Prime Announces 2024 Outlook for Its High-Grade Los Reyes Gold-Silver Project

40,000m of Drilling and Further Technical Investigation Planned

VANCOUVER, British Columbia, Jan. 24, 2024 (GLOBE NEWSWIRE) -- Prime Mining Corp. (“Prime” or the “Company”) (TSX: PRYM) (OTCQX: PRMNF) (Frankfurt: 04V3) is pleased to announce that in 2024 the Company plans to undertake a 40,000-metre exploration drilling program and further technical investigation of its wholly owned high-grade Los Reyes Gold-Silver Project in Sinaloa State, Mexico (“Los Reyes” or the “Project”).

2024 Los Reyes Project Outlook:

• Exploration: Continue success-based approach to drilling in 2024, targeting completion of 40,000 metres (see Figure 1 below). Additional work will include geological mapping and geochemical sampling.
• Technical: Continue preliminary investigations of metallurgical, geotechnical and mine planning parameters, including process optimization, assessment of open pit versus underground opportunities and evaluation of permitting requirements.
• Community Engagement: Continue to engage with local ejidos (communities) through educational and community programming, access (road) improvements and water access.
• Los Reyes Resource Update: Target a late-2024 resource increase, subject to drilling results from the full year 2023 and on-going 2024.

2024 Exploration Drilling will focus 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.

Scott Hicks, Executive Vice President commented, “We begin the new year with approximately CAD$32.8 million in cash. In 2024, our aim is to further illustrate the immense potential of the Los Reyes property through an initial, fully funded 40,000 metres drilling campaign targeting resource expansion and proving up several key generative targets. We will continue to engage with our stakeholders at the corporate and community levels and maintain the highest levels of performance in health, safety and environmental stewardship. Technical work will continue to advance our understanding of the Project, along with permit planning.”