FR Frankfurt – FMV First Majestic Intersects 8.39 g/t Au over 29.7m Near Active Underground Mining at Jerritt Canyon
New York – AG May 31, 2022
Toronto – FR
Frankfurt – FMV
First Majestic Intersects 8.39 g/t Au over 29.7m Near Active
Underground Mining at Jerritt Canyon
Vancouver, BC, Canada – First Majestic Silver Corp . (AG: NYSE; FR: TSX) (the "Company" or “First Majestic”) is
pleased to announce positive drill results from its ongoing exploration program at the Jerritt Canyon Gold Mine
(“Jerritt Canyon”) located in Elko County, Nevada. Since acquiring the mine on April 30, 2021, the Company has
completed over 70,000 metres in exploration drill holes consisting of step-out and greenfield targets designed
to increase the confidence of the mineral resource and add new ounces. In 2022, the Company plans to drill
approximately 135,000 metres at Jerritt Canyon with a focus primarily on the Smith/SSX mines, and the Winters
Creek, Waterpipe, Wheeler, and Murray areas.
The Company is also pleased to announce that the United States Forest Service (“USFS”) has approved a n
exploration permit to conduct activities across 42,976 acres (17,976 hectares) of USFS land at Jerritt Canyon.
This permit allows for up to 500 acres of newly constructed exploration roads and up to 1,100 new drill pads.
The Company is now prioritizing exploration drill targets and is expected to commence drilling on July 1, 2022.
“Today’s exploration results validate our thesis that Jerritt Canyon possess es tremendous mineral potential
between the SSX and Smith mines as well as across the entire 30,821 hectare land package ,” stated Keith
Neumeyer, President and CEO of First Majestic. “We have identified a high-grade underground mineralized pod
near current mining activities, and we plan to advance the area toward ore production in the coming quarters.
In addition, we have discovered numerous near surface gold mineralization that have the potential to grow into
large, new gold deposits for open pit mining. Since our acquisition, our team has made significant steps towards
rebuilding Jerritt Canyon’s reputation within the state of Nevada and having received the USFS exploration permit
is a major achievement for the future growth of Jerritt Canyon.”
Highlights from the Company’s ongoing exploration program include the following summary of intercepts:
At the Smith/SSX mines:
●SMI-LX-1112: 8.39 g/t Au over 29.7 m, located approximately 90 meters southeast of the new
connection drift developed between the SSX and Smith mines and only 55 met res southwest of active
underground workings. Early-stage geologic modeling suggests the gold mineralization discovered is flat -lying,
similar to other deposits in the mine and the drill hole intersected the mineralization at a low angle. Follow up
drilling designed to determine geometry and extent of the mineralization is underway.
At Winters Creek:
●WC-588: 11.81 g/t Au over 13.7 m, the intercept is approximately 400m east of the Winters Creek
historic open pit and remains open to the west and north. The geometry of the mineralization is not yet known.
At the historic Murray mine:
●GR-425: 4.74 g/t Au over 12.2m, confirming the presence of gold mineralization approximately 100m
south of histori c mine workings . Geologic modeling of this flat-lying gold mineralization suggests that this
intercept reflects the apparent thickness of the zone.
At Waterpipe II to Wheeler, in the southern end of the land package, drilling has identified a new zone of gold
mineralization with multiple low-grade intercepts to date. The gold mineralization in this area dips at a shallow
angle and drill holes summarized below are vertical:
Waterpipe II:
• WT-156: 1.91 g/t Au over 18.2m, starting from a depth of 82.3m; 1.37g/t Au over 22.9m starting from
109.7m and 1.57g/t Au over 12.2m starting from 138.6m
• WT-192: 2.06 g/t over 13.7m, starting from a depth of 25.9m
• WT-200: 1.82 g/t Au over 35m, starting from a depth of 57.9m and 0.95 g/t Au over 15.2 m, starting
from a depth of 97.5m down hole
• WT-209: 1.45 g/t Au over 21.3m, starting from a depth of 60.9m and 1.96 g/t Au over 19.8m, starting
from a depth of 242.3m down hole
Wheeler:
• WH-49: 1.27 g/t over 15.2m starting from 35.1m down hole
• WH-068: 1.37 g/t Au over 38.1m starting at 109.7m down hole
• WH-073: 1.14 g/t over 15.2m starting from 216.4m down hole
Sample assay results from several completed holes are still pending and will be incorporated into block
model estimates on a continuous basis.
Figure 1: Location Map Jerritt Canyon
The ongoing drilling campaign at Jerritt Canyon consists of short-term focused underground core drilling testing
extensions of known ore controls in close proximity to active mining; mid -term focused drilling planned to
validate/test the presence of mineralized volumes near historic workings; and long-term focused drilling aiming
to make new gold discoveries in the district.
Figure 2: Plan View and Vertical-Section of Significant Gold Intercepts, Smith Mine Zone 10
Figure 3: Plan view of Significant Gold Intercepts, Murray Mine
Figure 4: Significant Gold Intercept at Murray Mine, Vertical Section.
