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Prime drilling at Guadalupe East shows the slight impact of historic mining on potential open pit resources, Canadian Business Journal

Vancouver, British Columbia, March 8, 2022 (GLOBE NEWSWIRE) — Prime Mining Corp. (“Prime” or “Company”) (TSX-V: PRYM, OTCQB: PRMNF, Frankfurt: 04V3) is a wholly owned Los Reyes gold and silver project in Sinaloa, continuing from a major drill hole in Guadalupe East, one of eight known gold and silver deposits. Positive drill results have been announced. State of Mexico (“Los Reyes” or “Project”).

Drill hole 22GE-33 (see Figure 1) to the west of the conceptual open pit in eastern Guadalupe collides with a 41.6 meter long mineralized intercept in a high-grade Estaca vein, including 4.5 meters (“m”). Did. A historic mining stop cavity (old mine opening) (see Figure 2). The 1.5 m mineralization intercept of the suspended wall, the 4.5 m mining stop, and the 35.6 m etw mineralization interval of the bottom wall are considerable mineralization despite the small underground mining of the previous high grade Estaca structure. Indicates that is left.

Estaca vein with historic stop interception (22GE-33)

  • 11.60 grams / ton (“gpt”) of gold (“Au”) and 219.0 gpt of silver (“Ag”) over 1.5 m (estimated true width “etw” of 1.2 m).
  • A 4.5 m (3.7 m etw) cavity from a historic underground small-scale mining. When,
  • 3.67 gptAu and 120.5 gpt Ag, 35.6 m (29.2 m etw) and above, 6.57 gptAu and 137.2 gpt Ag, 9.0 m (7.4 m etw) and above, 8.39 gptAu and 321.0 gpt Ag, 2.6 m (2.1 m etw) and above.

Drilling hole 22GE-32 (see Figure 3) drilled east of the current conceptual open pit boundary in eastern Guadalupe blocks a 3.8 m cavity, followed by 10.3 m of high-grade mineralization. did. The results of this drill hole, and several other final assays from Guadalupe East, are expected shortly and will be released upon receipt.

CEO Daniel Kuntz commented: Wide mineralization sections along historic stops confirm that underground mining in eastern Guadalupe did not extract much of the major mineralization. In addition, these new drill holes are in our conceptual open pit. We have identified all the cavities encountered during the excavation and believe that previous historic underground mining will not have a significant impact on the potential resources of Los Reyes. ”

Currently, the Phase 2 program Los Reyes has eight drill rigs running, and Guadalupe East currently has four drill rigs running. Drilling at Guadalupe East examines the San Nicholas, San Manuel, and Estaca veins at depth along the strike, targeting known expansions of current open pit resources. Phase 2 drilling also includes additional shallow drilling, with a range of near-surface resources from the San Nicholas and San Manuel veins that may be mined in combination with major pit-constrained resources in eastern Guadalupe. Determine the placement.

Currently, 15 of 49 completed project drill holes are pending release in eastern Guadalupe, subject to the completion of additional drilling nearby, receipt of analysis results, and / or receipt of QA / QC checks. There is a pending drill hole in.

Link 1- PDF figure
Link 2 – PDF drill hole table

QA / QC protocol and sampling procedure

The drill cores of the Los Reyes project are drilled primarily in HQ size (63.5 mm “mm”) and reduced to the NQ or BQ size range (47.6 mm and 36.5 mm respectively) as needed. Drill core samples are typically 1.50 m long along the core axis, taking into account shorter or longer spacing if necessary to meet geological constraints. The entire hole is split and half is submitted for analysis. In RC excavation, debris and fines are returned from a tricon bit with a diameter of 133.35 mm. Returns are homogenized, split into two, one is sent for analysis and the other is stored.

Sample QA / QC measurements for unmarked certified standards, blanks, field replicas, and ready replicas are inserted into the sample sequence and make up approximately 8% of the samples submitted to the lab for each drill hole. To do.

Samples are picked up from the project by laboratory personnel and transported to a facility in Durango or Hermosillo, Mexico for sample preparation. Sample analysis will be performed by Bureau Veritas and ALS Labs, and fire analysis, including over-limit fire analysis, will be completed at the respective Hermosyo Institutes in Mexico and multi-element analysis will be conducted in North Vancouver, British Columbia, Canada. .. To prepare a drill core sample, grind the sample that passes less than 2 mm into at least 70%, divide the sample using a reful splitter, and divide 250 grams through 75 microns at least 85. Includes crushing to%.

Diamond drill core gold is analyzed by fire assay and atomic absorption spectroscopy on a 30 g sample (code FA430 or Au-AA23). Multi-element chemistry is analyzed by 4-acid decomposition of a 0.25 gram sample split (code MA300 or ME-ICP61) and detected by an inductively coupled plasma emission spectrometer for a complete suite of elements.

The upper detection limit for Gold Assay Technology FA430 and Au-AA23 is 10 ppm. Samples that generate over-limit gold values ​​via initial assay techniques are sent to gravimetric finishes via method FA-530 or Au-GRA21. The upper limits for silver analysis by MA300 and ME-ICP61 are 200ppm and 100ppm, respectively. Samples with silver values ​​above the limit are reanalyzed by fire analysis using a gravimetric finish FA530 or Au-GRA21.

