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VANCOUVER, British Columbia, March 29, 2022 (GLOBE NEWSWIRE) — Prime Mining Corp. (“Prime” or the “Company”) (TSX. V: PRYM) (OTCQB: PRMNF) (Frankfurt: O4V3) is pleased to provide its operating and monetary effects for the 8 months ended December 31, 2021. Unless otherwise stated, all amounts are provided in Canadian dollars.
Prime is exploring for and progressing its wholly owned Los Reyes gold and silver assignment in the State of Sinaloa, Mexico (“Los Reyes” or the “Project”).
Prime CEO Daniel Kunz said, “With $22 million in cash, a strong investor, and an experienced technical and control team, Prime is well placed to deliver our planned Phase 2 exploration program in Los Reyes. So far, 30,000 meters (“m”) have already been drilled with nine drilling rigs lately at the site. Each of Los Reyes’ 8 historic deposits gained a significant amount of Prime drilling. We expect to have a new resource report ready in the first quarter of 2023. »
Company Highlights during the quarter
On December 20, the company announced that it had been added to the MVIS Global Junior Miners Index following the quarterly review and rebalancing of the GDXJ for the fourth quarter.
Exploration Highlights During the Quarter
On November 17, the Company released an update on its planned Phase 2 drilling program, which is expected to run from approximately November 2021 through October 2022 and will consist of approximately 250 new drilling wells, for a minimum of 50,000 m. Lately there are seven drilling platforms in operation on the property.
Highlights of upcoming events
On January 12, the company announced the expansion of the length of the Noche Buena deposit at its Los Reyes project, and the thirteen reported wells found potentially economical open-pit mineralization.
On February 17, the Company announced new drilling effects for the ZT design at the western end of the project, and the wells confirmed that gold and silver mineralization extends from Zapote Norte to Mariposa, extending the total duration of gold and silver mineralization. ZT structure across 450 m at about 3 kilometers.
On March 29, the Company announced the continued positive drilling effects of Phase 1 and the ongoing Phase 2 drilling program at Zapote Sur with 20 wells reported. This drilling program, which represented the innermost drilling in Zapote, expanded the two-hundred-m mineralization under the existing resource well to a prospective intensity of more than three hundred m below the surface.
Maintain fitness and protection protocols
The Company has effectively minimized the effect of Covid-19 on operations. To date, Covid-19 has not had a significant effect on the Company’s business. Prime remains committed to local stakeholders and is proactive in tracking workers and contractors during this dubious time. The Company continues to rigorously comply with the standards of all levels of governance and suitability applicable in Mexico and Canada.
Ongoing commitment to the community and environmental stewardship
Culpable control of the local environment where we operate is at the core of our corporate values. We try to minimize the impact of the environment on our activities at all times. In addition, we aim to compensate our activities by participating in outreach projects. to improve the local environment.
Selected monetary data
The following decided monetary knowledge is summarized from the Company’s consolidated monetary statements and its notes (the “Financial Statements”) for the eight-month era ending December 31, 2021. A copy of the monetary statements and the Management Discussion and Analysis should be submitted. had on www. primeminingcorp. ca or www. SEDAR. COM.
Eight months ended December 31, 2021
Financial year ended 30 April 2021
Overall loss and loss
$14,297,342
$10,699,998
Consistent loss with consistent percentage – fundamental and diluted
($0. 13)
($0. 13)
December 31, 2021
April 30, 2021
In cash
$27,413,707
$32,026,806
Total assets
$41,785,376
$ 44,791,540
Total liability
$1,372,458
$894,128
Total responsibilities
$2,470,784
$1,812,746
Total equity
$39,314,592
$ 42,978,794
Qualified person
Scott Smith, P. Geo. , Executive Vice President of Exploration, is a qualified user of National Instrument 43-101 and has reviewed and approved the technical content of this press release.
