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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. reported its operating and financial results for the year ended December 31, 2022, highlighting outstanding exploration efforts at its Los Reyes Gold-Silver Project in Mexico. The Company completed significant drilling, exceeding its plans, with an updated mineral resource estimate expected in May 2023. In Q4, Prime raised C$21 million through a private placement. Key financial data includes a loss of $27.4 million compared to $14.3 million the previous year, with a loss per share of $0.24. Total assets decreased to $38.1 million from $41.8 million, while cash reserves fell to $23.8 million. Despite the losses, the Company maintains a strong capital structure and a proactive approach towards ESG commitments, aiming to minimize environmental impacts and boost community engagement.
Prime Mining Corp (OTCQX: PRMNF) announced promising assay results from drilling outside current resource areas, indicating significant exploration potential ahead of its Q2 2023 mineral resource update. The results highlight high-grade intercepts, particularly in the Fresnillo and Orito areas, with notable grades including 1.7 g/t AuEq over 19.3m. The company aims to drill 35,000 meters in 2023, focusing on expanding mineralized targets beyond established zones. This initiative reinforces the potential of the Los Reyes project in Mexico, aiming for additional gold-silver discoveries.
Prime Mining Corp. (PRMNF) has announced the granting of 700,000 incentive stock options to management and 307,838 deferred share units to its board of directors. The options are priced at $1.97 per share, vesting over 18 months. The Los Reyes gold-silver project in Mexico, acquired in 2019, has seen an investment of around $30 million in exploration, indicating potential for additional mineral discoveries. Historic recovery data shows an estimated 1 million ounces of gold and 60 million ounces of silver previously extracted. The company aims to leverage its experienced management team to fully unlock the project's potential.
Prime Mining Corp (OTCQX: PRMNF) announced its 2023 work strategy for the Los Reyes high-grade gold-silver project in Mexico. CEO Daniel Kunz detailed a plan for an initial 35,000-metres of drilling, focusing on extending known resources and testing new exploration targets. This follows 110,000 metres of drilling completed in 2021 and 2022, contributing to an updated mineral resource estimate expected in Q2 2023. The company is fully funded for these initiatives, thanks to a $21 million private placement.
Prime aims to enhance its geological understanding and advance technical inputs for future project development.
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