Northern Lights Resources Corp. ("Northern Lights" or the "Company") (CSE:NLR)(OTCQB:NLRCF) is pleased to announce the results from the mobile metal ion (MMI) soil geochemistry survey completed at the Secret Pass Gold Project in Mohave County, Arizona
Result Highlights
The results of the MMI soil survey (1,139 soil samples), when interpreted with the geology, alteration and geophysics data, define four new significant mineralization target areas outside of the Tin Cup Zone as illustrated in Figure 1.
Two of the highlighted target zones include, Target 1 and Target 4 are on newly staked mineral claims announced by Northern Lights on September 30, 2021.
Targets 2, 3, and 4 are considered to be a priority for detailed geological mapping and sampling to identify future drill targets.
Target 1 on newly acquired claim areas in the northwest quadrant of the project tenements defined a gold in soil anomaly including samples up to 51.6 ppb Au.
Target 2 is centred on the area between the Fiery Squid and Fluorspar Ridge defining a 1.9 km N-S trending gold in soil anomaly that lies between the Union Pass and Frisco Mine Faults. Results include samples up to 547 ppb Au.
Target 3 in an area adjacent to Union Pass Fault defined a gold in soil anomaly that is outside known workings on trend with previous prospects and drifts. Inculdes samples up to 95.4 ppb Au.
Target 4 on newly acquired claim area that includes numerous shallow shafts and surface workings form two subparallel vein systems. No surface rock sampling was previously undertaken in this area. The results show gold in soil anomaly including samples up to 86 ppb Au.
Northern Lights CEO, Jason Bahnsen, commented "The MMI soil results highlight the potential of the northern section of the Secret Pass Project and on the recently staked ground to the east of the Tin Cup Zone. Planned exploration work in 2022 will include detailed geological mapping of the new target areas as a precursor to generating drill targets. Assays from the four drill holes completed at Tin Cup in December are still pending and will be released as received."
Figure 1: Secret Pass Project - Exploration Target Areas
Mobile Metal Ion (MMI) Soil Geochemistry Survey
In September and October 2021, Northern Lights Resources completed a close-spaced MMI soil survey over the 1,128 Ha Secret Pass license area. In total, 1,139 soil samples were collected on a 200m x 50m grid (grid spacing irregular over some areas of extreme topography).
The Secret Pass soil samples were analyzed by SGS Laboratories in Vancouver utilizing mobile metal ionic leach analysis for a 60-element suite. The key benefits to using partial ionic leach extraction for soil analysis compared to the industry standard aqua regia digestion includes the following:
Competent Persons Statement
Information in this report relating to Exploration Results is based on information reviewed by Mr. Lee R. Beasley, a Certified Professional Geologist who is a Member of the American Institute of Professional Geologists, and a consultant to Northern Lights Resources. Mr. Beasley has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Qualified Person for the purposes of NI43-101 Standards of Disclosure for Mineral Projects. Mr. Beasley consents to the inclusion of the data in the form and context in which it appears.
For further information, please contact:
Albert Timcke, Executive Chairman and President
Email: rtimcke@northernlightsresources.com
Tel: +1 604 608 6163
Jason Bahnsen, Chief Executive Officer
Email: Jason@northernlightsresources.com
Tel: +1 604 608 6163
Shawn Balaghi, Investor Relations
Email: shawn@northernlightsresources.com
Tel: +1 604 773 0242
About Northern Lights Resources Corp.
Northern Lights Resources Corp is a growth-oriented exploration and development company that is advancing two projects: The 100% owned, Secret Pass Gold Project located in Arizona; and the Medicine Springs silver-zinc-lead Project located in Elko County Nevada where Northern Lights, in joint venture with Reyna Silver are earning 100% ownership.
Northern Lights Resources trades under the ticker of "NLR" on the CSE and "NLRCF" on the OTCQB. This and other Northern Lights Resources news releases can be viewed at www.sedar.com and www.northernlightsresources.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to: the terms and conditions of the proposed private placement; use of funds; the business and operations of the Company after the proposed closing of the Offering. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals; and the uncertainties surrounding the mineral exploration industry. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE: Northern Lights Resources Corp.
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NOT FOR DISTRIBUTION TO OR FOR DISSEMINATION IN THE UNITED STATES
Northern Lights Resources Corp. ("Northern Lights", "NLR" or the "Company")(CSE:NLR)(OTCQB:NLRCF) announces that it intends to complete a non-brokered private placement (the "Placement") for gross proceeds of up to C$1,000,000 from the sale of common shares of the Company (the "Shares") at a price of C$0.075 per Share
The Company intends to use the net proceeds raised from the Placement for the exploration of the Company's Secret Pass Gold Project located in Northwestern Arizona, USA and for general working capital purposes.
The Placement may be completed in multiple tranches and is subject to receipt of executed subscription agreements and funds as well as customary closing conditions, including regulatory approvals as required.
