FIRST MAJESTIC SILVER CORP. (AG: NYSE; FR: TSX)
(the "Company" or “First Majestic”) is pleased to announce the
results from its 2018 exploration program at the Ermitaño
Silver/Gold project located four kilometres south of the producing
Santa Elena Silver/Gold Mine in Sonora, Mexico. The initial
discovery hole (EW16-04) was previously announced on January 17,
2017 which intersected 997 AgEq grams per tonnes (“g/t”) over 18.0
metres (11.4 g/t gold and 86 g/t silver). At the end of 2018, a
total of 50 drill holes had been completed on the property. The
2018 exploration program totalled 17,447 metres in 40 drill holes
consisting of nine infill holes designed to increase the confidence
and size of the resource and 31 step out holes to target areas to
the West and East of the known mineralization.
DRILLING HIGHLIGHTS
Drill Hole 18-35 – 30.1 metres grading 293 AgEq
g/t (3.0 g/t gold and 53 g/t silver)
Drill Hole 18-36 – 11.2 metres grading 1,019
AgEq g/t (11.1 g/t gold and 128 g/t silver)
Drill Hole 18-39 – 17.6 metres grading 654 AgEq
g/t (6.3 g/t gold and 149 g/t silver)
Drill Hole 18-47 – 28.3 metres grading 403 AgEq
g/t (3.9 g/t gold and 95 g/t silver)
Keith Neumeyer, President and CEO of First
Majestic stated: “The drilling results announced today from our
Ermitaño project are extremely encouraging as it continues to show
the potential to build high quality resources in close proximity to
our producing Santa Elena operation. The environmental permitting
process is in the final stage with an expected positive decision in
the coming weeks ahead. Pending project approval, Ermitaño will add
several years of mine life at Santa Elena and will displace the
reprocessing of the old heap-leach ore pad with fresh ore
containing higher grades that are not subject to the Sandstorm
streaming agreement.”
PERMITTING STATUS
In early February, technical personnel from
SEMARNAT visited the Ermitaño site in connection with the
submission of the Company's Unified Technical Document ("DTU") for
Exploitation. The DTU permit is the final federal requirement that
includes authorizations for environmental impact and land-use
change needed prior to the commencement any construction and mining
activities. The Company anticipates receiving permission from the
federal agency in March.
SUMMARY OF COMPOSITES
Hole ID |
From |
To |
Length (m) |
EstimatedTrue Length(m) |
Ag g/t |
Au g/t |
Ag Eq g/t |
EW-16-03 |
199.6 |
202.1 |
2.5 |
1.9 |
37 |
5.3 |
463 |
EW-16-04 |
224.5 |
242.5 |
18.0 |
14.5 |
86 |
11.4 |
997 |
including |
228.1 |
229.5 |
1.4 |
|
83 |
16.6 |
1,407 |
|
233.1 |
233.8 |
0.7 |
|
634 |
39.7 |
3,808 |
|
233.8 |
234.3 |
0.5 |
|
97 |
19.5 |
1,658 |
|
234.3 |
235.5 |
1.1 |
|
154 |
40.1 |
3,364 |
|
235.5 |
236.4 |
0.9 |
|
129 |
31.9 |
2,678 |
|
237.6 |
240.1 |
2.5 |
|
60 |
14.7 |
1,232 |
EW-16-05 |
126.4 |
152.6 |
26.2 |
20.7 |
52 |
4.2 |
390 |
including |
134.9 |
136.3 |
1.3 |
|
92 |
13.9 |
1,207 |
|
136.3 |
137.4 |
1.1 |
|
165 |
11.1 |
1,053 |
EW-16-06 |
