Prime Mining Q1 2024 Financial and Operating Results



VANCOUVER, British Columbia, May 13, 2024 (GLOBE NEWSWIRE) — Prime Mining Corp. (“Prime”, or the “Company”) (TSV: PRYM) (OTCQX:PRMNF) (Frankfurt: O4V3) is pleased to report its operating and financial results for the quarter ended March 31, 2023. Prime is focused on the exploration and development of its wholly owned high-grade Los Reyes Gold-Silver Project in Sinaloa State, Mexico (“Los Reyes” or the “Project”).

Prime Chief Executive Officer Scott Hicks commented, “2024 is off to a great start for Prime as our high grade, gold-silver Los Reyes Project in Mexico continues to deliver excellent results. We released exciting expansion drill results from Guadalupe East and generative drill results from Las Primas, which demonstrate similarities in mineralization and potential for underground resource expansion, while expansion drilling at Z-T continues to extend mineralization along strike and at depth.”

Corporate Highlights During the Quarter
(Unless otherwise stated, all amounts are presented in Canadian dollars.)

On January 16th, the Company announced that CEO Daniel Kunz would retire effective February 1, 2024, and that EVP Mr. Scott Hicks would succeed him as Chief Executive Officer with concurrent appointment to the Board of Directors.
On January 24th, the Company announced its 2024 Outlook for the Los Reyes Project including a planned 40,000m drill program.
On January 24th, the Company announced it had granted a total of 991,626 incentive stock options, 455,846 restricted share units and 661,202 deferred share units in accordance with the long-term incentive plan adopted by the Company.
On March 25th, the Company released its 2023 Financial and Operating Results.

Exploration Highlights During the Quarter

Prime Intercepts High Grades at Las Primas and Record High Grades at Guadalupe East
January 10, 2024
Drill Highlights – Generative: Las Primas Area
The Company reported five core holes at Las Primas. Highlights are listed below:

15.63 gpt AuEq (11.60 gpt Au and 311.1 gpt Ag) over 4.5 m etw in hole 23LP-18, including:

27.52 gpt AuEq (20.39 gpt Au and 550.8 gpt Ag) over 2.5 m etw, and including,
56.28 gpt AuEq (41.90 gpt Au and 1,111.0 gpt Ag) over 1.1 m etw;

1.91 gpt AuEq (1.29 gpt Au and 47.7 gpt Ag) over 10.20 m etw in 23LP-20, including:

6.43 gpt AuEq (2.2 gpt Au and 327 gpt Ag) over 1.3 m etw;

1.89 gpt AuEq (0.73 gpt Au and 89.61 gpt Ag) over 2.6 m etw in hole 23LP-17, including:

5.61 gpt AuEq (1.97 gpt Au and 281 gpt Ag) over 1.0 m etw.

Drill Highlights – Expansion: Guadalupe Zone, Guadalupe East Area
The Company reported one core hole at Guadalupe East. Highlights are listed below:

17.95 gpt AuEq (9.69 gpt Au and 638.6 gpt Ag) over 31.25 m etw in hole 23GE-147, including:

52.67 gpt AuEq (29.41 gpt Au and 1,797.3 gpt Ag) over 6.45 m etw, and including,
80.57 gpt AuEq (45.34 gpt Au and 2,722.6 gpt Ag) over 3.90 m etw.

Prime Intersects 3.74 gpt AuEq Over 5.7m at Z-T in New High-Grade Mineralized Zone 350m Beyond Current Resource Pit While Extending High-Grade Shoots at Depth
February 6, 2024
Expansion Drilling Highlights in the Z-T Area
The Company reported 21 core holes at Tahonitas with the following highlights:

3.59 gpt AuEq (3.54 gpt Au and 4.1 gpt Ag) over 6.6 m etw in hole 23TA-85, including:

6.21 gpt AuEq (6.17 gpt Au and 2.9 gpt Ag) over 1.4 m etw, and including,
12.35 gpt AuEq (12.10 gpt Au and 19.1 gpt Ag) over 1.0 m etw.