In accordance with applicable securities laws, the Shares issued under the Placement will be sold to accredited investors or other investors who are exempt from prospectus requirements and will be subject to a four-month hold period in Canada. While the Placement is non-brokered, referral fees may be paid on a portion of the proceeds to eligible persons, where permitted by applicable law.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or any applicable state securities laws, and may not be offered or sold to, or for the account or benefit of, persons in the United States or "U.S. persons," as such term is defined in Regulation S promulgated under the U.S. Securities Act, absent registration or an exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
No securities regulatory authority has either approved or disapproved of the contents of this news release.
For further information on Northern Lights Resources please contact:
Albert Timcke, Executive Chairman and President
Email: rtimcke@northernlightsresources.com
Tel: +1 604 608 6163
Jason Bahnsen, Chief Executive Officer
Email: Jason@northernlightsresources.com
Tel: +1 604 608 6163
Shawn Balaghi, Investor Relations
Email: Shawn@northernlightsresources.com
Tel: +1 604 773 0242
About Northern Lights Resources Corp.
Northern Lights Resources Corp is a growth-oriented exploration and development company that is advancing two projects: The 100% controlled, Secret Pass Gold Project located in Mohave County, Arizona; and the Medicine Springs silver-zinc-lead Project located in Elko County, Nevada where Northern Lights is earning 100% in joint venture with Reyna Silver Corp.
Northern Lights Resources trades under the ticker of "NLR" on the CSE. This and other Northern Lights Resources news releases can be viewed at www.sedar.com and www.northernlightsresources.com.
SOURCE: Northern Lights Resources Corp.
News Provided by ACCESSWIRE via QuoteMedia
Northern Lights Resources Corp. ("Northern Lights" or the "Company") (CSE:NLR)(OTCQB:NLRCD) is pleased to announce start of the 2022 exploration program at the Medicine Springs Silver Project ("Medicine Springs"), located in Elko County, Nevada, that the Company is exploring in joint venture with Reyna Silver Corp. (Reyna Silver
The 2022 exploration program at Medicine Springs will include a 5,000 to 7,000 metre drill program targeting the discovery of a large scale Carbonate Replacement Deposit (CRD) system. Drill permitting is underway and work is commencing immediately on additional field studies to further refine drill targets. Drilling is expected to commence in Q3/Q4 2022.
Norhern Lights CEO, Jason Bahnsen commented "We are delighted to have work underway at Medicine Spings leading to the upcoming 5,000 to 7,000 metre drill program. The Medicine Springs Project has the potential to host large scale CRD silver and base metals mineralizaton and we are looking forward to seeing the results of this initial drill program."
Under the terms of the Opton/JV agreement between Northern Lights and Reyna Silver, Reyna Silver are earning up to 80% of the Medicine Springs Project. Northern Lights does not contribute to project exploration expenditure until total exploration expenditures have exceeded US$4.0 million. (See the Northern Lights announcement dated October 5, 2020 for full details of the Option/JV agreement with Reyna Silver.)
In 2021, Reyna Silver conducted a Selective Jasperoid Sampling survey focused on the prominent NE trending, multi-stage jasperoids that cut across the property along the inferred principal hydrothermal fluid pathways. The results show zoning of Copper, Lead-Zinc, and Silver and are interpreted to indicate a multi-stage high-level mineralization center at depth. Comparison of the field data to Reyna's CRD continuum exploration model supports the idea that the full CRD spectrum is present within the Medicine Springs project area.
Competent Persons Statement
Information in this report relating to Exploration Results is based on information reviewed by Mr. Lee R. Beasley, a Certified Professional Geologist who is a Member of the American Institute of Professional Geologists, and a consultant to Northern Lights Resources. Mr. Beasley has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Qualified Person for the purposes of NI43-101 Standards of Disclosure for Mineral Projects. Mr. Beasley consents to the inclusion of the data in the form and context in which it appears.
For further information, please contact:
Albert Timcke, Executive Chairman and President
Email: rtimcke@northernlightsresources.com
Tel: +1 604 608 6163
Jason Bahnsen, Chief Executive Officer
Email: Jason@northernlightsresources.com
Tel: +1 604 608 6163
Shawn Balaghi, Investor Relations
Email: shawn@northernlightsresources.com
Tel: +1 604 773 0242
About Northern Lights Resources Corp.
Northern Lights Resources Corp is a growth-oriented exploration and development company that is advancing two projects: The 100% owned, Secret Pass Gold Project located in Arizona; and the Medicine Springs silver-zinc-lead Project located in Elko County Nevada where Northern Lights, in joint venture with Reyna Silver are earning 100% ownership. Northern Lights Resources is a member of the Arizona Mining Association.
Northern Lights Resources trades under the ticker of "NLR" on the CSE and "NLRCD" on the OTCQB. This and other Northern Lights Resources news releases can be viewed at www.sedar.com and www.northernlightsresources.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to: the terms and conditions of the proposed private placement; use of funds; the business and operations of the Company after the proposed closing of the Offering. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals; and the uncertainties surrounding the mineral exploration industry. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE: Northern Lights Resources Corp.
