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First Majestic Announces 2022 Mineral Reserve and Mineral Resource Estimates
Vancouver, British Columbia--(Newsfile Corp. - March 31, 2023) - FIRST MAJESTIC SILVER CORP. (N...
About this update from First Majestic Silver Corp.
[{"type":"text","content":"First Majestic Announces 2022 Mineral Reserve and Mineral Resource EstimatesVancouver, British Columbia--(Newsfile Corp. - March 31, 2023) - FIRST MAJESTIC SILVER CORP. (NYSE: AG) (TSX: FR) (FSE: FMV) (the \"Company\" or \"First Majestic\") is pleased to announce the 2022 Mineral Reserve and Mineral Resource estimates for its four material mineral properties with an effective date of December 31, 2022. Three material properties are currently in production: the San Dimas Silver/Gold Mine, the Santa Elena Silver/Gold Mine, and the La Encantada Silver Mine. The fourth material property, the Jerritt Canyon Gold Mine, was recently placed in temporary suspension to focus on exploration, definition, and expansion of the mineral resources and optimization of mine planning and plant operations.During 2022, the Company completed a total of 249,201 metres of exploration drilling representing a 9% increase in metres drilled compared to the prior year. Approximately 80% of this drilling was focused on near mine or brownfield targets while the remainder was focused on greenfield targets looking for new discoveries. In 2022, the Company's Mineral Resource estimates show an increase in contained silver equivalent ounces more than offsetting mine depletion following a record 31.3 million silver equivalent ounces in annual production.2022 HIGHLIGHTS (compared to prior Mineral Reserve and Mineral Resource estimates on December 31, 2021) Proven and Probable (\"P&P\") Mineral Reserves estimates at the Company's three producing material assets totalled 136.8 million silver equivalent (\"Ag-Eq\") ounces consisting of 61.5 million ounces of silver and 781,000 ounces of gold. Silver ounces remained relatively unchanged, decreasing only 2% after the exploration programs successfully offset depletion due to production during the year. Gold ounces decreased 41%, primarily due to the Company's decision to report only Mineral Resource estimates for the Jerritt Canyon property after temporarily suspending production and the record production at Santa Elena with the Ermitaño mine surpassing its budgeted metal output in 2022.Measured and Indicated (\"M&I\") Mineral Resource estimates for the four material assets totalled 351.5 million Ag-Eq ounces consisting of 101.7 million ounces of silver and 2.82 million ounces of gold, representing an 8% ...