FULL DISCLOSURE: This is sponsored content for First Majestic Silver Corp.
First Majestic Silver (TSX: AG) (NYSE: AG) continues to see success at its Navidad discovery, where continued exploration has significantly expanded gold and silver mineralization.
First Majestic has completed a further 17 holes at Navidad since the discovery, with of 31,500 metres drilled in 2024. Two quartz veins, referred to as the Navidad and Winter veins, have been defined that have high grade gold and silver mineralization.
Known mineralization currently measures 1,000 metres by 300 metres in strike and dip, while true thickness is said to average between 2.8 metres and 4.4 metres. The new target has been identified as being just 100 metres southwest and 350 metres below the Ermitaño underground mine, which is significantly closer than previously believed.
Highlights from recent drilling include:
- Winter Vein
- EW-24-372-A: 4.83 metres of 8.60 g/t gold and 77 g/t silver
- EW-24-373: 6.06 metres of 5.64 g/t gold and 104 g/t silver
- EW-24-377: 3.30 metres of 7.09 g/t gold and 1,253 g/t silver
- EW-24-382: 2.66 metres of 13.93 g/t gold and 99 g/t silver
- Navidad Vein
- EW-24-372-A: 3.24 metres of 13.06 g/t gold and 205 g/t silver
- EW-24-379: 2.32 metres of 7.09 g/t gold and 38 g/t silver
- EWUG-24-035: 4.78 metres of 1.36 g/t gold and 115 g/t silver
“The success at Santa Elena continues. The exploration program at Navidad during H2 successfully expanded the high-grade gold and silver mineralization of the Navidad discovery, extending mineralization closer to the Ermitaño mine infrastructure. We anticipate continued success at Santa Elena during 2025 as we work to grow and define the mineral deposit at Navidad,” commented Keith Neumeyer, CEO of First Majestic Silver.
Additional drilling from surface is planned for 2025 as First Majestic continues to test the potential expansion of Navidad, which remains open in multiple directions. Drilling is also to take place from multiple underground drilling stations constructed within the Ermitaño mine. Exploration is currently being undertaken by five drill rigs.
A maiden resource estimate for Navidad is slated to be released in late March.
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Metallurgical testing at Navidad meanwhile has identified high recovery rates for mineralization, with gold recoveries said to consistently exceed 90%. Silver recoveries comparatively consistently exceeded 85%. Testing has indicated that mineralization at Navidad is compatible with the existing processing infrastructure at Santa Elena.
First Majestic Silver last traded at $8.53 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.
