FULL DISCLOSURE: First Majestic Silver is a sponsor of theDeepDive.ca.
First Majestic Silver (TSX: AG) (NYSE: AG) is expecting meaningful mineral resource growth at their new Los Gatos operation after successfully drill testing three zones at the property. Ongoing exploration is said to have encountered significant silver and base metal mineralization across all zones tested, with the exploratory drill program designed to expand near-mine mineralization.
Highlights from the results include:
- GA-SE-611: 366 g/t silver equivalent (196 g/t silver, 5.43% zinc, 1.67% lead, 0.23 g/t gold and 0.04% copper) over 9.0 metres from a depth of 929.3 metres
- And 742 g/t silver equivalent (365 g/t silver, 9.89% zinc, 5.50% lead, 0.32 g/t gold and 0.06% copper) over 1.0 metre from a depth of 704.0 metres
- GA-SE-DV-612: 711 g/t silver equivalent (130 g/t silver, 18.16% zinc, 6.31% lead, 0.14 g/t gold and 0.22% copper) over 8.0 metres from a depth of 893.0 metres
- Including 1,080 g/t silver equivalent (224 g/t silver, 23.20% zinc, 12.35% lead, 0.09 g/t gold and 0.20% copper) over 1.6 metres from a depth of 899.0 metres
- GA-CZ-617: 534 g/t silver equivalent (106 g/t silver, 10.83% zinc, 2.75% lead, 0.07 g/t gold and 1.01% copper) over 3.7 metres from a depth of 706.3 metres
- Including 713 g/t silver equivalent (154 g/t silver, 10.65% zinc, 4.58% lead, 0.06 g/t gold and 1.77% copper) over 1.3 metres from a depth of 708.0 metres
- GA-CZ-620: 538 g/t silver equivalent (126 g/t silver, 13.43% zinc, 1.73% lead, 0.16 g/t gold and 0.60% copper) over 2.9 metres from a depth of 630.0 metres
- Including 694 g/t silver equivalent (216 g/t silver, 14.05% zinc, 2.34% lead, 0.10 g/t gold and 0.92% copper) over 1.4 metres from a depth of 630.0 metres
- GA-CZ-620: 713 g/t silver equivalent (167 g/t silver, 17.11% zinc, 4.99% lead, 0.33 g/t gold and 0.42% copper) over 6.9 metres from a depth of 561.5 metres
- Including 1,013 g/t silver equivalent (154 g/t silver, 30.09% zinc, 6.66% lead, 0.62 g/t gold and 0.27% copper) over 1.9 metres
At the South East Deeps Zone, ongoing drilling has extended silver and base metal mineralization along plunge to the southeast portion of the vein system. Drilling here has focused on adding inferred ounces to the resource as extensions of the system are tested. Future drilling is said to target the potential for additional mineralization down-plunge to test the geological limits. Future infill and resource conversion drilling meanwhile is planned to occur from the underground mine.
Drilling at both the Central and North-West Deeps zones meanwhile has confirmed that silver and base metal mineralization exists at depth, while a faulted offset from the main deposit at Los Gatos has been identified. Drilling here has targeted areas of interest at a widely spaced exploration stage, with tightened drilling to establish an inferred resource to be the focus for the remainder of the year. Recent drilling meanwhile has identified that the system remains open along strike to the northwest, with the areas of interest continuing to grow with further drilling.
“Following the acquisition of Gatos Silver, the exploration program has advanced smoothly alongside all other aspects of the operation. A major driver for acquiring Los Gatos was the district’s significant exploration upside, and the latest drilling results reinforce that potential. Ongoing drilling continues to expand mineralization across multiple zones, supporting our expectation for meaningful Mineral Resource growth at Los Gatos,” commented Keith Neumeyer, CEO of First Majestic on the results.
The positive drill results at Los Gatos follows the release of positive exploration results from First Majestic’s San Dimas Mine in Durango, Mexico, which were published in mid-August. Highlights from recent exploration at that mine site include 15.93 g/t gold and 1,112 g/t silver over 3.57 metres true width, as well as 7.66 g/t gold and 495 g/t silver over 5.17 metres true width within known vein systems. The effort, along with exploration at Los Gatos, is part of a larger 255,000 metre drill campaign occurring across First Majestic’s asset portfolio in 2025 as the company works to continually replenish and potentially grow their reserves and resources.
First Majestic Silver last traded at C$13.08 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.