News Provided by ACCESSWIRE via QuoteMedia
Northern Lights Resources Corp. ("Northern Lights", "NLR" or the "Company") (CSE:NLR), (OTCQB:NLRCF) is pleased to announce that it is proceeding with the consolidation of its common shares on a ten (10) for one (1) basis (the "Consolidation"). The Company's common shares will commence trading on a post-consolidated basis effective at market opening on May 24, 2022 (the "Effective Date
Immediately prior to completion of the Consolidation, the Company has 143,571,385 common shares issued and outstanding. After giving effect to the Consolidation, the Company will have approximately 14,357,139 common shares issued and outstanding, subject to the rounding of fractional common shares. The company has been issued with a new Cusip Number (66538D301), there will be no escrow of shares, and the trading symbol will remain unchanged.
No fractional common shares will be issued as a result of the Consolidation. All fractional common shares resulting from the Consolidation will be rounded to the nearest whole number of common shares. The Company's outstanding incentive stock options and warrants will be adjusted on the same basis (10:1) to reflect the Consolidation in accordance with their respective terms, with proportionate adjustments being made to exercise prices. New warrant certificates reflecting the Consolidation are not required and will not be issued.
Registered shareholders will receive a letter of transmittal from the Company's transfer agent, Computershare Investor Services Inc., providing instructions on how to exchange their share certificates representing pre-Consolidation common shares for new share certificates or Direct Registration Advice (DRS) representing post-Consolidation common shares to which they are entitled as a result of the Consolidation. No action is required by non-registered shareholders (shareholders who hold their common shares through an intermediary) to affect the Consolidation.
For further information on Northern Lights Resources please contact:
Albert Timcke, Executive Chairman and President
Email: rtimcke@northernlightsresources.com
Tel: +1 604 608 6163
Jason Bahnsen, Chief Executive Officer
Email: Jason@northernlightsresources.co
Tel: +1 604 608 6163
Shawn Balaghi, Investor Relations
Email: Shawn@northernlightsresources.com
Tel: +1 604 773 0242
About Northern Lights Resources Corp.
Northern Lights Resources Corp is a growth-oriented exploration and development company that is advancing two projects: The 100% owned, Secret Pass Gold Project located in Arizona; and the Medicine Springs silver-zinc-lead Project located in Elko County Nevada where Northern Lights is earning 100% in joint venture with Reyna Silver Corp.
Northern Lights Resources trades under the ticker of "NLR" on the CSE. This and other Northern Lights Resources news releases can be viewed at www.sedar.com and www.northernlightsresources.com.
SOURCE: Northern Lights Resources Corp.
News Provided by ACCESSWIRE via QuoteMedia
Northern Lights Resources Corp. ("Northern Lights" or the "Company") (CSE:NLR)(OTCQB:NLRCF) is pleased to announce an update to the exploration plan for the Tin Cup prospect at the Company's 100% owned Secret Pass Gold Project in Mohave County, Arizona
Following on from the success of the initial four holes completed, Northern Lights is planning to expand the exploration program at Secret Pass to include the drilling of three (3) additional holes at Tin Cup and two (2) drill holes at the FM Zone, which is located approximately 500 metres east of Tin Cup. All five (5) proposed drill holes are fully permitted. The drill holes statistics and significant intersections for the first four drill holes are sumarized on Table 1. The location of the recent drill holes and the planned drill holes for Tin Cup and the FM Zones are illlustrated on Figure 1.
Prior to initiating the second phase of drilling, Northern Lights is planning to complete a deep penetrating Induced Polarization (IP) survey over the claim area covering the Tin Cup and FM zones. This survey will explore to depths of ~400 metres and will assist in refining existing targets and identifying new drill targets associated with zones of high chargeability located along strike and to depth. With reference to Figure 1, the IP survey area will cover the gold anomay generated from the soil sampling program completed in 2021. This soil survey identified a significant gold soil anomaly approximately 1,100 metres in length and up to 400 metres wide as shown on Figure1.
Northern Lights CEO, Jason Bahnsen, commented"The initial drilling at Tin Cup has been very successful and has confirmed the presence of wide zones of gold mineralization. The next phase of drilling will test the Tin Cup mineralization at depth and further along strike. We also have two holes permitted to drill at the FM Zone where we are targeting vertical vein structrues similar to Tin cup. The proposed holes are fully permitted with drilling to commence pending financing and availability of drilling contractors."
The first four drill holes completed at Tin Cup showed confirmation of gold mineralization from surface to a maximum depth of approximately 90 metres. The three additional holes planned have been fully permitted and will test the down plunge extension of the gold mineralization. With reference to Figure 2, drill hole TC21-06 is planned for 400 metres at a 55 degree dip to test the mineralizaton at depth. The other two drill holes TC22-07 and TC22-08 will test the mineralization along strike.
At the Tin Cup zone, drilling at depth will test the potential for an epithermal quartz vein system similar to the Oatman District. The geology of the Tin Cup zone shares similarities of the upper parts of the Oatman gold system. The Secret Pass drilling will target both the upper broad zone of stockwork veining and the deeper, more discreet ‘bonanza' veining.
