First Majestic Reports Positive Exploration Results at Los Gatos Expansionary Drilling at Los Gatos Intersects Significant Silver and Base Metal Mineralization
First Majestic Reports Positive Exploration
Results at Los Gatos
Expansionary Drilling at Los Gatos Intersects Significant
Silver and Base Metal Mineralization
Vancouver, British Columbia--(Newsfile Corp. - September 3, 2025) - First Majestic Silver Corp. (NYSE:
AG) (TSX: AG) (FSE: FMV) (the "Company" or "First Majestic") is pleased to announce positive drilling
results from its 2024/2025 exploration programs at the Los Gatos Silver Mine in Chihuahua, Mexico. The
drilling programs were designed to expand silver, zinc, lead, copper and gold mineralization in the
South-East Deeps, Central Deeps and North-West Deeps zones. None of the reported drill results were
included in the Company's year-end Mineral Reserve and Mineral Resource Estimates.
"Following the acquisition of Gatos Silver, the exploration program has advanced smoothly alongside
all other aspects of the operation,"
stated Keith Neumeyer, President & CEO of First Majestic.
"A major
driver for acquiring Los Gatos was the district's significant exploration upside, and the latest drilling
results reinforce that potential. Ongoing drilling continues to expand mineralization across multiple
zones, supporting our expectation for meaningful Mineral Resource growth at Los Gatos."
KEY DRILLING HIGHLIGHTS:
Ongoing exploration drilling intersected significant silver and base metals mineralization across all three
zones tested: South-East Deeps, Central Deeps and North-West Deeps. A selection of significant drill
hole intercepts from these zones (Figure 1) are highlighted in Tables 1 and 2 below:
South-East Deeps Drilling Highlights
Table 1: South-East Deeps Significant Intercepts
Drill Hole
Significant Intercept
From
(m)
To
(m)
True Length
(m)
Metal Grades
GA-SE-611
929.3
931.3
9.0
366 g/t AgEq - 196 g/t Ag, 5.43% Zn, 1.67% Pb, 0.23 g/t Au and 0.04% Cu
Include 1
697.0
698.5
1.2
589 g/t AgEq - 353 g/t Ag, 6.65% Zn, 3.03% Pb, 0.24 g/t Au and 0.08% Cu
Include 2
704.0
705.3
1.0
742 g/t AgEq - 365 g/t Ag, 9.89% Zn, 5.50% Pb, 0.32 g/t Au and 0.06% Cu
And
735.0
738.0
2.6
444 g/t AgEq - 97 g/t Ag, 11.58% Zn, 2.90% Pb, 0.59 g/t Au and 0.09% Cu
And
784.0
787.0
2.6
206 g/t AgEq - 105 g/t Ag, 1.48% Zn, 0.81% Pb, 0.44 g/t Au and 0.33% Cu
GA-SE-DV-
612
893.0
903.0
8.0
711 g/t AgEq - 130 g/t Ag, 18.16% Zn, 6.31% Pb, 0.14 g/t Au and 0.22% Cu
Include 1
899.0
901.0
1.6
1080 g/t AgEq - 224 g/t Ag, 23.20% Zn, 12.35% Pb, 0.09 g/t Au and 0.20%
GA-SE-615
926.0
929.5
2.7
330 g/t AgEq - 173 g/t Ag, 4.32% Zn, 1.95% Pb, 0.38 g/t Au and 0.04% Cu
Central Deeps Drilling Highlights
Table 2: Central Deeps Significant Intercepts
Drill Hole
Significant Intercept
From
(m)
To
(m)
True Length
(m)
Metal Grades
GA-CZ-617
706.0
710.0
3.7
534 AgEq g/t - 106 g/t Ag, 10.83% Zn, 2.75% Pb, 0.07 g/t Au and 1.01% Cu
Include 1
708.0
710.0
1.3
713 AgEq g/t - 154 g/t Ag, 10.65%Zn, 4.58% Pb, 0.06 g/t Au and 1.77% Cu
GA-CZ-620
630.0
633.0
2.9
538 AgEq g/t - 126 g/t Ag, 13.43% Zn, 1.73% Pb, 0.16 g/t Au and 0.60% Cu
Include 1
630.0
631.5
1.4
694 AgEq g/t - 216 g/t Ag, 14.05% Zn, 2.34% Pb, 0.10 g/t Au and 0.92% Cu
GA-CZ-620
561.5
568.5
6.9
713 AgEq g/t - 167 g/t Ag, 17.11% Zn, 4.99% Pb, 0.33 g/t Au and 0.42% Cu
Include 1
561.5
563.0
1.4
