First Majestic Reports Positive Exploration Results at San Dimas
First Majestic Silver Corp. (NYSE: AG) announced positive results from its 2024 exploration program at the San Dimas Silver/Gold Mine in Durango State, Mexico. The drilling program aimed to test new mineral targets, expand resources, and convert resources to reserves. Key highlights include significant mineralization in the Perez, Sinaloa-Elia, Santa Regina, and Santa Teresa veins, with high-grade intercepts like 39.28 g/t Au and 1,905 g/t Ag over 1.76 meters. Specific noteworthy veins include intercepts such as 7.36 g/t Au and 1,129 g/t Ag over 6.72 meters in the Perez vein and 20.41 g/t Au and 1,702 g/t Ag over 2.15 meters in the Sinaloa-Elia vein. These results highlight San Dimas' potential for resource expansion and conversion, confirming the continuity and prospectivity of the veins targeted in the exploration program.
- Significant gold and silver mineralization found in multiple veins.
- High-grade intercepts up to 39.28 g/t Au and 1,905 g/t Ag over 1.76 meters.
- Resource expansion and conversion drilling yielded better-than-expected results.
- Perez vein confirmed to remain open to the east and west.
- Sinaloa mineralized system is open down-dip, indicating further potential.
- Santa Teresa mineralization found to extend approximately one kilometer to the west.
- No specific financial data or earnings were disclosed in the report.
- Potential over-reliance on drilling results without immediate financial impact.
- No mention of production timelines or integration of new resources into current mining operations.
Insights
First Majestic's recent drilling results at the San Dimas mine have shown significant mineralization, with some assays indicating high grades of both gold and silver. The high-quality assay results such as 20.41 g/t Au and 1,702 g/t Ag over 2.15 m from the EL24_266 drill hole in the Sinaloa-Elia vein system are promising for the company's resource estimates.
From an investor's perspective, these findings could potentially lead to an increase in the company's assets base. The discovery of veins open in multiple directions suggests further potential for resource expansion. However, the next critical stage would be the conversion of these resources into reserves, which involves more rigorous economic assessments and feasibility studies.
In the short term, this news might boost investor sentiment and stock price due to the high-grade nature of the results. In the long term, the actual financial impact will depend on how effectively First Majestic can transition these findings into profitable mining operations. Investors should also watch for any updates on feasibility studies and any logistical plans for mining the new resources.
The exploration results at San Dimas indicate substantial mineralization across several veins, particularly in the Perez and Sinaloa-Elia systems. Notable intercepts like 39.28 g/t Au and 1,905 g/t Ag over 1.76 m from the Sinaloa-Elia system highlight the potential for significant resource expansion.
For retail investors, it's essential to understand that these high-grade mineral findings suggest not only an increase in the quantity of extractable metals but also enhance the quality of the ore body. The fact that multiple veins remain open in various directions signifies that the full extent of the resource has not yet been determined, indicating further exploration upside.
However, translating these geological findings into economic value will depend on subsequent drilling programs to delineate the deposit more accurately and assess the continuity and consistency of the mineralization. Investors should monitor the company's follow-up drilling campaigns and any preliminary economic assessments that may provide more insights into the project's viability.
Vancouver, British Columbia--(Newsfile Corp. - June 13, 2024) - First Majestic Silver Corp. (NYSE: AG) (TSX: AG) (FSE: FMV) (the "Company" or "First Majestic") is pleased to announce positive drilling results from its 2024 exploration program at the San Dimas Silver/Gold Mine located in Durango State, Mexico. The drill program was designed to test new silver and gold mineral targets, add Mineral Resources, and convert Mineral Resources to Mineral Reserves.
"We are very pleased with the positive exploration results that we continue to achieve at San Dimas in 2024," stated Keith Neumeyer, President & CEO of First Majestic. "The recent drilling has continued to highlight San Dimas' 71,867 hectare prospectivity through the intersection of significant gold and silver mineralization. Drilling to convert Inferred to Indicated Mineral Resources at Perez, Santa Regina and Elia has, in multiple cases, returned better than expected results. Resource expansion drilling has confirmed the Perez vein remains open to the east and west, the Sinaloa mineralized system is open down-dip, and the Santa Teresa mineralization is open for approximately one kilometre to the west."
