Prime Mining Announces Financial Results

VANCOUVER, British Columbia, Aug. 12, 2022 (GLOBE NEWSWIRE) -- Prime Mining Corp. (“Prime”, or the “Company”) (TSX.V: PRYM) (OTCQB: PRMNF) (Frankfurt: O4V3) is pleased to report its operating and financial results for the three-month period ending June 30, 2022. Unless otherwise stated, all amounts are presented in Canadian dollars. Prime is focused on the exploration and development of its wholly owned Los Reyes Gold-Silver Project in Sinaloa State, Mexico (“Los Reyes” or the “Project”).

Prime Chief Executive Officer Daniel Kunz commented, “We are currently into the rainy season at Los Reyes but still have 5 drill rigs operating and already have completed 63,000 metres of drilling in Phase 2, for a total of 88,500 metres Phase 1 and 2 combined.   In July 2022, the Company reported results from eight drill holes at the San Miguel East deposit, which were drilled down dip of the known structure at depth. All eight encountered mineralization with seven of the eight extending mineralization beyond the current historic resource. The southernmost hole, 22SME‐11, with an 18‐metre intercept returning 2.72 gpt Au and 129.8 gpt Ag (16.9 m etw), was intersected outside the previously reported pit‐constrained resource.”

Corporate Highlights During the Quarter

On May 10^th, the Company announced financial results for the three-month period, ending March 31^st, 2022. On June 8^th, the Company announced upgrading to trade on the OTCQX under the symbol PRMNF

Exploration Highlights During the Quarter

On April 12^th, the Company announced positive drill results from 26 drill holes into its Guadalupe East deposit. These holes intercepted the high-grade Estaca, the San Nicolas and the San Manuel epithermal veins as well as other sub-parallel veins in the system.

On May 2^nd, the Company announced new drill results expanding the Zapote North deposit. These results included 17 new holes targeting the northern extension of the Z-T Structure, including 2 holes from the Mariposa deposit. This drilling confirmed that gold-silver mineralization extends from Zapote North to Mariposa.

On June 1^st, the Company announced 12 new step-out drill holes at the Guadalupe East deposit. Six of these holes interested high-grade gold and silver mineralization below the current pit-constrained resource which demonstrated the strong potential for near-pit resource expansion.

On June 29^th, the Company announced 20 additional assays from its expanded Phase 2 step-out and infill drilling program at the Tahonitas deposit on the western side of the project. These results continued to successfully identify shallow near surface mineralization as well as deeper mineralization down to 450 metres above sea level.