657 AgEq g/t - 165 g/t Ag, 12.45% Zn, 4.82% Pb, 0.03 g/t Au and 0.77% Cu
Include 2
563.0
565.0
1.9
545 AgEq g/t - 237 g/t Ag, 6.86% Zn, 4.97% Pb, 0.08 g/t Au and 0.48% Cu
Include 3
565.0
567.0
1.9
1013 AgEq g/t - 154 g/t Ag, 30.09% Zn, 6.66% Pb, 0.62 g/t Au and 0.27% Cu
Include 4
567.0
568.6
1.4
593 AgEq g/t - 92 g/t Ag, 18.15% Zn, 2.97% Pb, 0.57 g/t Au and 0.21% Cu
Figure 1: Los Gatos Long Section with Drill Hole Intersections Looking to the Northeast (See Table 3
for all Assay Results used in the AgEq Calculation)
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EXPLORATION RESULTS
Exploration drilling designed to expand near-mine mineralization intersected significant silver and base
metal mineralization while targeting the extension of the South-East Deeps orebody, along with
exploration of the recently identified Central and North-West Deeps mineralization zones. Results from
the program are summarized below (Figure 2).
South-East Deeps Zone
Exploration drilling of the South-East Deeps zone extended silver and base metals mineralization along
plunge in the southeast portion of the vein system (Figure 3). The drilling continues to target an Inferred
drill spacing, as the extensions of the system are tested. Results of the drilling program confirm the
continuity of the South-East Deeps, as the known limits to the mineralization are extended. Future drilling
will target the down-plunge potential at a wider spacing to test the geological limits of the system. Infill
and Resource conversion drilling will be executed from the underground mine, once ramp and level
access is established. Select significant drill hole intervals are shown below in Figure 4.
Figure 2: Los Gatos Near Mine Exploration Targets and Drill Hole Traces
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Figure 3: South-East Deeps Long Section and Drill Hole Intersections Looking Northeast (See Table
3 for all Assay Results used in the AgEq Calculation)
To view an enhanced version of this graphic, please visit:
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Figure 4: South-East Deeps Cross Sections for Drill Holes GA-SE-611 / 613, and GA-SE-DV-612,
Section Thickness +/- 25m Looking Northwest (See Table 3 for all Assay Results used in the AgEq
Calculation)
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1475/265027_first%20majestic%20figure%204.jpg
Central and North-West Deeps Zones
Drilling at the exploration targets in the Central and North-West Deeps zones confirmed the presence of
silver and base metals mineralization at depth and identified a faulted offset from the main Los Gatos
deposit (See Figure 5).
Ongoing drilling is testing the lithological-structural model in these zones, to
determine accurate mineralization controls.
Drilling was conducted at a widely spaced exploration stage,
targeting areas of interest, and will tighten to Inferred drill hole spacing throughout the remainder of 2025.
All drilling has intersected the geological target as projected, with grade variability controlled by
geological criteria.
The significant intervals returned from this drill program continue to grow and refine the areas of interest,
with recent results indicating that the system remains open along strike to the northwest. Select
significant drill hole intervals are shown in cross sections below in Figure 5.
