Silver Dollar Resources Inc. (CSE: SLV) (OTCQX: SLVDF) ("Silver Dollar" or the "Company") is pleased to report the remaining assay results from the Phase I drilling completed on the underexplored Noria portion of the La Joya Silver Project (the "Property") located in the state of Durango, Mexico. Phase II drilling is now in progress and targeting the wide intervals of mineralization intersected in the new Phase I discoveries.
Highlights include:
Drill core samples from all 11 holes completed over a total of 2,424 metres of Phase I drilling were submitted for analysis. Results for the first seven holes were reported on March 24, 2022 (See: news release), and the results reported below are for the last four holes.
"Our successful Phase I drilling has provided us with several new follow-up targets well outside the historic resource area. Assays from hole 8, which is approximately 1 kilometre west of the Main Mineralized Trend, are some of the best results ever reported from the Coloradito area," said Mike Romanik, president of Silver Dollar. "Phase II drilling continues, and we have encountered similar sulphide mineralization over even broader widths and will expand the program as analytical results dictate."
Phase 1 Drilling Objectives and Discussion
Hole NOR-22-008 (See: cross-section) was designed to target mineralization on the west side of the Coloradito intrusive where anomalous gold and zinc values were intersected in historical hole LLDD12-96. This hole intersected wide intervals of skarn-type Ag-Au-Cu-Pb-Zn representing the highest reported grades and widths to date from the Coloradito area. This area represents an exciting new discovery, particularly given it is located a full kilometre west of the Main Mineralized Trend.
Hole NOR-22-009 (See: cross-section) was designed to test the downward extension of the mineralization previously encountered in hole LJ-DD12-96 with an intercept of 0.32 g/t Au over 29m. This hole returned 0.66 g/t Au over 58.84m starting at 75.83m downhole, both increasing previous gold tenors and width encountered in historical hole LJ-DD12-96. This intercept also averaged 60.33 g/t AgEQ. Additional drilling in Phase II will follow up on this near-surface gold and skarn polymetallic mineralization.
Hole NOR-22-010 was designed to test mineralization at a depth of 375m. While the deep target was not encountered, interesting values were intercepted at shallower depths with the hole returning 72.29 g/t AgEQ over 13.32m starting at 112.73m downhole, which included 0.78 g/t Au over the same interval. The above interval includes 305.57 g/t AgEQ and 3.63 g/t Au over 2.09m starting at 123.96m downhole. Higher grade gold mineralization in Phase I has been observed associated with rhodonite and within an 80-170m vertical depth horizon spatially associated with the Coloradito intrusive. This higher-grade gold corridor which reported 29 g/t Au over 1.01m in NOR-21-004 represents a potential new target for Phase II follow-up drilling.
Hole NOR-22-011 targeted a western extension of the Yeyis structure with an intercept of 0.55 g/t Au over 7.87m starting at 155.23m downhole. While this mineralization generally coincides with the strike of the Yeyis structure, it is right on the intrusive contact.
Table 1: A summary of downhole drill intersection results for the last four holes of the Phase I program.
1.True widths have yet to be determined.
2.AgEQ in results assume (USD) $1,750 Au and $22 Ag per/oz, and $4.30 Cu, $1.25 Pb, and $1.50 Zn per/lb, and 100% metallurgical recovery.
Table 2: La Joya Drillhole Details
Procedure, Quality Assurance / Quality Control, and Data Verification
The diamond drill core (HQ size) was geologically logged, photographed, and marked for sampling. Core designated for sampling was sawn in half with a diamond blade core saw. One-half of the core was sealed in plastic bags and shipped for analysis. The remaining half portion is returned to the core trays for storage and/or for metallurgical test work.
The sealed and tagged sample bags were transported to either the ActLabs facility in Zacatecas, Mexico or the Bureau Veritas facility in Durango, Mexico where the samples were crushed and 200-300-gram pulp samples prepared with ninety percent passing Tyler 150 mesh (106μm). The pulps were assayed for gold using a 30-gram charge by fire assay (Code 1A2 and/or FA450) and over limits greater than 10 grams per tonne were re-assayed using a gravimetric finish (Code 1A3 and/or FA550). Silver and multi-element analysis was completed using total digestion (Code 1F2 Total Digestion ICP). Over limits greater than 100 grams per tonne silver were re-assayed using a gravimetric finish (Code 8-Ag FA-GRAV Ag).
Quality assurance and quality control ("QA/QC") procedures monitor the chain of custody of the samples and include the systematic insertion and monitoring of appropriate reference materials (certified standards, blanks, and duplicates) into the sample strings. The results of the assaying of the QA/QC material included in each batch were tracked to ensure the integrity of the assay data. All results stated in this announcement have passed Silver Dollar's QA/QC protocols.
Mike Kilbourne, P.Geo., an independent Qualified Person as defined in NI 43-101, has reviewed and approved the technical contents of this news release on behalf of the Company.
About the La Joya Project
The La Joya Property is situated approximately 75 kilometres directly southeast of the state capital city of Durango in a prolific mineralized region with past-producing and operating mines including Grupo Mexico's San Martin Mine, Industrias Penoles's Sabinas Mine, Pan American Silver's La Colorada Mine, and First Majestic's La Parrilla and Del Toro Silver Mines. For additional information on the Property click on the image below to watch the two-minute video.
Figure 1: Click on the image above to view a two-minute video introducing the La Joya Project
If you cannot view the video above, please visit:
https://vimeo.com/497779460.
About Silver Dollar Resources Inc.
Silver Dollar is a mineral exploration company that completed its initial public offering in May 2020 and is fully funded for 2022 with approximately $9 million in the treasury. The Company's projects are located in two of the prolific mining jurisdictions in the world and include the advanced exploration and development stage La Joya Silver Project in the state of Durango, Mexico; and the discovery-stage Pakwash Lake and the Longlegged Lake properties in the Red Lake Mining District of Ontario, Canada. The Company has an aggressive growth strategy and is actively reviewing potentially accretive acquisitions with a focus on drill-ready projects in mining-friendly jurisdictions internationally.
For additional information, you can download our latest presentation by clicking here and you can follow us on Twitter by clicking here.
ON BEHALF OF THE BOARD
Signed "Michael Romanik"
Michael Romanik,
President, CEO & Director
Silver Dollar Resources Inc.
Direct line: (204) 724-0613
Email: mike@silverdollarresources.com
179 - 2945 Jacklin Road, Suite 416
Victoria, BC, V9B 6J9
Forward-Looking Statements:
This news release may contain "forward-looking statements." Forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.
Phase I drilling consisted of 2,424 metres of drilling completed over 11 holes with analytical results previously reported (See news releases of March 24, 2022 and May 4, 2022).
A total 1,899 metres of drilling over 10 holes have been completed to date in Phase II drilling (See drill plan map). Drill core logging and sampling of all holes is ongoing with samples being submitted in batches for analysis. The results reported below are for the first four holes of the Phase II program.
Phase II Drilling Objectives and Discussion
Hole NOR-22-012 was a 30 m step back targeting the gold zone identified in NOR-22-009 (0.66 g/t gold (Au) over 58.84 m from 75.83 m downhole). Mineralization encountered included an intercept with 1.00 g/t Au over 26.85 m from 131.78 m downhole. While the interval in NOR-22-012 is approximately half the width of the interval in NOR-22-009 it is 42% higher in grade, (See: cross-section).
Hole NOR-22-013 was a -20° steeper inclined hole beneath the silver-zinc (Ag-Zn) zone identified in NOR-22-008 (89.59 g/t AgEQ over 125.3 m from surface including 267.56 g/t AgEq over 10.47 m from 70.53 m downhole), with NOR-22-013 targeting the higher-grade mineralization 35 m further down dip. The high-grade polymetallic mineralization of note begins with 363.29 g/t AgEQ over 19.35 m from 86.4 m downhole (See: cross-section).
