Prime Mining Corp. (
TSX.V:PRYM) (
OTCQB:
PRMNF)
(Frankfurt:A2PRDW) (the
“
Company”), is pleased to announce effective
October 1, 2020 the appointment of Kerry Sparkes as Executive Vice
President-Exploration, replacing Greg Liller who relinquishes his
role as Chief Operating Officer but remains as technical advisor.
With the appointment of Mr. Sparkes, Bruce Kienlen will also
relinquish the title of Vice President-Exploration but will
continue with his role as manager of data and other technical areas
in support of Mr. Sparkes. In addition, the Company is pleased to
announce that Mario Castellanos has been appointed as Project
Manager and will provide day-to-day management of the Los Reyes
exploration program. Ing. Castellanos is a geologist and a
Principal of Resource Geosciences Incorporated, a company with more
than 20 years experience working on exploration projects in Mexico.
Mr. Castellanos will be supported in project management by Ing.
Luis Saenz, a geologist who is part of the current exploration
team.
Mr. Sparkes is a registered professional
geologist, a Qualified Person in British Columbia and Newfoundland,
and has over 30 years of experience in the mineral exploration
business as both an exploration geologist and a mining executive.
Mr. Sparkes recently retired after 7 years as Vice President
Geology for Franco-Nevada Corporation where he was responsible for
evaluating the geological and resource potential of mineral
deposits worldwide. Mr. Sparkes was a founder and director of Orla
Mining Ltd., and currently serves as a director of Aurion Resources
Ltd. Previous positions include Vice President Exploration
with Rainy River Resources Ltd., Vice President Exploration with
Messina Minerals Inc., and Senior Geologist with Voisey’s Bay
Nickel Co. Ltd. Mr. Sparkes holds both undergraduate and graduate
degrees from Memorial University of Newfoundland.
Update on Exploration
at Los Reyes
Drilling is expected to commence in early
November. A three-pronged approach is underway with continued
trench sampling and a planned 10,000 metres of core drilling to: 1)
upgrade 7.1 million tonnes of current Inferred resource to the
Measured and Indicated category; 2) add new gold and silver
ounces by drilling along strike and down dip adjacent to the
existing pit-constrained resource areas; and, 3) define the
potential to add new gold and silver ounces in unexplored areas
where data obtained from new mapping and sampling confirm the
target potential.
Significant exploration progress has been made
at Los Reyes, including field mapping, trench sampling and
re-logging of historic drill core, despite heavy rains in September
and Covid-19 delays. Completion of these activities along with
developing an initial structural interpretation is the immediate
priority prior to finalizing the drill program. An initial ten
drill holes have been sited with the objective of: upgrading the
Inferred material to the Measured and Indicated category; obtaining
drill core data in areas where only reverse circulation drilling
historically occurred; and gaining valuable rock alteration and
geologic structural data. The initial 10,000m drill
program is expected to continue from November until June 2021. The
Company expects to release an updated geologic resource estimate
after this phase of drilling and to be in a position to plan a
follow-up drill program for the second-half of 2021 that tests the
ultimate potential of the eight or more deposits at Los Reyes.
Message from Daniel Kunz, CEO and
Director:
“We welcome Kerry to an executive role with
Prime and look forward to working with him to advance our exciting
Los Reyes gold-silver project. Kerry now heads the exploration
program and will lead the team in our quest to increase the
resource size and determine Los Reyes’ ultimate potential. We are
also fortunate to have secured the services of Ing. Mario
Castellanos and the Resources Geosciences Incorporated team in
supporting both Kerry and the Project”.
The Company’s Board of Directors has approved
the granting of incentive stock options to Mr. Sparkes to purchase
up to 300,000 common shares in the capital stock of the Company, at
a price of $1.65 per share, for a period of 5 years from the grant
date. The options will vest 1/3 immediately as of the date of
grant; 1/3 six months after the date of the grant; and 1/3 twelve
months after the date of the grant. This stock option grant is
subject to acceptance by the TSX Venture Exchange.
Bruce Kienlen, P.Geo., a qualified person for
the purposes of National Instrument 43-101, has reviewed and
approved the technical content in this news release.
About Resource
Geosciences Incorporated
Resource Geosciences comprises a staff of
geologists, technicians, logisticians, and administrative support
personnel, dedicated to providing the professional technical and
administrative services to clients in Mexico and throughout the
Americas. Resource Geosciences was incorporated in 2000 and is
directed by its founders: Dr. Matthew Gray, President, and Ing.
Mario Castellanos. Geologists and engineers by training, and
explorationists by experience, the founders have over 60 years of
international exploration experience gained through employment with
Placer Dome, BHP, Newmont, Cambior, Peñoles, and Frisco. Resource
Geosciences is a multi-cultural team, and is able to effectively
conduct business in English, Spanish, and Portuguese, and the
directors have done so in a variety of operating environments
including Brazil, Canada, Chile, Costa Rica, Ecuador, Guatemala,
Mexico, Nicaragua, Panama, Papua New Guinea, Peru, and the United
States.
About Prime Mining Corp.
Prime is an ideal mix of successful capital
markets and mining executives and experienced local exploration
personnel who are expanding the exploration initiative at the
historically productive 100% owned Los Reyes gold and silver
project in Sinaloa, Mexico. Current Measured and Indicated
pit-constrained oxide mineral resources for the Property include
19.8 million tonnes containing 633,000 oz Au at 1.0 gram per tonne
and 16,604,000 oz Ag at 26.2 grams per tonne. Los Reyes holds
substantial resource upside based on open extensions of known
resources, ten kilometres of undrilled strike length and at least
eight additional exploration targets. Prime Mining has a
well-planned capital structure with significant management and
insider ownership.
For more information please
visit www.primeminingcorp.ca and follow us
on Twitter, Facebook and LinkedIn.
ON BEHALF OF THE BOARD OF DIRECTORS
Daniel KunzChief Executive Officer and
Director
For further information, please
contact:
Daniel KunzChief Executive Officer and
DirectorPrime Mining Corp.1307 S. Colorado Ave.Boise, Idaho
83706Telephone: (208) 926-6379Email: daniel@primeminingcorp.ca
Andrew BoweringExecutive Vice President and
DirectorPrime Mining Corp.1507 – 1030 West Georgia StreetVancouver,
BC, V6E 2Y3Telephone: (604) 428-6128E: andy@primeminingcorp.ca
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Forward Looking Information
Information set forth in this document may
include forward-looking statements. While these statements reflect
management's current plans, projections, and intents, by their
nature, forward-looking statements are subject to numerous risks
and uncertainties, some of which are beyond the control of the
Company. Readers are cautioned that the assumptions used in the
preparation of such information, although considered reasonable at
the time of preparation, may prove to be imprecise and, as such,
undue reliance should not be placed on these forward-looking
statements. There is no assurance the transactions noted above will
be completed on the terms as contemplated, or at all. The Company’s
actual results, programs, activities, and financial position could
differ materially from those expressed in or implied by these
forward-looking statements.
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