Figure 5: Central Deeps Cross Sections for Drill Holes GA-CZ-616, and GA-CZ-620 / 621, Section
Thickness +/- 25m looking Northwest (See Table 3 for all Assay Results used in the AgEq
Calculation)
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1475/265027_first%20majestic%20fig%205.jpg
Table 3:
Summary of Significant Gold and Silver Drill Hole Intercepts at Los Gatos
Drill Hole
Target
Target Type
Actual
From
(m)
To
(m)
Length
(m)
True
Length
(m)
Ag
(g/t)
Zn
(%)
Pb
(%)
Au
(g/t)
Cu
(%)
AgEq
(g/t)
GA-SE-610
South-East Deeps
Resource Addition
929.3
931.3
2.0
1.5
45
2.92
2.18
0.06
0.24
180
GA-SE-611
South-East Deeps
Resource Addition
695.2
705.3
10.1
9.0
196
5.43
1.67
0.23
0.04
366
Include 1
697.0
698.5
1.5
1.2
353
6.65
3.03
0.24
0.08
589
Include 2
704.0
705.3
1.3
1.0
365
9.89
5.50
0.32
0.06
742
Include 3
735.0
738.0
3.0
2.6
97
11.58
2.90
0.59
0.09
444
Include 4
784.0
787.0
3.0
2.6
105
1.48
0.81
0.44
0.33
206
GA-SE-DV-612
South-East Deeps
Resource Addition
893.0
903.0
10.0
8.0
130
18.16
6.31
0.14
0.22
711
Include 1
899.0
901.0
2.0
1.6
224
23.20
12.35
0.09
0.20
1080
GA-SE-613
South-East Deeps
Resource Addition
713.0
714.5
1.5
1.3
151
15.90
4.51
0.26
0.12
632
And
720.5
723.0
2.5
2.2
26
3.92
1.06
0.26
0.03
147
And
772.5
776.0
3.5
3.3
23
4.48
1.20
0.10
0.36
193
GA-SE-615
Central Deeps
Resource Addition
926.0
929.5
3.5
2.7
173
4.32
1.95
0.38
0.04
330
GA-CZ-616
Central Deeps
Resource Addition
622.5
624.0
1.5
1.3
173
5.41
0.58
0.02
0.36
348
And
628.5
631.5
3.0
2.8
104
0.74
0.23
0.03
0.32
163
GA-CZ-617
Central Deeps
Resource Addition
706.0
710.0
4.0
3.7
106
10.83
2.75
0.07
1.01
534
Include 1
708.0
710.0
1.5
1.3
154
10.65
4.58
0.06
1.77
713
GA-CZ-620
Central Deeps
Resource Addition
630.0
633.0
3.0
2.9
126
13.43
1.73
0.16
0.60
538
Include 1
630.0
631.5
1.5
1.4
216
14.05
2.34
0.10
0.92
694
GA-CZ-621
Central Deeps
Resource Addition
561.5
568.5
7.0
6.9
167
17.11
4.99
0.33
0.42
713
Include 1
561.5
563.0
1.5
1.4
165
12.45
4.82
0.03
0.77
657
Include 2
563.0
565.0
2.0
1.9
237
6.86
4.97
0.08
0.48
545
Include 3
565.0
567.0
2.0
1.9
154
30.09
6.66
0.62
0.27
1013
Include 4
567.0
568.6
1.5
1.4
92
18.15
2.97
0.57
0.21
593
GA-CZ-D-05
Exploration
791.1
793.0
1.9
1.4
26
9.87
3.46
0.03
0.05
340
GA-NW-623
Resource Addition
791.0
795.0
4.0
4.0
33
3.06
0.39
0.06
0.35
152
GA-NW-D-02
Exploration
802.9
804.5
1.6
1.1
36
3.90
0.63
0.05
0.48
193
Notes:
1
.
All holes are Diamond Drill Core; AgEq grade = Ag grade (g/t) + [Au grade (g/t) * 20.5] + [Zn grade (%) * 21.9] + [Pb grade (%) * 27.3 to 28.0]
+ [Cu grade (%) * 0 to 112.6)
a
.
Note - AgEq grade formula considers process plant recoveries and concentrate payable and deductible terms. Recovery, Payable
and Deductible terms are variable by concentrate product. For further details, see the Company's most recently filed AIF available
under the Company's SEDAR+ profile at
www.sedarplus.ca
.
b
.
Process Plant recoveries range from:
i
.
Ag = 88.2%, Au = 54.2%, Zn = 63.4%, Pb = 87.2% - 89.4%, Cu = 0 to 82.0% (Pb and Cu recoveries vary depending on Pb
to Cu ratios. See the Company's most recently filed AIF.)
c
.
Payable terms range from:
i
.
Ag = 95%, Au = 39%, Zn = 85%, Pb = 95%, Cu = 0 to 97% (Cu payable terms vary depending on concentrate. See the
Company's most recently filed AIF)
2
.
"From" and "To" lengths indicated in metres, true width of the intercept is calculated per drill hole and vein angles.
3
.
See Appendix to this news release for details regarding drill hole locations, sample type, azimuth, dip and total depth.
4
.
Where present, single samples or intercepts with assay results higher than 500 g/t AgEq are highlighted as "Include" in each intercept.