Hole NOR-22-014 was a 32 m step back from NOR-22-013 that returned mineralization of lesser grade and width than at higher elevations in the section; however, the results do indicate a continuation of the mineralizing event that remains open at depth and along strike (See: cross-section).
Hole NOR-22-015 was drilled in the 100 m gap between the Au and Ag-Zn zones to establish continuity between the zones and better understand the zonation. While the mineral distribution in this hole is intermittent, it shows characteristics of the gold-rich zone to the south and the Ag-Zn mineralization to the north (See: cross-section).
Table 1: A summary of downhole drill intersection results for the first four holes of the Phase II program.
| Drill Hole # | From (m) | To (m) | Length1 (m) | Ag (g/t | Au (g/t) | Cu % | Pb % | Zn % | AgEQ2 (g/t) |
| NOR-22-012 | 110.34 | 111.94 | 1.60 | 37.8 | 0.43 | 0.16 | 0.02 | 0.15 | 101 |
| " | 131.78 | 158.63 | 26.85 | 4.5 | 1.0 | 0.06 | - | 0.01 | 92 |
| Including | 145.30 | 157.35 | 12.05 | 4.0 | 1.22 | 0.03 | - | - | 106 |
| NOR-21-013 | 2.30 | 19.35 | 17.05 | 6.0 | 0.03 | 0.02 | 0.04 | 0.99 | 58 |
| NOR-21-013 | 31.16 | 41.06 | 9.90 | 3.0 | 0.03 | 0.02 | 0.01 | 0.93 | 51 |
| NOR-21-013 | 55.50 | 64.63 | 9.13 | 7.0 | 0.03 | 0.01 | 0.06 | 0.74 | 48 |
| NOR-21-013 | 86.40 | 129.52 | 43.12 | 90.0 | 0.41 | 0.08 | 0.45 | 1.0 | 198 |
| Including | 86.40 | 105.75 | 19.35 | 192.0 | 0.27 | 0.06 | 1.0 | 2.2 | 363 |
| " | 92.75 | 97.75 | 5.00 | 451.0 | 0.62 | 0.07 | 2.3 | 4.6 | 815 |
| NOR-22-014 | 122.57 | 127.50 | 4.93 | 120.5 | 0.09 | 0.05 | 0.76 | 0.84 | 203 |
| NOR-21-015 | 2.80 | 5.80 | 3.00 | 73.9 | 0.05 | 0.02 | 0.61 | 2.20 | 207 |
| NOR-21-015 | 58.61 | 64.40 | 5.79 | 114.1 | 0.18 | 0.09 | 0.36 | 1.72 | 235 |
| NOR-21-015 | 76.30 | 80.73 | 4.43 | 23.2 | 0.26 | 0.07 | 0.03 | 5.64 | 319 |
| NOR-21-015 | 86.04 | 99.67 | 13.63 | 14.0 | 0.30 | 0.07 | 0.02 | 0.07 | 50 |
| |||||||||
"Phase II drilling continues to test the extensions of the wide intervals of mineralization intersected in Phase I, with hole NOR-22-013 returning the highest grades to date at the new Brazo Discovery," said Mike Romanik, president of Silver Dollar. "Drilling is ongoing and additional results will be reported as received."
Table 2: Drillhole Details
| Drill Hole # | Target Area | Planned Depth (m) | X Collar | Y Collar | Azimuth | Dip | Hole Length (m) | |
| NOR-22-012 | Noria | 250 | 608205 | 2640722 | 45 | -65 | 177 | |
| NOR-22-013 | Noria | 200 | 608178 | 2640835 | 90 | -65 | 156 | |
| NOR-22-014 | Noria | 175 | 608143 | 2640835 | 180 | -65 | 180 | |
| NOR-22-015 | Noria | 150 | 608197 | 2640783 | 65 | -45 | 123 | |
Procedure, Quality Assurance / Quality Control, and Data Verification
The diamond drill core (HQ size) was geologically logged, photographed, and marked for sampling. Core designated for sampling was sawn in half with a diamond blade core saw. One-half of the core was sealed in plastic bags and shipped for analysis. The remaining half portion was returned to the core trays for storage and/or for metallurgical test work.
The sealed and tagged sample bags were transported to the ActLabs facility in Zacatecas, Mexico where the samples were crushed and 200-300-gram pulp samples prepared with ninety percent passing Tyler 150 mesh (106μm). The pulps were assayed for gold using a 30-gram charge by fire assay (Code 1A2 and/or FA450) and over limits greater than 10 grams per tonne were re-assayed using a gravimetric finish (Code 1A3 and/or FA550). Silver and multi-element analysis was completed using total digestion (Code 1F2 Total Digestion ICP). Over limits greater than 100 grams per tonne silver were re-assayed using a gravimetric finish (Code 8-Ag FA-GRAV Ag).
Quality assurance and quality control ("QA/QC") procedures monitor the chain of custody of the samples and include the systematic insertion and monitoring of appropriate reference materials (certified standards, blanks, and duplicates) into the sample strings. The results of the assaying of the QA/QC material included in each batch were tracked to ensure the integrity of the assay data. All results stated in this announcement have passed Silver Dollar's QA/QC protocols.
Mike Kilbourne, P.Geo., an independent Qualified Person as defined in NI 43-101, has reviewed and approved the technical contents of this news release on behalf of the Company.
About the La Joya Project
The La Joya Property is situated approximately 75 kilometres directly southeast of the state capital city of Durango in a prolific mineralized region with past-producing and operating mines including Grupo Mexico's San Martin Mine, Industrias Penoles's Sabinas Mine, Pan American Silver's La Colorada Mine, and First Majestic's La Parrilla and Del Toro Silver Mines. For additional information on the Property click on the image below to watch the two-minute video.
Figure 1: Click on the image above to view a two-minute video introducing the La Joya Project
To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/7232/127466_403605e714501848_001full.jpg
About Silver Dollar Resources Inc.
Silver Dollar is a mineral exploration company that completed its initial public offering in May 2020 and is fully funded for 2022 with approximately $8.5 million in the treasury. The Company's projects are located in two of the prolific mining jurisdictions in the world and include the advanced exploration and development stage La Joya Silver Project in the state of Durango, Mexico; and the discovery-stage Pakwash Lake and the Longlegged Lake properties in the Red Lake Mining District of Ontario, Canada. The Company has an aggressive growth strategy and is actively reviewing potentially accretive acquisitions with a focus on drill-ready projects in mining-friendly jurisdictions internationally.
For additional information, you can download our latest presentation by clicking here and you can follow us on Twitter by clicking here.
ON BEHALF OF THE BOARD
Signed "Michael Romanik"
Michael Romanik,
President, CEO & Director
Silver Dollar Resources Inc.
Direct line: (204) 724-0613
Email: mike@silverdollarresources.com
179 - 2945 Jacklin Road, Suite 416
Victoria, BC, V9B 6J9
Forward-Looking Statements:
This news release may contain "forward-looking statements." Forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.
Initial Phase 1 results included 2,369 g/t (83.6 oz/ton) AgEq over 1.01 m within a broader intercept of 361.8 g/t (12.76 oz/t) AgEq over 8.37 m in Hole NOR-21-004
Silver Dollar Resources Inc. (CSE: SLV) (OTCQX: SLVDF) ("Silver Dollar" or the "Company") is pleased to report that Phase 2 exploration drilling is underway at the La Joya Silver Project (the "Property") located in the state of Durango, Mexico.
Figure 1: Drilling in progress at the La Joya Project on hole NOR 22-012
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/7232/119385_0f7c40c734dfdb78_001full.jpg
Phase 2 drilling will remain focused on the underexplored Noria portion of the Property and new targets that were identified in the results received to date from the Phase 1 drilling program.
As previously reported, a new discovery that is of primary interest is a shallow high-grade gold zone that was unexpectedly hit in hole NOR-21-004. The hole, which deviated significantly to the south of the intended target, encountered high-grade gold in multiple intervals that included 19.2 grams per tonne (g/t) (0.677 oz/ton) gold (Au) over 3.00 metres (m) starting from a depth of 126 m downhole and 29.0 g/t (1.023 oz/ton) Au over 1.01 m starting from a depth of 164.61 m downhole.
