First Majestic drills 19.35 g/t gold over 23.2 metres at Jerritt Canyon, Nevada; shares up

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First Majestic Silver Corp. [FR-TSX; AG-NYSE] reported additional positive drill results from its continuing exploration program at the Jerritt Canyon gold mine located in Elko County, Nevada.

“Today’s exploration results continue to validate our thesis that the area between the operating SSX and Smith mines is favourable for new, near-mine gold discoveries,” stated Keith Neumeyer, President and CEO. “Hole-1102 intersected what looks like a new high-grade area on the north side of the SSX/Smith connection drift. Nine follow up drill holes are being planned to further define this potential new zone. In addition, follow up drilling at Zone 10 in the Smith mine has confirmed the presence of a high-grade pod of gold mineralization approximately 90 metres southeast from the connection drift. Over the past few months, we advanced the mine development towards this high-grade pod in anticipation of initial ore extraction in early October. Furthermore, ore production from the West Gen mine is also planned to begin in October and expected to increase the amount of fresh ore production at Jerritt to over 3,000 tonnes per day by the end of 2022.”

Highlights from the company’s ongoing exploration program include the following summary of gold intercepts. Drilling at Smith Zone 10 included follow up drilling to hole SMI-LX-1112 (8.39 g/t gold over 29.7 metres) delineated a new gold mineral zone located above the water table, approximately 90 metres southeast of the new connection drift between the SSX and Smith mines. Geologic interpretation and modeling of the drilling results determined that the gold zone is flat-lying, similar to nearby deposits.

Results from Smith Zone 10 include SMI-LX-1067 that returned  6.98 g/t gold over 17.6 metres. SMI-LX-1068 returned 8.61 g/t gold over 12.8 metres. SMI-LX-1069 returned 8.61 g/t gold over 24.4 metres. SMI-LX-1071 returned 14.60 g/t gold over 13.2 metres.

Drilling from the SSX/Smith Mine connection drift: SMI-LX-1102 returned 19.35 g/t gold over 23.2 metres: the intercept is approximately 75 metres north and 40 metres above the connection drift (above the current water table). The geometry of the mineralization appears to be sub-horizontal with the drilling intersecting at a low angle.

SSX-SR-612 returned 10.27 g/t gold over 14.7 metres and 9.53 g/t gold over 13.7 metres. The intercepts are approximately 300 metres SE and 75 metres below the connection drift. The drill hole likely intercepted the mineralization at a low angle and may be correlated to results from hole SSX-SR-608 reported in May 2022.

Drilling at Smith: SMI-LX-799 returned 32 g/t gold over 13.7 metres and identified gold mineralization approximately 150 metres north and 15 metres below active mine workings. Geologic interpretation suggests that this intercept is stratigraphically controlled (sub-horizontal) and drilling has intersected it at a low angle.

Drilling at SSX Zone 5 intersected mineralization approximately 100 metres from active mining and above the water table. The geometry of the mineralization is not yet known, a combination of sub horizontal controls along stratigraphy (for low angle intersects) and vertical controls are under investigation.

SSX-SR-486 returned 6.53 g/t gold over 11.3 metres. SSX-SR-490 returned 11.22 g/t over 35.3 metres.

In 2022, the company plans to drill approximately 120,000m at Jerritt Canyon with a focus primarily on the Smith/SSX mines, Winters Creek, Waterpipe, Wheeler, and Murray areas. The 2022 drilling campaign consists of short-term focused underground core drilling testing extensions of known ore controls in close proximity to active mining; mid-term focused drilling planned to validate/test the presence of mineralized volumes near historic workings; and long-term focused drilling aiming to make new gold discoveries in the district.

First Majestic owns and operates the San Dimas Silver/Gold Mine, the Jerritt Canyon Gold Mine, the Santa Elena Silver/Gold Mine and the La Encantada Silver Mine.

First Majestic offers a portion of its silver production for sale to the public. Bars, ingots, coins and medallions are available for purchase online at its Bullion Store at some of the lowest possible premiums.

In morning trading shares of First Majestic gained $0.41 to $9.99.

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