On December 13, 2023, Prime announced high-grade drilling effects at Noche Buena and San Miguel Este from the Los Reyes Central Corridor, with highlights:
Highlights of the Central Area – Christmas Eve:
Highlights of the Central Zone – San Miguel East:
Mining Law Decision
Critical of the rulings, the grant constitutionally calls for Los Reyes’ assignment and El Rey’s claims of any further adjustments to Mexico’s mining-related laws. This ion extends to the 2023 mining laws, which included water use reforms, reclamation considerations, and the scope and duration of mining concessions.
As expected and required by law, the government appealed the decisions. However, the decisions are expected to be upheld given the procedural deficiencies in the implementation of the 2023 mining law and the likelihood that the 2023 reforms will be deemed unconstitutional by the Supreme Court.
Maintain fitness and protection protocols.
Prime remains engaged with local stakeholders and is proactive in monitoring workers and contractors regarding overall fitness conditions. The Company continues to scrupulously adhere to the rules of all levels of government and the physical fitness governance applicable in Mexico and Canada.
We continued to gather environmental and network knowledge during the quarter to support our ESG programs, in addition to completing a materiality assessment, strategic plan, and disclosure matrix. We seek to minimize the environmental footprint of our operations and ensure that Los Reyes has a positive effect on our host communities.
The Company issued its first Sustainability Report in April 2023, which establishes a benchmark and a new benchmark to measure our progress in meeting our commitments to sustainability and environmental care, applicable social issues, and corporate governance.
Selected financial data
The following decided on monetary knowledge is summarized from the Company’s consolidated monetary statements and notes thereto (the “Financial Statements”) for the 3 and 12 months ended December 31, 2023 and 2022. A copy of the monetary and MD statements must be held
Outlook for 2024
Prime targets 40,000 metres in its drilling program by 2024 and will continue to benchmark drill plans against its success-based approach. This assessment will also include prioritization of targets based on the likelihood of resource progression and the generative discovery perspective of the area.
Lately there are five active drill rigs at the Los Reyes site, with exploration due to 2024 at:
Quality Control Protocols and Sampling Procedures
Sample QA/QC measurements come with unlabeled qualified reference materials, blank boxes, and duplicates, as well as preparation duplicates inserted into the standard series and make up approximately 8% of the standards sent to the lab for drilling.
Samples are retrieved from the task by laboratory personnel and transported to their facility in Durango or Hermosillo, Mexico, for model preparation. Sample research is conducted through Bureau Veritas and ALS Labs, with pyrotechnic research, adding new chimney research that exceeds the limit. , conducted in their respective laboratories in Hermosillo, Mexico, and multi-element research conducted in North Vancouver, Canada. Preparation of the drill core pattern includes fine crushing of the pattern to at least 70% passing less than 2 mm, splitting the pattern with a rifle spacer. and spraying a 250-gram pattern until at least 85% passes less than 75 microns.
The gold contained in the diamond drill core is analysed by stack assay and atomic absorption spectroscopy of a 30 g pattern (code FA430 or Au-AA23). Multi-element chemistry is analyzed by digestion with 4 acids of a 0. 25 gram split standard (code MA300 or ME-ICP61) with detection by inductively coupled plasma emission spectrometer for a whole range of elements.
The FA430 and Au-AA23 gold assay strategies have an upper limit of detection of 10 ppm. Any standard that produces a gold price above the limit of the initial test strategy is sent to the gravimetric end with the FA-530 or Au-GRA21 method. Silver assays at MA300 and ME-ICP61 have an upper limit of 200 ppm and 100 ppm, respectively. Samples with silver prices above the limit are re-analyzed by gravimetric end stack assay FA530 or Au-GRA21.
Notes
Meters are represented by “m”; “ETW” is the estimated actual width and is based on the geometry of the drill hole or comparisons with other drill holes in the section; “Au” refers to gold and “Ag” to silver; “GPT” means grams equivalent to one metric ton; Some numbers may not be loaded due to rounding; The composite test grades presented in the summary tables are calculated with a minimum average Au grade of 0. 20 gpt or 1. 0 gpt, as shown in the “Au Limit” column of the summary tables. The maximum internal waste included in any declared compound consistent with it is 3. 00 m. The threshold of 1. 00 gpt Au is used to delineate higher-grade “cores” in the lower-grade halo.
Gold equivalents are calculated on an assumed gold value of US$1,700 per ounce and a silver value of US$22 per ounce, based on the formula AuEq Law (gpt) = Au Law (Ag grade x ($22 / $1,700)). Metallurgical recoveries are not included in the estimate of in situ grades, but are estimated at 93% and 83%, respectively, for gold and silver, when processed in a mill, and 72% and 25%, respectively, when leached in a heap.
About Los Reyes Gold & Silver Project
May 2, 2023 Resource Statement
Drilling is ongoing and suggests that the three main known deposit zones (Guadeloupe, Central and Z-T) are larger than previously announced. There is also the possibility of new discoveries where mineralized trends have been known outside the recently explained resource zones.
