First Majestic Silver posts positive exploration results at San Dimas, Mexico

First Majestic Silver Corp. [NYSE, TSX: AG; FSE: FMV] reported positive drilling results from its comprehensive 2024 exploration program at its San Dimas Silver and Gold Mine in Durango, Mexico. The 2024 drilling program intersected significant silver and gold mineralization in multiple veins across the San Dimas property. Drilling results successfully expanded Mineral Resources and will convert Inferred Mineral Resources to Indicated Mineral Resources, and ultimately to Mineral Reserves.

“At the beginning of the year we planned a robust exploration program at our San Dimas mine which has returned impressive results,” stated Keith Neumeyer, President & CEO. “Our exploration teams have completed approximately 113,000 metres of drilling within the district and have intersected significant silver and gold mineralization in multiple veins. Through the process of successfully converting Inferred to Indicated Resources at the Perez and Sinaloa-Elia veins, the program derisked mineralization for mining in 2025 and 2026.”

Select highlights from the  2024 exploration program includes the following high-grade silver and gold intercepts:

Perez Vein Highlights (true width): PE24_397: 10.03 g/t Au and 1,996 g/t Ag over 3.65 metres. PE24_343: 6.28 g/t Au and 1,001 g/t Ag over 2.30 metres. PE23_328: 3.66 g/t Au and 485 g/t Ag over 3.14 metres. PE24_346: 2.00 g/t Au and 309 g/t Ag over 5.06 metres.

Sinaloa-Elia Vein System Highlights (true width): SIN24_120: 23.33 g/t Au and 1,045 g/t Ag over 1.31 metres. SIN24_106: 6.61 g/t Au and 501 g/t Ag over 2.97 metres. SIN24_109: 10.91 g/t Au and 796 g/t Ag over 1.69 metres. SIN24_103: 8.31 g/t Au and 507 g/t Ag over 1.64 metres.

Santa Teresa Vein Highlights (true width): ST24_067: 10.02 g/t Au and 359 g/t Ag over 3.41 metres. ST24_051: 3.11 g/t Au and 166 g/t Ag over 5.86 metres. ST24_065: 13.53 g/t Au and 211 g/t Ag over 1.69 metres.

Jessica East Vein Highlights (true width): SJE24_480: 2.22 g/t Au and 422 g/t Ag over 0.75 metres. SJE24_479: 2.27 g/t Au and 223 g/t Ag over 0.78 metres.

Exploration drilling at San Dimas intersected significant silver and gold mineralization in multiple veins. Results from four of the veins are highlighted here: Perez, Sinaloa-Elia, Santa Teresa and Jessica East.

Exploration drilling of the Perez vein extended silver and gold mineralization up-dip in the west-central portion of the vein and converted Inferred to Indicated resources refining vein width and grades. This process derisked mineralization that will be mined during 2025 and 2026. The Perez vein potential remains open to the east and to the west. Select drill hole assay grades and true width intervals of the Perez vein intersections are highlighted below:

PE24_397: 10.03 g/t Au and 1,996 g/t Ag over 3.65 metres. PE24_343: 6.28 g/t Au and 1,001 g/t Ag over 2.30 metres. PE23_328: 3.66 g/t Au and 485 g/t Ag over 3.14 metres. PE24_346: 2.00 g/t Au and 309 g/t Ag over 5.06 metres.

At the historic Sinaloa-Elia vein system located in the western portion of the property, drilling intersected several intervals of silver and gold mineralization. Resource conversion drilling confirmed and further delineated mineralization below the Sinaloa vein with several intersections returning better than expected values. Results also reveal that the mineralization is open to the west for potential Mineral Resource expansion. Follow-up expansionary drilling below historic mine excavations at Elia confirmed the presence of down-dip extension potential with some results initially reported in June 2024. Select drill hole assay grades and true width intervals of the Sinaloa-Elia vein system intersections are highlighted below:

SIN24_120: 23.33 g/t Au and 1,045 g/t Ag over 1.31 metres. SIN24_106: 6.61 g/t Au and 501 g/t Ag over 2.97 metres. SIN24_109: 10.91 g/t Au and 796 g/t Ag over 1.69 metres. SIN24_103: 8.31 g/t Au and 507 g/t Ag over 1.64 metres. EL24_280: 2.52 g/t Au and 182 g/t Ag over 1.26m.

Expansionary drilling of the Santa Teresa vein has returned significant intercepts both in eastern and western unexplored projection of the vein. Drilling followed up on results reported in June 2024 and confirmed vein continuity and silver and gold mineralization; there is, to the west, approximately 1 kilometres of strike length of open potential (Figure 4). Select drill hole assay grades and true width intervals of the Santa Teresa vein intersections are highlighted below:

ST24_067: 10.02 g/t Au and 359 g/t Ag over 3.41 metres. ST24_051: 3.11 g/t Au and 166 g/t Ag over 5.86 metres. ST24_065: 13.53 g/t Au and 211 g/t Ag over 1.69 metres.

A review of exploration upside on major past producing veins has identified multiple targets and opportunities for further mineral resource expansion along strike and up and down-dip. Initial drilling on the eastern projection of the Jessica vein (one of the historic top 5 past producing veins in the district) has intersected veins and returned two encouraging results separated by ~250 m; drilling continues to test the area.

SJE24_480: 2.22 g/t Au and 422 g/t Ag over 0.75 metres. SJE24_479: 2.27 g/t Au and 223 g/t Ag over 0.78 metres.

First Majestic 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 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, northeastern Nevada.