The Phase 1 program consisted of 11 holes for a total of 2,424 m of drilling. Sample assay results for the first seven holes were reported on March 24, 2022 (See news release), and results for the remaining holes are expected shortly. For Phase 1 drill hole collar locations, see plan map.
"We are fully funded for Phase 2 drilling and excited to commence follow up on the new gold discovery," said Mike Romanik, president of Silver Dollar. "We are expecting the balance of the Phase 1 drill results shortly and will tailor and expand the program as additional targets become more clearly defined."
Mike Kilbourne, P.Geo., an independent Qualified Person as defined in NI 43-101, has reviewed and approved the technical contents of this news release on behalf of the Company.
Figure 2: Click on the image above to view a two-minute video introducing the La Joya Project
If you cannot view the video above, please visit:
https://vimeo.com/497779460
About the La Joya Project
The La Joya Project is situated approximately 75 kilometres directly southeast of the state capital city of Durango in a prolific mineralized region with past-producing and operating mines including Grupo Mexico's San Martin Mine, Industrias Penoles's Sabinas Mine, Pan American Silver's La Colorada Mine, and First Majestic's La Parrilla and Del Toro Silver Mines. For additional information on the Project click on the satellite map above to watch a two-minute video.
About Silver Dollar Resources Inc.
Silver Dollar is a mineral exploration company that completed its initial public offering in May 2020 and is fully funded for 2022 with approximately $9 million in the treasury. The Company's projects are located in two of the prolific mining jurisdictions in the world and include the advanced exploration and development stage La Joya Silver Project in the state of Durango, Mexico; and the discovery-stage Pakwash Lake and the Longlegged Lake properties in the Red Lake Mining District of Ontario, Canada. The Company has an aggressive growth strategy and is actively reviewing potentially accretive acquisitions with a focus on drill-ready projects in mining-friendly jurisdictions internationally.
For additional information, you can download our latest presentation by clicking here and you can follow us on Twitter by clicking here.
ON BEHALF OF THE BOARD
Signed "Michael Romanik"
Michael Romanik,
President, CEO & Director
Silver Dollar Resources Inc.
Direct line: (204) 724-0613
Email: mike@silverdollarresources.com
179 - 2945 Jacklin Road, Suite 416
Victoria, BC, V9B 6J9
Forward-Looking Statements:
This news release may contain "forward-looking statements." Forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/119385
News Provided by Newsfile via QuoteMedia
Additional assay results are pending, and the Company is fully funded for 2022
Silver Dollar Resources Inc. (CSE: SLV) (OTCQX: SLVDF) ("Silver Dollar" or the "Company") is pleased to report initial exploration results for the fall and winter drilling program completed at the La Joya Silver Project (the "Property") located in the state of Durango, Mexico (See Figure 1).
Highlights include:
Drilling focused on the underexplored Noria portion of the Property and was successful in identifying possible structural extensions of the known mineralized zones as well as the discovery of a new shallow high-grade gold zone. The next phase of drilling will focus on these new targets and is expected to commence before month-end.
Drill core samples from all 11 holes completed over a total of 2,424 metres of drilling were submitted for analysis, and the results reported below are for the first seven holes.
Holes NOR-21-001 and NOR-21-002 targeted possible westward and downward extensions of the mineralization related to the past-producing Embotelladora mine, one of the historic artisanal mines on the Property.
Hole NOR-21-001intercepted the Embotelladora structure and 27 m of anomalous copper (Cu) and silver (Ag) values which graded 10.7 g/t Ag and 674 ppm Cu starting at 66 m downhole. This hole was successful in confirming the extension of the mineralized structure.
Hole NOR-21-002 intersected the downdip extension of the Embotelladora structure with an intercept of 110 g/t Ag over 5.37 m from a depth of 118.62 m downhole.
Hole NOR-21-003 targeted a historic gold intercept excluded from the database with a short 69 m hole but did not return any significant results.
Hole NOR-21-004 was drilled to test the deep high-grade "San Martin" type mineralization intercepted in historical hole LB96-04. This hole deviated significantly to the south and failed to intercept mineralization at the target depth. However, the hole did encounter unexpected high-grade gold in multiple intervals that have been verified by check assays including 19.2 g/t Au over 3.00 m starting from a depth of 126 m downhole and 29.0 g/t gold over 1.01 m starting from a depth of 164.61 m downhole. This shallow gold zone will be a primary target going forward.
Hole NOR-21-005 was planned to target an extension of mineralization associated with the western intrusive contact of Coloradito. While it failed to reach the contact, it did intercept high percentages of pyrite and 40.44m of 0.28% Zinc (Zn).
Holes NOR-22-006 and NOR-22-007 were drilled outside of the focus area to test conceptual geophysical targets and did not return any significant results.
For a planview of phase 1 drill hole collar locations see Figure 2.
"We are encouraged by these initial results and eagerly await the remaining assays, particularly for the wide interval of 40+ metres of visible sulphide mineralization in hole NOR-22-008. Drill core from this hole, that targeted mineralization along the contact between carbonate rocks and a felsic intrusive, looks very promising," said Mike Romanik, president of Silver Dollar. "The drill rig was left on site, and we expect the next phase of drilling to resume before month-end."
Table 1: A summary of downhole drill intersections received to date.
| Drill Hole # | From (m) | To (m) | Length1 (m) | Ag (g/t | Au (g/t) | Cu % | Pb % | Zn % | AgEQ2 (g/t) |
| NOR-21-001 | 66 | 93 | 27 | 10.7 | 0.05 | 0.07 | - | 0.02 | 16.6 |
| NOR-21-002 | 118.62 | 123.99 | 5.37 | 110.5 | 0.19 | 0.04 | 0.25 | 0.28 | 131.2 |
| Including | 121.14 | 123.99 | 2.85 | 141.3 | 0.06 | 0.04 | 0.42 | 0.44 | 161.1 |
| NOR-21-003 | No significant values | ||||||||
| NOR-21-004 | 78 | 84 | 6.00 | 2.8 | 0.21 | 0.06 | 0.01 | 0.02 | 21.6 |
| " | 126 | 129 | 3.00 | 49 | 19.2 | 0.48 | - | 0.03 | 1,590 |
| " | 157.25 | 165.62 | 8.37 | 16.9 | 4.3 | 0.10 | - | 0.01 | 361.8 |
| Including | 164.61 | 165.62 | 1.01 | 58 | 29.0 | 0.15 | - | 0.01 | 2,369 |
| " | 204 | 213 | 9.00 | 5.5 | 0.21 | 0.11 | - | 0.02 | 25.3 |
| NOR-21-005 | 9 | 49.44 | 40.44 | 4.4 | 0.02 | 0.01 | 0.02 | 0.28 | 9.8 |
| NOR-21-005 | 144.57 | 157.11 | 12.54 | 16 | 0.06 | 0.11 | 0.15 | 25.5 | |
| NOR-22-006 | No significant values | ||||||||
| NOR-22-007 | No significant values | ||||||||
| |||||||||
Table 2: La Joya Drillhole Details
| Drill Hole # | Target Area | Target Depth (m) | X Collar | Y Collar | Azimuth | Dip | Hole Length (m) |
| NOR-21-001 | Noria | 120 | 609670 | 2640835 | 35 | -45 | 150.0 |
| NOR-21-002 | Noria | 225 | 609671 | 2640834 | 60 | -45 | 198.0 |
| NOR-21-003 | Noria | 69 | 609695.5 | 2641043 | 30 | -60 | 69 |
| NOR-21-004 | Noria | 500 | 609603.1 | 2641251 | 60 | -75 | 558.0 |
| NOR-21-005 | Noria | 150 | 608177.2 | 2640832 | 45 | -45 | 159 |
| NOR-22-006 | Noria | 145 | 608317 | 2641033 | 150 | -50 | 168 |
| NOR-22-007 | Noria | 125 | 608310 | 2641290 | 025 | -65 | 150 |
Procedure, Quality Assurance / Quality Control, and Data Verification
The diamond drill core (HQ size) was geologically logged, photographed, and marked for sampling. Core designated for sampling was sawn in half with a diamond blade core saw. One-half of the core was sealed in plastic bags and shipped for analysis. The remaining half is returned to the core trays for storage and/or for metallurgical test work.
