalent over 7.7 metres.
2. Impressive drilling results at Las Primas, including 11.8 gpt gold-equivalent over 3.0 metres.
3. Expansion of the 2024 drilling budget to 50,000 metres from 40,000 metres due to successful results.
4. Financial results show a loss of $11,935,978 for the six months ended June 30, 2024, with cash reserves of $24,524,731.
5. Ongoing focus on technical derisking, environmental stewardship, and community engagement.
Prime Mining Corp. reported expansion drilling results from its Los Reyes Project in Sinaloa State, Mexico. These results, from 2024 drilling at the Z-T Trend, are not included in the May 2023 Mineral Resource Estimate. Highlights include 6.93 gpt gold-equivalent over 2.0m in hole 24TA-117, and 1.51 gpt gold-equivalent over 14.2m in hole 24TA-119. The drilling program aims to expand the high-grade Z-T Trend and validate mineralization continuity at depth. The company has completed about 28,000m of its 40,000m 2024 drill program. Four drill rigs are currently active, focusing on extending high-grade shoots, expanding known mineralization, and generative target drilling. The results suggest potential pit expansion and high-margin underground resource development.
Prime Mining Corp. (TSX: PRYM, OTCQX: PRMNF, Frankfurt: 04V3) held its Annual General and Special Meeting on June 19, 2024. Shareholders approved all matters and elected all listed directors.
The company focuses on the Los Reyes Gold-Silver Project in Sinaloa, Mexico. Notable achievements include a cash balance of C$28 million as of March 31, 2024, and significant high-grade gold and silver discoveries.
Voting results: 68.955% of common shares represented. Key approvals: setting the number of directors to eight, appointing Davidson & Company LLP as auditors, amending articles, adopting a majority voting policy, and approving a new omnibus incentive plan.
For 2024, Prime Mining is advancing its drilling program, targeting high-grade extensions and new resource developments.
Prime Mining Corp. has announced significant expansion drilling results from its Los Reyes Project in Sinaloa, Mexico. Notable findings include 6.9 gpt gold-equivalent over 3.5 meters and 54.41 gpt gold-equivalent over 0.7 meters in the Guadalupe East area. These results indicate high-grade silver and gold mineralization, extending the resource potential beyond the 2023 estimates. The drilling program, which has completed 24,000 of the targeted 40,000 meters for 2024, continues to show promise with mineralization remaining open in multiple directions. The company plans to focus future drilling on high-grade zones and generative targets to further enhance resource potential.
Prime Mining (TSV: PRYM, OTCQX: PRMNF) announced its Q1 2024 results, highlighting progress at its Los Reyes Gold-Silver Project in Mexico. Key developments include a successful CEO transition from Daniel Kunz to Scott Hicks, expansion drill results from Guadalupe East and Las Primas, and a planned 40,000m drill program for 2024. The company intercepted high grades at multiple sites, including record highs at Guadalupe East with 17.95 gpt AuEq over 31.25m. Financially, Prime reported a loss of $6.45M for Q1 2024, slightly higher than the $5.99M loss in Q1 2023, with cash reserves standing at $27.9M. The company also emphasized its commitment to sustainability and community engagement.
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