First Majestic Announces Results of the 2025 Drilling Program at Jerritt Canyon Gold Mine Exploration drilling results underscore the potential for further Mineral Resource expansion
First Majestic Announces Results of the 2025
Drilling Program at Jerritt Canyon Gold Mine
Exploration drilling results underscore the potential for
further Mineral Resource expansion
Vancouver, British Columbia--(Newsfile Corp. - March 10, 2026) - First Majestic Silver Corp. (NYSE:
AG) (TSX: AG) (FSE: FMV) (the "Company" or "First Majestic") is pleased to announce the results of a
successful 2025 exploration program at its Jerritt Canyon Gold Mine ("Jerritt Canyon") located in
Nevada, USA, including the Mahala, Javelin, and Saval targets within the Smith-SSX-Saval mining area.
The Company believes these results underscore the potential for expanding gold Mineral Resources at
Jerritt Canyon to include both open-pit and underground resources.
"The success of our 2025 drilling program at Jerritt Canyon reaffirms our confidence in the potential of
this district,"
said Keith Neumeyer, CEO of First Majestic.
"With the improved metal price environment,
our team has expanded its focus to test both known underground targets as well as open-pit
opportunities, which have yielded encouraging results. The results of the 2025 exploration program
further highlight the potential for Mineral Resource growth. Jerritt Canyon hosts a significant district-
scale land package of more than 30,000 hectares, and we have always believed that unlocking the
district's full potential requires continued investment in exploration. The results from our 2025 drill
program represent an important step toward that vision."
2025 EXPLORATION HIGHLIGHTS
In 2025, First Majestic completed an extensive drilling campaign at Jerritt Canyon totalling approximately
18,300 metres ("m") across 57 drill holes. The program was strategically designed to explore for new
gold mineralized zones beneath non-favourable "cover" rocks, as well as to assess the continuity of
known mineralization beyond the boundaries of existing Inferred Mineral Resources along established
geological trends. Targets included areas that have deeper underground and/or near-surface open pit
potential.
Given the property's history of both open pit and underground mining, the 2025 drilling results highlight
the potential for Mineral Resources amenable to both mining methods: significant underground
intercepts are defined by a minimum length of 4.6 m and a gold ("Au") cut-off grade of 1.13 g/t, while
significant open pit intercepts require at least 9.1 m and 0.43 g/t Au cut-off grade (see footnotes in the
intercept tables for further criteria).
KEY DRILLING HIGHLIGHTS
Table 1 presents a selection of drill hole intercepts with significant assay results from the 2025 drill
program at Jerritt Canyon, and Figure 1 highlights the areas with significant gold drilling intercepts
across the district.
Table 1: Selection of Significant Gold Drill Hole Intercept Highlights from the 2025 Jerritt Canyon Drill
Program
Drillhole
Target
Significant Intercept
From
(m)
To
(m)
Drilled Length
(m)
Metal Grades
MA-25-017
Mahala/Javelin
294.1
318.5
24.4
3.43 g/t Au
MA-25-008
Mahala/Javelin
137.2
144.8
7.6
9.43 g/t Au
MA-25-009
Mahala/Javelin
141.7
160
18.3
2.23 g/t Au
MA-25-008
Mahala/Javelin
161.5
179.8
18.3
2.19 g/t Au
SC-25-003
Saval
195.1
246.9
51.8
1.48 g/t Au
Note: True Width is currently unknown due to the uncertain nature of mineralization orientation; however, given the mainly sub-horizontal,
stratigraphic controls, and near vertical drilling from surface, True Width is not expected to differ materially from Drilled Length.
Figure 1: Jerritt Canyon District Map Highlighting Areas with Significant Gold Drilling Intercepts
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1475/288026_b02e2270c4474900_002full.jpg
Mahala to Javelin - Expansion Corridor
The Mahala and Javelin targets are situated between the Smith and SSX underground mines. See
Figure 2 below identifying the Area of Interest ("AOI"). Mahala is one of the district's larger known
Inferred Mineral Resource areas, and there is modeled geological continuity between Mahala and
Javelin. In 2023, drilling at Javelin produced several significant intercepts including 8.76 g/t Au over 15.2
m (hole SMI-230011) and 7.44 g/t Au over 15.7 m (hole SMI-230013), as reported in 2024 (see the
Company's news release dated
February 7, 2024
). A detailed review completed in early 2025 identified
expansion potential for both targets within an area of approximately 600 m by 600 m. The review also
highlighted possible increases in the interpreted thickness of the Javelin gold mineralization.
