First Majestic Reports Positive Exploration Results at San Dimas, Santa Elena and Jerritt Canyon Properties
First Majestic Reports Positive Exploration
Results at San Dimas, Santa Elena and Jerritt
Canyon Properties
Vancouver, British Columbia--(Newsfile Corp. - February 7, 2024) - First Majestic Silver Corp. (NYSE:
AG) (TSX: FR) (FSE: FMV) (the "Company" or "First Majestic") is pleased to announce positive drilling
results from its 2023 exploration programs at San Dimas, Santa Elena, and Jerritt Canyon. The drilling
programs were designed to test new silver and gold mineral targets, increase Mineral Resources and
convert Mineral Resources to Mineral Reserves.
"We are very encouraged with the exploration results that have been achieved throughout 2023,"
stated Keith Neumeyer, President & CEO of First Majestic.
"The recent drilling has accomplished
multiple goals from highlighting new geologically prospective areas to expanding and further defining
known silver and gold mineralization. These results provide the basis for First Majestic's year-end
update of Mineral Resource and Mineral Reserve estimates expected to be released at the end of
March. At San Dimas, we have tested previously undrilled veins like the Peggy vein and have
explored extensions of known mineralization such as the Perez, Santa Teresa and Rosario veins. At
Santa Elena, infill drilling of the Ermitaño vein intersected mineralization that is in many cases better
than expected while follow up drilling of the new Javelin target at Jerritt Canyon has identified what
appears to be a new gold mineralized zone near underground infrastructure and continues to highlight
the exploration potential of the asset. These results set us up well for an exciting start for 2024."
DRILLING HIGHLIGHTS
Select highlights from the Company's ongoing exploration programs include the following drill hole
intercepts:
San Dimas Highlights (true width)
Hole ST23_014: 40.40 g/t Au and 2,092 g/t Ag over 0.91 metres ("m");
Hole SIN23_073: 11.53 g/t Au and 758 g/t Ag over 2.97m;
Hole PE23_225: 3.78 g/t Au and 421 g/t Ag over 7.78m;
Hole PE23_242: 7.36 g/t Au and 1,238 g/t Ag over 2.41m;
Santa Elena Highlights (true width)
Hole EWUG-23-012: 20.95 g/t Au & 311 g/t Ag over 4.88m;
Hole EWUG-23-007: 18.50 g/t Au & 304 g/t Ag over 1.71m;
Hole EWUG-23-015: 9.38 g/t Au & 230 g/t Ag over 5.23m;
Jerritt Canyon Highlights (apparent width)
Hole SSX-235020: 12.04 g/t Au over 25.9m
Hole SMI-230011: 8.76 g/t Au over 15.2m
Hole SMI-230013: 7.44 g/t Au over 15.7m
SAN DIMAS EXPLORATION RESULTS
Exploration drill holes at the San Dimas property intersected significant gold and silver mineralization in
multiple veins. Four areas are highlighted here: Sinaloa North-Elia, Santa Teresa, Rosario and Perez
(
Figure 1
).
Figure 1: San Dimas District Vein Occurrence Map and Highlighted Target Areas.
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Drilling at the historic Sinaloa North-Elia mines/veins cut multiple gold and silver mineralized vein
intercepts. The drilling confirmed and further delineates the presence of mineralization below historic
mining of the Sinaloa vein (
Figure 2
). Select drill hole assay grade and intervals (true width) of the
Sinaloa vein intersections are shown below:
Hole SIN23_073: 11.53 g/t Au & 758 g/t Ag over 2.97m;
Hole SIN23_076: 9.86 g/t Au & 779 g/t Ag over 1.51m;
Hole SIN23_069: 12.65 g/t Au & 578 g/t Ag over 0.95m;
Expansionary drilling on the projection of the historic Santa Teresa vein has returned significant
intercepts. The vein remains undrilled to the west for ~500m along strike for exploration upside (
Figure
3
). Drill hole assay grade and intervals (true width) of the vein intersections are shown below:
Hole ST23_014
3.95 g/t Au & 270 g/t Ag over 1.86m;
2.07 g/t Au & 130 g/t Ag over 2.90m;
40.40 g/t Au & 2,092 g/t Ag over 0.91m;
Hole ST23_022
3.19 g/t Au & 274 g/t Ag over 0.78m;
Drilling at the Perez vein delineated and extended gold and silver mineralization up-dip on one of the
known ore shoots and further defined a newly identified mineralized shoot to the east. In some cases,
drilling cut unmodeled gold and silver mineralization in secondary veins, breccias and stockworks in the
hanging and foot wall of the primary vein for higher ore tonnage. The Perez vein exploration potential
remains open to the east where it projects into an area where post-mineral faulting is anticipated to
decrease, providing confirmation of ore body continuity (
Figure 4
). Select drill hole assay grade and
intervals (true width) of the vein intersections are shown below:
Hole PE23_225: 3.78 g/t Au & 421 g/t Ag over 7.78m;
Hole PE23_242: 7.36g/t Au & 1,238 g/t Ag over 2.41m;
Hole PE23-229: 3.69 g/t Au & 509 g/t Ag over 4.42m;
Drilling at the Rosario vein continues to delineate a mineralized volume east of the historic mining area
(
Figure 5
). Drill testing also cut multiple veins in the footwall of Rosario: the Macho Bayo, Peggy and
Basilisa veins.