The drilling at the FM zone will target near-vertical mineralized structures related to the FM fault zone similar to the Tin Cup zone.
Table 1: Tin Cup Phase 1 Drill Holes
Hole No. | Location | Azimuth (o) | Dip (o) | Length (m) | Significant Intersections |
TC21-01 | Tin Cup | - | - | - | Abandoned |
TC21-02 | Tin Cup | 220 | -45 | 175 |
|
TC21-03 | Tin Cup | 220 | -55 | 230 |
|
TC21-04 | Tin Cup | 310 | -50 | 103* |
|
TC21-05 | Tin Cup | 040 | -60 | 102* |
|
TC22-06 | Tin Cup | 220 | -65 | 400 | Fully Permitted - Pending Drilling |
TC22-07 | Tin Cup | 250 | -50 | 250 | Fully Permitted - Pending Drilling |
TC22-08 | Tin Cup | 200 | -50 | 150 | Fully Permitted - Pending Drilling |
FM22-01 | FM Zone | 220 | -50 | 150 | Fully Permitted - Pending Drilling |
FM22-02 | FM Zone | 220 | -50 | 150 | Fully Permitted - Pending Drilling |
| Total Completed and Planned | 1,710 | ||||
Note: all intersections have been previously announced and represent downhole widths as insufficient information is available to calculate true widths.
*Drill holes TC21-04 and TC21-05 were terminated early due to technical difficulties.
Figure 1: Drill Locations and Gold Soil Anomalies
Figure 2: Tin Cup Drilling Cross Section and Geological Model
QA/QC Statement
Diamond Core (HQ size) was drilled by Godbe Drilling LLC under the supervision of Mr. Lee Beasley, QP for Northern Lights Resources. The core was split with the half core transported to Skyline Assayers and Laboratories (Skyline) in Tucson, AZ. Field control QA/QC samples, including standards, blanks, and field duplicates, were inserted into the sample stream at a rate of one field control sample every 20 regular samples. Samples received by the lab are logged, weighted and assigned into batches. Sample preparation begins with crushing samples to 75% passing -10 mesh. From this sample, 250 grams of material is separated using a riffle splitter which is then further pulverized to at least 95% - 150 mesh resulting in a pulp that is ready for analysis. Gold was determined by fire assay fusion of a 30 gram sub-samples with atomic absorption spectroscopy (method FA-01). Overlimit samples of gold ( greater than 5 g/t) were assayed by gravimetric means (FA-02). Skyline Laboratories is accredited in accordance with ISO/IEC 17025:2017 and ISO 9001:2015.
Competent Persons Statement
Information in this report relating to Exploration Results is based on information reviewed by Mr. Lee R. Beasley, a Certified Professional Geologist who is a Member of the American Institute of Professional Geologists, and a consultant to Northern Lights Resources. Mr. Beasley has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Qualified Person for the purposes of NI43-101 Standards of Disclosure for Mineral Projects. Mr. Beasley consents to the inclusion of the data in the form and context in which it appears.
For further information, please contact:
Albert Timcke, Executive Chairman and President
Email: rtimcke@northernlightsresources.com
Tel: +1 604 608 6163
Jason Bahnsen, Chief Executive Officer
Email: Jason@northernlightsresources.com
Tel: +1 604 608 6163
Shawn Balaghi, Investor Relations
Email: shawn@northernlightsresources.com
Tel: +1 604 773 0242
About Northern Lights Resources Corp.
Northern Lights Resources Corp is a growth-oriented exploration and development company that is advancing two projects: The 100% owned, Secret Pass Gold Project located in Arizona; and the Medicine Springs silver-zinc-lead Project located in Elko County Nevada where Northern Lights, in joint venture with Reyna Silver are earning 100% ownership. Northern Lights Resources is a member of the Arizona Mining Association.
Northern Lights Resources trades under the ticker of "NLR" on the CSE and "NLRCF" on the OTCQB. This and other Northern Lights Resources news releases can be viewed at www.sedar.com and www.northernlightsresources.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to: the terms and conditions of the proposed private placement; use of funds; the business and operations of the Company after the proposed closing of the Offering. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals; and the uncertainties surrounding the mineral exploration industry. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new inforAddmation, future events or otherwise, except as required by law.
SOURCE: Northern Lights Resources Corp.
News Provided by ACCESSWIRE via QuoteMedia
Northern Lights Resources (CSE:NLR) (OTCQB:NLRCF) reports additional high-grade assay results from its third and fourth drill holes at its Tin Cup Prospect at its Secret Pass Gold Project in Arizona. The 100%-owned Secret Pass Gold Project is located in the Frisco-Catherine Gold district of Northwest Arizona, is approximately 8 kilometers Northeast of Elevation Gold's Moss Mine, a heap leach open pit gold mine currently operating at an average mined grade of 0.45 gt gold. Following the acquisition of an additional 260 hectares in September 2021, the Secret Pass Gold Project now covers approximately 1,128 hectares.
