First Majestic Reports Positive Exploration Results at San Dimas
First Majestic Reports Positive Exploration
Results at San Dimas
Vancouver, British Columbia--(Newsfile Corp. - June 13, 2024) - 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 exploration program at the San Dimas Silver/Gold Mine located in Durango State,
Mexico. The drill program was designed to test new silver and gold mineral targets, add Mineral
Resources, and convert Mineral Resources to Mineral Reserves.
"We are very pleased with the positive exploration results that we continue to achieve at San Dimas in
2024,"
stated Keith Neumeyer, President & CEO of First Majestic.
"The recent drilling has continued to
highlight San Dimas' 71,867 hectare prospectivity through the intersection of significant gold and
silver mineralization
.
Drilling to convert Inferred to Indicated Mineral Resources at Perez, Santa
Regina and Elia has, in multiple cases, returned better than expected results. Resource expansion
drilling has confirmed the Perez vein remains open to the east and west, the Sinaloa mineralized
system is open down-dip, and the Santa Teresa mineralization is open for approximately one
kilometre to the west."
DRILLING HIGHLIGHTS
Select highlights from the Company's ongoing exploration program at San Dimas include the following
high-grade intercepts:
Perez Vein Highlights (true width):
PE24_297: 7.36 g/t Au and 1,129 g/t Ag over 6.72 metres ("m");
PE24_309: 10.87 g/t Au and 1,034 g/t Ag over 7.88 m;
PE23_294: 1.99 g/t Au and 440 g/t Ag over 6.08 m.
Sinaloa-Elia Vein System Highlights (true width):
SIN24_092: 39.28 g/t Au and 1,905 g/t Ag over 1.76 m;
EL24_266: 20.41 g/t Au and 1,702 g/t Ag over 2.15 m;
EL24_265: 10.46 g/t Au and 879 g/t Ag over 0.92 m.
Santa Regina Vein Highlights (true width):
SRE23_287: 13.24 g/t Au and 1,501 g/t Ag over 0.94 m;
SRE23_282: 9.44 g/t Au and 1,069 g/t Ag over 1.34 m;
SRE23_293: 9.27 g/t Au and 849 g/t Ag over 1.52 m.
Santa Teresa Vein Highlights (true width):
STA24_029: 4.86 g/t Au and 511 g/t Ag over 2.18 m;
STA23_028: 4.10 g/t Au and 79 g/t Ag over 2.09 m.
SAN DIMAS EXPLORATION RESULTS
Exploration drilling at San Dimas intersected significant gold and silver mineralization in multiple veins
focused in the central and western regions of the property. Four areas are highlighted here: Perez,
Sinaloa-Elia, Santa Regina and Santa Teresa (see Figure 1 below).
Figure 1: San Dimas District Vein Occurrence Map and Highlighted Target Areas
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1475/212797_ccb35e78149a3b3b_002full.jpg
Drilling for the Perez vein extended gold and silver mineralization up-dip on several ore shoots, further
defining a recently identified mineralized shoot to the east. Step-out drilling in the easternmost extension
of the vein confirmed vein continuity. The Perez vein exploration potential remains open both to the east
and west (see Figure 2). Select drill hole assay grades and true width intervals of the vein intersections
are highlighted below:
PE24_297: 7.36 g/t Au and 1,129 g/t Ag over 6.72 m;
PE24_309: 10.87 g/t Au and 1,034 g/t Ag over 7.88 m;
PE23_294: 1.99 g/t Au and 440 g/t Ag over 6.08 m;
PE24_289: 3.26 g/t Au and 381 gpt Ag over 2.79 m.
At the historic Sinaloa-Elia vein system located in the western portion of the property, drilling intersected
several intervals of gold and silver mineralized veins. Resource conversion drilling confirms and further
delineates mineralization below the historic Sinaloa vein with several intercepts returning better than
expected values. Expansionary drilling below historic mining at Elia intersected two significant vein
intercepts, highlighting down-dip potential (see Figure 3). Select drill hole assay grades and true width
intervals of the Sinaloa-Elia vein system intersections are highlighted below:
SIN24_092: 39.28 g/t Au and 1,905 g/t Ag over 1.76 m;
EL24_266: 20.41 g/t Au and 1,702 g/t Ag over 2.15 m;
EL24_265: 10.46 g/t Au and 879 g/t Ag over 0.92 m.
Resource conversion drilling at Santa Regina has returned significant intercepts while locally growing the
Inferred Mineral Resource (see Figure 4). Drill hole assay grades and true width intervals of the Santa
Regina vein intersections are highlighted below:
SRE23_287: 13.24 g/t Au and 1,501 g/t Ag over 0.94 m;
SRE23_282: 9.44 g/t Au and 1,069 g/t Ag over 1.34 m;
SRE23_293: 9.27 g/t Au also returned and 849 g/t Ag over 1.52 m.
