FULL DISCLOSURE: This is sponsored content for First Majestic Silver Corp.
First Majestic Silver (TSX: AG) (NYSE: AG) has made its largest discovery since 2016 at its Santa Elena property in Sonora, Mexico. The company has identified a new high grade vein hosted gold and silver system at the property following continued exploration on site.
The discovery, referred to as the Navidad vein system, has been made at depth and is adjacent to the company’s 100%-owned currently producing Ermitano mine. The discovery was made following the completion of seven drill holes, six of which intersected significant gold and silver mineralization. Highlights from the results include:
- EW-23-359: 3.27 g/t gold, 39 g/t silver over 2.46 metres true width
- EW-23-360: 5.83 g/t gold, 146 g/t silver over 1.53 metres true width, 4.75 g/t gold and 68 g/t silver over 1.91 metres true width
- EW-24-364: 8.15 g/t gold and 427 g/t silver over 4.78 metres true width
- EW-24-368: 54.93 g/t gold and 399 g/t silver over 1.82 metres true width
- EW-24-370: 10.13 g/t gold and 86 g/t silver over 4.42 metres true width, 5.65 g/t gold and 46 g/t silver over 5.75 metres true width
The new system has been identified 500 metres to the southwest of, and 750 metres below existing mine development of the Ermitano mine. The system to date has been identified over a strike length of 750 metres, with the average width of veins in the system ranging from 1.5 metres to 6.0 metres.
The two most recent drill holes conducted at the discovery, EW-24-368 and EW-24-370, notably were spaced the furthest apart at 750 metres, yet intersected the highest grades of mineralization.
“The proximity of this new discovery to the producing Ermitaño mine is important from an operational standpoint, and very encouraging for the prospects of continued exploration success across the underexplored, +100,000-hectare Santa Elena land package. We believe that Navidad has the potential to significantly increase Santa Elena’s estimated Mineral Resources and, ultimately, extend the Life of Mine at this operation,” commented Keith Neumeyer, President and CEO of First Majestic, on the discovery.
First Majestic has said that the full extent and geometry of the Navidad discovery is still not yet known, with the system open in all directions. Further exploration of the system is planned for 2024, with additional drill rigs reassigned to explore the discovery.
First Majestic last traded at $8.24 on the TSX.
FULL DISCLOSURE: First Majestic Silver Corp is a client of Canacom Group, the parent company of The Deep Dive. 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. Always do additional research and consult a professional before purchasing a security.