A Media Snippet accompanying this announcement is available by clicking on the image or link below:
For more information, please view the InvestmentPitch Media video which provides additional information about this news and the company, along with video comments by Jason Bahnsen, CEO of Northern Lights. The video is available for viewing on " InvestmentPitch.com " and on " YouTube ". If these links are not enabled, please visit www.InvestmentPitch.com and enter "Northern Lights" in the search box.
Northern Lights has completed four diamond core drill-holes, totalling 610 meters, at Tin Cup. All four drill holes intercepted zones of moderate to strong gold mineralization hosted by altered andesite.
Today's results are from Hole TC21-04 and 05. Hole TC21-04 intersected 0.95 g/t gold over 103.00m, starting at surface and including the entire length of the drill hole . This included 2.96 g/t gold over 12.96m starting at 75.59m. Hole TC21-05 Intersected 0.29g/t gold over 60.91m starting at 41.50m, including 0.56 g/t over 24.07m from 78.34m, which also included 4.23 g/t over 0.99m from 101.42m, which was the last meter of the drill hole.
Recently announced assays from Holes TC21-02 and 03 indicate wide zones of near surface gold mineralization are present at Tin Cup. The results from Hole21-03 have been slightly upgraded.
Northern Lights has permits in place to drill 3 additional holes and plans to apply for further drill-hole permits following the analysis of these first 4 holes. The company is also planning to complete a deep penetrating IP survey over the claim area covering the Tin Cup and FM zones. This survey will explore to depths of ~400 metres and will assist in defining new drill targets associated with zones of high chargeability located along strike and to depth.
The gold mineralization at Tin Cup is open at depth and has not yet been tested below an average depth of 95 metres. The focus of this initial drill program is to confirm the gold mineralization previously identified by reverse circulation drilling in the 1980s and to provide additional geological information on the style of gold mineralization.
The shares are trading at $0.035. For more information, please visit the company's website, www.NorthernLightsResources.com , contact Rick Timcke, President, at 604-608-6163 or email RTimcke@NorthernLightsResources.com , or contact Jason Bahnsen, CEO, at 604-608-6163 or email jason@NorthernLightsResources.com . For Investor Relations, contact Shawn Balaghi, at 604-773-0242 or email shawn@NorthernLightsResources.com .
Disclaimer
The information in this Investmentpitch Media Ltd video is for the viewers information only. Northern Lights has paid a fee not exceeding $2,000 in cash to have its current news release produced in video format. The corporate information is based on information that is publicly available. Any information provided by Investmentpitch Media Ltd., through its media services is not to be construed as a recommendation or suggestion or offer to buy or sell securities but is provided solely as an informational media service. Investmentpitch Media Ltd makes no warranties or undertakings as to the accuracy or completeness of this information. All due diligence should be done by the viewer or their financial advisor. Investing in securities is speculative and carries risk.
About InvestmentPitch Media
InvestmentPitch Media leverages the power of video, which together with its extensive distribution, positions a company's story ahead of the 1,000's of companies seeking awareness and funding from the financial community. The company specializes in producing short videos based on significant news releases, research reports and other content of interest to investors.
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Record Mineral Resource Levels and Strong Year-Over-Year Mineral Reserves Growth
First Majestic Silver Corp. (NYSE: AG) (TSX: AG) (FSE: FMV) (the "Company" or "First Majestic") is pleased to announce the 2024 Mineral Reserve and Mineral Resource
estimates for its four operating mines in Mexico and its Jerritt Canyon Gold Mine in the United States, with an effective date of December 31, 2024. The Company's four operating mines in Mexico are: the Cerro Los Gatos Silver Mine (following the Company's recent acquisition of Gatos Silver, Inc., the Company holds a 70% interest in the Los Gatos Joint Venture that owns and operates the mine), the Santa Elena SilverGold Mine, the San Dimas SilverGold Mine, and the La Encantada Silver Mine. The Jerritt Canyon Gold Mine is currently in temporary suspension with the Company focused on exploration, definition, and anticipated expansion of the Mineral Resources. Although the Company did not complete the acquisition of Gatos Silver until January 16, 2025, the Company has included the Cerro Los Gatos Mineral Reserves and Resources as of December 31, 2024, for the purposes of this news release and the Company's annual information form for the year ended December 31, 2024 (the "2024 AIF").
"2024 marks another record milestone for First Majestic. Due to our strategic M&A activities and widely successful exploration program, we have increased our Mineral Resources to the highest level in the Company's history" stated Keith Neumeyer, President & CEO of First Majestic. "I am proud of what we have achieved in 2024 from an exploration and geology stance. We budgeted for a robust exploration program in 2024 and it has yielded exceptional results, most notably the high-grade gold and silver discovery at Santa Elena, Navidad, and impressive results at San Dimas, which sets us up for an exciting future ahead. We finished the year on a fantastic note and our team hit the ground running executing on our record 2025 exploration program."
