- Prime Mining (PRYM) has discovered new high-grade mineralization at its Los Reyes project in Sinaloa State, Mexico
- The company made the discovery at a drill hole 1.3 kilometres northeast of the Guadalupe East site
- The sample is from an area of unrecorded historic mining
- Follow up drilling is now targeting the main structure which is open at depth and along strike
- Prime Mining is up 6.90 per cent on the day, with shares of the company trading at C$2.79 at 3:36 pm ET
Prime Mining (PRYM) has discovered new high-grade mineralization at its Los Reyes project in Sinaloa State, Mexico.
The company made the discovery at a drill hole 1.3 kilometres northeast of the Guadalupe East site.
The sample is from an area of unrecorded historic mining, 150 metres below previous drilling in the Estaca Vein.
The Estaca vein is one of two principal veins mined at Guadalupe East and remains largely untested by drilling.
Historic drill campaigns established limited understanding of the true orientation of the vein.
Only three of more than a dozen drill holes intersected the bonanza-style mineralization previously mined at Guadalupe.
“Our first Guadalupe East drill hole opens up impressive bonanza-grade gold-silver potential at Los Reyes and highlights the expanding potential at depth and to the east at Guadalupe.
Recognition of the San Nicolas vein at shallow depths and below the current pit boundary offers significant pit expansion opportunities, while the newly sampled bonanza grade mineralized structures in an area known as Mina 20/21 may lead Prime to discover more mineral deposit areas,” said Prime Mining Chief Executive Officer Daniel Kunz.
Follow up drilling is now targeting the main structure which is open at depth and along strike. The structure will also be targeted up dip and along strike in several areas where significant gaps remain between historic development.
Recognition of the controlling structure and the significant height of the boiling zone containing bonanza grades “provides opportunity for new, high-grade underground resource areas,” according to the company.
Los Reyes is a district-scale low sulphidation epithermal gold-silver project located in a prolific mining region of Mexico.
Prime Mining is up 6.90 per cent on the day, with shares of the company trading at C$2.79 at 3:36 pm ET.