The sealed and tagged sample bags were transported to either the ActLabs facility in Zacatecas, Mexico, or the Bureau Veritas facility in Durango, Mexico where the samples were crushed and 200-300-gram pulp samples prepared with ninety percent passing Tyler 150 mesh (106μm). The pulps are assayed for gold using a 30-gram charge by fire assay (Code 1A2 and/or FA450) and over limits greater than 10 grams per tonne are re-assayed using a gravimetric finish (Code 1A3 and/or FA550). Silver and multi-element analysis is completed using total digestion (Code 1F2 Total Digestion ICP). Over limits greater than 100 grams per tonne silver are re-assayed using a gravimetric finish (Code 8-Ag FA-GRAV Ag).
Quality assurance and quality control ("QA/QC") procedures monitor the chain-of-custody of the samples and include the systematic insertion and monitoring of appropriate reference materials (certified standards, blanks, and duplicates) into the sample strings. The results of the assaying of the QA/QC material included in each batch are tracked to ensure the integrity of the assay data. All results stated in this announcement have passed Silver Dollar's QA/QC protocols.
Mike Kilbourne, P.Geo., an independent Qualified Person as defined in NI 43-101, has reviewed and approved the technical contents of this news release on behalf of the Company.
About the La Joya Project
The La Joya Project is situated approximately 75 kilometres directly southeast of the state capital city of Durango in a prolific mineralized region with past-producing and operating mines including Grupo Mexico's San Martin Mine, Industrias Penoles's Sabinas Mine, Pan American Silver's La Colorada Mine, and First Majestic's La Parrilla and Del Toro Silver Mines. For additional information on the Project click on the image below to watch a two-minute video.
Figure 1: Click on the image above to view a two-minute video introducing the La Joya Project
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/7232/117848_00d851c9a4989ace_001full.jpg
About Silver Dollar Resources Inc.
Silver Dollar is a mineral exploration company that completed its initial public offering in May 2020 and is fully funded for 2022 with approximately $9 million in the treasury. The Company's projects are located in two of the prolific mining jurisdictions in the world and include the advanced exploration and development stage La Joya Silver Project in the state of Durango, Mexico; and the discovery-stage Pakwash Lake and the Longlegged Lake properties in the Red Lake Mining District of Ontario, Canada. The Company has an aggressive growth strategy and is actively reviewing potentially accretive acquisitions with a focus on drill-ready projects in mining-friendly jurisdictions internationally.
For additional information, you can download our latest presentation by clicking here and you can follow us on Twitter by clicking here.
ON BEHALF OF THE BOARD
Signed "Michael Romanik"
Michael Romanik,
President, CEO & Director
Silver Dollar Resources Inc.
Direct line: (204) 724-0613
Email: mike@silverdollarresources.com
179 - 2945 Jacklin Road, Suite 416
Victoria, BC, V9B 6J9
Forward-Looking Statements:
This news release may contain "forward-looking statements." Forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/117848
News Provided by Newsfile via QuoteMedia
Assay results are pending, and the Company is fully funded for 2022 exploration
Silver Dollar Resources Inc. (CSE: SLV) (OTCQB: SLVDF) ("Silver Dollar" or the "Company") is pleased to report that a total of 2,424 metres of core drilling has been completed through eleven holes at the La Joya Silver Project (the "Property") located in the state of Durango, Mexico (See Figure 1).
The initial drilling program is focused on the Noria portion of the Property with an emphasis on target development and testing for possible structural extensions of known mineralized zones identified in historical drilling. Drill core sample results are pending for all holes and drilling is now on standby until we receive and interpret assay results.
Figure 1: Click on the image above to view a two-minute video introducing the La Joya Project
If you cannot view the video above, please visit:
https://vimeo.com/497779460
The Company has experienced multiple missed deadlines for the sample assay results. This was due to issues with the original accredited lab apparently related to Omicron, prep lab back logs, personnel changes, and internal operational issues. Upon learning of the most recent delay, the Company has taken immediate action and within 48-hours has now moved the drill core sample pulps to another accredited lab who have promised the analytical results in a shorter time frame.
"Delays with the original lab were beyond our control and we have now taken steps to mitigate the issue," said Mike Romanik, president of Silver Dollar. "Additionally, Versa Perforaciones has left their drill rig onsite so we can resume exploration drilling as soon as we have interpreted the initial drill results and plotted our next set of drill holes."
Mike Kilbourne, P.Geo., an independent Qualified Person as defined in NI 43-101, has reviewed and approved the contents of this news release on behalf of the Company.
About the La Joya Property
The La Joya Property is situated approximately 75 kilometres directly southeast of the state capital city of Durango in a prolific mineralized region with past-producing and operating mines including Grupo Mexico's San Martin Mine, Industrias Penoles's Sabinas Mine, Pan American Silver's La Colorada Mine, and First Majestic's La Parrilla and Del Toro Silver Mines. Access and infrastructure near the property are considered excellent with a highway and power lines nearby.
About Silver Dollar Resources Inc.
Silver Dollar is a mineral exploration company that completed its initial public offering in May 2020 and is fully funded for 2022 with approximately $9 million in the treasury. The Company's projects are located in two of the prolific mining jurisdictions in the world and include the advanced exploration and development stage La Joya Silver Project in the state of Durango, Mexico; and the discovery-stage Pakwash Lake and the Longlegged Lake properties in the Red Lake Mining District of Ontario, Canada. The Company has an aggressive growth strategy and is actively reviewing potentially accretive acquisitions with a focus on drill-ready projects in mining-friendly jurisdictions internationally.
For additional information, you can download our latest presentation by clicking here and you can follow us on Twitter by clicking here.
ON BEHALF OF THE BOARD
Signed "Michael Romanik"
Michael Romanik,
President, CEO & Director
Silver Dollar Resources Inc.
Direct line: (204) 724-0613
Email: mike@silverdollarresources.com
179 - 2945 Jacklin Road, Suite 416
Victoria, BC, V9B 6J9
Forward-Looking Statements:
This news release may contain "forward-looking statements." Forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/114528
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OTC Markets Group Inc. (OTCQX: OTCM), operator of financial markets for over 11,000 U.S. and global securities, today announced Silver Dollar Resources Inc. ("Silver Dollar" or the "Company") (CSE: SLV; OTCQX: SLVDF), a mineral exploration company, has qualified to trade on the OTCQX® Best Market. Silver Dollar Resources Inc. upgraded to OTCQX from the OTCQB® Venture Market.
Silver Dollar's common shares will continue to trade on the Canadian Securities Exchange ("CSE") under the symbol "SLV" and begin trading today on OTCQX under the symbol "SLVDF." U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the Company on www.otcmarkets.com .
The OTCQX Market is designed for established, investor-focused U.S. and international companies. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws.
"Graduating to the OTCQX is anticipated to provide improved liquidity, an enhanced trading experience for our current U.S. shareholders and potential U.S. investors, and expose the company to a broader market audience," said Michael Romanik, president of Silver Dollar. "The Company is fully funded for 2022 exploration and we are currently drilling our flagship La Joya Silver Project in Durango, Mexico."
Nauth LPC acted as the Company's OTCQX sponsor.
About Silver Dollar Resources Inc.
Silver Dollar is a mineral exploration company that completed its initial public offering in May 2020 and is fully funded for 2022 with approximately $9 million in the treasury. The Company's projects are located in two of the prolific mining jurisdictions in the world and include the advanced exploration and development stage La Joya Silver Project in the state of Durango, Mexico; and the discovery-stage Pakwash Lake and the Longlegged Lake properties in the Red Lake Mining District of Ontario, Canada. The Company has an aggressive growth strategy and is actively reviewing potentially accretive acquisitions with a focus on drill-ready projects in mining-friendly jurisdictions internationally. For additional information, you can download Silver Dollar's latest presentation by clicking here and you can follow Silver Dollar on Twitter by clicking here .
