Prime Mining Adds 5th Core Drill at Los Reyes

VANCOUVER, British Columbia, Feb. 25, 2021 (GLOBE NEWSWIRE) -- Prime Mining Corp. (“Prime” or the “Company”) (TSX-V: PRYM, OTCQB: PRMNF, Frankfurt: A2PRDW) is pleased to provide a drilling update on its 100% owned Los Reyes Gold-Silver Project (“Los Reyes”) located in the State of Sinaloa, Mexico. The Company’s 15,000 metre (“m”) Phase 1 diamond drill program began in December. The drill rig count at the Project has been increased to address logistical, geographic and COVID-19-related challenges, so that the Company can maintain its previously communicated goals of completing Phase 1 drilling before onset of the rainy season in mid-August, completion of a new geological resource model during the rainy season hiatus and then initiate an aggressive Phase 2 drilling program in Q4 2021.

“With five drill rigs now on site, we expect to quickly make up for initial delays in drilling progress that occurred at Los Reyes. To-date, ten core holes have been completed and are at various stages of preparation and analysis. Shipments of new drill core are now being made weekly to the assay lab,” stated Daniel Kunz, Prime Mining Corp.’s Chief Executive Officer.

Currently, two drill contractors are operating two man-portable drills, two track-mounted drills and one rubber-tire-mounted drill rig. In addition, the two track-mounted drills are equipped with tools designed to extract oriented drill core to help geologists determine the localized strike and dip of structures controlling the mineralization.

Figure 1: Current and Completed Drill Holes – Location Summary
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Readers are encouraged to refer to Los Reyes – Drill Program Progress at: https://primeminingcorp.ca/maps-technical-data

Figure 1 shows a plan map of historic, proposed, in-progress and completed Phase 1 drill hole locations for the eight known resource areas at Los Reyes.

Six of the completed core holes are located in the Zapote South deposit and range in targeted drill hole depth from 65m to 190m. These drill holes are designed to: expand the in-pit resources along strike and down dip; acquire geological data from core, where only RC data exists; infill areas to upgrade measured and indicated resources from inferred; and provide silver assay data absent from parts of the historic database. Drilling is continuing in the Zapote region.