DRILLING HIGHLIGHTS
Select highlights from the Company's ongoing exploration program at San Dimas include the following high-grade intercepts:
Perez Vein Highlights (true width):
PE24_297: 7.36 g/t Au and 1,129 g/t Ag over 6.72 metres ("m");
PE24_309: 10.87 g/t Au and 1,034 g/t Ag over 7.88 m;
PE23_294: 1.99 g/t Au and 440 g/t Ag over 6.08 m.
Sinaloa-Elia Vein System Highlights (true width):
SIN24_092: 39.28 g/t Au and 1,905 g/t Ag over 1.76 m;
EL24_266: 20.41 g/t Au and 1,702 g/t Ag over 2.15 m;
EL24_265: 10.46 g/t Au and 879 g/t Ag over 0.92 m.
Santa Regina Vein Highlights (true width):
SRE23_287: 13.24 g/t Au and 1,501 g/t Ag over 0.94 m;
SRE23_282: 9.44 g/t Au and 1,069 g/t Ag over 1.34 m;
SRE23_293: 9.27 g/t Au and 849 g/t Ag over 1.52 m.
Santa Teresa Vein Highlights (true width):
STA24_029: 4.86 g/t Au and 511 g/t Ag over 2.18 m;
STA23_028: 4.10 g/t Au and 79 g/t Ag over 2.09 m.
SAN DIMAS EXPLORATION RESULTS
Exploration drilling at San Dimas intersected significant gold and silver mineralization in multiple veins focused in the central and western regions of the property. Four areas are highlighted here: Perez, Sinaloa-Elia, Santa Regina and Santa Teresa (see Figure 1 below).
Figure 1: San Dimas District Vein Occurrence Map and Highlighted Target Areas
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1475/212797_ccb35e78149a3b3b_002full.jpg
Drilling for the Perez vein extended gold and silver mineralization up-dip on several ore shoots, further defining a recently identified mineralized shoot to the east. Step-out drilling in the easternmost extension of the vein confirmed vein continuity. The Perez vein exploration potential remains open both to the east and west (see Figure 2). Select drill hole assay grades and true width intervals of the vein intersections are highlighted below:
PE24_297: 7.36 g/t Au and 1,129 g/t Ag over 6.72 m;
PE24_309: 10.87 g/t Au and 1,034 g/t Ag over 7.88 m;
PE23_294: 1.99 g/t Au and 440 g/t Ag over 6.08 m;
PE24_289: 3.26 g/t Au and 381 gpt Ag over 2.79 m.
At the historic Sinaloa-Elia vein system located in the western portion of the property, drilling intersected several intervals of gold and silver mineralized veins. Resource conversion drilling confirms and further delineates mineralization below the historic Sinaloa vein with several intercepts returning better than expected values. Expansionary drilling below historic mining at Elia intersected two significant vein intercepts, highlighting down-dip potential (see Figure 3). Select drill hole assay grades and true width intervals of the Sinaloa-Elia vein system intersections are highlighted below:
SIN24_092: 39.28 g/t Au and 1,905 g/t Ag over 1.76 m;
EL24_266: 20.41 g/t Au and 1,702 g/t Ag over 2.15 m;
EL24_265: 10.46 g/t Au and 879 g/t Ag over 0.92 m.
Resource conversion drilling at Santa Regina has returned significant intercepts while locally growing the Inferred Mineral Resource (see Figure 4). Drill hole assay grades and true width intervals of the Santa Regina vein intersections are highlighted below:
SRE23_287: 13.24 g/t Au and 1,501 g/t Ag over 0.94 m;
SRE23_282: 9.44 g/t Au and 1,069 g/t Ag over 1.34 m;
SRE23_293: 9.27 g/t Au also returned and 849 g/t Ag over 1.52 m.
