First Majestic Silver (TSX:FR) Intersects High-Grade Gold Zone at Jerritt Canyon and Follow-up Drilling Confirms Presence of High-Grade Gold Pod

Source: First Majestic Silver

First Majestic Silver (TSX:FR) announced this morning new drill results from the ongoing exploration program at the Jerritt Canyon Gold Mine in Nevada. Roughly 120,000m of drilling is planned at Jerritt Canyon in 2022. Drilling will focus on the Smith and SSX mines, Winters Creek, Murray, Wheeler, and Waterpipe areas. The campaign is focused on short-term underground core drilling testing extensions for known ore controls. These are near active mining. 

Other mid-term focused drilling is focused on validating and testing the presence of mineralized volumes near historic workings. Finally, the long-term drilling of the program will aim to make new gold discoveries in this important district.

Keith Neumeyer, President and CEO of First Majestic, commented in a press release: “Today’s exploration results continue to validate our thesis that the area between the operating SSX and Smith mines is favourable for new, near-mine gold discoveries. Hole-1102 intersected what looks like a new high-grade area on the north side of the SSX/Smith connection drift. Nine follow up drill holes are being planned to further define this potential new zone. In addition, follow up drilling at Zone 10 in the Smith mine has confirmed the presence of a high-grade pod of gold mineralization approximately 90 metres southeast from the connection drift. Over the past few months, we advanced the mine development towards this high-grade pod in anticipation of initial ore extraction in early October. Furthermore, ore production from the West Gen mine is also planned to begin in October and expected to increase the amount of fresh ore production at Jerritt to over 3,000 tonnes per day by the end of 2022.”

Highlights from the Company’s ongoing exploration program are as follows:

Drilling at Smith Zone 10:

  • Follow up drilling to hole SMI-LX-1112 (8.39 grams of gold per tonne (g/t Au) over 29.7m, reported May 2022) delineated a new gold mineral zone located above the water table, approximately 90m southeast of the new connection drift between the SSX and Smith mines. Geologic interpretation and modeling of the drilling results determined that the gold zone is flat-lying, similar to nearby deposits. Results from Smith Zone 10 include:
  • SMI-LX-1067: 6.98 g/t Au over 17.6m
  • SMI-LX-1068: 8.61 g/t Au over 12.8m
  • SMI-LX-1069: 8.61 g/t Au over 24.4m
  • SMI-LX-1071: 14.60 g/t Au over 13.2m

Drilling from the SSX/Smith Mine connection drift:

  • SMI-LX-1102: 19.35 g/t Au over 23.2m: the intercept is approximately 75m north and 40m above the connection drift (above the current water table). The geometry of the mineralization appears to be sub-horizontal with the drilling intersecting at a low angle.
  • SSX-SR-612: 10.27 g/t Au over 14.7m and 9.53 g/t Au over 13.7m: the intercepts are approximately 300m SE and 75m below the connection drift. The drill hole likely intercepted the mineralization at a low angle and may be correlated to results from hole SSX-SR-608 reported in May 2022.

Drilling at Smith:

  • SMI-LX-799: 32 g/t Au over 13.7m: identified gold mineralization approximately 150m north and 15m below active mine workings. Geologic interpretation suggests that this intercept is stratigraphically controlled (sub-horizontal) and drilling has intersected it at a low angle.

Drilling at SSX Zone 5:

  • Intersected mineralization approximately 100m from active mining and above the water table. The geometry of the mineralization is not yet known, a combination of sub horizontal controls along stratigraphy (for low angle intersects) and vertical controls are under investigation.
  • SSX-SR-486: 6.53 g/t Au over 11.3m
  • SSX-SR-490: 11.22 g/t over 35.3m

Table 1: Summary of Significant Gold Intercepts:

Drillhole Target Drill type Intercept
From (m) To (m) Length (m) Au (g/t)
SMI-LX-1067 Smith DDH 126.6 138.0 11.4 5.30
SMI-LX-1067 (2) Smith DDH 149.4 167.0 17.6 6.98
SMI-LX-1068 Smith DDH 127.1 134.7 7.6 9.13
SMI-LX-1068 (2) Smith DDH 151.5 164.3 12.8 8.61
SMI-LX-1069 Smith DDH 120.7 145.1 24.4 8.61
SMI-LX-1071 Smith DDH 93.3 106.5 13.2 13.76
SMI-LX-1071 (2) Smith DDH 110.0 116.1 6.1 3.60
SMI-LX-1071 (3) Smith DDH 119.2 132.9 13.7 14.60
SMI-LX-1071 (4) Smith DDH 137.5 143.7 6.2 8.88
SMI-LX-1102 Smith DDH 91.7 114.9 23.2 19.35
SMI-LX-799 Smith DDH 171.3 185.0 13.7 32.00
SSX-SR-486 SSX DDH 116.7 128.0 11.3 6.53
SSX-SR-490 SSX DDH 81.7 90.8 9.1 13.03
SSX-SR-490 (2) SSX DDH 98.5 133.8 35.3 11.22
SSX-SR-612 SSX DDH 266.6 281.3 14.7 10.27
SSX-SR-612 (2) SSX DDH 284.5 298.2 13.7 9.53

DDH is abbreviation for Diamond Drill Hole;

From, To and Length indicated in metres, true width of the mineralized intercepts is unknown at this time.

Source: First Majestic Silver

 

The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.

By Matthew Evanoff

I cover the mining industry and the best mining stocks around the world. I write about industry news, individual companies, projects, management, and profiles on industry leaders.

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