At Los Gatos, silver, zinc, lead, gold and copper drill hole intercepts were composited using the length
weighted averages of uncapped sample assays, a 140 g/t AgEq minimum grade, and a minimum
composite length of 0.7 m (true width). A maximum one metre below the minimum grade was allowed as
internal dilution and a single sample below the minimum AgEq grade was allowed in the hanging or
footwall to achieve minimum true width in select cases. True width of intercepts is calculated based on
current understanding of drill hole and vein angle geometry. All individual samples or intercepts higher
than 500 g/t AgEq are reported as "include".
First Majestic's Los Gatos drilling programs follow established Quality Assurance / Quality Control
("QA/QC") insertion protocols with standards, blanks and duplicates introduced to the sample stream
and submission of check duplicates to an independent third-party laboratory. After geological logging, all
drill core samples are cut in half. One half of the core is submitted to the laboratory for analysis, and the
remaining half is retained on-site for verification and reference purposes.
Core samples were submitted to the ALS preparation facilities in Chihuahua City, Mexico for pulp
preparation and subsequently to the ALS laboratory in Vancouver, British Columbia, Canada for analysis
(ISO/IEC 17025:2017). At ALS, silver, zinc, lead and copper are analyzed by 4-acid digestion with
Inductively Coupled Plasma Atomic Emission Spectrometry finish (ME-ICP61). Samples with overlimit
results are analyzed using ore grade 4-acid digestion and ICP finish analysis (OG62). Gold is analyzed
by 30 g fire assay atomic absorption finish (Au-AA23).
For further information concerning QA/QC and data verification matters, key assumptions, parameters,
and methods used by the Company to estimate Mineral Reserves and Mineral Resources, and for a
detailed description of known legal, political, environmental, and other risks that could materially affect
the Company's business and the potential development of Mineral Reserves and Mineral Resources,
see the Company's most recently filed Annual Information Form available under the Company's
SEDAR+ profile at
www.sedarplus.ca
and the Company's Annual Report on Form 40-F for the year
ended December 31, 2024 filed with the United States Securities and Exchange Commission on
EDGAR at
www.sec.gov/edgar
.
QUALIFIED PERSON
Gonzalo Mercado, P. Geo., the Company's Vice President of Exploration and Technical Services and a
"Qualified Person" as defined under National Instrument 43-101
Standards of Disclosure for Mineral
Projects
("NI 43-101"), has reviewed and approved the scientific and technical information contained in
this news release. Mr. Mercado has verified the exploration data contained in this news release,
including the sampling, analytical and test data underlying such information.
ABOUT FIRST MAJESTIC
First Majestic is a publicly traded mining company focused on silver and gold production in Mexico and
the United States. The Company presently owns and operates four producing underground mines in
Mexico: the Los Gatos Silver Mine (the Company holds a 70% interest in the Los Gatos Joint Venture
that owns and operates the mine), the Santa Elena Silver/Gold Mine, the San Dimas Silver/Gold Mine,
and the La Encantada Silver Mine, as well as a portfolio of development and exploration assets,
including the Jerritt Canyon Gold project located in northeastern Nevada, U.S.A.
First Majestic is proud to own and operate its own minting facility, First Mint, LLC, and to offer a portion
of its silver production for sale to the public. Bars, ingots, coins and medallions are available for
purchase online at
www.firstmint.com
, at some of the lowest premiums available.
For further information, contact
, visit our website at
www.firstmajestic.com
or call
our toll free number 1.866.529.2807.
FIRST MAJESTIC SILVER CORP.
"signed"
Keith Neumeyer, President & CEO
Cautionary Note Regarding Forward-Looking Statements
This news release contains "forward-looking information" and "forward-looking statements" under
applicable Canadian and U.S. securities laws (collectively, "forward-looking statements"). These
statements relate to future events or the Company's future performance, business prospects or
opportunities that are based on forecasts of future results, estimates of amounts not yet determinable
and assumptions of management made in light of management's experience and perception of historical
trends. Assumptions may prove to be incorrect and actual results and future events may differ materially
from those anticipated. Any statements that express or involve discussions with respect to predictions,
expectations, beliefs, plans, projections, objectives or future events or performance (often, but not
always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect",
"may", "will", "project", "predict", "forecast", "potential", "target", "intend", "could", "might", "should",
"believe" and similar expressions) are not statements of historical fact and may be "forward-looking
statements".
Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that
may cause actual results to materially differ from those expressed or implied by such forward-looking
statements, including but not limited to: material adverse changes, unexpected changes in laws, rules or
regulations, or their enforcement by applicable authorities; the failure of parties to contracts with the
company to perform as agreed; social or labour unrest; changes in commodity prices; and the failure of
exploration programs or studies to deliver anticipated results or results that would justify and support
continued exploration, studies, development or operations. Although the Company has attempted to
identify important factors that could cause actual results to differ materially from those contained in
forward-looking statements, there may be other factors that cause results not to be as anticipated,
estimated or intended.
The Company believes that the expectations reflected in these forward-looking statements are
reasonable, but no assurance can be given that these expectations will prove to be correct and such
forward-looking statements included herein should not be unduly relied upon. These statements speak
only as of the date hereof. The Company does not intend, and does not assume any obligation, to
update these forward-looking statements, except as required by applicable laws.
Cautionary Note to United States Investors
The Company is a "foreign private issuer" as defined in Rule 3b-4 under the United States Securities
Exchange Act of 1934, as amended, and is eligible to rely upon the Canada-U.S. Multi-Jurisdictional
Disclosure System, and is therefore permitted to prepare the technical information contained herein in
accordance with the requirements of the securities laws in effect in Canada, which differ from the
requirements of the securities laws currently in effect in the United States. Accordingly, information
concerning mineral deposits set forth herein may not be comparable with information made public by
companies that report in accordance with U.S. standards.
Technical disclosure contained in this news release has not been prepared in accordance with the
requirements of United States securities laws and uses terms that comply with reporting standards in
Canada with certain estimates prepared in accordance with NI 43-101.
NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for
all public disclosure an issuer makes of scientific and technical information concerning the issuer's
material mineral projects.
APPENDIX - DRILL HOLE DETAILS
Table A1: Drill Hole Collar Location, Sample Type, Azimuth, Dip and Total Depth
Drill Hole
Target
East
North
Elevation
Azimuth
Dip
Depth (m)
Type
GA-CZ-614
Resource Addition
368,904
3,047,922
1,641
221
-66
723
core
GA-CZ-616
Resource Addition
368,904
3,047,922
1,641
221
-60
780
core
GA-CZ-617
Resource Addition
369,079
3,048,003
1,610
223
-47
792
core
GA-CZ-619
Resource Addition
369,079
3,048,004
1,610
230
-65
945
core
GA-CZ-620
Resource Addition
369,200
3,047,855
1,585
217
-47
660
core
GA-CZ-621
Resource Addition
369,124
3,047,764
1,595
212
-48
597
core
GA-CZ-625
Resource Addition
369,171
3,047,631
1,579
222
-57
528
core
GA-CZ-D-04
Near Mine
Exploration
369,254
3,048,066
1,602
220
-52
1,430
core
GA-CZ-D-05
Near Mine
Exploration
368,678
3,048,340
1,643
228
-50
1,410
core
GA-CZ-D-06
Near Mine
Exploration
369,080
3,048,337
1,628
220
-60
1,149
core
GA-NW-623
Resource Addition
368,679
3,048,338
1,643
215
-45
828
core
GA-NW-624
Resource Addition
368,678
3,048,339
1,643
218
-60
900
core
GA-NW-D-01
Near Mine
Exploration
368,175
3,048,613
1,623
232
-60
1,005
core
GA-NW-D-02
Near Mine
Exploration
368,679
3,048,338
1,643
203
-53
864
core
GA-NW-D-03
Near Mine
Exploration
368,427
3,048,636
1,617
216
-52
927
core
GA-SE-610
Resource Addition
370,199
3,047,296
1,595
223
-59
1,029
core
GA-SE-611
Resource Addition
370,052
3,047,330
1,574
224
-48
807
core
GA-SE-613
Resource Addition
370,052
3,047,329
1,574
224
-45
798
core
GA-SE-615
Resource Addition
370,302
3,047,274
1,599
223
-56
1,068
core
GA-SE-DV-612
Resource Addition
370,199
3,047,296
1,595
223
-59
990
core
GA-SE-DV-618A
Resource Addition
370,302
3,047,274
1,599
223
-56
962
core
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