First Majestic Reports Positive Exploration Results at San Dimas

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 SilverGold 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).

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Figure 1: San Dimas District Vein Occurrence Map and Highlighted Target Areas

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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.

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Figure 2: Perez Vein Vertical Long Section Looking North

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Figure 3: Sinaloa-Elia Vein System Vertical Long Section Looking North

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Figure 4: Santa Regina Vein Vertical Long Section Looking North

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https://images.newsfilecorp.com/files/1475/212797_ccb35e78149a3b3b_005full.jpg

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Figure 5: Santa Teresa Vein Vertical Long Section Looking North

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https://images.newsfilecorp.com/files/1475/212797_ccb35e78149a3b3b_006full.jpg

Table 1: Summary of Significant Silver and Gold Drill Hole Intercepts at San Dimas

DrillholeTargetTarget TypeSignificant Intercept
From
(m)
Length
(m)
True Length
(m)
Au
(gpt)
Ag
(gpt)
AgEq
(gpt)
GPE23_003GuadalupeResource addition295.701.501.361.99293452
GPE23_006GuadalupeResource addition271.700.800.750.84175242
GPE23_006String zoneResource addition428.400.950.911.24196296
CN24_004CarmenResource addition440.651.000.941.18166261
EL24_265EliaResource addition397.301.300.9210.468791716
EL24_266EliaResource addition461.504.002.1520.4117023336
ORO24_109El OroResource conversion286.101.601.132.7961285
ORO24_111El OroResource conversion221.700.950.949.7813112093
ORO24_115El OroResource conversion355.651.050.712.39299490
PE23_267PerezResource conversion194.251.600.741.05145229
PE23_272PerezResource conversion184.351.451.193.52368649
PE23_273PerezResource conversion287.553.352.371.50240360
PE24_283PerezResource addition185.701.100.950.93197272
PE24_289PerezResource conversion290.456.602.793.26381641
PE24_289PerezResource conversion300.353.351.422.85153381
PE24_294PerezResource conversion258.8010.606.081.99440599
PE24_296PerezResource addition276.852.951.476.505901110
PE24_297PerezResource conversion344.408.206.727.3611291717
PE24_304PerezResource addition280.701.350.952.71285502
PE24_306PerezResource conversion231.001.700.850.86191260
PE24_306PerezResource conversion234.472.231.2811.5311582081
PE24_309PerezResource addition255.5516.007.8810.8710341904
PE24_311PerezResource conversion325.551.501.414.78550932
PE24_315PerezResource conversion239.603.301.892.23395573
SIN23_087SinaloaResource conversion58.951.201.0112.341961183
SIN23_087SinaloaResource conversion278.751.351.204.90271664
SIN23_087SinaloaResource conversion312.652.152.084.26255596
SIN24_091Sinaloa (FW)Resource conversion239.850.850.709.6510171788
SIN24_091SinaloaResource conversion288.202.001.732.50188389
SIN24_091SinaloaResource conversion292.351.100.959.135821312
SIN24_092SinaloaResource conversion257.701.851.7639.2819055047
SIN24_092Sinaloa (HW)Resource conversion288.401.201.043.43238512
ST23_028Santa TeresaResource addition343.302.552.094.1079407
ST24_029Santa TeresaResource addition141.502.352.184.86511900
ROS23_035Macho BayoResource addition398.401.100.903.81262567
ROS23_037RosarioResource addition369.200.800.703.45378654
SRE23_274Santa ReginaResource conversion242.652.051.783.85392700
SRE23_274Santa ReginaResource conversion295.451.151.043.37339609
SRE23_279Santa ReginaResource conversion234.051.400.995.486221061
SRE23_280Santa ReginaResource conversion228.801.351.165.32551976
SRE23_281Santa ReginaResource conversion237.151.100.846.618551384
SRE23_281String zoneResource conversion266.551.651.434.126831013
SRE24_282Santa Regina (HW)Resource conversion259.001.501.349.4410691824
SRE24_283Santa ReginaResource conversion247.600.950.7010.5910551902
SRE24_286Santa ReginaResource conversion246.150.900.782.45345541
SRE24_287Santa Regina (HW)Resource conversion261.501.150.9413.2415012559
SRE24_287Santa ReginaResource conversion308.801.401.274.02457779
SRE24_289String zoneResource conversion260.551.551.271.76182323
SRE24_289Santa Regina (HW)Resource conversion296.902.502.053.42361635
SRE24_289Santa ReginaResource conversion315.551.200.981.38233343
SRE24_293Santa ReginaResource conversion280.352.151.529.278491590
SRE24_295Santa ReginaResource conversion301.501.201.091.50185305

 

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 info@firstmajestic.com, 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

DrillholeEastNorthElevationAzimuthDipDepth (m)Type
GPE23_0033983242666358572148-13507Core
GPE23_00639832426663585721716483Core
CN24_0043983242666359572181-13549Core
EL24_2654003172667086549191-30501Core
EL24_2664003172667087550204-28513Core
ORO24_109404187266550550927715309Core
ORO24_111404186266550550928214249Core
ORO24_115404186266550451027725372Core
PE23_2673985602671170831317-23246Core
PE23_2723985602671169830296-12243Core
PE23_2733990192671354844320-31327Core
PE24_28339959226718958599-36381Core
PE24_289398697267124283135243324Core
PE24_2943986982671242831936294Core
PE24_296398696267124283132342324Core
PE24_297399019267135384429231372Core
PE24_304398696267124183131037309Core
PE24_306398696267124283131333267Core
PE24_309398696267124283133042312Core
PE24_311398698267124283135844338Core
PE24_31539931426716708599-10273Core
SIN23_0873998882666329562291-6354Core
SIN24_0913998882666329562298-7321Core
SIN24_0923998892666329562300-5318Core
ST23_0283984562667240556314-23396Core
ST24_029397881266726157831013453Core
ROS23_035399812266530495016225900Core
ROS23_0373998112665305950172-28951Core
SRE23_274399696267082384215821360Core
SRE23_279399697267082384215020300Core
SRE23_280399696267082384215819342Core
SRE23_281399696267082384216518291Core
SRE24_282399697267082384315726366Core
SRE24_283399696267082384216822306Core
SRE24_286399695267082384216222270Core
SRE24_287399695267082384216527339Core
SRE24_289399695267082384216425345Core
SRE24_293399695267082484217727363Core
SRE24_295399695267082384217925327Core

 

Notes:

  1. All Collar coordinates are determined using total station equipment after hole completion with WGS84, Zone 13 (metres) as the reference system.

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