271.3 |
301.6 |
30.3 |
19.8 |
201 |
4.1 |
528 |
including |
271.3 |
272.5 |
1.2 |
|
312 |
11.2 |
1,204 |
|
272.9 |
273.5 |
0.6 |
|
534 |
10.9 |
1,404 |
|
273.5 |
273.9 |
0.4 |
|
643 |
9.6 |
1,410 |
|
274.4 |
274.8 |
0.4 |
|
1517 |
5.5 |
1,955 |
|
274.8 |
275.6 |
0.8 |
|
1408 |
24.9 |
3,403 |
|
275.6 |
276.9 |
1.3 |
|
1128 |
18.4 |
2,602 |
|
276.9 |
277.7 |
0.8 |
|
654 |
16.3 |
1,956 |
EW-16-08 |
350.7 |
371.5 |
20.9 |
16.5 |
40 |
2.2 |
214 |
EW-17-09 |
268.5 |
280.7 |
12.2 |
9.8 |
77 |
3.6 |
367 |
including |
271.3 |
271.8 |
0.5 |
|
76 |
12.9 |
1,109 |
EW-17-10 |
147.4 |
152.9 |
5.4 |
4.0 |
65 |
4.8 |
450 |
EW-18-19 |
669.0 |
670.9 |
1.9 |
1.5 |
78 |
1.7 |
217 |
EW-18-27 |
708.1 |
709.1 |
1.0 |
0.9 |
29 |
1.0 |
111 |
EW-18-33 |
237.2 |
255.5 |
18.3 |
14.5 |
28 |
2.9 |
261 |
EW-18-34 |
273.5 |
287.1 |
13.6 |
9.4 |
53 |
3.4 |
327 |
including |
275.4 |
276.3 |
0.9 |
|
72 |
13.6 |
1,160 |
EW-18-35 |
148.0 |
188.3 |
40.3 |
30.1 |
53 |
3.0 |
293 |
including |
163.6 |
164.1 |
0.5 |
|
139 |
19.4 |
1,691 |
|
165.4 |
166.1 |
0.7 |
|
118 |
18.7 |
1,614 |
EW-18-36 |
292.3 |
311.0 |
18.7 |
11.2 |
128 |
11.1 |
1,019 |
including |
299.3 |
300.4 |
1.1 |
|
307 |
19.8 |
1,891 |
|
300.4 |
301.7 |
1.3 |
|
567 |
70.8 |
6,231 |
|
301.7 |
303.0 |
1.3 |
|
122 |
20.1 |
1,730 |
|
303.0 |
304.4 |
1.4 |
|
326 |
32.0 |
2,886 |
EW-18-37 |
185.5 |
192.0 |
6.4 |
4.0 |
54 |
3.2 |
309 |
EW-18-38 |
182.6 |
185.3 |
2.8 |
2.2 |
48 |
5.8 |
510 |
EW-18-39 |
265.4 |
294.1 |
28.7 |
17.6 |
149 |
6.3 |
654 |
including |
265.4 |
266.0 |
0.6 |
|
520 |
17.0 |
1,879 |
|
268.8 |
270.0 |
1.2 |
|
369 |
20.1 |
1,980 |
|
272.0 |
273.0 |
1.0 |
|
387 |
8.6 |
1,074 |
|
283.0 |
284.0 |
1.0 |
|
149 |
15.5 |
1,392 |
|
286.0 |
287.0 |
1.0 |
|
180 |
10.4 |
1,010 |
|
289.0 |
290.2 |
1.2 |
|
192 |
14.4 |
1,342 |
EW-18-40 |
294.7 |
307.4 |
12.8 |
10.3 |
21 |
1.3 |
126 |
EW-18-41 |
166.3 |
172.9 |
6.5 |
4.5 |
78 |
9.6 |
849 |
including |
167.7 |
168.5 |
0.8 |
|
83 |
14.6 |
1,250 |
|
169.3 |
170.3 |
0.9 |
|
133 |
39.4 |
3,281 |
EW-18-43 |
347.2 |
356.3 |
9.1 |
5.9 |
26 |
1.2 |
125 |
EW-18-44 |
199.1 |
229.5 |
30.4 |
16.8 |
39 |
2.6 |
251 |
EW-18-45 |
189.5 |
215.1 |
25.6 |
15.4 |
77 |
2.5 |
274 |
including |
214.1 |
215.1 |
1.0 |
|
85 |
17.2 |
1,457 |
EW-18-46 |
74.6 |
99.3 |
24.7 |
20.5 |
41 |
3.7 |
341 |
including |
90.2 |
91.1 |
0.9 |
|
95 |
13.0 |
1,136 |
|
93.3 |
94.0 |
0.8 |
|
149 |
27.3 |
2,334 |
EW-18-47 |
296.2 |
343.7 |
47.5 |
28.3 |
95 |
3.9 |
403 |
including |
304.6 |
305.7 |
1.1 |
|
434 |
21.1 |
2,125 |
|
313.5 |
314.9 |
1.4 |
|
184 |
10.4 |
1,019 |
|
318.0 |
320.1 |
2.1 |
|
160 |
11.8 |
1,100 |
EW-18-48 |
260.5 |
264.6 |
4.1 |
3.5 |
59 |
6.3 |
561 |
EW-18-49 |
307.1 |
322.5 |
15.4 |
11.1 |
60 |
2.3 |
244 |
EW-18-50 |
243.5 |
263.4 |
19.9 |
17.8 |
57 |
3.9 |
366 |
including |
260.2 |
261.4 |
1.2 |
|
74 |
12.2 |
1,043 |
Note: Holes EW16-01 to EW16-04 were announced on
January 17, 2017 (see press release
at https://www.firstmajestic.com/news/2017/index.php?content_id=312).