The intersection of the Peggy vein returned significant gold and silver values over 3m, the
newly discovered mineralization is open in all directions (
Figure 6
). Select drill hole assay grade and
intervals (true width) are shown below:
Hole RO23_031: 7.31g/t Au & 598 g/t Ag, 0.77 m;
Hole RO23_032: 7.69 g/t Au & 8g/t Ag, 3.29 m (Peggy vein)
Figure 2: (San Dimas) Sinaloa and Elia Veins, Vertical Section. Looking North
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Figure 3: (San Dimas) Santa Teresa Vein, Vertical Section. Looking North
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Figure 4: (San Dimas) Perez Vein, Vertical Section. Looking North.
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Figure 5: (San Dimas) Rosario vein Long section. Looking North.
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Figure 6: (San Dimas) Rosario, Macho Bayo, Peggy and Basilisa veins cross section. Looking east.
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SANTA ELENA EXPLORATION RESULTS
An infill drilling program designed to convert Mineral Resources to Mineral Reserves at the Ermitaño
mine, cut multiple high-grade intersections of gold and silver mineralization (
Figure 7
). In addition to
intercepts of the Ermitaño vein, multiple holes intersected mineralization in secondary veins and breccia
zones located in the hanging and footwall of the Ermitaño vein proper. Select drill hole assay grade and
true width from the intersections include:
Hole EWUG-23-012: 20.95 g/t Au & 311 g/t Ag over 4.88m;
Hole EWUG-23-007: 18.50 g/t Au & 304 g/t Ag over 1.71m;
Hole EWUG-23-015: 9.38 g/t Au & 230 g/t Ag over 5.23m;
Figure 7: Ermitaño Vein Vertical Long Section. Looking North.
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JERRITT CANYON EXPLORATION RESULTS
Drilling at Jerritt Canyon has returned positive results located within the SSX and Smith mine areas
(
Figure 8
).
Figure 8: Jerritt Canyon Property outlining the area of drill results.
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Drilling designed to expand the Javelin target identified in July 2023 cut multiple significant gold
intersections located between 90m and 340m from existing Smith mine developments. The flat-lying
geometry of the gold mineralization trends at a relatively low angle to the drill hole intersections which
define a mineralized volume that remains open in multiple directions (
Figure 9
and
Figure 10
).
Hole SMI-230011:
4.34 g/t Au over 6.1m;
8.76 g/t Au over 15.2m;
Hole SMI-230012:
8.31 g/t Au over 5.2m;
Hole SMI-230013:
4.70 g/t Au over 9.1m;
5.80 g/t Au over 12.9m;
7.44 g/t Au over 15.7m;
4.50 g/t Au over 7.0m;
Drilling of the Purple Haze exploration target intersected new gold mineralization located up to 100m
away from existing developments of the SSX mine. The geometry and controls of the gold mineralization
are interpreted to trend at a relatively low angle to the drill hole intersections as shown in
Figure 11
and
Figure 12
. Mineralization remains open in multiple directions.
Hole SSX-230010:
6.13 g/t Au over 5.3m;
Hole SSX-230011:
4.33 g/t Au over 19.8m;
3.47 g/t Au over 11.2m;
4.60 g/t Au over 16.8m;
Hole SSX-230013:
8.97 g/t Au over 6.1m;
Exploration drilling designed to test prospective geologic features in the Gridiron target cut two
significant gold intercepts located approximately 80 and 120m away from existing SSX mine
development.
The mineralization is hosted adjacent to a Jurassic dike cutting the base of the Silurian
Roberts Mountain Formation. The geometry of the gold mineralization is not yet defined, and the
mineralization is open in several directions (
Figure 13
and
Figure 14
).
Hole SSX-235020:
4.1m g/t Au over 6.1m;
12.04 g/t Au over 25.9m;
Figure 9: (Jerritt Canyon) Drill Hole Gold Intercepts in the Javelin Area. Plan view.
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