First Majestic drills 19.97 g/t gold over 20.9 metres at Jerritt Canyon, Nevada; shares up

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

The 2022 drilling campaign at Jerritt Canyon consists of short-term focused underground core drilling testing extensions of known ore controls near 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.

“Today’s exploration results appear to extend gold mineralization to the northwest of the recently discovered Zone 10 area between the operating SSX and Smith mines,” stated Keith Neumeyer, President and CEO. “This gold intercept looks to have identified another high-grade underground mineralized pod near current mining activities, with similar gold grades to the recently discovered Zone 10 area. Additional follow up exploration holes are planned over the next few months to further define the dimensions and overall size of this exciting new area which is located only 80 metres away from underground access.”

Highlights from the ongoing exploration program include the following summaries of new drill hole gold intercepts located near the Smith to SSX Mine connection drift.

Follow up drilling to the previously reported drill hole, SMI-LX-1102 at the Smith Mine (19.35 g/t over 23.2m), returned multiple high-grade gold intersections in two drill holes (Figure 3). Drill holes SMI-D10-EXP22-1076 and SMI-D10-EXP22-1078 appear to extend the potential of the previously intersected gold mineral zone to approximately 200 metres along a shallow dipping stratigraphic contact, the holes are interpreted to cut the mineralization at a low angle for an unknown true thickness at this time. The new gold intersections are located approximately 80 metres to 200 goldtres northwest of the connection drift and above the water table.

SMI-D10-EXP22-1076 returned 19.97 g/t gold over 20.9 metres, including 5.12 g/t gold over 7.6 metres; 4.25 g/t gold over 13.3 metres. SMI-D10-EXP22-1078 returned 7.14 g/t gold over 8.2 metres and 3.75 g/t gold over 7.6 metres.

Drill hole SSX-D01-EXP22-0615 was completed at the SSX mine below and to the southwest of gold intersections from two drill holes previously reported in May and August 2022 (SSX-SR-608 and SSX-SR-612). The new hole cut four gold intersections located approximately 170-300 metres from existing mine development and from the connection drift, respectively. The geometry of the gold mineralization appears to be sub-horizontal controlled by more than one stratigraphic horizon, and the drilling generally intersected the gold zones at a low angle.

SSX-D01-EXP22-0615 returned 6.95 g/t gold over 17.7 metres; 5.74 g/t gold over 15.2 metres; 4.58 g/t gold over 10.1 metres; and 4.64 g/t gold over 7.7 metres.

Gold drill hole intercepts are composited using weighted averages of uncapped sample assays, a 3.0 g/t gold cut-off grade, and a minimum length of 5 metres. A maximum 3 metres below the cut-off grade is allowed as internal composite dilution. True widths of intercepts are unknown at this time.

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 is proud to offer 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 early trading 1Nov22, shares of First Majestic gained $0.43 to $11.89.

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