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First Majestic Silver Corp.
Summary
| Project: | San Martin | |
|---|---|---|
| Deposit: | San Martin | |
| Location: | Mexico | |
| Commodities: | Silver-Gold | |
| Date: | 3/31/2017 | |
| Report Code: | NI43-101 | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 31-3-2017: First Majestic Silver Corp. announces a Resource Estimation report for its San Martin deposit at the San Martin project. Updated mineral resources and ore reserves at project. FIRST MAJESTIC SILVER CORP. (the "Company" or “First Majestic”) is p | |
| Resources: | (Reserve, P+P): 2.191Mt @ 244g/t Ag, 0.21g/t Au for 18.289Moz AgEq. contained at project | |
| CP/QP: | [Resources]: Jesus M. Velador Beltran (Internal) | |
| ABSTRACT: | FIRST MAJESTIC SILVER CORP. (the "Company" or “First Majestic”) is pleased to announce its 2016 Mineral Reserve and Resource estimates for its existing mineral property assets in Mexico as of December 31, 2016. Metal prices used to estimate the 2016 Reserve estimates were increased slightly compared to previous estimates to: $18.00/oz for silver, $1,250/oz for gold, $1.00/lb for lead and $1.15/lb for zinc. “We began 2016 with a small exploration budget of only $9.9 million designed to primarily assist with our mining activities,” stated Keith Neumeyer, President and CEO. “In the second half of 2016, we increased the exploration budget by 71% and returned our focus on growing the ounces in the ground. For 2017, we are investing $27.0 million to complete over 183,000 metres of diamond drilling across our Mexican assets. This renewed investment is expected to add significant growth to our Reserves and Resources in the years ahead.” The Company completed a total of 97,576 metres of diamond drilling at its six operating mines in 2016, representing a 170% increase in metres drilled compared to the prior year. For 2017, First Majestic is planning to invest $27.0 million towards exploration to drill approximately 183,000 metres at its core Mexican assets consisting of approximately 43,000 metres of diamond drilling intended to upgrade Resources to Reserves at La Parrilla, Del Toro, La Guitarra and Santa Elena; approximately 100,000 metres of diamond drilling intended to increase or add new Measured & Indicated or Inferred Resources at the six operating mines, with a focus at Nazareno in La Guitarra and the Ermitaño West project in Santa Elena; and drill approximately 40,000 metres at the Plomosas Silver Project. A combination of surface and underground drill rigs will focus on assisting mining activities, definition drilling and to support future updates to the Company’s NI43-101 Technical Reports. | |
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