2.09 gpt AuEq (1.26 gpt Au and 63.9 gpt Ag) over 11.6 m etw in hole 23TA-90, including:

3.83 gpt AuEq (2.61 gpt Au and 94.5 gpt Ag) over 2.2 m etw.

3.74 gpt AuEq (0.99 gpt Au and 212.5 gpt Ag) over 5.7 m etw in hole 23TA-100, including:

10.94 gpt AuEq (2.97 gpt Au and 616.0 gpt Ag) over 1.3 m etw.

2.33 gpt AuEq (0.83 gpt Au and 115.9 gpt Ag) over 7.1 m etw in hole 23TA-91, including:

8.14 gpt AuEq (2.85 gpt Au and 409.0 gpt Ag) over 0.9 m etw.

2.21 gpt AuEq (0.69 gpt Au and 117.8 gpt Ag) over 5.0 m etw in hole 23TA-94.
6.39 gpt AuEq (4.51 gpt Au and 145.3 gpt Ag) over 1.2 m etw in hole 23TA-99.

Prime Releases Final 2023 Drilling Results and Recap From Los Reyes; 60,000m Post Resource Drilling Contributes to Significant Mineralization Expansion
Feb 21, 2024
Drilling Highlights from 2023 included the following holes, which were newly released:
At Mariposa, a generative target northwest of Z-T, returned strong gold grades:

3.3 gpt AuEq (3.11 gpt Au and 14.8 gpt Ag) over 2.2 m etw downhole in new hole 23MA11
Guadalupe East – High Grade Gold and Silver:

27.56 gpt AuEq (8.17 gpt Au and 1,498.0 gpt Ag) over 0.6 m etw in new hole 23GE-144
Orito Sur, a generative target north of Guadalupe East, returned strong gold and silver grades:

5.3 gpt AuEq (2.70 gpt Au and 200.5 gpt Ag) over 2.4 m etw in new hole 23OS-01
Mina, a generative target northeast of Guadalupe East, also returned strong grades:

4.24 gpt AuEq (2.54 gpt Au and 131.3 gpt Ag) over 4.9 m downhole in new hole 23MINA13
Central – High Grade, Near-Surface Material at Noche Buena:

2.43 gpt AuEq (0.91 gpt Au and 117.3 gpt Ag) over 6.5 m etw in new hole 23NB-59

Subsequent to the Quarter, the Company issued the following exploration news releases:

Prime Discovers New High-Grade Shoot Containing 7.68 g/t gold-equivalent over 7.7 m – High gold grade area remains open, and continues at depth and along trend at Z-T – April 10, 2024
Prime Reports 11.8 gpt gold-equivalent over 3.0 metres at Las Primas And Continues to Discover High Grades at Shallow Depths – April 17, 2024

Maintaining Health and Safety Protocols

Prime remains engaged with local stakeholders and is proactive in monitoring employees and contractors concerning general health conditions. The Company continues to closely adhere to the directives of all levels of government and relevant health authorities in Mexico and Canada.

Community Engagement and Environmental Stewardship Strategy

We continued to gather environmental and community data in the quarter in support of our ESG programs, including completion of a materiality assessment, strategic plan, and disclosure matrix. We strive to minimize the environmental footprint of our activities and ensure that Los Reyes has a positive impact on our host communities.

The Company released its initial sustainability report during April 2023 which establishes a baseline and a new yardstick to measure our progress in meeting our commitments regarding sustainability and stewardship of the environment, relevant social issues, and corporate governance. The Company expects to release its 2024 Sustainability Report in the coming weeks.

Selected Financial Data

The following selected financial data is summarized from the Company’s consolidated financial statements and related notes thereto (the “Financial Statements”) for the three months ended March 31, 2024 and 2023. A copy of the Financial Statements and MD&A is available at or on SEDAR at

Three Months ended
March 31, 2024
Three Months ended
March 31, 2023

Loss and comprehensive loss

Loss per share – …

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