お知らせ • Oct 18
Prime Mining Corp. Reports Significantly Expanded Gold and Silver Mineral Resource with Exceptional Upside Potential At Its Los Reyes Property
Prime Mining Corp. reported significant open pit expansion and new underground resources in its 2024 Mineral Resource Estimate (‘MRE’) at the Company's Los Reyes Project (the ‘Project’), located within the prolific Sierra Madre gold-silver belt in the state of Sinaloa, Mexico. These results reflect drilling up to July 17, 2024. The MRE was prepared by John Sims CPG (an Independent Qualified Person), President of Sims Resources LLC. Indicated Resources have increased 49% to 2.2 million gold-equivalent ounces (‘AuE First Quarter ‘) and Inferred Resources have increased 11% to 0.8 million AuEq ozs compared to the May 2023 MRE. Substantial resource growth from higher-grade open pit and underground zones, validating the Company's strategy of targeting a high-recovery, high-margin milling operation. Milled Indicated Resources have grown 48% to 1.93 million AuEq ozs at 2.08 g/t AuEq. Milled Inferred Resources have grown 19% to 0.74 million AuEq ozs at 2.05 g/t AuEq. · Technical de-risking included in the updated MRE includes both higher gold recoveries based on extensive metallurgical test work and geotechnical parameter updates. The 2024 MRE includes an additional 86,650 metres drilled by Prime since the cutoff of the May 2023 MRE. In total, the 2024 MRE is based on 240,172 metres of drilling, of which Prime has drilled 191,451 metres. Prime's discovery cost is just over USD 20 per Resource ounce added since acquisition. Considerable upside potential: mineralization at Los Reyes remains open along strike and at depth, with the ongoing drill program targeting high-grade mineralization along both the northwest and southeast extensions of the Z-T Trend, the southeast extension of the Guadalupe and Central Trends, as well as emerging Generative Areas. Key Details of the MRE: Open-Pit Milled Indicated and Inferred Resources have grown to 1.27 million ounces gold-equivalent (‘AuEq’) (24.7 million tonnes at 1.60 g/t AuEq) and 335,000 ounces AuEq (7.2 million tonnes at 1.45 g/t AuEq), respectively. New Underground Milled Indicated and Inferred Resources of 664,000 ounces AuEq (4.1 million tonnes at 5.00 g/t AuEq) and 406,000 ounces AuEq (4.1 million tonnes at 3.12 g/t AuEq), respectively. Open Pit Heap Leach Indicated and Inferred Resources have grown to 261,000 ounces AuEq (20.3 million tonnes at 0.40 g/t AuEq) and 76,000 ounces AuEq (5.9 million tonnes at 0.40 g/t AuEq), respectively. Resource Discussion The Los Reyes Resource is hosted within low-sulfidation epithermal `horsetail' structures containing significant gold and silver. The current MRE is contained within three major Trends and several `Generative Targets' that have been recently drilled and were not included in last year's resource estimate. Z-T Trend (Zapote North, Zapote South and Tahonitas Areas) · Guadalupe Trend (Guadalupe East and West Areas). Central Trend (San Miguel West, San Miguel East and Noche Buena Areas). Generative Areas Las Primas - recently drilled discovery between Guadalupe and Central Mariposa - northwest, and along strike in the Z-T Trend Fresnillo - recently drilled discovery area between Z-T and Central. To illustrate the high-grade core of the Los Reyes Resource, table 4 shows the total mill inventories using the open pit resource Au only cutoff (of 0.17 g/t) and a sensitivity at an inflated 0.75 g/t Au only cutoff (for open pit material only). This sensitivity illustrates that at this promoted cutoff, the inventory grade would increase by almost 40%, while maintaining almost 1.6M Indicated and 0.6M Inferred gold-equivalent ounces. Compared to the 2023 MRE, this represents approximately the same number of total contained AuEq ounces, but at almost twice the overall AuEq grade. All reported Resource ounces are contained within economically constrained pits or underground stope shapes. Geotechnical parameters for open pit slope angles and stope dimension considerations were provided by Knight Piésold following their review of core photos and geotechnical logging. MRE block models were constructed and classified using a drilling cut-off date of July 17, 2024. Open pit estimation was based on 5 x 5 x 5 m selective mining unit (SMU) models and the underground estimate used the Mineable Stope Optimizer algorithm on 2.5 x 2.5 x 2.5 m block models. The selected interpolation methodology for gold and silver in all block models was Inverse Distance Cubed (ID^3). Interpolation and resource classification confidence was based on approximately 191,451 m of drilling completed by Prime and 48,721 m by previous owners. Over 93% of drilling is diamond drill core. As part of this release, Prime is reporting 21 drill holes (8,110 m of assayed drill results) not previously released that were incorporated into the 2024 MRE. This MRE was completed under the supervision of John Sims, a member of the American Institute of Professional Geologists since 2004, an `Independent Qualified Person' as defined by NI 43-101 guidelines, with over 35 years of related experience. Underground Sensitivity The Los Reyes project is also amenable to a more substantial underground mining approach. In the following sensitivity table, Los Reyes is assumed to be mined by underground methods, backfilled, and then economically-constrained residual open pits are estimated at a 0.17 g/t Au only cutoff. Discovery Costs To date, the Company has incurred approximately CAD 55 Million in direct exploration expenditures since acquiring the property in 2019. This equates to an estimated discovery cost over the past four years of just over USD 20 per gold equivalent ounce for resources defined up to the cutoff date of July 17, 2024 for this MRE. 2024 Exploration Outlook Given the results from Prime's success-based drilling program at mid-year, the Company approved the expansion of its fiscal 2024 program to 50,000m from 40,000m. The drill program will continue to be evaluated according to this success-based approach. This evaluation will also include prioritization of targets based on probability of resource development and generative area discovery potential. Five drill rigs are currently 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 northwest and southeast. 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 other targets to further develop the resource potential at Los Reyes.