Prime Meridian Resources Corp. Announces Airborne Geophysical Survey at Kelly PGM-Cu-Ni Project

Vancouver, British Columbia--(Newsfile Corp. - September 30, 2021) - Prime Meridian Resources Corp. (TSXV: PMR) ("PMR" or the "Company") announces that it will commence a helicopter-borne time-domain electromagnetic (HTDEM) and magnetic survey over the Kelly PGM-Cu-Ni Project, which is strategically located 20 kilometres east of the Sudbury basin.

The Company has retained Simcoe Geoscience Limited to complete a high-resolution Triaxial Airborne Magnetic and Helicopter Time Domain EM (HTDEM) survey on the Project. The survey is planned to consist of 300 line-kilometres at 100-metre spacing across the entire 2,418-hectare property (Figure 1).

Following the completion of the airborne geophysical survey, the Company intends to organize a ground-based geophysical survey over areas of interest, including an induced polarization (IP) survey over the Main Zone, and other priority targets which may be identified by the upcoming airborne survey.

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Figure 1. Kelly PGM Project - Property

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About the Kelly Project

The Sudbury Basin of Northern Ontario, has historically been one of the world's most prolific copper, nickel and PGM mining camps but the outlying areas have been generally underexplored.

The Kelly Project consists of 2,418 hectares located approximately 20 kilometres directly east of the Sudbury Basin and is host to regionally anomalous palladium (Pd), platinum (Pt), copper (Cu), nickel (Ni), and gold (Au) values, associated with sulphides hosted by rocks of the Nipissing Diabase.

At the Kelly Project, platinum-group metals (Pt, Pd), Au, and Cu-Ni sulphide (chalcopyrite, pyrrhotite and pentlandite) occur primarily as disseminations and blebs within medium grained, relatively homogenous hypersthene-bearing gabbroic rocks of the Nipissing Diabase. The main sulphide showing is exposed over approximately 1,500 square metres, with several sulphide showings within several hundred metres of the main showing. (1,2)

Mineralization at the Kelly Project appears to be confined to a massive, hypersthene-bearing gabbro unit that extends for at least 1,000 metres along the northern edge of the Kukagami Lake Intrusion. This massive gabbro unit dips southward at about 40 degrees with the mineralized regions occurring between 50 and 100 m above the basal contact. Numerous palladium, platinum, copper, and nickel geochem anomalies have been outlined along with numerous high priority IP anomalies, and remain largely untested. (1,2)

The highest recorded historical grab samples on the Kelly PGM-Cu-Ni Project are: 5.86 g/t 3E (4.16 g/t Pd, 1.10 g/t Pt, 0.6g/t Au), 5.1 g/t 3E (4.37g/t Pd, 0.46g/t Pt, 0.27g/t Au) 0.82% Cu and 0.46% Ni and 4.5 g/t 3E (3.76 g/t Pd, 0.47g/t Pt, 0.27g/t Au) 0.72% Cu and 0.27% Ni. (1) *

* Note: 3E = Pt + Pd + Au. The reader is cautioned that grab rock samples are selective by nature and may not represent the true grade or style of mineralization on the Property.

Qualified Person

The technical contents of this release were approved by Case Lewis, P.Geo., a Qualified Person as defined by National Instrument 43-101.

References

(1) Jobin-Bevans, S., 1999. Work Report: Phase 1, Kelly Property (Kukagami Lake Intrusion), Kelly Township, Sudbury Mining District, Ontario, Prepared for Goldwright Exploration Inc. AFRI ID 41I15SE2006.
(2) Jobin-Bevans, S., 1999. Work Report: Phase 5, Kelly Property (Kukagami Lake Intrusion), Kelly Township, Sudbury Mining District, Ontario, Prepared for Goldwright Exploration Inc. AFRI ID 41I15SE2030.

On behalf of the Board of Directors of
Prime Meridian Resources Corp.

"Brian Leeners"

Brian Leeners, CEO & Director
ir@primemeridianresources.com

The TSX Venture Exchange has neither approved or disapproved the contents of this press release.

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