Major Exploration Program Underway at Los Reyes
VANCOUVER, BRITISH COLUMBIA, July 16, 2020 – Prime Mining Corp. (TSX.V: PRYM) (OTCQB: PRMNF) (Frankfurt: A2PRDW) (“Prime” or the “Company”) is pleased to provide an update regarding the initial phase of exploration planned for its Los Reyes gold and silver project in Sinaloa, Mexico ( “Los Reyes”). The program is expected to cost approximately $6 million and has a targeted completion date of late Q1/2021.
The Phase 1 program is focused on: upgrading and expanding the current mineral resource; testing identified zones of high-grade gold and silver potential; and advancing our understanding of the geology and structural controls of the known deposits on the property. Los Reyes has well established estimated Measured and Indicated resources of 19.8 million tonnes containing 633,000 gold ounces at 1.0 gram per tonne (“gpt”) and 16,604,000 silver ounces at 26.2 gpt. There is a significant opportunity to expand this resource by drilling deeper within the known deposits and exploring the structures between and beyond the eight known deposits. Resources at Los Reyes are limited by the depth of drilling, where historic drilling has not exceeded about 200 meters below surface, and by the lack of systematic exploration on some 60% of the known mineralized structures…
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