First Majestic Reports Exploration Success for Navidad at Santa Elena New drilling significantly expands the high-grade gold and silver mineralization of the Navidad discovery. Metallurgical testing demonstrates excellent gold and silver recoveries for Navidad mineralization
First Majestic Reports Exploration Success for
Navidad at Santa Elena
New drilling significantly expands the high-grade gold and silver mineralization of the Navidad
discovery.
Metallurgical testing demonstrates excellent gold and silver recoveries for Navidad mineralization
Vancouver, British Columbia--(Newsfile Corp. - February 4, 2025) - First Majestic Silver Corp. (NYSE:
AG) (TSX: AG) (FSE: FMV) (the "Company" or "First Majestic") is pleased to provide new results for the
Navidad discovery at its Santa Elena Silver/Gold Mine in Sonora, Mexico that was first announced on
July 30, 2024
. The drilling completed during the second half of 2024 ("H2") significantly expanded the
gold and silver mineralization discovered at the Navidad Target ("Navidad"), and metallurgical testing of
the mineralization revealed that gold and silver metal recoveries are excellent.
"
The success at Santa Elena continues,
" stated Keith Neumeyer, President & CEO of First Majestic.
"The exploration program at Navidad during H2 successfully expanded the high-grade gold and silver
mineralization of the Navidad discovery, extending mineralization closer to the Ermitaño mine
infrastructure. We anticipate continued success at Santa Elena during 2025 as we work to grow and
define the mineral deposit at Navidad. We are very excited by the potential of this new discovery,
which we believe represents a high-quality opportunity to grow the Mineral Resource and Mineral
Reserve base both for the Santa Elena operation and for the Company as a whole."
H2 2024 NAVIDAD EXPLORATION HIGHLIGHTS
Drilling of Navidad since the discovery announcement in July 2024, has substantially expanded the
footprint of gold ("Au") and silver ("Ag") mineralization. A total of 20,809 metres ("m") of new drilling was
completed with 17-holes that have defined extensive mineralization consisting of two epithermal quartz
veins with high-grade gold and silver mineralization: the Navidad and Winter veins. The gold and silver
mineralization identified to date extends greater than 1,000m by 300m in strike and dip with the true
thickness of mineralization averaging between 2.8m and 4.4m. A maiden Inferred Mineral Resource
estimate is anticipated to be released in late March.
During 2025, additional drilling from surface is planned to continue testing the potential expansion of
Navidad, which remains open in multiple directions. Expansionary and infill resource definition drilling will
also take place from multiple new underground drilling stations constructed from the Ermitaño mine. Five
drill rigs are currently active at Navidad.
Independent third-party metallurgical testing of Navidad and Winter mineralization under current mineral
processing parameters for the Santa Elena processing plant was completed during the fall of 2024. The
testing revealed exceptional gold and silver recovery rates with gold recoveries consistently exceeding
90% and silver recoveries exceeding 85%. The results firmly establish that Navidad's mineralization is
compatible with the existing processing infrastructure at the Santa Elena operation.
