Prime Announces Expansion Drilling Results From the Z-T, Guadalupe and Central Zones at Los Reyes

Z-T expands materially at depth below the May 2023 resource and intercepts 3.87 gpt AuEq over 20.5 m

Guadalupe continues to encounter bonanza grades including an intercept of 44.39 gpt AuEq¹ over 1.0 m

VANCOUVER, British Columbia, Sept. 12, 2023 (GLOBE NEWSWIRE) -- Prime Mining Corp. (“Prime” or the “Company”) (TSX-V: PRYM, OTCQX: PRMNF, Frankfurt: 04V3) is reporting expansion drill results from the Company’s Los Reyes Project (the “Project”), located in Sinaloa State, Mexico. This drilling targeted areas extending materially beyond the mineral resource envelope at the Z-T, Guadalupe and Central Zones (see Figure 1), which together form the basis of the Company’s May 2, 2023 Mineral Resource Estimate (“MRE”).

Prime Mining Corp. Chief Executive Officer Daniel Kunz commented, “These drill results at Los Reyes further demonstrate potential for expansion of the current resource inventoried in our May 2023 MRE. Specifically, we are very encouraged by the results at the southern part of the Z-T Zone where hole 23TA-71, coupled with previously released holes 67 and 69, is extending the resource envelope over 200 m below the MRE boundary – more than 100% increase in vertical extent. This new steeply dipping, high-grade shoot has a length over 500 m and has true widths ranging from 11.4 to 20.5 m. These grades and thicknesses could have a material impact on operating flexibility and resource size as we assess the impact of these newly discovered Z-T ounces on our block model. In addition, we continue to intersect bonanza grades southeast along strike of the Guadalupe Zone and additional high-grade grade intercepts in the Central Zone.”

Scott Smith - Executive Vice President of Exploration added, “The results contained in this news release indicate that the current MRE can be substantially expanded both down-dip, by exploring the higher-grade plunging shoots we have already discovered, and along strike. Z-T Zone has several of these high-grade shoots that we are continuing to define with ongoing drilling, and it hosts a newly discovered mineralized splay we are calling the “300 Trend”. Central Zone has the potential to connect the San Miguel East and Noche Buena MRE pits and to expand mineralization along strike to the southeast.”

Expansion Drilling Highlights, by Area:

Z-T Zone (Figures 2-5):
Tahonitas Area
The Company is reporting 2 core holes in the Tahonitas area that include the following highlights:

• 3.87 grams per tonne (“gpt”) gold-equivalent (AuEq) (3.16 gpt Au and 54.9 gpt Ag) over 20.5 metres (“m”) estimated true width (“etw”) in hole 23TA-71, including:
  • 8.72 gpt AuEq (7.63 gpt Au and 84.0 gpt Ag) over 5.5 m etw.

Zapote South Area
The Company is reporting 6 core holes in the Zapote South area that include the following highlights:

• 2.22 gpt AuEq (1.91 gpt Au and 24.3 gpt Ag) over 7.9 m etw in hole 23ZAP-118, including:
  • 5.20 gpt AuEq (4.65 gpt Au and 42.7 gpt Ag) over 2.55 m etw.
• 3.51 gpt AuEq (3.07 gpt Au and 34.4 gpt Ag) over 4.8 m etw and 0.94 gpt AuEq (0.69 gpt Au and 19.5 gpt Ag) over 11.4 m etw in hole 23ZAP-115.
• 0.87 gpt AuEq (0.56 gpt Au and 24.2 gpt Ag) over 18.5 m etw in hole 23ZAP-112.

Zapote West Area
The Company is reporting 11 core holes in the Zapote West area that include the following highlights:

• 4.24 gpt AuEq (3.77 gpt Au and 36.6 gpt Ag) over 3.6 m etw, including 7.12 gpt AuEq (6.37 gpt Au and 57.6 gpt Ag) over 2.1 m etw, in hole 23ZAP-106
  

Guadalupe Zone (Figures 6-7):
The Company is reporting 12 core holes in the Guadalupe East area that include the following highlights:

• 13.51 gpt AuEq (10.10 gpt Au and 263.8 gpt Ag) over 2.2 m etw in hole 23GE-142, including:
  • 23.46 gpt AuEq (17.80 gpt Au and 437.0 gpt Ag) over 1.2 m etw; and,
  • 44.39 gpt AuEq (18.20 gpt Au and 2,024.0 gpt Ag) over 1.0 m etw
• 15.06 gpt AuEq (5.46 gpt Au and 742.0 gpt Ag) over 0.8 m etw in hole 23GE-136.

Central Zone (Figures 8-9):
Noche Buena Area
The Company is reporting 2 core holes in the Noche Buena area that include the following highlights:

• 2.87 gpt AuEq (2.63 gpt Au and 18.8 gpt Ag) over 2.5 m etw in hole 23NB-48.
  

Figure 1: Expansion drilling update

Drill Hole Highlights – Expansion Drilling Areas¹