Los Reyes Gold and Silver Project
Los Reyes is an evolving high-grade, low-sulfur epithermal gold and silver allocation located in Sinaloa, Mexico, in the prolific Sierra Madre mining region. Historical operating effects imply that approximately 1 million ounces of gold and 60 million ounces of silver were recovered. Prior to the acquisition of Prime, los Reyes’ recent operators had spent approximately $20 million on exploration, engineering and pre-feasibility studies. The allocation remains underexplored as only 40% of known structures have been systematically drilled, leaving 10 km of duration untested. Los Reyes has possibilities for additional discovery and resource expansion.
Prime Mining acquired Los Reyes in 2019, finalized initial knowledge gathering, box mapping, and trench digging in 2020, and in 2021 executed a Phase 1 exploration program that included 25,650 m of drilling. The effects suggest that the deposits are much larger than in the past reported and that there is a possibility of new discoveries outside of existing explained resources. The Company is currently conducting a 50,000 m Phase 2 exploration program.
About Core Mining
Prime Mining is an ideal combination of successful mining leaders, strong capital markets and experienced local operators who aim to leverage the full foresight of Los Reyes’ high-grade gold and silver allocation in Mexico. Prime Mining has a well-planned capital design with a significant team and in-house involvement.
ON BEHALF OF THE BOARD OF DIRECTORS
Daniel KunzPresident and Chief Executive Officer
For information, please contact:
Daniel KunzExecutive Director and DirectorPrime Mining Corp. 1307 S. Colorado Ave. Boise, Idaho 83706Phone: 1-208-926-6379 Office Email: daniel@primeminingcorp. ca
Andrew BoweringExecutive Vice President and DirectorPrime Mining Corp. 710 – 1030 West Georgia StreetVancouver, BC, V6E 2Y3Phone: (604) 428-6128Fax: (604) 428-6430E: andy@primeminingcorp. ca
Neither TSX Venture Exchange nor its Regulatory Service Provider (as that term is in TSX Venture Exchange’s policies) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking information
This press release comprises certain “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities legislation, as may be amended from time to time, including, but not limited to, statements relating to the perceived merit of the Company. properties, aggregating the prospect for additional exploration at Los Reyes, prospective quantity and/or ore grade, prospective length of mineralized zone, metallurgical recoveries, timing and effects of the permit, and the Company’s exploration and progression plans in Mexico and the expectations related to the prospectus extension of expired mining concessions and granting of new mining concessions related to El Rey. Forward-looking statements are statements that are not past facts and that refer to events, results, effects or progressions that the Company expects to occur. Forward-looking statements are based on the Company’s beliefs, estimates and control reviews as of the date they are made, and involve a number of threats and uncertainties. Certain vital assumptions have been made in connection with those forward-looking statements, including, without limitation, assumptions relating to the value of gold, silver and copper; the accuracy of mineral resource estimates; that there will be no adverse curtain replacement affecting the Company or its property; that all the required approvals will be obtained, adding renewals of concessions and permits; that political and legal progressions will be consistent with existing expectations; that exchange and replacement rates are consistent with existing levels; and that there will be no curtain disturbances affecting the Company or its property. Accordingly, there can be no guarantee that such statements will prove to be accurate and that actual effects and long-term events may also differ slightly from those expected from such statements. Forward-looking statements involve known and unknown vital threats and uncertainties, which may also cause actual effects to differ slightly from those expected. These threats include, but are not limited to: threats related to uncertainties inherent in the preparation of mineral resource estimates, including, but not limited to, adjustments in load assumptions, diversifications in the amount of curtain mineralization, grade or recovery rates, adjustments in geotechnical parameters or hydrogeological considerations, failures of plants, devices or processes, adjustments in the availability of electricity or electricity rates, ability to social license, adjustments in interest rates or taxes, adjustments in allocation parameters, delays and charges inherent to consultation and accommodation of the network rights, environmental threats, name threats, addition of renewal of concessions, fluctuations in the value of commodities and replacement rates, threats similar to COVID-19 , delays or non-receipt of access agreements or amended permits, threats inherent in the estimation of mineral resources; and the relevant threats with the execution of the objectives and strategies of the Company, adding charges and expenses, as well as the points of threats discussed in the last control report presented through the Company, as well as in its annual update form with dated August 31, 2021, available at wwwArraysedar. com. 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 the beliefs, estimates or revisions of control or other items of the Array were to supersede.