Expansionary drilling of the Santa Teresa vein has returned significant intercepts in the eastern and western extensions of the historic mine. Early results from the western extension drilling have confirmed vein continuity and prospectivity in this direction where approximately 1 kilometre of strike length of potential remains untested (see Figure 5). Drill hole assay grades and true width intervals of the Santa Teresa vein intersections are highlighted below:
STA24_029: 4.86 g/t Au and 511 g/t Ag over 2.18 m;
STA23_028: 4.10 g/t Au and 79 g/t Ag over 2.09 m.
Figure 2: Perez Vein Vertical Long Section Looking North
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1475/212797_ccb35e78149a3b3b_003full.jpg
Figure 3: Sinaloa-Elia Vein System Vertical Long Section Looking North
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1475/212797_ccb35e78149a3b3b_004full.jpg
Figure 4: Santa Regina Vein Vertical Long Section Looking North
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1475/212797_ccb35e78149a3b3b_005full.jpg
Figure 5: Santa Teresa Vein Vertical Long Section Looking North
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1475/212797_ccb35e78149a3b3b_006full.jpg
Table 1: Summary of Significant Silver and Gold Drill Hole Intercepts at San Dimas
| Drillhole | Target | Target Type | Significant Intercept | |||||
| From (m) | Length (m) | True Length (m) | Au (gpt) | Ag (gpt) | AgEq (gpt) | |||
| GPE23_003 | Guadalupe | Resource addition | 295.70 | 1.50 | 1.36 | 1.99 | 293 | 452 |
| GPE23_006 | Guadalupe | Resource addition | 271.70 | 0.80 | 0.75 | 0.84 | 175 | 242 |
| GPE23_006 | String zone | Resource addition | 428.40 | 0.95 | 0.91 | 1.24 | 196 | 296 |
| CN24_004 | Carmen | Resource addition | 440.65 | 1.00 | 0.94 | 1.18 | 166 | 261 |
| EL24_265 | Elia | Resource addition | 397.30 | 1.30 | 0.92 | 10.46 | 879 | 1716 |
| EL24_266 | Elia | Resource addition | 461.50 | 4.00 | 2.15 | 20.41 | 1702 | 3336 |
| ORO24_109 | El Oro | Resource conversion | 286.10 | 1.60 | 1.13 | 2.79 | 61 | 285 |
| ORO24_111 | El Oro | Resource conversion | 221.70 | 0.95 | 0.94 | 9.78 | 1311 | 2093 |
| ORO24_115 | El Oro | Resource conversion | 355.65 | 1.05 | 0.71 | 2.39 | 299 | 490 |
| PE23_267 | Perez | Resource conversion | 194.25 | 1.60 | 0.74 | 1.05 | 145 | 229 |
| PE23_272 | Perez | Resource conversion | 184.35 | 1.45 | 1.19 | 3.52 | 368 | 649 |
| PE23_273 | Perez | Resource conversion | 287.55 | 3.35 | 2.37 | 1.50 | 240 | 360 |
| PE24_283 | Perez | Resource addition | 185.70 | 1.10 | 0.95 | 0.93 | 197 | 272 |
| PE24_289 | Perez | Resource conversion | 290.45 | 6.60 | 2.79 | 3.26 | 381 | 641 |
| PE24_289 | Perez | Resource conversion | 300.35 | 3.35 | 1.42 | 2.85 | 153 | 381 |
| PE24_294 | Perez | Resource conversion | 258.80 | 10.60 | 6.08 | 1.99 | 440 | 599 |
| PE24_296 | Perez | Resource addition | 276.85 | 2.95 | 1.47 | 6.50 | 590 | 1110 |
| PE24_297 | Perez | Resource conversion | 344.40 | 8.20 | 6.72 | 7.36 | 1129 | 1717 |