About OTC Markets Group Inc.
OTC Markets Group Inc. (OTCQX: OTCM) operates the OTCQX ® Best Market, the OTCQB ® Venture Market and the Pink ® Open Market for over 11,000 U.S. and global securities. Through our regulated OTC Link ® Alternative Trading Systems, the Company connects a diverse network of broker-dealers that provide liquidity and execution services. We enable investors to easily trade through the broker of their choice and empower companies to improve the quality of information available for their investors.
OTC Link ATS, OTC Link ECN and OTC Link NQB are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.
To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com .
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Media Contact:
OTC Markets Group Inc., +1 (212) 896-4428, media@otcmarkets.com
News Provided by GlobeNewswire via QuoteMedia
HIGHLIGHTS:
Following a competitive tender process, the Company has awarded the diamond drilling contract to West Core Drilling. The upcoming drill program will be completed under a partial drill-for-equity arrangement and will focus on high-priority mine and near-mine targets. These include:
Drilling is anticipated to commence in the week following the Company’s upcoming General Meeting (GM) planned for 19 May 2025.
Executive Director Bruce Garlick commented:
“We are delighted to partner with West Core as part of our inaugural drilling program. This contract award demonstrates our continued progression of the project, and we look forward to testing the asset with the drill bit in the coming weeks. It was also fantastic for the board to recently visit site and see all the readily available nearby infrastructure that could potentially feed into our development planning.”
Targeting for the drill program is currently being finalised, with active involvement from the Board of Errawarra and technical consultants ERM Consulting. A recent site visit completed by management has enabled ground-truthing of the high-priority targets.
Figure 1 – Errawarra’s Management visiting Elizabeth Hill
As part of Errawarra’s ongoing project development and planning, management visited the Radio Hill processing plant, approximately 15 kilometres to the north which is owned by Artemis Resources (ASX: ARV) and currently in care and maintenance.
Figure 2 – Errawarra’s Management inspecting the Gekko Gravity processing area at the Artemis Resources (ASX: ARV) owned Radio Hill plant
During the same site visit, the team also observed the almost completed regional soil sampling campaign which is targeting regional structures with associated historical silver in soil anomalism. A total 1,766 soil samples and 89 rock chips samples have been collected to date during this program which is anticipated to be completed in the coming week.
Click here for the full ASX Release
This article includes content from Errawarra Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
First Majestic Silver Corp. (NYSE: AG) (TSX: AG) (FSE: FMV) (the "Company" or "First Majestic") is pleased to announce the Company's unaudited condensed interim consolidated financial results for the first quarter ended March 31, 2025. The full version of the financial statements and the accompanying management's discussion and analysis can be viewed on the Company's website at www.firstmajestic.com or on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.govedgar. All amounts are in U.S. dollars unless stated otherwise.
"Our robust production for Q1 has yielded strong financial performance for the quarter," said Keith Neumeyer, President & CEO. "We have hit multiple record financial metrics including a record $110 million in cash flow from operations and the highest treasury balance in the Company's 21+ year history, our balance sheet has never been stronger, and we are on track to have a stellar year. Our focus remains to deliver on our commitments in producing safe and profitable ounces."
FIRST QUARTER HIGHLIGHTS
Record Cash Position: The Company ended the quarter with the highest cash and restricted cash balance in its history of $462.6 million consisting of $351.3 million in cash and cash equivalents and $111.3 million in restricted cash. The Company's liquidity position has further improved to a record $544.4 million, consisting of $404.8 million of working capital and $139.6 million of undrawn revolving credit facility, and excluding $111.3 million held in restricted cash.
Record Silver Production (+88% Y/Y): The Company produced 7.7 million silver equivalent ("AgEq") ounces in Q1 2025 representing 26% of the mid-point of the Company's 2025 production guidance, including a quarterly silver production record of 3.7 million silver ounces, an 88% increase when compared to 2.0 million silver ounces produced in Q1 2024. Gold production also increased by 1% to 36,469 ounces.
Record Quarterly Revenue (+130% Y/Y): The Company generated record quarterly revenue of $243.9 million in the first quarter (57% from silver sales), representing a 130% increase compared to $106.0 million in the first quarter of 2024.
Held Inventory: The Company held 620,043 silver ounces in finished goods inventory as at March 31, 2025, inclusive of coins and bullion. The fair value of this inventory as at March 31, 2025 was $21.1 million, which was not included in revenue during the first quarter.
Record Mine Operating Earnings (+$64.1 million Y/Y): The Company achieved record quarterly mine operating earnings of $63.8 million, representing a significant increase compared to a mine operating loss of $0.3 million in the first quarter of 2024. The increase was primarily due to a 64% increase in payable AgEq ounces sold, including 74 days of production from Cerro Los Gatos, as well as a 37% increase in the average realized silver price, which was $32.50 per ounce during the quarter.
Record Cash Flow from Operations (+$97.4 million Y/Y): Operating cash flow before changes in working capital and taxes in the quarter was a record $110.0 million, representing a significant increase compared to $12.6 million in the first quarter of 2024.
Strong Free Cash Flow (+$42.6 million Y/Y): Free cash flow for the quarter totaled $43.5 million after paying $28.0 million in cash income taxes mainly related to the strong performance of Santa Elena in 2024 and unfavorable working capital adjustment of $26.5 million. This represented a significant increase compared to $0.9 million of free cash flow in the first quarter of 2024.
Record Earnings Before Income Tax, Depreciation and Amortization1 ("EBITDA") (+$92.2 million Y/Y): EBITDA for the quarter was $98.8 million, representing a significant increase compared to $6.6 million in the first quarter of 2024.
Net Earnings (+$19.8 million Y/Y): Net earnings for the quarter were $6.2 million (EPS of $0.01) compared to a net loss of $13.6 million (EPS of ($0.05)) in the first quarter of 2024, representing a 146% increase year-over-year. Adjusted net earnings, normalized for non-cash or non-recurring items such as share-based payments, unrealized losses on marketable securities, acquisition costs and deferred income tax, were $20.9 million (EPS of $0.05) compared to an adjusted net loss of $18.4 million (EPS of ($0.06)) in the first quarter of 2024.
Reduced Cash Costs (-9% Y/Y): Consolidated cash costs of $13.68 per AgEq ounce for the quarter represented a 9% reduction from $15.00 per AgEq ounce in the first quarter of 2024, and 6% below the mid-point of the Company's 2025 cost guidance.
Improved All-In Sustaining Cost ("AISC") (-11% Y/Y): Consolidated AISC in the first quarter was $19.24 per AgEq ounce, representing an 11% improvement from $21.53 per AgEq ounce in the first quarter of 2024, and 7% below the mid-point of 2025 cost guidance.
Continued success at First Mint (+$6.9 million Y/Y): First Mint, LLC, the Company's 100%-owned minting facility, generated quarterly sales of $7.9 million compared to $1.0 million in the first quarter of 2024.
Completed Final Springpole Stream Payment: At the end of the quarter, the Company paid $5 million in cash to First Mining Gold Corp. ("First Mining"), representing the final payment due by the Company to First Mining in connection with the silver stream that the Company has over First Mining's Springpole gold project located in Ontario, Canada. In consideration of accelerating the timing of this final payment and making the final payment in cash (as opposed to a combination of cash and shares, as originally required under the agreement governing the stream), First Mining agreed to extend the Company's original warrants that were granted to the Company on July 20, 2020 to March 31, 2028, and to amend the exercise price of the warrants to CAD$0.20.
Purchased Common Shares: The Company purchased and cancelled an aggregate of 262,500 common shares at an average price of CAD$8.20 per share through the facilities of the TSX pursuant to its normal course issuer bid during the three months ended March 31, 2025. In April, the Company further purchased and cancelled an additional 331,000 common shares under its normal course issuer bid at an average price of CAD$8.00 per share.
