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First Majestic Reports Positive Exploration Results at San Dimas

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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.

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Positive

  • 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.

Negative

  • 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.

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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).

Cannot view this image? Visit: https://images.newsfilecorp.com/files/1475/212797_ccb35e78149a3b3b_002.jpg

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.

Cannot view this image? Visit: https://images.newsfilecorp.com/files/1475/212797_ccb35e78149a3b3b_003.jpg

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

Cannot view this image? Visit: https://images.newsfilecorp.com/files/1475/212797_ccb35e78149a3b3b_004.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

Cannot view this image? Visit: https://images.newsfilecorp.com/files/1475/212797_ccb35e78149a3b3b_005.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

Cannot view this image? Visit: https://images.newsfilecorp.com/files/1475/212797_ccb35e78149a3b3b_006.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

DrillholeTargetTarget TypeSignificant Intercept
From
(m)		Length
(m)		True Length
(m)		Au
(gpt)		Ag
(gpt)		AgEq
(gpt)
GPE23_003GuadalupeResource addition295.701.501.361.99293452
GPE23_006GuadalupeResource addition271.700.800.750.84175242
GPE23_006String zoneResource addition428.400.950.911.24196296
CN24_004CarmenResource addition440.651.000.941.18166261
EL24_265EliaResource addition397.301.300.9210.468791716
EL24_266EliaResource addition461.504.002.1520.4117023336
ORO24_109El OroResource conversion286.101.601.132.7961285
ORO24_111El OroResource conversion221.700.950.949.7813112093
ORO24_115El OroResource conversion355.651.050.712.39299490
PE23_267PerezResource conversion194.251.600.741.05145229
PE23_272PerezResource conversion184.351.451.193.52368649
PE23_273PerezResource conversion287.553.352.371.50240360
PE24_283PerezResource addition185.701.100.950.93197272
PE24_289PerezResource conversion290.456.602.793.26381641
PE24_289PerezResource conversion300.353.351.422.85153381
PE24_294PerezResource conversion258.8010.606.081.99440599
PE24_296PerezResource addition276.852.951.476.505901110
PE24_297PerezResource conversion344.408.206.727.3611291717
PE24_304PerezResource addition280.701.350.952.71285502
PE24_306PerezResource conversion231.001.700.850.86191260
PE24_306PerezResource conversion234.472.231.2811.5311582081
PE24_309PerezResource addition255.5516.007.8810.8710341904
PE24_311PerezResource conversion325.551.501.414.78550932
PE24_315PerezResource conversion239.603.301.892.23395573
SIN23_087SinaloaResource conversion58.951.201.0112.341961183
SIN23_087SinaloaResource conversion278.751.351.204.90271664
SIN23_087SinaloaResource conversion312.652.152.084.26255596
SIN24_091Sinaloa (FW)Resource conversion239.850.850.709.6510171788
SIN24_091SinaloaResource conversion288.202.001.732.50188389
SIN24_091SinaloaResource conversion292.351.100.959.135821312
SIN24_092SinaloaResource conversion257.701.851.7639.2819055047
SIN24_092Sinaloa (HW)Resource conversion288.401.201.043.43238512
ST23_028Santa TeresaResource addition343.302.552.094.1079407
ST24_029Santa TeresaResource addition141.502.352.184.86511900
ROS23_035Macho BayoResource addition398.401.100.903.81262567
ROS23_037RosarioResource addition369.200.800.703.45378654
SRE23_274Santa ReginaResource conversion242.652.051.783.85392700
SRE23_274Santa ReginaResource conversion295.451.151.043.37339609
SRE23_279Santa ReginaResource conversion234.051.400.995.486221061
SRE23_280Santa ReginaResource conversion228.801.351.165.32551976
SRE23_281Santa ReginaResource conversion237.151.100.846.618551384
SRE23_281String zoneResource conversion266.551.651.434.126831013
SRE24_282Santa Regina (HW)Resource conversion259.001.501.349.4410691824
SRE24_283Santa ReginaResource conversion247.600.950.7010.5910551902
SRE24_286Santa ReginaResource conversion246.150.900.782.45345541
SRE24_287Santa Regina (HW)Resource conversion261.501.150.9413.24{"@context":"https://schema.org","@type":"FAQPage","name":"First Majestic Reports Positive Exploration Results at San Dimas FAQs","mainEntity":[{"@type":"Question","name":"What are the key findings from First Majestic's 2024 exploration at San Dimas?","acceptedAnswer":{"@type":"Answer","text":"The key findings include significant gold and silver mineralization in multiple veins, such as 39.28 g/t Au and 1,905 g/t Ag over 1.76 meters in the Sinaloa-Elia vein."}},{"@type":"Question","name":"Which veins showed the highest-grade intercepts in First Majestic's exploration?","acceptedAnswer":{"@type":"Answer","text":"The highest-grade intercepts were found in the Sinaloa-Elia vein system, including 39.28 g/t Au and 1,905 g/t Ag over 1.76 meters."}},{"@type":"Question","name":"Was the Perez vein found to be open in any direction?","acceptedAnswer":{"@type":"Answer","text":"Yes, the Perez vein exploration potential remains open both to the east and west."}},{"@type":"Question","name":"What is the significance of the Sinaloa mineralized system findings?","acceptedAnswer":{"@type":"Answer","text":"The Sinaloa mineralized system is open down-dip, indicating further potential for resource expansion."}},{"@type":"Question","name":"How extensive is the Santa Teresa mineralization according to the 2024 exploration?","acceptedAnswer":{"@type":"Answer","text":"The Santa Teresa mineralization extends approximately one kilometer to the west."}}]}

FAQ

What are the key findings from First Majestic's 2024 exploration at San Dimas?

The key findings include significant gold and silver mineralization in multiple veins, such as 39.28 g/t Au and 1,905 g/t Ag over 1.76 meters in the Sinaloa-Elia vein.

Which veins showed the highest-grade intercepts in First Majestic's exploration?

The highest-grade intercepts were found in the Sinaloa-Elia vein system, including 39.28 g/t Au and 1,905 g/t Ag over 1.76 meters.

Was the Perez vein found to be open in any direction?

Yes, the Perez vein exploration potential remains open both to the east and west.

What is the significance of the Sinaloa mineralized system findings?

The Sinaloa mineralized system is open down-dip, indicating further potential for resource expansion.

How extensive is the Santa Teresa mineralization according to the 2024 exploration?

The Santa Teresa mineralization extends approximately one kilometer to the west.
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