FULL DISCLOSURE: This is sponsored content for First Majestic Silver Corp.
First Majestic Silver (TSX: AG) (NYSE: AG) had a successful exploration campaign at its San Dimas Silver and Gold Mine in 2024. The company this morning posted assay result highlights from a number of drill holes conducted as part of the 2024 program.
Drilling in 2024 amounted to approximately 113,000 metres across the San Dimas property, with drilling predominantly focused across four key veins. The program is said to have derisked mineralization for mining in 2025 and 2026, with the exploration program successfully converting inferred resources to the indicated category.
At the Perez vein drilling extended known mineralization of silver and gold up-dip in the west-central portion of the vein. Inferred resources were converted to indicated here, with mineralization slated to be mined in 2025 and 2026. The vein remains open to both the east and west. Highlight results from Perez include:
- PE24-328: 3.14 metres of 3.66 g/t gold and 485 g/t silver
- PE24-343: 2.30 metres of 6.28 g/t gold and 1,001 g/t silver
- PE24-397: 3.65 metres of 10.03 g/t gold and 1,996 g/t silver
At the Sinaloa-Elia vein system, resource conversion drilling delineated mineralization below the Sinaloa vein, with better than expected values being returned. Mineralization here is open to the west for potential resource expansion, while down-dip expansion potential also exists at Elia based on expansionary drilling results. Highlight results from the system include:
- SIN24-106: 2.97 metres of 6.61 g/t gold and 501 g/t silver
- SIN24-109: 1.69 metres of 10.91 g/t gold and 796 g/t silver
- SIN24-120: 1.31 metres of 23.33 g/t gold and 1,045 g/t silver
Vein continuity meanwhile was confirmed at the Santa Teresa vein, with significant intercepts occurring at both the eastern and western projections of the vein. An estimate 1.0 kilometres of open potential exists to the west of the vein. Highlight results include:
- ST24-051: 5.86 metres of 3.11 g/t gold and 166 g/t silver
- ST24-065: 1.69 metres of 13.53 g/t gold and 211 g/t silver
- ST24-067: 3.41 metres of 10.02 g/t gold and 359 g/t silver
Finally, encouraging results are said to have been encountered at Jessica, which is one of the top five past producing veins at San Dimas. Exploratory drilling here was part of a program to review major past producing veins on the property for potential mineral resource expansion. Highlights here include:
- SJE24-479: 0.78 metres of 2.27 g/t gold and 223 g/t silver
- SJE24-480: 0.75 metres of 2.22 g/t gold and 422 g/t silver
All assay results reported are true width.
“At the beginning of the year we planned a robust exploration program at our San Dimas mine which has returned impressive results. 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,” commented First Majestic CEO Keith Neumeyer on the results.
First Majestic Silver last traded at $8.10 on the TSX.
FULL DISCLOSURE: First Majestic Silver Corp. is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of First Majestic Silver Corp. The author has been compensated to cover First Majestic Silver Corp. on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.