In 2024, the Company increased its silver equivalent
("AgEq") ounce Proven and Probable Reserves by 45%, and its Measured & Indicated, and Inferred Mineral Resources by 25% and 23%, respectively. This strong increase in contained AgEq ounces was driven by the success of the Company's 2024 exploration program and the strategic acquisition of Gatos Silver.
2024 HIGHLIGHTS
acquire Gatos Silver, which holds a 70% joint venture interest in the Cerro Los Gatos Silver Mine, and the acquisition was completed subsequent to year-end.
2024 PRODUCTION TABLE
| Concept | Units | SAN DIMAS | SANTA ELENA | LA ENCANTADA | JERRITT CANYON | TOTAL |
| Ore Processed | Tonnes | 776,812 | 1,012,523 | 897,406 | - | 2,686,742 |
| - | ||||||
| Material from Reserves Mined and Processed | Tonnes | 703,356 | 1,012,523 | 220,349 | - | 1,936,228 |
| Material Mined from Areas Not In Reserves | Tonnes | 73,456 | - | 677,057 | - | 750,513 |
| Silver Produced | Ounces | 4,543,931 | 1,514,364 | 2,342,502 | - | 8,400,797 |
| Gold Produced | Ounces | 50,432 | 103,540 | 164 | 2,405 | 156,542 |
| Silver-Equivalent Produced from Gold | Ounces | 4,281,328 | 8,751,949 | 13,891 | 207,463 | 13,254,631 |
| Silver-Equivalent Produced (1) | Ounces | 8,825,259 | 10,266,313 | 2,356,393 | 207,463 | 21,655,427 |
MINERAL RESERVE AND MINERAL RESOURCE ESTIMATES
As of December 31, 2024, P&P Mineral Reserves estimates at the Company's four producing mines totalled 86.8 million ounces of silver, 594,000 ounces of gold, 587 million pounds of zinc, 314 million pounds of lead and 32 million pounds of copper, which represents a total of 177.6 million AgEq ounces.
The significant year-over-year P&P Mineral Reserve Estimate increase on an AgEq basis is driven by the addition of the Mineral Reserves at the Cerro Los Gatos Silver Mine (reported on a 70% attributable basis to the Company).
Proven and Probable Mineral Reserve Estimates with an Effective Date of December 31, 2024
| Mine | Mineral | Tonn-age | Grades | Metal Content | |||||||||||
| Category | Type | k tonnes |
Ag (g/t) |
Au (g/t) |
Cu (%) |
Pb (%) |
Zn (%) |
Ag-Eq (g/t) |
Ag (k Oz) |
Au (k Oz) |
Cu (M lb) |
Pb (M lb) |
Zn (M lb) | Ag-Eq (k Oz) | |
|
CERRO LOS GATOS (70% First Majestic Attributable) | |||||||||||||||
| Proven (UG) | All Mineral Types | 2,187 | 281 | 0.27 | 0.09 | 2.05 | 4.23 | 439 | 19,773 | 19 | 4 | 99 | 204 | 30,892 | |
| Probable (UG) | All Mineral Types | 4,773 | 107 | 0.18 | 0.27 | 2.05 | 3.64 | 274 | 16,421 | 28 | 28 | 216 | 383 | 42,027 | |
| Total Proven and Probable (UG) | Sulphides | 6,960 | 162 | 0.21 | 0.21 | 2.05 | 3.83 | 326 | 36,194 | 48 | 32 | 314 | 587 | 72,919 | |
| SAN DIMAS | |||||||||||||||
| Proven (UG) | Sulphides | 1,257 | 253 | 3.16 | 529 | 10,230 | 128 | 21,390 | |||||||
| Probable (UG) | Sulphides | 1,972 | 241 | 2.63 | 470 | 15,250 | 167 | 29,810 | |||||||
| Total Proven and Probable (UG) | Sulphides | 3,229 | 245 | 2.84 | - | - | - | 493 | 25,480 | 294 | - | - | - | 51,200 | |
| SANTA ELENA | |||||||||||||||
| Proven (UG - Ermitano) | Sulphides | 797 | 85 | 3.65 | 518 | 2,173 | 93 | - | - | - | 13,272 | ||||
| Proven (UG - Santa Elena) | Sulphides | 238 | 138 | 1.47 | 266 | 1,056 | 11 | - | - | - | 2,039 | ||||
| Probable (UG - Ermitano) | Sulphides | 2,043 | 38 | 1.61 | 229 | 2,503 | 105 | - | - | - | 15,025 | ||||
| Probable (UG - Santa Elena) | Sulphides | 930 | 143 | 1.23 | 250 | 4,265 | 37 | - | - | - | 7,461 | ||||
| Probable (Pad) | Oxides | 387 | 27 | 0.42 | 69 | 330 | 5 | - | - | - | 860 | ||||
| Total Proven and Probable (UG+Pad) | All mineral types | 4,395 | 73 | 1.78 | - | - | - | 274 | 10,328 | 252 | - | - | - | 38,657 | |
| LA ENCANTADA | |||||||||||||||
| Probable (UG) | Oxides | 3,388 | 137 | - | 137 | 14,883 | - | 14,883 | |||||||
| Total Probable (UG) | Oxides | 3,388 | 137 | - | - | - | - | 137 | 14,883 | - | - | - | - | 14,883 | |
| Consolidated FMS | |||||||||||||||
| Proven (UG) | All mineral types | 4,480 | 33,232 | 252 | 4 | 99 | 204 | 67,593 | |||||||
| Probable (UG) | All mineral types | 13,493 | 53,653 | 342 | 28 | 216 | 383 | 110,066 | |||||||
| Total Proven and Probable | All mineral types | 17,972 | 86,885 | 594 | 32 | 314 | 587 | 177,659 | |||||||
As of December 31, 2024, the M&I Mineral Resource estimates for the Company's four producing mines and its Jerritt Canyon Gold Mine totalled 434.2 million AgEq ounces consisting of 135.2 million ounces of silver, 2.9 million ounces of gold, 671.9 million pounds of zinc, 359.6 million pounds of lead, and 35.1 million pounds of copper.
