Introduction to Prime Mining Corp and Los Reyes Project
Prime Mining Corp. is thrilled to share exciting developments regarding its Los Reyes gold-silver project. Recently, the company filed a comprehensive technical report detailing the updated mineral resource estimate for this promising endeavor.
Overview of the 2024 Technical Report
The latest technical report, released following extensive drilling activity up to mid-2024, underscores Prime's commitment to advancing its resources. This vital document, prepared under the guidance of a certified expert, ensures that all information complies with the highest standards set out by the National Instrument 43-101.
Key Findings of the Report
According to the latest resource estimate, significant growth is observed across various categories. Enhanced estimates reflect considerable quantities of both indicated and inferred resources, indicating strong potential for the Los Reyes project.
The report indicates that Open-Pit Milled Indicated and Inferred Resources have collectively reached impressive totals of 1.27 million ounces of gold-equivalent and 335,000 ounces respectively. In addition to the surface resources, new measurements from underground drilling show 664,000 ounces indicated and 406,000 ounces inferred.
Resource Highlights
There are several key highlights from the recent report that showcase the momentum Prime Mining is generating:
- Indicated resources soared by 49%, now totaling 2.2 million AuEq ounces, while Inferred resources climbed 11% to 0.8 million AuEq ounces.
- Growth in resources primarily stems from high-grade zones, bolstering the company’s strategy for a solid milling operation.
- Expansive drilling has revealed the potential for additional resources. The drilling program has been proactive, covering over 240,000 meters, with costs effective at just over $20 per ounce added since acquisition.
Plans for Future Exploration
The ongoing drill program at Los Reyes indicates not only existing resource areas but also highlights exploration targets that remain open. The focus is on extending known mineralization along the northwest and southeast extensions of various identified trends.
Technical De-risking Initiatives
Technical updates in the report include improved geotechnical details and recovery rates. These refinements instill confidence in the project's feasibility and economic viability, bolstering Prime's long-term success strategies.
Outlook for 2024
Looking ahead, Prime Mining intends to amplify its drilling efforts in 2024 from a planned 40,000 meters to 50,000 meters. Exploring high-grade areas is essential, and the company’s anticipated five active drill rigs stand ready to seize new opportunities.
Conclusion
The Los Reyes project showcases Prime Mining's dedication to uncovering valuable resources through diligent exploration and strategic planning. The growing confidence in the resource estimates alone illustrates the project’s potential, paving the way for successful future operations.
Frequently Asked Questions
What is the latest update from Prime Mining Corp?
Prime Mining recently released an updated technical report showcasing significant growth in the mineral resources at its Los Reyes project.
How many ounces of gold-equivalent resources does the report mention?
The report details 1.27 million ounces of Open-Pit Milled Indicated and 335,000 ounces of Inferred gold-equivalent resources.
What are the future plans for exploration at Los Reyes?
Prime Mining plans to expand its drill program to 50,000 meters in 2024, focusing on extending high-grade mineralization.
Who prepared the 2024 Technical Report?
The technical report was prepared under the supervision of Mr. John Sims, an Independent Qualified Person.
How does Prime Mining ensure the quality of its drilling samples?
Prime Mining follows robust QA/QC protocols that include various measures like certified reference materials and duplicates to ensure accuracy in sampling.