Expansionary drilling of the Santa Teresa vein has returned significant intercepts in the eastern and
western extensions of the historic mine. Early results from the western extension drilling have confirmed
vein continuity and prospectivity in this direction where approximately 1 kilometre of strike length of
potential remains untested (see Figure 5). Drill hole assay grades and true width intervals of the Santa
Teresa vein intersections are highlighted below:
STA24_029: 4.86 g/t Au and 511 g/t Ag over 2.18 m;
STA23_028: 4.10 g/t Au and 79 g/t Ag over 2.09 m.
Figure 2: Perez Vein Vertical Long Section Looking North
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1475/212797_ccb35e78149a3b3b_003full.jpg
Figure 3: Sinaloa-Elia Vein System Vertical Long Section Looking North
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1475/212797_ccb35e78149a3b3b_004full.jpg
Figure 4: Santa Regina Vein Vertical Long Section Looking North
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1475/212797_ccb35e78149a3b3b_005full.jpg
Figure 5: Santa Teresa Vein Vertical Long Section Looking North
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1475/212797_ccb35e78149a3b3b_006full.jpg
Table 1:
Summary of Significant Silver and Gold Drill Hole Intercepts at San Dimas
Drillhole
Target
Target Type
Significant Intercept
From
(m)
Length
(m)
True Length
(m)
Au
(gpt)
Ag
(gpt)
AgEq
(gpt)
GPE23_003
Guadalupe
Resource addition
295.70
1.50
1.36
1.99
293
452
GPE23_006
Guadalupe
Resource addition
271.70
0.80
0.75
0.84
175
242
GPE23_006
String zone
Resource addition
428.40
0.95
0.91
1.24
196
296
CN24_004
Carmen
Resource addition
440.65
1.00
0.94
1.18
166
261
EL24_265
Elia
Resource addition
397.30
1.30
0.92
10.46
879
1716
EL24_266
Elia
Resource addition
461.50
4.00
2.15
20.41
1702
3336
ORO24_109
El Oro
Resource conversion
286.10
1.60
1.13
2.79
61
285
ORO24_111
El Oro
Resource conversion
221.70
0.95
0.94
9.78
1311
2093
ORO24_115
El Oro
Resource conversion
355.65
1.05
0.71
2.39
299
490
PE23_267
Perez
Resource conversion
194.25
1.60
0.74
1.05
145
229
PE23_272
Perez
Resource conversion
184.35
1.45
1.19
3.52
368
649
PE23_273
Perez
Resource conversion
287.55
3.35
2.37
1.50
240
360
PE24_283
Perez
Resource addition
185.70
1.10
0.95
0.93
197
272
PE24_289
Perez
Resource conversion
290.45
6.60
2.79
3.26
381
641
PE24_289
Perez
Resource conversion
300.35
3.35
1.42
2.85
153
381
PE24_294
Perez
Resource conversion
258.80
10.60
6.08
1.99
440
599
PE24_296
Perez
Resource addition
276.85
2.95
1.47
6.50
590
1110
PE24_297
Perez
Resource conversion
344.40
8.20
6.72
7.36
1129
1717
PE24_304
Perez
Resource addition
280.70
1.35
0.95
2.71
285
502
PE24_306
Perez
Resource conversion
231.00
1.70
0.85
0.86
191
260
PE24_306
Perez
Resource conversion
234.47
2.23
1.28
11.53
1158
2081
PE24_309
Perez
Resource addition
255.55
16.00
7.88
10.87
1034
1904
PE24_311
Perez
Resource conversion
325.55
1.50
1.41
4.78
550
932
PE24_315
Perez
Resource conversion
239.60
3.30
1.89
2.23
395
573
SIN23_087
Sinaloa
Resource conversion
58.95
1.20
1.01
12.34
196
1183
SIN23_087
Sinaloa
Resource conversion
278.75
1.35
1.20
4.90
271
664
SIN23_087
Sinaloa
Resource conversion
312.65
2.15
2.08
4.26
255
596
SIN24_091
Sinaloa (FW)
Resource conversion
239.85
0.85
0.70
9.65
1017
1788
SIN24_091
Sinaloa
Resource conversion
288.20
2.00
1.73
2.50
188
389
SIN24_091
Sinaloa
Resource conversion
292.35
1.10
0.95
9.13
582
1312
SIN24_092
Sinaloa
Resource conversion
257.70
1.85
1.76
39.28
1905
5047
SIN24_092
Sinaloa (HW)
Resource conversion
288.40
1.20
1.04
3.43
238
512
ST23_028
Santa Teresa
Resource addition
343.30
2.55
2.09
4.10
79
407
ST24_029
Santa Teresa
Resource addition
141.50
2.35
2.18
4.86
511
900
ROS23_035
Macho Bayo
Resource addition
398.40
1.10
0.90
3.81
262
567
ROS23_037
Rosario