The significant increase in M&I Mineral Resources relate to the additional M&I Mineral Resources from the Cerro Los Gatos Silver Mine (reported on a 70% attributable basis to the Company), expansionary drilling results, and new cutoff grades from updated economic parameters including costs, recoveries and metal prices. M&I Mineral Resource estimates are reported inclusive of Mineral Reserve estimates.
As of December 31, 2024, the Inferred Mineral Resource estimates for the Company's four producing mines and its Jerritt Canyon Gold Mine totalled 350.6 million AgEq ounces consisting of 81.4 million ounces of silver, 2.9 million ounces of gold, 173.6 million pounds of zinc, 78.5 million pounds of lead, and 8.0 million pounds of copper. The changes are primarily related to the discovery and declaration of a maiden Inferred Mineral Resource estimate for the Navidad project (at Santa Elena), the additional Inferred Mineral Resources from the Cerro Los Gatos Silver Mine (reported on a 70% attributable basis to the Company), expansionary drilling results, and new cutoff grades from updated economic parameters including costs, recoveries and metal prices.
Measured and Indicated Mineral Resource Estimates with an Effective Date of December 31, 2024
| Mine / Project | Mineral | Tonn-age | Grades | Metal Content | ||||||||||||
| Category / Area | Type | k tonnes |
Ag (g/t) |
Au (g/t) |
Cu (%) |
Pb (%) | Zn (%) |
Ag-Eq (g/t) |
Ag (k Oz) |
Au (k Oz) |
Cu (M lb) |
Pb (M lb) |
Zn (M lb) |
Ag-Eq (k Oz) | ||
|
CERRO LOS GATOS (70% First Majestic Attributable) | ||||||||||||||||
|
Total Measured (UG) | All Mineral Types | 1,948 | 363 | 0.36 | 0.11 | 2.61 | 5.37 | 563 | 22,700 | 23 | 5 | 112 | 231 | 35,230 | ||
|
Total Indicated (UG) | All Mineral Types | 4,339 | 130 | 0.22 | 0.32 | 2.59 | 4.61 | 333 | 18,080 | 31 | 30 | 248 | 441 | 46,400 | ||
|
Total Measured and Indicated (UG) | All Mineral Types | 6,287 | 202 | 0.27 | 0.25 | 2.59 | 4.85 | 404 | 40,780 | 54 | 35 | 360 | 672 | 81,630 | ||
| - | ||||||||||||||||
|
SAN DIMAS | ||||||||||||||||
| Measured (UG) | Sulphides | 1,851 | 361 | 4.69 | - | - | 776 | 21,490 | 279 | - | - | - | 46,210 | |||
| Indicated (UG) | Sulphides | 3,025 | 280 | 2.97 | - | - | 543 | 27,220 | 289 | - | - | - | 52,820 | |||
| Total Measured and Indicated (UG) | Sulphides | 4,876 | 311 | 3.63 | - | - | 632 | 48,710 | 569 | - | - | 99,030 | ||||
| - | ||||||||||||||||
|
SANTA ELENA | ||||||||||||||||
| Total Measured (UG) | All Mineral Types | 1,323 | 108 | 3.34 | 492 | 4,590 | 142 | - | - | - | 20,940 | |||||
| Total Indicated (UG) | All Mineral Types | 4,465 | 81 | 1.80 | 282 | 11,670 | 259 | - | - | - | 40,420 | |||||
|
Total Measured and Indicated (UG & Pad) | All Mineral Types | 5,787 | 87 | 2.16 | - | - | - | 330 | 16,260 | 401 | - | - | 61,360 | |||
|
JERRITT CANYON | - | |||||||||||||||
|
Total Measured (UG + OP) | Sulphides | 6,150 | - | 5.08 | - | - | - | 436 | - | 1,005 | - | - | - | 86,140 | ||
|
Total Indicated (UG + OP) | Sulphides | 5,824 | - | 4.77 | - | - | - | 409 | - | 894 | - | - | - | 76,620 | ||
|
Total Measured and Indicated (UG & OP) | All Mineral Types | 11,975 | - | 4.93 | - | - | - | 423 | - | 1,899 | - | - | 162,760 | |||
| - | - | |||||||||||||||
|
LA ENCANTADA | ||||||||||||||||
|
Total Indicated (UG & Tailings) | All Mineral Types | 5,890 | 155 | - | - | - | - | 155 | 29,440 | - | - | - | - | 29,440 | ||
|
Total Indicated (UG & Tailings) | All Mineral Types | 5,890 | 155 | - | - | - | - | 155 | 29,440 | - | - | - | 29,440 | |||
| - | - | |||||||||||||||
|
TOTAL MATERIAL PROPERTIES | ||||||||||||||||
| Total Measured (UG) | All Mineral Types | 11,272 | 48,780 | 1,449 | 5 | 112 | 231 | 188,520 | ||||||||
|
Total Indicated (UG & OP) | All Mineral Types | 23,542 | 86,410 | 1,473 | 30 | 248 | 441 | 245,700 | ||||||||
|
