Update: Prime Mining Up 4% as Provides Drilling Pause Update, 2025 Outlook, Completes Warrant Exercise

(Updates shares.)

Prime Mining (PRYM.TO) on Tuesday said a Jan. 28 drilling pause at the Los Reyes gold and silver project in Sinaloa, Mexico, is not expected to impact the company's ability to complete a 40,000-meter program over 12 months.

The pause was in response to a deterioration in the security situation in parts of Sinaloa. Six drill rigs remain on site and drill contractors are on standby to resume drilling as soon as the situation improves.

In 2025, the company plans to extend the high-grade Z-T Area shoots that remain open at depth and along strike, both north and south. It will also expand the known high-grade mineralization at Guadalupe East.

Prime Mining intends to increase the Central Area resource through additions southeast at Noche Buena and its connection to San Miguel East.

Generative target drilling of high-grade intercepts will be executed at Las Primas, Fresnillo and Mariposa to demonstrate the resource expansion potential at Los Reyes.

Prime Mining expects to complete a preliminary economic assessment for the project in the third quarter.

Separately, the company said 97% of its $1.10 warrants due June 12, 2025, have been exercised, increasing its cash balance to almost $33 million. Proceeds will be used to advance the Los Reyes project.

Prime Mining's shares were last seen up $0.08 to $1.88 on the Toronto Stock Exchange.

Price: 1.88, Change: +0.08, Percent Change: +4.44