Historical operating effects imply that approximately 1 million gold and 60 million silver were recovered in five separate operations at Los Reyes between 1770 and 1990. Prior to the acquisition of Prime, the recent operators of Los Reyes had spent approximately $20 million on exploration. , engineering and pre-feasibility studies.
Scott Smith, P. Geo. , Executive Vice President, Exploration, is a National Instrument 43-101 Qualified Person and has reviewed and approved the technical content of this press release.
About Prime Mining
Prime is controlled through an ideal combination of successful mining executives, strong capital markets collaborators, and experienced local operators, all focused on unlocking the full potential of the Los Reyes project. The company has a well-planned capital layout with a strong control team and liked the property. Prime aims for an expansion of curtain resources at Los Reyes through a combination of new generation and expansion zone discoveries, while also leveraging technical de-risking activities for the eventual progression of the project.
For more information, please visit https://primeminingcorp. ca/ or direct inquiries to:
Indi GopinathanVice President, Capital Markets & Business Development
Prime Mining Corp. 710 – 1030 West Georgia St. Vancouver, BC V6E 2Y3 Canada 1(604) 238-1659info@primeminingcorp. ca
Cautionary Note to U. S. Investors Regarding Resource Estimates This press release has been prepared in accordance with the requirements of applicable Canadian securities laws, which differ from the requirements of U. S. securities laws. In particular, and without restricting the generality of the foregoing, the terms “mineral reserve”, “proven mineral reserve”, “probable mineral reserve”, “inferred mineral resources”, “indicated mineral resources”, “measured mineral resources” and “ “mineral resources” used or referred to in this presentation are Canadian mineral disclosure terms as explained in accordance with Regulation 43-101 regarding Disclosure Standards for Mineral Projects (“NI 43-101”) in accordance with the rules set out in the Canadian Institute of Science 2014. Mining, Metallurgical and Petroleum Standards for Mineral Resources and Mineral Reserves, Definitions and Guidelines, May 2014 (the “CIM Standards”). The CIM criteria differ from the mineral asset disclosure requirements of the United States Securities and Exchange Commission (the “SEC”) in Regulation S-K Subpart 1300 (the “SEC Modernization Rules”) pursuant to United States Securities Act of 1933, as amended (the “Securities Modernization Rules”). Act”). As a foreign personal issuer eligible to file reports with the SEC pursuant to the Multijurisdictional Reporting System, the Company is not required to provide data on its mineral homes under the SEC modernization regulations and will continue to provide data under the Instrument. National 43-101 and CIM criteria. Consequently, the Company’s disclosure of mineralization and other technical data would likely differ materially from the data that would have been disclosed if the Company had prepared the data in accordance with the criteria followed under the modernization of SEC regulations.
Forward-Looking InformationThis press release includes certain “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities legislation, and may be amended from time to time by adding, among others, statements relating to charges received from the properties of the Company. Matrix that aggregates the additional exploration prospect of Los Reyes, the prospective quantity and/or grade of minerals, the prospective length of the mineralized zone, metallurgical recoveries and the Company’s exploration and progression plans in Mexico. Forward-looking statements are statements that are not past facts and that address events, effects or progressions that the Company expects to occur. Forward-looking statements are based on the Company’s beliefs, estimates and reviews of control as of the date the statements are made and involve various threats and uncertainties. Certain general assumptions have been made relating to such forward-looking statements, including, among others, assumptions relating to the value of gold, silver and copper; the accuracy of mineral resource estimates; that there will be no adverse replacement of curtains affecting the Company or its properties; that all required approvals will be obtained, including renewals of concessions and entry permits; that political and legal developments will conform to existing expectations; that exchange and replacement rates will be consistent with existing levels; and that there will be no significant disruption affecting the Company or its properties. Therefore, there can be no assurance that such statements will prove to be accurate and of real effect, and long-term developments may also differ superficially from those anticipated in such statements. Forward-looking statements involve known and unknown life threats and uncertainties, which may also cause actual effects to differ materially from those anticipated. These threats include, but are not limited to: threats related to the uncertainties inherent in the preparation of mineral resource estimates, including, but not limited to, adjustments in loading assumptions, diversifications in the amount of mineralized fabric, grades or recovery rates, adjustments in geotechnical parameters or hydrogeological considerations, failures of plants, devices or processes, adjustments in the availability of electrical energy or electrical energy rates, abilities for social acceptance, adjustments in interest rates or taxes, adjustments in allocation parameters, delays and charges inherent to the consultation and accommodation of the rights of local populations. communities, environmental threats, threats to values, in addition to renewal of concessions, fluctuations in commodity values and substitution rates, threats from COVID-19, delays or non-receipt of access agreements or modified entry permits, threats inherent to the estimation of mineral resources; and threats related to the execution of the Company’s objectives and strategies, adding charges and expenses, as well as the threat points discussed in the maximum MD&A recently submitted by the Company, as well as its Annual Information Form dated August 21 2023, available at www. Arraysedarplus. ca. Except as required by securities disclosure laws and regulations applicable to the Company, the Company assumes no legal responsibility to update such forward-looking statements if beliefs, estimates or control reviews, or otherwise, should be superseded.