Total Measured and Indicated (UG & OP) | All Mineral Types | 34,815 | 135,190 | 2,923 | 35 | 360 | 672 | 434,220 | ||||||||
Inferred Mineral Resource Estimates with an Effective Date of December 31, 2024
| Mine / Project | Mineral | Tonn-age | Grades | Metal Content | |||||||||||
| Category / Area | Type | k tonnes |
Ag (g/t) |
Au (g/t) |
Cu (%) |
Pb (%) |
Zn (%) |
Ag-Eq (g/t) |
Ag (k Oz) |
Au (k Oz) |
Cu (M lb) |
Pb (M lb) |
Zn (M lb) |
Ag-Eq (k Oz) | |
|
CERRO LOS GATOS (70% First Majestic Attributable) | |||||||||||||||
| Inferred Total (UG) | All Mineral Types | 1,942 | 103 | 0.16 | 0.16 | 1.81 | 3.99 | 258 | 6,440 | 10 | 7 | 77 | 171 | 16,100 | |
|
SAN DIMAS | |||||||||||||||
| Inferred Total (UG) | Sulphides | 5,329 | 250 | 2.89 | - | - | - | 506 | 42,810 | 495 | - | - | 86,630 | ||
|
SANTA ELENA | |||||||||||||||
|
Inferred Total (UG + Pad) | Sulphides | 6,271 | 85 | 2.41 | - | - | - | 333 | 17,150 | 486 | - | - | 67,070 | ||
|
JERRITT CANYON | |||||||||||||||
|
Inferred Total (UG & OP) | Sulphides | 12,982 | - | 4.63 | - | - | - | 397 | - | 1,933 | - | - | 165,660 | ||
|
LA ENCANTADA | |||||||||||||||
|
Total Inferred (UG + Tailings) | All Mineral Types | 2,438 | 189 | - | - | - | - | 189 | 14,800 | - | - | - | - | 14,800 | |
|
TOTAL MATERIAL PROPERTIES | |||||||||||||||
|
Total Inferred (UG & OP) | All Mineral Types | 28,962 | 81,200 | 2,924 | 7 | 77 | 171 | 350,260 | |||||||
The Company also announces that its 2024 AIF has been filed under the Company's profile on SEDAR+ and is available at www.sedarplus.ca. In addition, an Annual Report on Form 40-F (the "40-F") has been filed with the United States Securities and Exchange Commission, and the 40-F is available on EDGAR and on the Company's website at www.firstmajestic.com.
Shareholders may also receive a copy of First Majestic's Annual Report which includes the audited financial statements, without charge, upon request to First Majestic, Suite 1800 - 925 West Georgia Street Vancouver, British Columbia V6C 3L2 or to info@firstmajestic.com.
QUALIFIED PERSON
Scientific and technical disclosure for the material properties is based on technical reports prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") (collectively, the "Technical Reports"). The Technical Reports have been filed on SEDAR+ at www.sedarplus.ca, with the exception of the Technical Report for the Cerro Los Gatos Silver Mine, which is available under Gatos Silver's SEDAR+ profile. The technical information has been updated with more current information where appropriate.
Gonzalo Mercado, P.Geo., the Company's Vice President of Exploration and Technical Services and a "Qualified Person" as defined under NI 43-101, has reviewed and approved the scientific and technical information contained in this news release. Mineral Resource estimates were prepared under the supervision of, or were reviewed by, David Rowe, CPG, our Director of Mineral Development. Mineral Reserve estimates were prepared under the supervision of, or were reviewed by, Andrew Pocock, P.Eng., our Director, Reserves.
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 four producing underground mines in Mexico: the Cerro Los Gatos Silver Mine (the Company holds a 70% interest in the Los Gatos Joint Venture that owns and operates the mine), the Santa Elena Silver/Gold Mine, the San Dimas 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, contact info@firstmajestic.com, visit our website at www.firstmajestic.com or call our toll free number 1.866.529.2807.
"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, current conditions and expected future developments. Forward-looking statements in this news release include, but are not limited to, statements with respect to future exploration activities and the results thereof. 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.
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