| PE24_304 | Perez | Resource addition | 280.70 | 1.35 | 0.95 | 2.71 | 285 | 502 |
| PE24_306 | Perez | Resource conversion | 231.00 | 1.70 | 0.85 | 0.86 | 191 | 260 |
| PE24_306 | Perez | Resource conversion | 234.47 | 2.23 | 1.28 | 11.53 | 1158 | 2081 |
| PE24_309 | Perez | Resource addition | 255.55 | 16.00 | 7.88 | 10.87 | 1034 | 1904 |
| PE24_311 | Perez | Resource conversion | 325.55 | 1.50 | 1.41 | 4.78 | 550 | 932 |
| PE24_315 | Perez | Resource conversion | 239.60 | 3.30 | 1.89 | 2.23 | 395 | 573 |
| SIN23_087 | Sinaloa | Resource conversion | 58.95 | 1.20 | 1.01 | 12.34 | 196 | 1183 |
| SIN23_087 | Sinaloa | Resource conversion | 278.75 | 1.35 | 1.20 | 4.90 | 271 | 664 |
| SIN23_087 | Sinaloa | Resource conversion | 312.65 | 2.15 | 2.08 | 4.26 | 255 | 596 |
| SIN24_091 | Sinaloa (FW) | Resource conversion | 239.85 | 0.85 | 0.70 | 9.65 | 1017 | 1788 |
| SIN24_091 | Sinaloa | Resource conversion | 288.20 | 2.00 | 1.73 | 2.50 | 188 | 389 |
| SIN24_091 | Sinaloa | Resource conversion | 292.35 | 1.10 | 0.95 | 9.13 | 582 | 1312 |
| SIN24_092 | Sinaloa | Resource conversion | 257.70 | 1.85 | 1.76 | 39.28 | 1905 | 5047 |
| SIN24_092 | Sinaloa (HW) | Resource conversion | 288.40 | 1.20 | 1.04 | 3.43 | 238 | 512 |
| ST23_028 | Santa Teresa | Resource addition | 343.30 | 2.55 | 2.09 | 4.10 | 79 | 407 |
| ST24_029 | Santa Teresa | Resource addition | 141.50 | 2.35 | 2.18 | 4.86 | 511 | 900 |
| ROS23_035 | Macho Bayo | Resource addition | 398.40 | 1.10 | 0.90 | 3.81 | 262 | 567 |
| ROS23_037 | Rosario | Resource addition | 369.20 | 0.80 | 0.70 | 3.45 | 378 | 654 |
| SRE23_274 | Santa Regina | Resource conversion | 242.65 | 2.05 | 1.78 | 3.85 | 392 | 700 |
| SRE23_274 | Santa Regina | Resource conversion | 295.45 | 1.15 | 1.04 | 3.37 | 339 | 609 |
| SRE23_279 | Santa Regina | Resource conversion | 234.05 | 1.40 | 0.99 | 5.48 | 622 | 1061 |
| SRE23_280 | Santa Regina | Resource conversion | 228.80 | 1.35 | 1.16 | 5.32 | 551 | 976 |
| SRE23_281 | Santa Regina | Resource conversion | 237.15 | 1.10 | 0.84 | 6.61 | 855 | 1384 |
| SRE23_281 | String zone | Resource conversion | 266.55 | 1.65 | 1.43 | 4.12 | 683 | 1013 |
| SRE24_282 | Santa Regina (HW) | Resource conversion | 259.00 | 1.50 | 1.34 | 9.44 | 1069 | 1824 |
| SRE24_283 | Santa Regina | Resource conversion | 247.60 | 0.95 | 0.70 | 10.59 | 1055 | 1902 |
| SRE24_286 | Santa Regina | Resource conversion | 246.15 | 0.90 | 0.78 | 2.45 | 345 | 541 |
| SRE24_287 | Santa Regina (HW) | Resource conversion | 261.50 | 1.15 | 0.94 | 13.24 | ||
FAQ
What are the key findings from First Majestic's 2024 exploration at San Dimas?
Which veins showed the highest-grade intercepts in First Majestic's exploration?
Was the Perez vein found to be open in any direction?
What is the significance of the Sinaloa mineralized system findings?
How extensive is the Santa Teresa mineralization according to the 2024 exploration?