Figure 2: Saval / SSX / Mahala / Javelin / Smith Location Map
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1475/288026_b02e2270c4474900_003full.jpg
Javelin
A review of the Javelin target revealed that previous drilling, which was carried out from underground,
intersected the mineralization at angles that were nearly parallel to the mineralization controls.
Consequently, the true thickness of mineralization was not accurately determined, suggesting the
potential for volume upside in resource estimation. The 2025 drill program tested the target from surface,
allowing for drill-holes oriented at near sub-perpendicular angles to the interpreted gold mineral trend.
Drill-hole MA-25-008, the first hole completed in the program, returned geological and assay results
indicating that the gold zone of interest is thicker than previously modeled. Based on these results, three
additional step-out holes were completed to test lateral continuity: MA-25-009 targeted northwesterly
continuity, MA-25-010 tested southerly continuity, and MA-25-011 tested southeasterly continuity. All
holes, except for MA-25-010, intersected significant intervals of gold mineralization, supporting the
interpreted continuity of the system. See a plan view in Figure 3 and cross section in Figure 4 below,
showing the results of the program.
Figure 3: Mahala / Javelin Corridor Planview with A to A' and B to B' Cross Section Locations
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1475/288026_b02e2270c4474900_004full.jpg
Figure 4: Javelin A to A' Cross Section with 2025 Drilling (See Figure 3 with Cross Section Definition).
Section projection is +/- 100 m
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1475/288026_b02e2270c4474900_005full.jpg
Mahala
The review of the Mahala target indicates that the previously defined AOI has the potential to expand
along projected gold mineralized trends. The currently defined Mahala resources are modeled
predominantly below the interpreted water table; however, geological modelling identified potential for
mineralization to extend eastward where the stratigraphy rises above the known water table.
Two drill-holes were completed to test this expansion potential to the east toward the Javelin target and
to the north. Drill-hole MA-25-017, collared approximately 200 m east of the known Mahala resource
boundary, intersected broad disseminated mineralization of 47.2 m grading 2.75 g/t Au, including two
separate high-grade intercepts of 24.4 m at 3.44 g/t Au and 10.7 m at 3.17 g/t Au (see Figure 5 below
showing cross-section details). These results indicate that Mahala gold mineralization remains open to
the east in the direction of the Javelin target.
Figure 5: Mahala / Javelin B to B' Cross Section (See Figure 3 with Cross Section Definition). Section
Projection +/- 100 m
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1475/288026_b02e2270c4474900_006full.jpg
Saval Historical Open Pit Target
An additional near-mine AOI focused on shallow mineralization in the vicinity of the historical Saval open
pits. The deposit is characterized by structurally controlled, stratigraphically bound Carlin-style
mineralization. See Figure 6 below showing the AOI with the location of the 2025 drill holes.
This geological setting is associated with broad, low to high-grade, sub-horizontal mineralized zones,
which are amenable to near-surface open pit mining methods. A targeted review around the previously
mined Saval open pits identified gaps in historical drilling coverage along interpreted mineralized trends.
The 2025 drill program tested the potential for near-surface mineralization within these open trends and
evaluated opportunities for expansion adjacent to the historical workings. Several drill-holes completed
at the West Saval Historical Open Pit AOI intersected shallow, broad intervals of lower-grade gold
mineralization.
Figure 6: Saval Historical Pit to SSX Gridiron Corridor Planview, with Cross-section line A-A'
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1475/288026_b02e2270c4474900_007full.jpg
At the East Saval Historical Open Pit AOI, drill-hole SC-25-003 intersected a significant interval of 51.8
m grading 1.48 g/t Au, including a higher-grade intercept of 12.2 m at 3.23 g/t Au. The geological
continuity of this intercept remains uncertain at this stage. Mineralization may represent a linkage to the
underground SSX Gridiron target, or alternatively, an eastward extension of the Saval mineralized trend.
See Figure 7 below for a cross section of the results. Further drilling will be required to better constrain
the geometry and continuity of this zone.