First Quarter Dividend: The Company declared a cash dividend of $0.0045 per common share for the first quarter of 2025 for shareholders of record as of the close of business on May 16, 2025, to be paid out on or about May 30, 2025 (Note: Under the Company's dividend policy, the quarterly dividend per common share is targeted to equal approximately 1% of the Company's net quarterly revenues divided by the Company's then outstanding common shares. In the case of net revenues generated from the Cerro Los Gatos Silver Mine (the Company holds a 70% interest in the Los Gatos Joint Venture that owns and operates the mine), 70% of the net revenue from such mine, being the revenue that is attributable to the Company, is used for the purposes of the Company's quarterly dividend calculation.)
OPERATIONAL AND FINANCIAL HIGHLIGHTS
| Key Performance Metrics | 2025-Q1 | 2024-Q4 | Change Q1 vs Q4 | 2024-Q1 | Change Q1 vs Q1 | |||||||||||
| Operational(1) | ||||||||||||||||
| Ore Processed / Tonnes Milled | 944,373 | 745,124 | 27% | 588,651 | 60% | |||||||||||
| Silver Ounces Produced | 3,704,503 | 2,353,865 | 57% | 1,975,176 | 88% | |||||||||||
| Gold Ounces Produced | 36,469 | 39,506 | (8%) | 35,936 | 1% | |||||||||||
| Silver Equivalent Ounces Produced | 7,711,709 | 5,713,289 | 35% | 5,162,283 | 49% | |||||||||||
| Cash Costs per Silver Equivalent Ounce(2) | $ | 13.68 | $ | 13.82 | (1%) | $ | 15.00 | (9%) | ||||||||
| All-in Sustaining Cost per Silver Equivalent Ounce(2) | $ | 19.24 | $ | 20.34 | (5%) | $ | 21.53 | (11%) | ||||||||
| Total Production Cost per Tonne(2) | $ | 97.71 | $ | 96.63 | 1% | $ | 128.23 | (24%) | ||||||||
| Average Realized Silver Price per Silver Equivalent Ounce(2) | $ | 32.50 | $ | 29.84 | 9% | $ | 23.72 | 37% | ||||||||
| Financial (in $millions) | ||||||||||||||||
| Revenues | $ | 243.9 | $ | 172.3 | 42% | $ | 106.0 | 130% | ||||||||
| Mine Operating Earnings | $ | 63.8 | $ | 48.2 | 32% | ($0.3 | ) | NM | ||||||||
| Net (Loss) Earnings | $ | 6.2 | ($13.5 | ) | 146% | ($13.6 | ) | 146% | ||||||||
| Operating Cash Flows before Non-Cash Working Capital and Taxes | $ | 110.0 | $ | 62.4 | 76% | $ | 12.6 | NM | ||||||||
| Capital Expenditures | $ | 51.0 | $ | 36.1 | 41% | $ | 28.2 | 81% | ||||||||
| Cash and Cash Equivalents | $ | 351.3 | $ | 202.2 | 74% | $ | 102.1 | NM | ||||||||
| Restricted Cash | $ | 111.3 | $ | 106.1 | 5% | $ | 127.2 | (13%) | ||||||||
| Working Capital(2) | $ | 404.8 | $ | 224.5 | 80% | $ | 159.6 | 154% | ||||||||
| Earnings before Interest, Tax, Depreciation and Amortization ("EBITDA")(2) | $ | 98.8 | $ | 62.0 | 59% | $ | 6.6 | NM | ||||||||
| Adjusted EBITDA(2) | $ | 109.7 | $ | 64.8 | 69% | $ | 12.0 | NM | ||||||||
| Free Cash Flow(2) | $ | 43.5 | $ | 68.4 | (36%) | $ | 0.9 | NM | ||||||||
| Shareholders | ||||||||||||||||
| (Loss) Earnings per Share ("EPS") - Basic | $ | 0.01 | ($0.04 | ) | 125% | ($0.05 | ) | 120% | ||||||||
| Adjusted EPS(1) | $ | 0.05 | $ | 0.03 | 67% | ($0.06 | ) | 178% | ||||||||
| NM - Not meaningful (1) Operational metrics calculated in the table above are reported on an attributable basis to account for the 70% ownership of the Cerro Los Gatos mine. (2) The Company reports certain non-GAAP measures which include cash costs per AgEq ounce produced, cash costs per Au ounce produced, AISC per AgEq ounce produced, all-in sustaining cost per Au ounce produced, total production cost per tonne, average realized silver price per AgEq ounce sold, average realized Au price per ounce sold, working capital, adjusted EPS, EBITDA, adjusted EBITDA, and free cash flow. These measures are widely used in the mining industry as a benchmark for performance, but do not have a standardized meaning under the Company's financial reporting framework and the methods used by the Company to calculate such measures may differ from methods used by other companies with similar descriptions. See "Non- GAAP Measures" at the end of this news release for further details of these measures. | ||||||||||||||||
FIRST QUARTER FINANCIAL RESULTS
The Company generated record quarterly revenue of $243.9 million in the first quarter of 2025 with 57% derived from silver sales, a 130% increase compared to $106.0 million of revenue generated in the same period in the prior year. This was primarily attributable to a 64% increase in payable AgEq ounces sold, driven by the addition of the Cerro Los Gatos Silver Mine to the Company's portfolio of producing mines in Mexico on January 16, 2025, which contributed $90.5 million in revenue, along with improved production at San Dimas, which contributed $60.0 million in revenue. Further, the average realized silver price increased to $32.50 per ounce, representing a 37% increase compared to the first quarter of 2024.
At the end of the quarter, the Company reported the highest cash and restricted cash balance in its history of $462.6 million consisting of $351.3 million in cash and cash equivalents and $111.3 million in restricted cash. This represents an increase of 50% compared to $308.3 million at the end of the fourth quarter of 2024 consisting of $202.2 million in cash and cash equivalents and $106.1 million in restricted cash. Additionally, working capital reached a record high of $404.8 million, representing an 80% increase compared to $224.5 million in the fourth quarter of 2024.
Mine operating earnings for the quarter increased significantly to a record $63.8 million compared to a loss of $0.3 million in the first quarter of 2024. The increase in mine operating earnings was primarily attributed to the addition of the Cerro Los Gatos Silver Mine, which has contributed $27.6 million in mine operating earnings since the Company acquired the mine on January 16, 2025. Additionally, the strong performance at San Dimas and Santa Elena increased mine operating earnings by an additional $14.7 million and $13.9 million, respectively, compared to the first quarter of 2024.
Operating cash flow before changes in working capital and taxes in the quarter was a record $110.0 million, representing a significant increase compared to $12.6 million in the first quarter of 2024. This was primarily driven by a $64.1 million increase in mine operating earnings compared to the first quarter of 2024, resulting from the addition of the Cerro Los Gatos Silver Mine as well as strong performances at San Dimas and Santa Elena.
EBITDA for the quarter was a record $98.8 million, representing a significant increase compared to $6.6 million in the first quarter of 2024. The increase in EBITDA was primarily attributable to an increase in mine operating earnings.
Adjusted EBITDA normalized for non-cash or non-recurring items such as share-based payments, unrealized losses on marketable securities and acquisition costs for the quarter ended March 31, 2025 was $109.7 million, representing a significant increase compared to $12.0 million in the first quarter of 2024.
The Company reported net earnings for the quarter of $6.2 million (EPS of $0.01) compared to a net loss of $13.6 million (EPS of ($0.05)) in the first quarter of 2024. The increase in net earnings was primarily attributed to the higher mine operating earnings compared to the first quarter of 2024. This was partially offset by a non-cash depletion expense of $62.4 million (EPS of (0.16)), compared to $25.8 million (EPS of (0.09)) in the first quarter of 2024, a non-cash deferred income tax expense of $7.7 million (EPS of ($0.02)), compared to a non-cash deferred income tax recovery of $10.8 million (EPS $0.04) in the first quarter of 2024, as well as $5.6 million (EPS of (0.01)) in acquisition costs incurred as a result of the Company's acquisition of Gatos Silver, Inc. On January 16, 2025.
