Prime Mining Chooses Ausenco for PEA Leadership
Prime Mining Corp. has taken an exciting step forward by selecting Ausenco Engineering Canada ULC to guide the study work on the Preliminary Economic Assessment (PEA) for its wholly-owned Los Reyes gold-silver project. This significant initiative aims for completion by Q3 of 2025.
Focused Assessment for High Returns
The PEA is designed to deliver insights into a project that promises high returns and long-term viability for Los Reyes. The analysis will leverage drilling data available up to the end of 2024 and will integrate a robust array of technical evaluations already performed. Since 2019, Prime Mining has dedicated over $64 million to direct exploration efforts, culminating in over 221,000 meters of drilling.
CEO Insights on Progress
Scott Hicks, the CEO of Prime, expressed enthusiasm regarding their acceleration of the PEA work. Following a thorough initial assessment of capital and operating costs, along with infrastructure and design reviews in collaboration with Ausenco, Prime Mining aims for a project characterized by low capital outlay and a milling capacity of 5,000 tonnes per day. Hicks looks forward to revealing more results through 2025.
Ausenco’s Expertise in Action
Ausenco was chosen due to its wealth of experience with similar scale projects throughout Mexico. The company has a solid reputation, having successfully progressed projects like Silvercrest’s Las Chispas through multiple phases including construction.
Exploration Plans for 2025
Looking ahead, Prime Mining plans to thrive through its exploration-focused strategy aimed at uncovering new targets and enhancing existing resources. The company will also undertake geological mapping and geochemical sampling to pinpoint areas ripe for discovery.
Addressing Security Concerns
As of early 2025, drilling was temporarily halted due to security concerns in the Sinaloa region. However, Prime is optimistic that the resumption of drilling will still achieve their 40,000 meters target within the next 12 months, as drill rigs are ready at the site.
Future Exploration Focus Areas
In 2025, Prime Mining’s exploration efforts will focus on enhancing areas such as:
- Deepening the high-grade Z-T Area shoots.
- Expanding mineralization at Guadalupe East.
- Growing the Central Area resources further southeast at Noche Buena.
- Drilling generative targets with high-grade results at Las Primas.
Getting More from the Project
Key project activities for the near future include refining metallurgical and development parameters for project success. Importantly, community engagement remains a focal point, with plans to support local communities through various initiatives. Prime actively involves local geology students through its internship program.
About Ausenco
Ausenco operates globally, redefining possibilities in the mining consultancy sector. With over three decades of experience, the team at Ausenco excels in delivering comprehensive services across the minerals and metals sectors.
The Los Reyes Project Overview
Los Reyes embodies a high-grade, low-sulphidation epithermal gold-silver project. Prime Mining recently updated its resources announcement, reflecting significant growth since acquiring the project. The goal is clear: to complete a PEA that showcases a high-margin, low-capital operation as soon as Q3 2025.
Project Footprint and Historic Context
Historical metrics reveal the project’s past operations yielded approximately 1 million ounces of gold and 60 million ounces of silver. Prior to Prime's involvement, recent operators had invested heavily into exploration and engineering to validate the site's potential.
Sampling and Quality Assurance Practices
At Los Reyes, the drilling process employs rigorous QA/QC protocols. Core samples are meticulously prepared and analyzed to ensure accuracy. The company uses reputable labs to maintain high standards in sample analysis.
Prime Mining's Vision
Prime Mining aims to leverage a well-structured capital strategy, supported by a strong team dedicated to maximizing the potential of the Los Reyes Project. With innovative exploration and development strategies in hand, the company is poised for significant growth.
Frequently Asked Questions
What is the purpose of Prime's Preliminary Economic Assessment?
The PEA aims to evaluate the economic potential of the Los Reyes project to provide a clear path for future developments.
Why did Prime choose Ausenco for the PEA?
Ausenco was selected due to its extensive experience with similar mining projects in Mexico, which adds valuable insight to the assessment.
What are Prime's exploration plans for 2025?
In 2025, Prime will focus on discovering new prospects, expanding existing resources, and conducting detailed geological assessments.
How does the security situation impact ongoing operations?
While drilling was paused due to security concerns, Prime is optimistic about quickly resuming work as conditions improve.
How much has Prime invested in the Los Reyes project?
Since acquisition, Prime Mining has invested over $64 million into direct exploration at the Los Reyes project.
