High-Grade Los Reyes Gold-Silver Resource Doubled

VANCOUVER - Prime Mining Corp. reported on the updated mineral resource estimate (MRE) for its Los Reyes gold-silver project, located in Sinaloa State, Mexico. The addition of 100,000 meters (“m”) of Prime drilling has doubled the current MRE compared to the April 2020 resource, with a discovery cost of approximately $US 25 per gold equivalent1 (“AuEq”) ounce (“oz”). At the resource gold cut-off grade of 0.22 gpt, Prime’s updated open pit MRE contains: 1.47 million Indicated AuEq ounces at a 1.68 grams per tonne (“gpt”) average grade. This represents a 73% increase in Measured and Indicated AuEq ounces, and 26% increase in AuEq grade. This is 1.0 million ounces of gold at 1.16 gpt and 35 million ounces of silver at 40.4 gpt. 0.73 million Inferred AuEq ounces at a 1.26 gpt average grade. This represents a 175% increase in AuEq ounces and 8% increase in AuEq grade. This is 0.5 million ounces of gold at 0.85 gpt and 18.4 million ounces of silver at 31.5 gpt.

Using a higher 1.0 gpt gold cut-off grade, the MRE highlights a robust, extremely high-grade open pit resource that contains in excess of 1.0 million AuEq Indicated ounces at an average AuEq grade of 3.70 gpt. The MRE has a high-grade open pit mill resource and a lower grade heap leach portion. The MRE includes drilling completed before December 31, 2022 from only the three main zones at Los Reyes: Guadalupe, Z-T and Central.

This MRE does not include positive results from: Mariposa, Las Primas and Fresnillo; Highly prospective exploration targets; and over 20,000 m drilled to-date during 2023.

Chief Executive Officer, Daniel Kunz said, “Congratulations to our exploration team for doubling the known gold-silver resource at Los Reyes while simultaneously increasing the average grade and improving the quality and confidence in the mineral resource estimate. Included in the open pit resource tonnes and grade is a notable high-grade mill feed component. The key elements of our on-going discoveries made over the past two years are the size and scale of the high-grade mineralization. On-going metallurgical testwork is confirming the relatively simple, high-recovery nature of the resources. With the additional proceeds from the early warrant exercise, we will have the flexibility to increase the drill program as we maintain our ‘success-based’ approach to exploration.”