Adjusted net earnings normalized for non-cash or non-recurring items such as share-based payments, unrealized losses on marketable securities, acquisition costs and deferred income tax for the quarter ended March 31, 2025 was $20.9 million (adjusted EPS of $0.05), representing a 213% increase compared to adjusted net loss of $18.4 million (adjusted EPS of ($0.06)) in the first quarter of 2024.
The Company's total capital expenditures in the first quarter were $51.0 million, representing an 81% increase compared to $28.2 million in the first quarter of 2024, as capital expenditures at Cerro Los Gatos were included for the first time. Total capital expenditures mainly consisted of $23.1 million for underground development (2024 - $13.3 million), $15.5 million in exploration (2024 - $9.9 million), and $8.2 million in property, plant and equipment ("PP&E") (2024 - $5.0 million).
FIRST QUARTER OPERATIONAL RESULTS
The table below represents the quarterly operating and cost performance results at each of the Company's four producing mines during the quarter.
| First Quarter Production Summary | Cerro Los Gatos(1) | Santa Elena | San Dimas | La Encantada | Consolidated |
| Ore Processed / Tonnes Milled | 193,825 | 270,203 | 231,190 | 249,155 | 944,373 |
| Silver Ounces Produced | 1,444,719 | 339,784 | 1,359,378 | 560,622 | 3,704,503 |
| Gold Ounces Produced | 794 | 21,408 | 14,241 | 26 | 36,469 |
| Silver Equivalent Ounces Produced(2) | 2,252,258(3) | 2,259,772 | 2,636,689 | 562,990 | 7,711,709 |
| Cash Costs per Silver Equivalent Ounce | $10.82 | $12.92 | $13.82 | $26.03 | $13.68 |
| AISC per Silver Equivalent Ounce | $13.07 | $15.46 | $17.57 | $31.68 | $19.24 |
| Total Production Cost per Tonne | $84.46 | $94.28 | $156.10 | $57.56 | $97.71 |
| (1) Cerro Los Gatos production was from January 16, 2025 to March 31, 2025 (74 days). All production and non-GAAP results shown in the table above are reported on an attributable basis to account for the Company's 70% ownership of the Cerro Los Gatos mine through its joint venture ownership of the mine. (2) The metal prices that were used to calculate the silver equivalent ounces were, silver: $31.91/oz, gold: $2,862/oz, lead: $0.89/lb., zinc: $1.29/lb. (3) Attributable silver equivalent ounces for Cerro Los Gatos includes 12,492,869 lbs. zinc and 7,487,065 lbs. lead (70%). | |||||
The Company produced 7.7 million attributable AgEq ounces in Q1 2025 representing a 49% increase when compared to 5.2 million AgEq ounces produced in Q1 2024.
Furthermore, the Company reported record quarterly silver production of 3.7 million silver ounces representing an 88% increase when compared to 2.0 million silver ounces produced in Q1 2024. Total silver production in the quarter included 1.4 million ounces of attributable silver production from Cerro Los Gatos as well as a notable 17% (0.2 million ounce) increase at San Dimas primarily due to operational improvements.
Consolidated cash cost per AgEq ounce for the quarter was $13.68, representing a 9% improvement compared to $15.00 per ounce in Q1 2024, and 6% below the mid-point of the Company's 2025 cost guidance. The decrease in cash costs was primarily due to an increase in attributable production of 2.5 million AgEq ounces during the quarter following the acquisition of Cerro Los Gatos on January 16, 2025 along with an 11% increase in AgEq production at San Dimas as a result of operational efficiencies and an increase in mine and plant throughput rates.
Overall, cost efficiency initiatives, along with the weakening Mexico peso relative to the US dollar, which averaged 20% lower compared to the first quarter of 2024, contributed to further reductions in operating and administrative costs per AgEq ounce compared to the first quarter of 2024.
Consolidated AISC per AgEq ounce in the first quarter was $19.24, representing an 11% improvement compared to $21.53 per AgEq ounce in Q1 2024, and 7% below the mid-point of 2025 cost guidance. The decreased AISC was primarily attributable to lower cash costs, along with a 51% decrease in sustaining development costs per AgEq ounce compared to the first quarter of 2024. This was partially offset by a 24% increase in sustaining PP&E investment compared to the first quarter of 2024.
Q1 2025 DIVIDEND ANNOUNCEMENT
The Company is pleased to announce that its Board of Directors has declared a cash dividend in the amount of $0.0045 per common share for the first quarter of 2025. The dividend will be paid to holders of record of First Majestic's common shares as of the close of business on May 16, 2025, and will be paid out on or about May 30, 2025.
Under the Company's dividend policy, the quarterly dividend per common share is targeted to equal approximately 1% of the Company's net quarterly revenues divided by the Company's then outstanding common shares. Note: In the case of net revenues generated from the Cerro Los Gatos Silver Mine (the Company holds a 70% interest in the Los Gatos Joint Venture that owns and operates the mine), 70% of the net revenue from such mine, being the revenue that is attributable to the Company, is used for the purposes of the Company's quarterly dividend calculation.
The amount and distribution dates of future dividends remain at the discretion of the Board of Directors. This dividend qualifies as an "eligible dividend" for Canadian income tax purposes. Dividends paid to shareholders outside Canada (non-resident investors) may be subject to Canadian non-resident withholding taxes.
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
Non-GAAP Financial Measures
This news release includes reference to certain financial measures which are not standardized measures under the Company's financial reporting framework. These measures include cash costs per silver equivalent ounce produced, all-in sustaining cost (or "AISC") per silver equivalent ounce produced, cash costs per gold ounce produced, AISC per gold ounce produced, total production cost per tonne, average realized silver price per ounce sold, average realized gold price per ounce sold, working capital, adjusted net earnings and EPS, EBITDA, adjusted EBITDA, and free cash flow. The Company believes that these measures, together with measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. These measures are widely used in the mining industry as a benchmark for performance but do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures disclosed by other companies. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. For a complete description of how the Company calculates such measures and a reconciliation of certain measures to GAAP terms please see "Non-GAAP Measures" in the Company's most recent management discussion and analysis filed on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov.
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: the timing for the Company's dividend payment for the first quarter of 2025 and the shareholder record and payable dates in connection with such dividend payment; and anticipated future results. Assumptions may prove to be incorrect and actual results may differ materially from those anticipated. As such, investors are cautioned not to place undue reliance upon forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. All statements other than statements of historical fact may be forward-looking statements. Statements concerning proven and probable mineral reserves and mineral resource estimates may also be deemed to constitute forward- looking statements to the extent that they involve estimates of the mineralization that will be encountered as and if the property is developed, and in the case of measured and indicated mineral resources or proven and probable mineral reserves, such statements reflect the conclusion based on certain assumptions that the mineral deposit can be economically exploited. 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".
Actual results may vary from 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: the duration and effects of the coronavirus and COVID-19, and any other pandemics on our operations and workforce, and the effects on global economies and society; general economic conditions including inflation risks; actual results of exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; commodity prices; variations in ore reserves, grade or recovery rates; actual performance of plant, equipment or processes relative to specifications and expectations; accidents; labour relations; relations with local communities; changes in national or local governments; changes in applicable legislation or application thereof; delays in obtaining approvals or financing or in the completion of development or construction activities; exchange rate fluctuations; requirements for additional capital; government regulation; environmental risks; reclamation expenses; outcomes of pending litigation; limitations on insurance coverage as well as those factors discussed in the section entitled "Description of the Business - Risk Factors" in the Company's most recent Annual Information Form for the year ended December 31, 2024 filed with the Canadian securities regulatory authorities under the Company's SEDAR+ profile at www.sedarplus.ca, and in the Company's Annual Report on Form 40-F for the year ended December 31, 2024 filed with the United States Securities and Exchange Commission on EDGAR at www.sec.gov/edgar. Although First Majestic 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.
