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First Majestic Silver Corp.
Summary
| Project: | La Encantada | |
|---|---|---|
| Deposit: | La Encantada | |
| Location: | Mexico | |
| Commodities: | Silver-Lead | |
| Date: | 3/29/2019 | |
| Report Code: | NI43-101 | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 29-3-2019: First Majestic Silver Corp. announces a Resource Estimation report for its La Encantada deposit at the La Encantada project. Annual statement of mineral resources and ore reserves. FIRST MAJESTIC SILVER CORP. (the "Company" or “First Majestic”) | |
| Resources: | (Reserve, Prob.): 6.257Mt @ 131g/t Ag, 0.30% Pb | |
| CP/QP: | [Resources]: Ramon Mendoza Reyes (Internal) | |
| ABSTRACT: | FIRST MAJESTIC SILVER CORP. (the "Company" or “First Majestic”) is pleased to announce its 2018 Mineral Reserve and Resource estimates for its existing mineral property assets in Mexico with an effective date of December 31, 2018. The Company completed a total of 211,695 metres of diamond drilling at its operating mines in 2018, representing a 35% increase in metres drilled compared to the prior year. As of December 31, 2018, Proven and Probable Reserves totaled 170.9 million silver equivalent ounces, representing a 46% increase in metal content compared to the prior estimate of December 31, 2017. This increase reflects the incorporation of the high grade reserves of the San Dimas mine after its acquisition on May 10, 2018 and the results of the infill exploration and development programs, offset by the effect of mining depletion, the reduction of reserves primarily at San Martin and La Parrilla, the elimination of reserves from La Guitarra which was put in care and maintenance in August 2018, as well as the impact of lower metal price assumptions. The Company’s consolidated Measured and Indicated Mineral Resources have increased 17% in terms of tonnage and 82% in terms of silver equivalent metal content as the result of incorporating the high grade resources of San Dimas as well as conversion of Inferred Resources at Ermitaño following its successful 2018 exploration program. These increases were partially offset by production depletion and reductions in metal price used for Mineral Resources estimation. Consolidated Inferred Mineral Resources increased by 3% in terms of silver equivalent metal content after the incorporation of resources from San Dimas which was offset by the subtraction of resources from La Joya which is now considered a historical estimate. | |
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