Prime Mining Corp. announced additional assay results from its recently completed Phase 2 drill program, and start of Phase 3 drilling. These results are from 48 drill holes in the Z-T area where Prime continues to delineate and expand the multi-million-ounce Los Reyes high-grade gold-silver deposit.

Los Reyes and its three known gold-silver deposit areas (Guadalupe, Z-T and Central), has a mineralized footprint of over 15 square kilometres and is located in a highly prospective, 500-year old mining-friendly district of Sinaloa, Mexico. Drilling in the Z-T area of Los Reyes continues to encounter high-grade gold-silver intercepts and is anticipated to grow and merge three previously reported economically constrained resource pits. Significant intercepts from both infill and stepout holes are listed in the table below and show the expanse and continuity of mineralization in the Z-T area.

The Z-T structure is currently defined over more than 400m of elevation difference as demonstrated by intercepts in 22SMW-08 at 760m above sea level and 22ZAP-78 at 320m above sea level. During follow-up drilling to 22ZAP-55R now defined a significant area in the western down dip extension of Zapote North and South, as well as at depth in Tahonitas and the connection with Zapote South. 22ZAP-78 in Zapote North and 22TA-53 in Tahonitas show that these deposits are open at depth and along strike.

Phase 2 drilling was completed on October 31, 2022. In total, 74,216 metres were drilled in 259 holes with zero lost-time injuries or material safety incidents. Combined with Phase 1 and on-going drilling, Prime has now drilled over 100,000 metres in over 400 holes.

Phase 3 drilling began in November and after a short holiday break is continuing again with five rigs operating at site. Drilling is focused on resource expansion and delineating new potential ore zones. Further details of the Phase 2 and Phase 3 drilling results will be released as they become available.

Prime anticipates the release of an updated NI 43-101 resource estimate by mid-2023. The updated resource will include all Phase 1 and Phase 2 results, plus some initial results from the on-going Phase 3 drilling program.