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1 The Company reports certain non-GAAP measures which include EBITDA. These measures are widely used in the mining industry as a benchmark for performance, but do not have a standardized meaning under the Company's financial reporting framework and the methods used by the Company to calculate such measures may differ from methods used by other companies with similar descriptions. See "Non- GAAP Measures" at the end of this news release for further details of these measures.
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The DeGrussa processing plant
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Apollo Silver (TSXV:APGO,OTCQB:APGOF,FSE:6ZF0) is a silver-focused exploration company advancing a dual-asset strategy through two high-potential projects in North America: the Calico Silver Project in California, USA, and the Cinco de Mayo project in Chihuahua, Mexico. Both projects are situated in mining-friendly jurisdictions with robust infrastructure and a history of significant exploration work.
At Calico, Apollo Silver advances the Waterloo deposit through geological modeling, barite resource definition, and engineering studies. Calico hosts 110 Moz of silver (measured and indicated) and 51 Moz (inferred), with recent test work producing a 94.6 percent barite concentrate.
In Mexico, the Cinco de Mayo project offers rare optionality, featuring a historical inferred resource of 154 Moz silver equivalent (385 g/t) and a high-impact discovery opportunity at the Pegaso Zone. Under an option agreement with MAG Silver, Apollo is executing a 20,000-meter drill program to earn full ownership of the project.
Project locationsThe Calico Silver Project, located 15 km from Barstow, California, includes the adjacent Waterloo and Langtry properties. Calico hosts a combined resource of 110 Moz silver (measured and indicated, 100 g/t) and 51 Moz silver (inferred, 77 g/t). The shallow, laterally extensive deposit offers strong geologic continuity and a low 1.1:1 strip ratio, supporting a potential low-impact open-pit operation. Recent drilling confirmed a 95 percent conversion rate from inferred to measured and indicated resources at Waterloo.
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Apollo Silver is advancing two high-impact silver projects in premier North American jurisdictions—California and Mexico—offering investors a unique combination of scale, optionality, and leverage to silver and critical mineral demand.
Apollo Silver (TSXV:APGO,OTCQB:APGOF,FSE: 6ZF0) is a silver-focused company advancing a dual-asset strategy centered on two high-impact projects in North America: the Calico silver project in California, USA and the Cinco de Mayo project in Chihuahua, Mexico. Both are located in mining-friendly jurisdictions with strong infrastructure and significant historical work.
Project locations
At Calico, Apollo Silver is advancing the Waterloo deposit toward development through geological modeling, barite resource definition, and engineering studies. Calico boasts 110 Moz of silver (measured and indicated) and 51 Moz of silver (inferred), and recent test work has produced a 94.6 percent barite concentrate, supporting the asset’s potential as a US critical minerals supplier.
In Mexico, Cinco de Mayo offers rare optionality with a historical inferred resource of 154 Moz silver equivalent (385 g/t), and a potentially game-changing discovery at the Pegaso Zone. The project is under an option agreement between Apollo Silver and MAG SIlver, wherein Apollo Silver will complete a 20,000-meter drill program to convert the option to an acquisition of the Cinco de Mayo. Apollo Silver’s strategy is underpinned by disciplined capital allocation, high-impact exploration, and a proven ability to acquire and unlock value from high-quality assets—following a model similar to Prime Mining. With no debt, strong institutional backing, and an experienced team, Apollo Silver is well-positioned to deliver scalable, discovery-driven growth in a rising silver and critical minerals market.
(Left to right) Drilling hole W22-RC008 and downhole surveying with an optical televiewer in drill hole WCC-RC-004B
The Calico silver project comprises two adjacent properties—Waterloo and Langtry—located in mining-friendly San Bernardino County, 15 km from Barstow, California. The combined resource at Calico includes 110 Moz of silver in the measured and indicated category (average grade: 100 g/t) and 51 Moz of silver in the inferred category with an average grade of 77 g/t. The deposit is shallow, laterally extensive, and exhibits excellent geologic continuity. A low strip ratio of 1.1:1 supports a potential open-pit operation with minimal environmental footprint. Drilling has demonstrated strong correlation between 2022 results and historical intercepts, underpinning a 95 percent conversion rate from inferred to measured and indicated categories at Waterloo.
Resources at Calico sit primarily on private land with vested mining rights, simplifying the path to permitting. Infrastructure is excellent: paved roads, power lines within 5 km, and proximity to the expanding Barstow rail terminal.
In addition to silver, Apollo Silver is evaluating Calico’s potential for gold and barite. Barite, a US critical mineral essential to oil and gas drilling, has demonstrated recoveries exceeding 94.6 percent purity in prior test work. A 1979 ASARCO historical estimate indicates 4.5 Mt of barite grading 13.4 percent. Ongoing 2025 work includes a barite resource estimate, investigating potential for additional gold mineralization, depending on results of preliminary work, followed up by a small drill program to test those findings.
Project location
Cinco de Mayo is a district-scale carbonate replacement deposit (CRD) system located in Chihuahua, Mexico along the same NW-SE structural trend that hosts some of the country’s largest silver and base metal deposits. The project was historically MAG Silver’s flagship asset, hosting a historical NI 43-101 compliant inferred resource of 154 Moz silver equivalent at an average grade of 386 g/t silver equivalent, including 132 g/t silver, 6.47 percent zinc, and 2.86 percent lead across the Jose Manto and Bridge Zone targets.
The site also includes the Pozo Seco deposit, which hosts an additional historical resource of 230,000 oz gold and 94 million pounds molybdenum, based on a 2010 technical report. Notably, a significant mineralized intercept—61 meters of massive sulphides—was drilled by MAG Silver in the Pegaso Zone beneath the known resource but never followed up due to social access issues.
Apollo Silver has secured an option to acquire the property from MAG Silver and is actively re-engaging with the local community to secure surface access to the property. A new, development-friendly ejido administration was elected in December 2024. The company is now pursuing a mutually beneficial and meaningful agreement with the local community for surface access rights to the Cinco de Mayo. The company will then execute a 20,000-meter drill campaign once access is secured. Under the option agreement with MAG Silver, Apollo Silver must secure access, drill 20,000 meters, and issue 19.99 percent of its common shares to complete its option to acquire Cinco de Mayo. Priority targets include Pegaso and expansion zones at Jose Manto. Metallurgical studies and engineering reviews are being considered as part of a future resource update.
A venture capitalist with over 30 years of operational experience, Andrew Bowering has raised over $500 million in value and capital for companies within the natural resources industry. He is the founder of Millennial Lithium and American Lithium, and he is a director and executive advisor to Prime Mining.
Chris Cairns is a CPA, CA and brings more than 13 years of experience working in the finance and mining industries. He obtained his designation while at PwC, working with numerous Canadian and US-listed mining and exploration companies operating in North America, South America and Mongolia, before leaving to serve in roles as controller and CFO of two publicly listed mining exploration companies listed in Canada and the United States.
Amandip Singh is a geologist and mining professional with over 15 years of experience in the mining industry, finance and academia. Most recently he was vice-president, corporate development for West Red Lake Gold Mines, where he was involved in the corporate turnaround and acquisition of the company’s flagship Madsen Mine project. He was previously with GT Gold as part of the management team that saw the Saddle North copper-gold porphyry project advance from discovery to eventual acquisition by Newmont Mining in a transaction valued at USD $311 million.
Rona Sellers is an experienced governance professional with more than 13 years of experience in corporate and securities law. Previously, she was VP compliance and corporate secretary at Maple Gold Mines, and previous to that she held corporate secretarial roles at publicly traded companies listed in Canada and the United States.
With over 20 years experience leading resource focused technical programs and teams, Isabelle Lépine brings extensive knowledge in mineral resource management to Apollo. Her significant experience ranges across the advanced stages of the resource development cycle through to mining. Most recently, she was director of mineral resources at Stornoway Diamonds.