Resource addition
369.20
0.80
0.70
3.45
378
654
SRE23_274
Santa Regina
Resource conversion
242.65
2.05
1.78
3.85
392
700
SRE23_274
Santa Regina
Resource conversion
295.45
1.15
1.04
3.37
339
609
SRE23_279
Santa Regina
Resource conversion
234.05
1.40
0.99
5.48
622
1061
SRE23_280
Santa Regina
Resource conversion
228.80
1.35
1.16
5.32
551
976
SRE23_281
Santa Regina
Resource conversion
237.15
1.10
0.84
6.61
855
1384
SRE23_281
String zone
Resource conversion
266.55
1.65
1.43
4.12
683
1013
SRE24_282
Santa Regina (HW)
Resource conversion
259.00
1.50
1.34
9.44
1069
1824
SRE24_283
Santa Regina
Resource conversion
247.60
0.95
0.70
10.59
1055
1902
SRE24_286
Santa Regina
Resource conversion
246.15
0.90
0.78
2.45
345
541
SRE24_287
Santa Regina (HW)
Resource conversion
261.50
1.15
0.94
13.24
1501
2559
SRE24_287
Santa Regina
Resource conversion
308.80
1.40
1.27
4.02
457
779
SRE24_289
String zone
Resource conversion
260.55
1.55
1.27
1.76
182
323
SRE24_289
Santa Regina (HW)
Resource conversion
296.90
2.50
2.05
3.42
361
635
SRE24_289
Santa Regina
Resource conversion
315.55
1.20
0.98
1.38
233
343
SRE24_293
Santa Regina
Resource conversion
280.35
2.15
1.52
9.27
849
1590
SRE24_295
Santa Regina
Resource conversion
301.50
1.20
1.09
1.50
185
305
Notes:
1
.
All holes are Diamond Drill; AgEq grade = silver grade (g/t) + [gold grade (g/t)*80].
2
.
From and Length indicated in metres, true width of the intercept is calculated per drill hole and vein angles.
3
.
See Table A1 for details regarding drill hole locations, sample type, azimuth, dip and total depth.
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 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 but above 100 g/t AgEq 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.
First Majestic's drilling programs follow established QA/QC insertion protocols with standards, blanks
and duplicates introduced to 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 is retained on-
site for verification and reference purposes.
Core samples were submitted to First Majestic's owned and operated Central Laboratory (ISO
9001:2015) or to SGS (ISO/IEC 17025:2017), and independent third-party laboratory.
At the Central Lab, gold is analyzed by fire assay with atomic absorption finish (Au-AA13), and by fire
assay gravimetric finish (ASAG-13-Au, ASAG-15-Au). Results above 10 g/t gold are analyzed by 30 g
fire assay gravimetric finish (ASAG-14). Silver is analyzed by 3-Acid digest atomic absorption finish
(AAG-13) or by 30 g fire assay gravimetric finish (ASAG-13-Ag). Results above 200 g/t silver are
analyzed by 30 g fire assay gravimetric finish (ASAG-14).
At SGS, gold is analyzed by 30 g fire assay atomic absorption finish (GE-FAA30V5). Results above 10
g/t gold are analyzed by 30 g fire assay gravimetric finish (GO-FAG30V). Silver is analyzed by 3-acid
digest atomic absorption finish (GE-AAS33E50). Results above 100 g/t silver are analyzed by fire assay
gravimetric finish (GO-FAG37V).
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 recent Annual Information Form available at
www.sedarplus.ca
.
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 San Dimas Silver/Gold Mine, the
Santa Elena 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
Elevation
Azimuth
Dip
Depth (m)
Type
GPE23_003
398324
2666358
572
148
-13
507
Core
GPE23_006
398324
2666358
572
171
6
483
Core
CN24_004
398324
2666359
572
181
-13
549
Core
EL24_265
400317
2667086
549
191
-30
501
Core
EL24_266
400317
2667087
550
204
-28
513
Core
ORO24_109
404187
2665505
509
277
15
309
Core
ORO24_111
404186
2665505
509
282
14
249
Core
ORO24_115
404186
2665504
510
277
25
372
Core
PE23_267
398560
2671170
831
317
-23
246
Core
PE23_272
398560
2671169
830
296
-12
243
Core
PE23_273
399019
2671354
844
320
-31
327
Core