Holes EW16-06 and EW 17-09 were announced on January 9, 2018 (see
press release at
https://www.firstmajestic.com/news/index.php?content_id=340). Gold
equivalent (“Gold-Equiv”) is calculated using a gold to silver
ratio of 1:80.
After detailed geological logging, all drill
core samples were split on site by diamond saw. One half of the
core was submitted to Bureau Veritas Mineral Laboratories at the
laboratory in Vancouver, British Columbia, Canada and to SGS
Laboratories at the laboratories in Durango and Hermosillo, Mexico.
The remaining half core is retained on-site for verification and
reference purposes.
ERMITAÑO VEIN
SYSTEM
Low sulphidation epithermal silver and gold
mineralization is hosted in the steep dipping Ermitaño and Ermitaño
Splay structures. The structures host green and white massive,
banded, and bladed and stockwork quartz, calcite, and adularia. The
veins are commonly brecciated and are associated with argillic
alteration. Sulphide and iron oxide after sulphide and pyrolusite
occur locally. The bulk of Inferred mineralization disclosed in
2018 is hosted in the Ermitaño Splay. Drilling of the Ermitaño
Splay has delineated an east-west striking structure approximately
500 metres long, 400 metres down dip, with mineralized true
thicknesses ranging from 0.9 to 30.0 metres, averaging 11.0 metres.
Mineralization in the Splay remains open up-dip and down-dip
to the west. The Ermitaño Splay separates from the Ermitaño
structure which is delineated by drilling over an approximate 1,000
metre southwest strike length and 400 metre dip length. Mineralized
true thicknesses range from 0.8 to 11.0 metres, averaging 4.0
metres.
A photo accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/21927b64-32ea-447e-aa1e-0c7d39deed35
Figure 1: Oblique view of Ermitaño and Ermitaño
Splay
A photo accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/885a7dfa-61e6-443b-ab74-eabfeace9267
Figure 2: Plan view of Ermitaño and Ermitaño
Splay
2019 EXPLORATION PROGRAM
The 2019 exploration program will consist of
approximately 16,000 metres in 75 planned drill holes. In the first
half of 2019, the Company will explore the Ermitaño Splay at
shallow elevations with the objective to investigate the continuity
of mineralization at low depths and to evaluate the feasibility of
open pit extraction. If feasibility is confirmed, this could
provide a faster way to process ore from this area.
A photo accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/89583387-f02a-4dc9-b49f-4dd1203a86c2
Figure 3: Ermitaño Splay Grade x Thinkness Long
Section
Mr. Ramon Mendoza Reyes, Vice President
Technical Services for First Majestic, is a "qualified person" as
such term is defined under NI 43-101, and has reviewed and approved
the technical information disclosed in this news release.
ABOUT THE COMPANY
First Majestic is a mining company focused on
silver production in Mexico and is aggressively pursuing the
development of its existing mineral property assets. The Company
presently owns and operates the San Dimas Silver/Gold Mine, the
Santa Elena Silver/Gold Mine, the La Encantada Silver Mine, the San
Martin Silver Mine, the La Parrilla Silver Mine and the Del Toro
Silver Mine. Production from these mines are projected to be
between 14.2 to 15.8 million silver ounces or 24.7 to 27.5 million
silver equivalent ounces in 2019.