Figure 5: Significant Gold Intercept at Winters Creek, Plan View and Vertical Section
Figure 6: Significant Gold Intercepts at Wheeler to WaterPipe II, Plan View and Vertical Section
Summary of Significant Gold Intercepts:
Drillhole Target Drill type Significant Intercept
From (m) To (m) Length (m) Au (gpt)
SMI-LX-1112 Smith DDH 116.5 146.2 29.7 8.39
SMI-LX-1110 Smith DDH 97.3 103.5 6.2 6.79
SMI-LX-1050 Smith DDH 57.3 63.4 6.1 6.66
SSX-SR-608 SSX DDH 219.5 226.8 7.3 6.81
SSX-SR-608 (2) SSX DDH 323.7 337.4 13.7 4.21
SSX-SR-702 SSX DDH 198.1 205.7 7.6 4.28
GR-419 Murray RC 138.7 146.3 7.6 5.77
GR-425 Murray RC 271.3 283.5 12.2 4.74
WC-588 Winters Creek RC 129.5 143.2 13.7 11.81
WH-049 Wheeler RC 35.1 54.9 19.8 1.27
WH-051 Wheeler RC 74.7 88.4 13.7 0.52
WH-055 Wheeler RC 167.6 187.4 19.8 0.95
WH-058 Wheeler RC 62.5 73.2 10.7 0.89
WH-068 Wheeler RC 109.7 147.8 38.1 1.37
WH-070 Wheeler RC 97.5 118.8 21.3 1.66
WH-071 Wheeler RC 141.7 161.5 19.8 1.72
WH-073 Wheeler RC 216.4 231.6 15.2 1.14
WT-156 Waterpipe II RC 82.3 100.6 18.3 1.91
WT-156 (2) Waterpipe II RC 109.7 132.6 22.9 1.37
WT-156 (3) Waterpipe II RC 138.7 150.9 12.2 1.57
WT-185 Wheeler RC 336.8 361.2 24.4 1.89
WT-192 Wheeler RC 25.9 39.6 13.7 2.06
WT-198 Wheeler RC 80.8 92.9 12.1 1.18
WT-199 Waterpipe II RC 48.7 79.2 30.5 0.83
WT-200 Waterpipe II RC 57.9 93.0 35.1 1.82
WT-200 (2) Waterpipe II RC 97.5 112.7 15.2 0.95
WT-200 incl Waterpipe II RC 67.0 74.6 7.6 3.78
WT-201 Waterpipe II RC 56.3 100.5 44.2 1.64
WT-201 incl Waterpipe II RC 67.1 76.2 9.1 3.36
WT-202 (1) Waterpipe II RC 83.8 100.5 16.7 2.74
WT-202 (2) Waterpipe II RC 123.4 135.6 12.2 1.08
WT-202 (3) Waterpipe II RC 140.2 150.9 10.7 0.81
WT-203 Waterpipe II RC 38.1 65.5 27.4 1.25
WT-206 Waterpipe II RC 30.4 45.6 15.2 1.18
WT-209 Waterpipe II RC 61.0 82.3 21.3 1.46
WT-209 (2) Waterpipe II RC 242.3 262.1 19.8 1.96
WT-209 incl Waterpipe II RC 245.3 249.8 4.5 3.5
DDH is abbreviation for Diamond Drill Hole; RC is abbreviation for Reverse Circulation drill hole.
Gold intercepts are calculated using weighted averages, uncapped sample assays, a 3.0 g/t Au cut-off grade and
a minimum length of 5m for Smith, Winters Creek and Murray. Intercepts are calculated using weighted
averages, uncapped sample assays , a 0.5 g/t Au cut -off grade and a minimum length of 10m at Wheeler and
Waterpipe II. True width of in tercepts is unknown at this time. A maximum of one consecutive sample l ower
than the cut-off grade is allowed as dilution.
First Majestic’s drill programs follow established QA/QC insertion protocols with standards, blanks and duplicates
introduced in the sample stream. After detailed geological logging, all drill core samples were cut in half. One
half of the core is submitted to Paragon Geochemical (Au-AA30, Au-GR30 - ISO/IEC 17025:2017) or First Majestic
Central Laboratory (ISO 9001:2015). The remaining half core is retained on -site for verification and reference
purposes. Reverse circulation drilling was geologically logged and samples obtained at the drill site shipped for
assaying to Bureau Veritas ( FA430- ISO/IEC 17025:2005), chip trays are retained for reference. Paragon and
Bureau Veritas are independent laboratories.
Samples submitted to Paragon Geochemical and First Majestic Central Laboratory are dried, crushed and
pulverized to 85% passing a 75 μm . At Paragon Geochemical, Au is analyzed by Au by Fire Assay -Aqua Regia
Digest AAS finish. Samples returning Au greater than 8 ppm are analyzed by 30 g Fire Assay gravimetric finish. At
First Majestic Central Laboratory, Au is analyzed by fire assay with atomic absorption finish. Above 10 g/t gold is
analyzed by 20 g Fire Assay gravimetric finished. Samples submitted to Burea u Veritas are dried, crushed and
pulverized to 85% passing 200 mesh. Au is analyzed by fire assay with atomic absorption finish. Above 10 g/t gold
is analyzed by 30 g Fire Assay gravimetric finished.
See the Company's Annual Information Form, available at www.sedar.com for further information concerning
QA/QC and data verification matters, the key assumptions, parameters and methods used by the Company to
estimate Mineral Reserves and Mineral Resources, and for a detail ed description of known legal, political,
environmental, and other risks that could materially affect the Company's business and the potential
development of the Company's Mineral Reserves and Mineral Resources.
The information provided in this report/statement/release constitutes exploration results. It is inappropriate for
the reader to use the information presented for deriving estimates of tonnage and grade or quality.
Gonzalo Mercado, Vice President of Exploration for First Majestic, has reviewed and approved the technical
information disclosed in this news release and is a "Qualified Person" as defined under NI 43-101.