First Majestic Announces New High-Grade Gold and Silver Discovery at Santa Elena
First Majestic Announces New High-Grade
Gold and Silver Discovery at Santa Elena
Vancouver, British Columbia--(Newsfile Corp. - July 30, 2024) - First Majestic Silver Corp. (NYSE: AG)
(TSX: AG) (FSE: FMV) (the "Company" or "First Majestic") is pleased to announce the discovery of a
significant new, vein-hosted gold and silver mineralized system at its Santa Elena property in Sonora,
Mexico. This new high-grade discovery, the Navidad vein system ("Navidad"), was made at depth
adjacent to the Company's 100%-owned and currently producing Ermitaño mine.
"We are very excited about the new high-grade gold and silver system, Navidad; this is the most
promising discovery at the Santa Elena property since Ermitaño was discovered in 2016. Four drill
rigs are currently focused on this area, which appears to have the potential to expand as it is open in
all directions",
stated Keith Neumeyer, President & CEO of First Majestic.
"The proximity of this new
discovery to the producing Ermitaño mine is important from an operational standpoint, and very
encouraging for the prospects of continued exploration success across the underexplored, +100,000-
hectare Santa Elena land package. We believe that Navidad has the potential to significantly
increase Santa Elena's estimated Mineral Resources and, ultimately, extend the Life of Mine at this
operation."
DRILLING HIGHLIGHTS
The high-grade, mineralized composite sample intervals from the six drillholes intersecting the Navidad
vein system are as follows:
Drilling Highlights for the Navidad Vein System:
EW-24-364:
8.15 g/t Au and 427 g/t Ag over 4.78 metres ("m") true thickness (Navidad Vein)
EW-24-370:
10.13 g/t Au and 86 g/t Ag over 4.42 m true thickness (Navidad Vein)
EW-24-370:
5.65 g/t Au and 46 g/t Ag over 5.75 m true thickness
EW-24-368:
54.93 g/t Au and 399 g/t Ag over 1.82 m true thickness (Navidad Vein)
EW-23-359:
3.27 g/t Au and 39 g/t Ag over 2.46 m true thickness (Navidad Vein)
EW-23-360:
5.83 g/t Au and 146 g/t Ag over 1.53 m true thickness
EW-23-360:
4.75 g/t Au and 68 g/t Ag over 1.91 m true thickness
EW-23-360:
4.06 g/t Au and 77 g/t Ag over 2.09 m true thickness
EW-23-360:
3.48 g/t Au and 74 g/t Ag over 2.39 m true thickness (Navidad Vein)
EW-24-366:
1.40 g/t Au and 124 g/t Ag over 2.85 m true thickness (Navidad Vein)
An exploratory program of deep drill holes tested favourable host rocks located at depth and to the west
of a regional fault that extends to the west side of the resource deposit for the Ermitaño mine. The drilling
intersected a set of quartz veins with visible silver sulfides and banded quartz textures locally; the most
prominent vein intersected has been named Navidad. An additional mineralized vein located in the
Navidad vein hanging wall ("HW vein") was also intersected along with quartz stockwork and sheeted
veins, representing a geologic configuration similar to the Ermitaño vein system.
To date, seven drill holes have been completed to test the Navidad discovery; six of these holes
intersected significant vein-hosted gold and silver mineralization. The closest drill hole intercept to the
Ermitaño mine is located approximately 500 m southwest and 750 m below existing mine development
(See
Figure 1
and
Figure 2
).
The Navidad vein system has an apparent strike to the northeast and dips at a moderate to low angle to
the northwest. The intersections from the six drill holes currently outline vein-hosted gold and silver
mineralization with an apparent strike length continuity of 750 m and a dip continuity of 225 m (minimum
distances between drill hole intersections). The average thickness of the Navidad vein ranges from 1.8
to 5.0 m and adjacent vein thickness ranges from 1.5 to 6 m (See
Figure 3
).
The last two drill holes to intersect the Navidad system, EW-24-368 and EW-24-370, are spaced 750 m
apart and produced the two highest grade vein intercepts to date. Drill hole EW-24-368 intersected the
Navidad vein and yielded 54.93 g/t Au and 399 g/t Ag over 1.82 m (true thickness). Drill hole EW-24-370
intersected two, thick, banded quartz veins, the Navidad vein and the HW vein, with high-grade gold and
silver mineralization spaced 190 m apart downhole. These two vein intersections yielded 5.65 g/t Au and
46 g/t Ag over 5.75 m and 10.13 g/t Au and 86 g/t Ag over 4.42 m (true thickness).
The full extent and geometry of the Navidad gold and silver vein system are not yet known, and the
exploration potential is open in all directions. Additional drill rigs have been reassigned to explore the
extent and grade of the Navidad mineralization during 2024.
Figure 1: Plan view location of the Navidad vein system to the southwest of the Ermitaño Mine.