FOR FURTHER INFORMATION contact
info@firstmajestic.com, visit our website at www.firstmajestic.com
or call our toll-free number 1.866.529.2807.
FIRST MAJESTIC SILVER CORP.
“signed”
Keith Neumeyer, President & CEO
SPECIAL NOTE REGARDING FORWARD-LOOKING
INFORMATION
Cautionary Note Regarding Forward Looking
Statements
This press release contains “forward‐looking
information” and "forward-looking statements” under applicable
Canadian and U.S. securities laws (collectively, “forward‐looking
statements”). These statements relate to future events or the
Company's future performance, business prospects or opportunities
that are based on forecasts of future results, estimates of amounts
not yet determinable and assumptions of management made in light of
management's experience and perception of historical trends,
current conditions and expected future developments.
Forward-looking statements include, but are not limited to,
statements with respect to: the Company’s business strategy; future
planning processes; commercial mining operations; cash flow;
budgets; the timing and amount of estimated future production;
recovery rates; mine plans and mine life; the future price of
silver and other metals; costs of production; costs and timing of
the development of new deposits; capital projects and exploration
activities and the possible results thereof. Assumptions may
prove to be incorrect and actual results may differ materially from
those anticipated. Consequently, guidance cannot be guaranteed. As
such, investors are cautioned not to place undue reliance upon
guidance and forward-looking statements as there can be no
assurance that the plans, assumptions or expectations upon which
they are placed will occur. All statements other than statements of
historical fact may be forward‐looking statements. Statements
concerning proven and probable mineral reserves and mineral
resource estimates may also be deemed to constitute forward‐looking
statements to the extent that they involve estimates of the
mineralization that will be encountered as and if the property is
developed, and in the case of measured and indicated mineral
resources or proven and probable mineral reserves, such statements
reflect the conclusion based on certain assumptions that the
mineral deposit can be economically exploited. Any statements that
express or involve discussions with respect to predictions,
expectations, beliefs, plans, projections, objectives or future
events or performance (often, but not always, using words or
phrases such as “seek”, “anticipate”, “plan”, “continue”,
“estimate”, “expect”, “may”, “will”, “project”, “predict”,
“forecast”, “potential”, “target”, “intend”, “could”, “might”,
“should”, “believe” and similar expressions) are not statements of
historical fact and may be “forward‐looking statements”.
Actual results may vary from forward-looking
statements. Forward-looking statements are subject to known and
unknown risks, uncertainties and other factors that may cause
actual results to materially differ from those expressed or implied
by such forward-looking statements, including but not limited to:
risks related to the integration of acquisitions; actual results of
exploration activities; conclusions of economic evaluations;
changes in project parameters as plans continue to be refined;
commodity prices; variations in ore reserves, grade or recovery
rates; actual performance of plant, equipment or processes relative
to specifications and expectations; accidents; labour relations;
relations with local communities; changes in national or local
governments; changes in applicable legislation or application
thereof; delays in obtaining approvals or financing or in the
completion of development or construction activities; exchange rate
fluctuations; requirements for additional capital; government
regulation; environmental risks; reclamation expenses; outcomes of
pending litigation; limitations on insurance coverage as well as
those factors discussed in the section entitled "Description of the
Business - Risk Factors" in the Company's most recent Annual
Information Form, available on www.sedar.com, and Form 40-F on file
with the United States Securities and Exchange Commission in
Washington, D.C. Although First Majestic has attempted
to identify important factors that could cause actual results to
differ materially from those contained in forward-looking
statements, there may be other factors that cause results not to be
as anticipated, estimated or intended.
The Company believes that the expectations
reflected in these forward‐looking statements are reasonable, but
no assurance can be given that these expectations will prove to be
correct and such forward‐looking statements included herein should
not be unduly relied upon. These statements speak only as of the
date hereof. The Company does not intend, and does not assume any
obligation, to update these forward-looking statements, except as
required by applicable laws.
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