From GlobeNewswire: 2025-05-28 07:30:00

Prime Mining Corp. has selected Ausenco Engineering Canada ULC to lead the study work for a Preliminary Economic Assessment (PEA) on its Los Reyes gold-silver project in Mexico. The PEA is set to reflect a high return, low capital project and is targeted for completion in Q3 2025, based on drilling to the end of 2024.

Ausenco, chosen for its experience in Mexico, will lead the PEA, with Prime continuing to work with other consultants to deliver a high-quality study. The Company plans to focus on exploration to identify new targets, expand resources, and infill drilling. Fiscal 2025 exploration will target high-grade areas and generative drilling of high-grade intercepts.

Drilling was paused in early 2025 due to security concerns in Sinaloa, but Prime plans to resume a 40,000m program once conditions improve. The Company remains committed to project activities, including the completion of the PEA and community engagement programs. Ausenco brings a global perspective to the project, with a track record of delivering innovative solutions in the minerals and metals sector.

Los Reyes is a high-grade gold-silver project in Mexico, with a multi-million-ounce high-grade resource announced in October 2024. Since acquiring the project in 2019, Prime has invested over $64 million in exploration activities and completed over 221,000 meters of drilling. The Company aims to deliver a PEA highlighting a high return, low capital project by Q3 2025, based on the current resource estimates. Historic records show 1 million oz of gold and 60 million oz of silver recovered at Los Reyes between 1770-1990. Prime acquired the project post $20M exploration investment. QA/QC includes HQ and NQ size drilling, sample splitting, and multi-element analysis at ISO/IEC accredited labs. Gold and silver assay techniques used with high precision.

MRE at Los Reyes adheres to CIM and NI 43-101 standards, showing mineral resources not reserves yet. Metres, etw, Au, Ag, g/t definitions provided. Gold equivalent grades calculated based on prices. Qualified Person Scott Smith approved technical content. Prime Mining aims for resource expansion and project development with strong management and insider ownership.

For more info, visit Prime Mining’s website or contact Scott Hicks, CEO & Director, or Indi Gopinathan, VP Capital Markets & Business Development. Cautionary notes highlight the differences in mineral disclosure terms between Canadian and U.S. securities laws, emphasizing compliance with NI 43-101 standards and CIM guidelines. The SEC has updated disclosure rules for foreign private issuers, like the Company, filing reports under the multijurisdictional disclosure system. The Company will continue to provide mineral property disclosure under NI 43-101 and CIM Standards, not the new SEC Modernization Rules. This may result in different disclosure of mineralization and technical information.

This news release includes forward-looking information and statements about the Company’s properties in Mexico. These statements are not historical facts but predictions of future events based on management’s beliefs. Risks include uncertainties in mineral resource estimates, changes in costs, project delays, environmental risks, and impacts of COVID-19. The Company is not obligated to update forward-looking statements based on changing factors.



Read more at GlobeNewswire: Prime Announces Selection of Ausenco to Lead PEA Study