Prime Mining: These are the 2024 prospects for the Los Reyes gold and silver project

Key worker in the Los Reyes Gold and Silver Project.

Prime is targeting 40,000 meters in its drilling program and further technical investigations for its project located in Sinaloa.

Prime Mining Corp. plans In 2024 to implement a 40,000 meter exploratory drilling program and further technical investigations for the high-grade Los Reyes gold and silver project, located in the state of Sinaloa, Mexico.

Los Reyes Project 2024 Prospects:

• exploration: Continue the drilling approach based on success in 2024, with a target of completing 40,000 metres. Additional work will include geological mapping and geochemical sampling.
• idiomatic: Continue preliminary investigations of mineral, geotechnical and mine planning standards, including process optimization, open pit versus underground opportunities, and evaluation of licensing requirements.
• Community participation: Continue to engage with local ejidos communities through educational and community programs, improved access (roads), and water access.
• Los Reyes Resource Update: It targets resource ramp-up by the end of 2024, taking into account full-year 2023 results and ongoing 2024 drilling results.

Exploratory drilling operations in 2024 will focus on the following:

• Expand high-grade ZT outbreaks that remain open at depth as well as along strike, to the north and south.
• Expansion of known high-grade mineralization at Guadalupe Este.
• Increased resources of the central area through additions on Christmas Eve and its connection to San Miguel Este.
• Targeted generative drilling of high-grade intercepts at Las Primas, Mariposa, Fresnillo, Mina and others to further develop the resource potential of Los Reyes.

“We start the new year with approximately C$32.8 million in cash. In 2024, we aim to demonstrate the tremendous potential of the Los Reyes property with a fully funded 40,000 meter initial drilling campaign targeting resource expansion and demonstrating several key generating targets.” Scott Hicks, Executive Vice President.

They will continue to engage with stakeholders at corporate and community levels and maintain the highest levels of performance in HSE management. Technical work will continue to improve our understanding of the project, as well as allow for planning.

In turn, Daniel Kunz, outgoing CEO, added: “Prime has already started the year with an exciting set of drilling results from Los Reyes. “I expect another outstanding year in 2024 given Prime’s strong financial position, its people and the platform for future growth under Scott’s leadership.”

Prime is targeting 40,000 meters in its drilling program by 2024 and will continue to evaluate drilling plans using its success-driven approach. This assessment will also include prioritizing targets based on the potential for resource development and the potential for discovery of generative areas.

About the Los Reyes Gold and Silver Project

Los Reyes is a rapidly developing high-grade, low-sulphate gold and silver project located in the state of Sinaloa, Mexico. Since acquiring Los Reyes in 2019, Prime has spent approximately C$48 million on direct exploration activities and completed more than 168,000 meters of drilling. On May 2, 2023, Prime announced an upgraded multi-million ounce high-grade open pit restricted resource.

Drilling is ongoing and indicates that the three main known deposit areas (Guadalupe, Central and ZT) are larger than previously reported. There is also potential for new discoveries where mineralization trends are identified outside of currently defined resource areas.

Historical operating results indicate that approximately 1 million ounces of gold and 60 million ounces of silver were recovered from five separate operations at Los Reyes between 1770 and 1990. Prior to the acquisition of Prime, the Los Reyes operators recently spent approximately $20 million in exploration, engineering and pre-feasibility studies.