Prime Mining (PRYM.V) is still very active on the ground in Mexico where it’s trying to enhance the value of its Los Reyes gold-silver project in Sinaloa. A maiden diamond drill program was kicked off on December 1st, and has immediately been expanded from an initially expected 10,000 meters of diamond drilling to 15,000 meters. This drill program will initially focus on the Zapote North and South areas, as well as the Noche Buenos and San Miguel deposits and the Phase I drill program is aiming to upgrade substantial portions of the current inferred resource to a measured and indicated status. Additionally, a few holes will be drilled into the up dip and down dip areas for infill and expansion purposes, and the combined data from this initial diamond drill program will help Prime to finetune its exploration theory.
Drilling should be completed by June and will likely be followed up on with an additional drill program in the second half of 2021 and the focus of the second drill program will obviously be determined by the outcome of the current diamond drill program.
Meanwhile, the company remains very active on its sampling programs. It has now completed almost 3,500 trench samples and almost 2,800 road and prospecting samples across the greater Los Reyes area and recent sampling results have confirmed there appears to be gold-silver mineralization all over the place.
Prime Mining has hit the ground running in 2020 and the exceptionally strong gold and silver price has boosted the company’s share price. With C$7.7M in cash in the bank as of the end of October, Prime Mining is in a healthy financial shape to complete the current drill program.
Disclosure: The author has a long position in Prime Mining. Prime is a sponsor of the website. Please read our disclaimer.