Exploration drill holes are displayed with vein intersections as points. Full Projection.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1475/218169_fade6b7de43efac1_002full.jpg
Figure 2: Vertical section location of the Navidad vein system looking southeast. Drill holes are
displayed with vein intersections as points. Section influence is 1,300 m.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1475/218169_fade6b7de43efac1_003full.jpg
Figure 3: Vertical long section of the Navidad vein looking southeast. Drill hole metres are in true
thickness and the colors represent modeled thickness of vein hosted mineralization. Vein
intersections shown as discs for both the Navidad and the HW veins. Section influence is 500 m.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1475/218169_fade6b7de43efac1_004full.jpg
Table 1: Summary of significant gold and silver drill hole intercepts of the Navidad vein system.
Drillhole
Target
Target Type
Significant Intercept
From
(m)
To
(m)
True Length
(m)
Au
(g/t)
Ag
(g/t)
AgEq
(g/t)
EW-23-359
Navidad Vein
Resource
addition
1349.70
1352.25
2.46
3.27
39
301
EW-23-360
HW vein
Resource
addition
1234.95
1236.95
1.53
5.83
146
612
EW-23-360
HW vein
Resource
addition
1249.50
1251.70
1.91
4.75
68
448
EW-23-360
HW vein
Resource
addition
1255.30
1257.85
2.09
4.06
77
402
EW-23-360
Navidad Vein
Resource
addition
1263.25
1265.65
2.39
3.48
74
353
EW-24-364
Navidad Vein
Resource
addition
1104.35
1109.30
4.78
8.15
427
1079
EW-24-364
Include 1
Resource
addition
1104.35
1106.45
2.03
15.67
263
1517
EW-24-364
Include 2
Resource
addition
1108.30
1109.30
0.97
1.06
1181
1266
EW-24-366
Navidad Vein
Resource
addition
1313.00
1316.15
2.85
1.40
124
236
EW-24-368
Navidad Vein
Resource
addition
1140.75
1142.6
1.82
54.93
399
4794
EW-24-368
Include 1
Resource
addition
1140.75
1141.8
1.03
75.6
558
6606
EW-24-368
Include 2
Resource
addition
1141.8
1142.6
0.79
27.8
191
2415
EW-24-370
HW vein
Resource
addition
961.05
961.60
5.75
5.65
46
498
EW-24-370
Navidad vein
Resource
addition
1158.10
1162.80
4.42
10.13
86
896
EW-24-370
Include 1
Resource
addition
1158.80
1159.35
0.52
10.90
35
907
EW-24-370
Include 2
Resource
addition
1159.80
1160.30
0.47
26.50
287
2407
EW-24-370
Include 3
Resource
addition
1161.40
1162.10
0.66
21.10
178
1866
Notes:
1
.
All holes are Diamond Drill; AgEq grade = Ag grade (g/t) + [Au grade (g/t)*80].
2
.
From, To and Length are in metres; true width of the intercept is calculated per drill hole and vein angles.
3
.
Gold and silver drill hole intercepts were composited using the length weighted averages of uncapped sample assays, a 190 g/t AgEq
minimum grade, and a minimum composite length of 1.0 m (true width). A maximum of 1.0 m below the minimum grade cut-off was allowed
as internal dilution.
4
.
Where present, single samples or intercepts with assay results higher than 1000 g/t Ag and/or 10 g/t Au are highlighted as "Include" in each
intercept.
First Majestic's drilling programs follow established Quality Assurance / Quality Control ("QA/QC")
insertion protocols with standards, blanks, and duplicates introduced into the sample-stream. 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 core is retained on-site for verification and reference purposes or for
future metallurgical testing.
Core samples were submitted to the SGS laboratory (ISO/IEC 17025:2017). At SGS, gold is analyzed
by 30 g or 50 g fire assay atomic absorption finish (GE-FAA30V5, GE-FAA50V5). Results above 10 g/t
gold are analyzed by 30 g or 50 g fire assay gravimetric finish (GO-FAG30V, GO-FAG50V). Silver is
analyzed by 3-acid digest atomic absorption finish (GE-AAS33E50). Results above 100 g/t silver are
analyzed by 30 g or 50 g fire assay gravimetric finish (GO-FAG37V, GO-FAG57V).
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, 2023 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 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, visit our website at
www.firstmajestic.com
. You can contact us by e-mail at
, or by telephone at 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 location, sample type, azimuth, dip and total depth.
Drillhole
East
North
Elev
Azimuth
Dip
Depth (m)
Type
EW-23-359
583102
3319903
886.31
185.92
-49.57
1413
Core
EW-23-360
583103
3319903
886.31
175.57
-53.26
1305
Core
EW-24-364
583221
3319713
869.69
175.31
-48.79
1200
Core
EW-24-366
582914
3319500
916.55
179.67
-53.28
1425
Core
EW-24-368
582891
3319426
914.92
181.56
-45.72
1480
Core
EW-24-370
583223
3319713
869.86
161.72
-56.53
1230
Core
Notes:
1
.
All collar coordinates are determined using a differential global positioning system (GPS) after hole completion with WGS84, Zone 12
(metres) as the reference system.
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