Prime Mining Corp. (TSX: PRYM | OTCQX: PRMNF | Frankfurt: 04V3) has reported significant open pit expansion and new underground resources in its 2024 mineral resource estimate at the company’s Los Reyes Project, located within the prolific Sierra Madre gold-silver belt in the state of Sinaloa, Mexico.
The MRE was prepared independently by John Sims CPG, president of Sims Resources LLC.
Chief Executive Officer, Scott Hicks commented, “We are pleased to announce this significant Resource update on the high-grade gold-silver Los Reyes project. And, we are particularly excited to announce the addition of a high-grade underground resource at Los Reyes. With this update, we have demonstrated significant underground and open pit optionality. The new Resource demonstrates the potential for a high-grade, high-quality milling operation at Los Reyes.”
Indicated resources have increased 49% to 2.2M AuEq and inferred resources have increased 11% to 0.8M AuEq ozs compared to the May 2023 MRE.
Substantial resource growth from higher-grade open pit and underground zones has validated the company’s strategy of targeting a high-recovery, high-margin milling operation. Milled indicated resources have grown 48% to 1.93M AuEq ozs at 2.08 g/t AuEq and milled inferred resources have grown 19% to 0.74M AuEq ozs at 2.05 g/t AuEq.
Further, technical de-risking included in the updated MRE includes both higher gold recoveries based on extensive metallurgical test work and geotechnical parameter updates.
Mineralization at Los Reyes remains open along strike and at depth, with the ongoing drill programme targeting high-grade mineralization along both the northwest and southeast extensions of the Z-T Trend, the southeast extension of the Guadalupe and Central Trends, as well as emerging Generative Areas.
To find out more, please visit www.primeminingcorp.ca
To read more articles like this, please visit www.theassay.com