KEY DRILLING HIGHLIGHTS
A summary of high-grade assay results from exploration drilling completed at Navidad during the second
half of 2024 is provided in Table 1 and includes the highlighted true-width intervals that follow:
Navidad Mineral Project
Winter Vein Highlights
Hole EW-24-371:
4.30 m at 5.12 g/t Au & 43 g/t Ag
And:
1.22 m at 9.72 g/t Au & 76 g/t Ag
Hole EW-24-372-A:
4.83 m at 8.60 g/t Au & 77 g/t Ag
Hole EW-24-373:
6.06 m at 5.64 g/t Au & 104 g/t Ag
Hole EW-24-377:
3.30 m at 7.09 g/t Au & 1,253 g/t Ag
Hole EW-24-379:
1.72 m at 1.57 g/t Au & 119 g/t Ag
Hole EW-24-380:
3.07 m at 4.27 g/t Au & 57 g/t Ag
Hole EW-24-382:
2.66 m at 13.93 g/t Au & 99 g/t Ag
Hole EW-24-383:
1.38 m at 0.42 g/t Au & 1,064 g/t Ag
And:
1.26 m at 0.32 g/t Au & 461 g/t Ag
Hole EW-24-384:
1.59 m at 6.40 g/t Au & 110 g/t Ag
And:
1.04 m at 5.62 g/t Au & 46 g/t Ag
Hole EWUG-24-035:
5.62 m at 2.89 g/t Au & 50 g/t Ag
Navidad Vein Highlights
Hole EW-24-372-A:
3.24 m at 13.06 g/t Au & 205 g/t Ag
Hole EW-24-374:
2.63 m at 0.54 g/t Au & 221 g/t Ag
Hole EW-24-377:
1.59 m at 1.60 g/t Au & 135 g/t Ag
Hole EW-24-379:
2.32 m at 7.09 g/t Au & 38 g/t Ag
Hole EW-24-380:
1.27 m at 2.08 g/t Au & 120 g/t Ag
Hole EW-24-381:
1.69 m at 0.92 g/t Au & 128 g/t Ag
And:
1.03 m at 1.19 g/t Au & 144 g/t Ag
Hole EW-24-384:
2.58 m at 1.44 g/t Au & 139 g/t Ag
And:
1.35 m at 2.90 g/t Au & 354 g/t Ag
Hole EW-24-386:
1.18 m at 2.82 g/t Au & 118 g/t Ag
Hole EWUG-24-035:
4.78 m at 1.36 g/t Au & 115 g/t Ag
DISTRICT EXPLORATION APPROACH
Exploration for gold and silver mineral deposits at Santa Elena is guided by a newly developed
understanding of the rocks most likely to host mineralized veins within the volcanic stratigraphy as well as
by the timing of mineralizing events in the district. Detailed mapping, geologic interpretation and
geochronological studies have led the exploration team to recognize that Santa Elena and Ermitaño-
style mineral deposits formed in favorable host-rocks that are concealed beneath extensive regions of
overlying volcanic rocks. Drilling beneath the overlying volcanic rocks and other post-mineral volcanic
rocks in 2024 has confirmed the favorable host-rock concept and led to the discovery of the Navidad
Target (Figure 1). For 2024, a total of 58,311m of exploration drilling was completed on the Santa Elena
property, a 21% increase compared to 2023.
Figure 1: Santa Elena Property 2024 Schematic Map of the Navidad Target Area. Plan View.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1475/239517_0797ab2a14fcc907_002full.jpg
Navidad Target
As a result of H2 drilling, the Navidad discovery location has been confirmed to occur approximately
100m southwest and 350m below the Ermitaño underground mine levels, significantly closer than what
the Company had previously stated, which was 500m southwest and 750m below the mine levels.
Drilling is ongoing with 20,809m completed in 17 drill holes during the second half of 2024 for a total of
31,500m in this target area during 2024. The drilling significantly expanded the known mineralization and
delineated two quartz veins that possess high-grade gold and silver mineralization: the Navidad and
Winter veins. The epithermal vein deposits consist of grey to pink, banded quartz and quartz vein
stockwork that contain visible silver sulphides and locally visible native gold grains, both detectable by
handheld X-Ray Florescence Analyzer (Figure 2 and Figure 3).
The Winter vein occurs approximately 180m structurally above and sub-parallel to the underlying Navidad
vein; both veins are surrounded by quartz stockwork (Figure 4). Significant gold and silver mineralization
intersected within the Winter vein currently extends 600m by 350m along strike and dip and the
mineralization ranges from 0.65m to 6.6m in thickness (Figure 5). Mineralization intersected to date
within the Navidad vein extends 1,000m by 300m along strike and dip and the mineralization ranges
from 0.5m to 5.0m in thickness (Figure 6).
Independent third-party metallurgical tests demonstrate robust gold and silver recovery rates for the
Navidad and Winter mineralization, exceeding 90% and 85%, respectively. These results confirm each
vein's compatibility with Santa Elena's existing processing facility. Initial grindability tests indicate the
material is slightly softer than Ermitaño's mineralization, potentially enabling increased plant throughput.
During 2025, the drilling will explore for expansion of the Navidad/Winter mineralization from surface.