Bureau Veritas and ALS Labs are both ISO / IEC accredited assay labs. Drill core assay results range from below detection to 93.80 gpt gold and 4,955.0 gpt silver. Composite spacing uses 0.20gpt gold cutoff grade.

Qualified person

Scott Smith, P. Geo, Executive Vice President of Exploration. Has confirmed and endorsed the technical content of this news release as a person who serves the purpose of National Instrument 43-101.

Los Reyes Gold and Silver Project

Los Reyes is a rapidly evolving, high-grade, low-sulfurization epithermal gold and silver project in the prolific Sierra Madre mining area of ​​Sinaloa, Mexico. Past operation results show that between 1770 and 1990, an estimated 1 million ounces of gold and 60 million ounces of silver were recovered from five separate operations in Los Reyes. , Engineering, and feasibility studies. The project remains unexplored, as only 40% of known structures have been systematically excavated, leaving an untested strike length of 10 kilometers. Los Reyes has the potential for additional discoveries and resource expansion.

Prime Mining acquired Los Reyes in 2019, completing initial data editing including 51,000 meters of historic drilling, field mapping and trenching in 2020, and Phase 1 exploration including 25,650 meters of drilling in 2021. I ran the program. The results suggest that the eight known deposits are much larger than previously reported and that there is potential for new discoveries outside the currently defined resource areas. We are currently conducting a 50,000 meter Phase 2 exploration program.

About prime mining

Prime mining is an ideal combination of successful mining executives, strong capital market personnel, and experienced local operators to expand the gold and silver resources known in Mexico’s historic and productive Los Leges project. We carried out exploration and excavation in. Prime mining has a well-planned capital structure with important team and insider ownership.

On behalf of the board

Daniel Kuntz
Chief executive officer

For more information, please contact:

Daniel Kuntz
Chief Executive Officer and Director
Prime Mining Co., Ltd.
1307S.Colorado Avenue
Boise, Idaho 83706
Phone: 1-208-926-6379 Office
Email: daniel@primeminingcorp.ca

Andrew Boiring
Executive Vice President and Director
Prime Mining Co., Ltd.
710 – 1030 West Georgia Street
Vancouver, British Columbia, V6E 2Y3
Phone: (604) 428-6128
Facsimile: (604) 428-6430
E: andy@primeminingcorp.ca

Neither the TSX Venture Exchange nor its regulatory service provider (the term is defined in the TSX Venture Exchange Policy) is responsible for the validity or accuracy of this release.

Information about the future outlook

This news release contains certain “forward-looking information” and “forward-looking statements” that may be amended from time to time, within the meaning of Canadian securities law. Additional exploration potential of Los Reyes, potential amount and / or grade of minerals, potential size of mineralization zone, metallurgical recovery, timing and results of permits, and our exploration and development in Mexico. Granting expired mineral concessions and new mineral concessions for plans and El Rey. Forward-looking statements are non-historical statements that address events, results, results, or developments that we anticipate. Forward-looking statements are based on the beliefs, estimates and opinions of our management on the day of the statements and involve many risks and uncertainties. Certain important assumptions have been made regarding such forward-looking statements, including but not limited to assumptions regarding the prices of gold, silver and copper. Accuracy of mineral resource estimation; does not have a significant adverse effect on our company or its assets. All necessary approvals must be obtained, including concession renewals and permits. Political and legal developments will be in line with current expectations. Its currency and exchange rate match the current level. In addition, it will not have a significant impact on the Company or its assets. Therefore, there is no guarantee that such statements will prove accurate and that actual results and future events may differ significantly from those expected in such statements. Forward-looking statements contain significant known and unknown risks and uncertainties, and actual results may differ materially from expectations. These risks include, but are not limited to: Related to the uncertainties inherent in making estimates of mineral resources, including but not limited to changes in cost assumptions, fluctuations in the amount of mineralized material, grades or recoveries, geological or geological engineering changes. Risks of hydrogeological considerations, plant, equipment or process failures, changes in power or electricity rate availability, ability to maintain social licenses, changes in interest rates or tax rates, changes in project parameters, local consulting and Containment rights inherent delays and costs Communities, environmental risks, title risks including renewals of concessions, fluctuations in commodity prices and exchange rates, risks associated with COVID-19, delays or failures in obtaining access contracts or modified permits. , Risk inherent in estimating mineral resources. Risks related to the execution of the company’s objectives and strategies, including costs and costs, and the risk factors discussed in the company’s recently submitted management discussions and analyzes, and the annual information form dated August 31, 2021. Available at www .sedar.com. Except as required by securities disclosure laws and regulations applicable to us, we update our forward-looking statements as management’s beliefs, estimates, opinions, or other factors change. I shall not be obliged to do so.


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Prime drilling at Guadalupe East shows the slight impact of historic mining on potential open pit resources, Canadian Business Journal

Source link Prime drilling at Guadalupe East shows the slight impact of historic mining on potential open pit resources, Canadian Business Journal

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