Figure 7 - East Saval Cross-Section (See Figure 6 for Cross-Section Definition). Section thickness +/-
50 m
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1475/288026_b02e2270c4474900_008full.jpg
Table 2: Summary of Significant Underground Potential Gold Drill Hole Intercepts at Jerritt Canyon
Drillhole
Target
Target Type
Significant Intercept
From
(m)
To
(m)
Interval Length
(m)
Au
(g/t)
GH-25-001
Boilermaker
Drill Testing
128.0
132.6
4.6
1.37
GH-25-003
Boilermaker
Drill Testing
144.8
149.4
4.6
1.66
GH-25-005
Murray
Drill Testing
114.3
118.9
4.6
1.75
GH-25-005 (2)
Murray
Drill Testing
131.1
141.7
10.7
1.83
GR-25-003
Murray
Drill Testing
332.2
336.8
4.6
4.56
GR-25-003 (inc)
Murray
Drill Testing
333.8
335.3
1.5
12.30
MA-25-002
Blackjack
Drill Testing
265.2
269.8
4.6
1.66
MA-25-002 (2)
Blackjack
Drill Testing
281.9
292.6
10.7
1.62
MA-25-008
Javelin
Drill Testing
120.4
125.0
4.6
2.11
MA-25-008 (2)
Javelin
Drill Testing
137.2
144.8
7.6
9.43
MA-25-008 (inc)
Javelin
Drill Testing
138.7
143.3
4.6
12.60
MA-25-008 (3)
Javelin
Drill Testing
161.5
179.8
18.3
2.19
MA-25-008 (4)
Javelin
Drill Testing
182.9
196.6
13.7
2.07
MA-25-009
Javelin
Drill Testing
147.8
166.1
18.3
2.23
MA-25-009 (2)
Javelin
Drill Testing
178.3
182.9
4.6
1.47
MA-25-009 (3)
Javelin
Drill Testing
193.5
198.1
4.6
2.90
MA-25-011
Javelin
Drill Testing
158.5
164.6
6.1
3.93
MA-25-011 (2)
Javelin
Drill Testing
169.2
173.7
4.6
1.78
MA-25-017
SSX Mahala
Drill Testing
294.1
318.5
24.4
3.44
MA-25-017 (2)
SSX Mahala
Drill Testing
324.6
335.3
10.7
3.17
MA-25-017 (3)
SSX Mahala
Drill Testing
347.5
352.0
4.6
1.95
US-25-002
USB
Drill Testing
222.5
228.6
6.1
1.66
US-25-003
USB
Drill Testing
167.6
175.3
7.6
1.88
WW-25-001
Murray
Drill Testing
281.9
289.6
7.6
1.34
WC-25-004
Winter's Creek
Drill Testing
117.3
125.0
7.7
6.25
WC-25-004 (inc)
Winter's Creek
Drill Testing
120.4
123.4
3.0
11.85
SC-25-003
Saval Expansion
Drill Testing
211.8
219.5
7.6
1.88
SC-25-003 (2)
Saval Expansion
Drill Testing
228.6
240.8
12.2
3.23
Notes:
1
.
All holes are Reverse Circulation ("RC").
2
.
From and To length indicated in metres, true width of the intercept is not known at this time.
3
.
See Appendix to this news release for details regarding drill hole locations, sample type, azimuth, dip and total depth.
4
.
Gold drill hole significant intercepts were composited using the length weighted averages of uncapped sample assays, a 1.13 g/t Au
minimum cut-off grade ("COG"); minimum composite length of 4.6 m (drilled width). A maximum of 4.6 m below the minimum COG was
allowed as internal dilution. Where necessary to achieve minimum length, a single sample below the COG was allowed to be composited for
short intervals.
5
.
Where present, single samples or intercepts with assay results higher than 10 g/t Au are highlighted as "Include" in each intercept.