The full extent of the gold and silver vein system is not yet known, and the potential to expand the
mineralization remains open in several directions. Extensive infill resource definition drilling will also be
completed primarily from new underground drilling stations within the Ermitaño mine.
Figure 2: Core Photography of the Winter Vein with High-Grade Gold and Silver Mineralization
detected by XRF Analyzer.
Hole EW-24-373 Assay Results: 6.06 m at 5.64 g/t Au and 104 g/t Ag.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1475/239517_0797ab2a14fcc907_003full.jpg
Figure 3: Core Photography of the Navidad Vein with High-Grade Gold and Silver Mineralization
detected by XRF Analyzer.
Hole EW-24-372A Assay Results: 3.24 m at 13.06 g/t Au and 206 g/t Ag.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1475/239517_0797ab2a14fcc907_004full.jpg
Figure 4:
Navidad Vein System Detail. Winter and Navidad veins. (A) Vertical Cross-Section of
Navidad and Winter Veins looking East. (B) Plan View of Navidad and Winter Veins. (C) Long-Section
looking Southeast. Full Projection.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1475/239517_0797ab2a14fcc907_005full.jpg
Figure 5: Winter Vein Long Section Looking Northwest with Significant Intercepts.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1475/239517_0797ab2a14fcc907_006full.jpg
Figure 6: Navidad Vein Long Section Looking Northwest with Significant Intercepts
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1475/239517_0797ab2a14fcc907_007full.jpg
Table 1:
Summary of Significant Gold and Silver Drill Hole Intercepts at Navidad
Drillhole
Target
Target Type
Significant Intercept
From
(m)
To
(m)
True Length
(m)
Au
(g/t)
Ag
(g/t)
AgEq
(g/t)
EW-24-371
Winter Vein
Resource addition
874.40
879.15
4.30
5.12
43
479
EW-24-371
Include 1
Resource addition
875.95
876.55
0.54
17.80
130
1643
EW-24-371
Winter Vein
Resource addition
880.75
882.10
1.22
9.72
77
903
EW-24-372
Winter Vein
Resource addition
941.00
944.60
2.95
10.45
82
970
EW-24-372
Include 1
Resource addition
941.70
944.20
2.05
13.19
104
1225
EW-24-372-A
Winter Vein
Resource addition
941.35
946.35
4.83
8.60
77
808
EW-24-372-A
Include 1
Resource addition
942.60
943.45
0.82
12.90
126
1223
EW-24-372-A
Include 2
Resource addition
943.95
944.35
0.39
12.90
95
1192
EW-24-372-A
Include 3
Resource addition
945.90
946.35
0.43
21.50
140
1968
EW-24-372-A
Navidad Vein
Resource addition
1136.05
1139.40
3.24
13.06
206
1315
EW-24-372-A
Include 1
Resource addition
1136.05
1137.70
1.59
18.00
250
1780
EW-24-372-A
Include 2
Resource addition
1138.15
1138.80
0.63
14.40
271
1495
EW-24-373
Winter Vein
Resource addition
942.05
948.50
6.06
5.64
104
584
EW-24-373
Include 1
Resource addition
946.45
947.65
1.13
13.00
286
1391
EW-24-374
Navidad Vein 1
Resource addition
1021.10
1023.90
2.63
0.54
222
268
EW-24-374
Navidad Vein 2
Resource addition
1025.65
1026.80
1.08
1.32
83
195
EW-24-377
Winter Vein 1
Resource addition
948.25
951.60
3.30
7.09
125
728
EW-24-377
Vein
Resource addition
1068.45
1070.70
1.29
2.11
73
253
EW-24-377
Vein
Resource addition
1194.50
1195.85
1.33
2.04
100
274
EW-24-377
Navidad Vein 1
Resource addition
1199.15
1200.90
1.59
1.60
136
272
EW-24-377
Navidad Vein 2
Resource addition
1201.85
1203.50
