09:09 AM EDT, 05/14/2024 (MT Newswires) -- Prime Mining ( PRMNF ) , which rose 2.75% yesterday, overnight Monday reported a first-quarter loss of $6.5 million, or $0.04 per share, wider than a loss of near $6 million, or $0.05 per share, a year earlier.

On 2024 outlook, the company is targeting 40,000 meters in its 2024 drill program and will continue to evaluate drilling plans.

It said this evaluation will also include prioritization of targets based on probability of resource development and generative area discovery potential.

Prime CEO Scott Hicks in a statement said, "2024 is off to a great start for Prime as our high grade, gold-silver Los Reyes Project in Mexico continues to deliver excellent results. We released exciting expansion drill results from Guadalupe East and generative drill results from Las Primas, which demonstrate similarities in mineralization and potential for underground resource expansion, while expansion drilling at Z-T continues to extend mineralization along strike and at depth."

Prime is focused on the exploration and development of its wholly-owned high-grade Los Reyes Gold-Silver Project in Sinaloa State, Mexico.