Table 3: Summary of Significant Open Pit Potential Gold Drill Hole Intercepts at Jerritt Canyon
Drillhole
Target
Target Type
Significant Intercept
From
(m)
To
(m)
Interval Length
(m)
Au
(g/t)
GH-25-003
Boilermaker
Drill Testing
155.4
169.2
13.7
0.84
GH-25-005
Murray
Drill Testing
131.1
141.7
10.7
1.83
MA-25-002
Blackjack
Drill Testing
262.1
292.6
30.5
1.13
MA-25-004
Blackjack
Drill Testing
271.3
285.0
13.7
0.49
MA-25-005
Hades
Drill Testing
271.3
281.9
10.7
0.55
MA-25-008
Javelin
Drill Testing
120.4
129.5
9.1
1.41
MA-25-008 (2)
Javelin
Drill Testing
135.6
153.9
18.3
4.26
MA-25-008 (2 inc)
Javelin
Drill Testing
137.2
144.8
7.6
9.43
MA-25-008 (3)
Javelin
Drill Testing
157.0
204.2
47.2
1.66
MA-25-009
Javelin
Drill Testing
143.3
167.6
24.4
1.85
MA-25-009 (2)
Javelin
Drill Testing
175.3
185.9
10.7
1.09
MA-25-009 (3)
Javelin
Drill Testing
193.5
207.3
13.7
1.43
MA-25-011
Javelin
Drill Testing
158.5
173.7
15.2
2.14
MA-25-017
SSX Mahala
Drill Testing
289.6
336.8
47.2
2.75
MA-25-017 (inc)
SSX Mahala
Drill Testing
303.3
307.9
4.6
5.32
US-25-002
USB
Drill Testing
219.5
239.3
19.8
0.94
US-25-003
USB
Drill Testing
167.6
184.4
16.8
1.14
WW-25-001
Murray
Drill Testing
281.9
294.1
12.2
0.99
WC-25-004
Winter's Creek
Drill Testing
117.4
126.5
9.1
5.25
WC-25-004 (inc)
Winter's Creek
Drill Testing
118.9
123.4
4.6
8.76
SC-25-003
Saval Expansion
Drill Testing
195.1
246.9
51.8
1.48
SC-25-007
Saval Expansion
Drill Testing
132.6
141.7
9.1
0.80
SC-25-008
Saval Expansion
Drill Testing
106.7
118.9
12.2
0.81
SC-25-013
Saval Expansion
Drill Testing
144.8
155.4
10.7
0.63
SC-25-014
Saval Expansion
Drill Testing
103.6
114.3
10.7
0.46
SC-25-014 (2)
Saval Expansion
Drill Testing
120.4
129.5
9.1
0.49
SC-25-016
Saval Expansion
Drill Testing
214.9
228.6
13.7
0.57
Notes:
1
.
All drill holes were Reverse Circulation.
2
.
From and To length indicated in metres, true width of the intercept is not known at this time.
3
.
See Appendix to this news release for details regarding drill hole locations, sample type, azimuth, dip and total depth.
4
.
Gold drill hole significant intercepts were composited using the length weighted averages of uncapped sample assays, a 0.43 g/t Au
minimum cut-off grade ("COG"); minimum composite length of 9.1 m (drilled width). A maximum of 4.6 m below the minimum COG was
allowed as internal dilution. Where necessary to achieve minimum length, a single sample below the COG was allowed to be composited for
short intervals.
5
.
Where present, single samples or intercepts with intervals of 4.6 m or greater with more than 5.0 g/t Au are highlighted as "Include" in each
intercept.
6
.
Intervals starting at depths under 300 m are considered suitable for potential Open Pit significant intercepts.
First Majestic's 2025 drilling programs at Jerritt Canyon followed established Quality Assurance, Quality
Control ("QA/QC") insertion protocols with standards, blanks and duplicates introduced into the sample-
stream. All RC drill-hole samples were placed in bags labeled with the hole ID, sample ID, and sample
interval, and submitted to Bureau Veritas Minerals Laboratories (BV) (ISO/IEC 17025:2017) in Sparks,
Nevada. At BV, samples were dried, crushed to 70% passing a 2 mm mesh and pulverized to 85%
passing a 75 μm mesh. Gold was analyzed by lead collection Fire Assay fusion AAS finish (FA430).
Results above 10 g/t Au were analyzed by 30 g lead collection Fire Assay fusion gravimetric finish
(FA530).
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 PERSONS
Gonzalo Mercado, P. Geo., the Company's Vice-President, Exploration & 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 Santa Elena Silver/Gold Mine, the San Dimas Silver/Gold Mine, the Los Gatos Silver Mine
(the Company holds a 70% interest in the Los Gatos Joint Venture that owns and operates the mine),
and the La Encantada Silver Mine, as well as a portfolio of development and exploration assets,
including the Jerritt Canyon Gold Mine 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"