1.50
0.99
61
145
EW-24-379
Vein
Resource addition
1073.45
1075.35
1.72
1.57
119
253
EW-24-379
Vein
Resource addition
1100.55
1101.80
1.02
2.97
13
265
EW-24-379
Navidad Vein
Resource addition
1115.35
1117.75
2.32
7.09
38
641
EW-24-379
Include 1
Resource addition
1115.35
1115.85
0.48
20.40
36
1770
EW-24-380
Vein
Resource addition
1018.95
1020.25
1.18
1.50
22
149
EW-24-380
Winter Vein
Resource addition
1026.50
1030.05
3.07
4.27
58
420
EW-24-380
Include 1
Resource addition
1026.85
1027.60
0.65
11.20
155
1107
EW-24-380
Navidad Vein
Resource addition
1182.10
1183.65
1.27
2.08
120
297
EW-24-381
Navidad Vein 1
Resource addition
1326.35
1328.15
1.69
0.92
129
206
EW-24-381
Navidad Vein 2
Resource addition
1329.90
1331.00
1.03
1.19
145
246
EW-24-382
Winter Vein
Resource addition
938.90
941.65
2.66
13.93
99
1283
EW-24-382
Include 1
Resource addition
939.55
941.65
2.03
15.97
112
1469
EW-24-382
Vein
Resource addition
1133.95
1135.10
1.08
2.52
8
222
EW-24-383
Vnlts
Resource addition
1072.20
1074.40
1.10
1.86
9
167
EW-24-383
Vnlts
Resource addition
1122.35
1124.00
1.26
0.32
462
489
EW-24-383
Vnlts
Resource addition
1137.30
1139.45
1.38
0.42
1064
1100
EW-24-383
Include 1
Resource addition
1138.40
1138.70
0.19
2.00
6369
6539
EW-24-384
Winter Vein
Resource addition
1030.50
1032.15
1.59
6.40
111
655
EW-24-384
Vein
Resource addition
1041.55
1042.75
1.04
5.62
47
524
EW-24-384
Vnlts
Resource addition
1244.65
1245.85
1.13
1.08
73
165
EW-24-384
Vnlts
Resource addition
1284.15
1285.90
1.64
1.52
109
238
EW-24-384
Navidad Vein 1
Resource addition
1290.55
1293.40
2.58
1.44
140
262
EW-24-384
Navidad Vein 2
Resource addition
1297.45
1299.10
1.35
2.90
354
601
EW-24-386
Vnlts
Resource addition
1091.00
1092.45
1.31
2.73
331
564
EW-24-386
Vein
Resource addition
1095.05
1097.45
1.01
1.52
175
305
EW-24-386
Navidad Vein
Resource addition
1100.35
1101.65
1.18
2.82
119
359
EW-24-386
Vnlts
Resource addition
1107.60
1109.40
1.56
0.95
94
175
EWUG-24-035
Winter Vein
Resource addition
578.70
584.90
5.62
2.89
50
296
EWUG-24-035
Vnlts
Resource addition
883.35
884.40
1.01
3.18
36
307
EWUG-24-035
Include 1
Resource addition
883.35
883.75
0.39
6.10
523
1042
EWUG-24-035
Navidad Vein
Resource addition
885.70
890.65
4.78
1.36
115
230
EWUG-24-035
Vein
Resource addition
900.30
902.55
1.95
1.71
175
321
Drillhole
Target
Target Type
Significant Intercept
From
(m)
To
(m)
True Length
(m)
Au
(g/t)
Ag
(g/t)
AgEq
(g/t)
Notes:
1
.
All holes are Diamond Drill Core; AgEq grade = Ag grade (g/t) + [Au (g/t) * 85].
2
.
From and To length indicated in metres, true width of the intercept is calculated per drill hole and vein angles.
3
.
See Appendix for details regarding drill hole locations, sample type, azimuth, dip and total depth.
4
.
Gold and silver drill hole significant intercepts were composited using the length weighted averages of uncapped sample assays, a 145 g/t
AgEq minimum grade (Cut-off-Grade, "COG"), 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. Where necessary to achieve minimum length, a single sample below the COG but grading
>75g/t AgEq was allowed to be composited for short intervals.
5
.
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 30g or 50g fire assay atomic absorption finish (GE-FAA30V5, GE-FAA50V5). Results above 10 g/t