Business
First Majestic Silver Files Updated Technical Reports, 2020 Mineral Reserve and Mineral Resource Estimates & Appoints New Director
Vancouver, British Columbia--(Newsfile Corp. - March 31, 2021) - FIRST MAJESTIC SILVER CORP. (NYSE: AG) (TSX: FR) (the "Company" or "First Majestic") is pleased
About this update from First Majestic Silver Corp.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - March 31, 2021) - FIRST MAJESTIC SILVER CORP. (NYSE: AG) (TSX: FR) (the \"Company\" or \"First Majestic\") is pleased to announce it has filed updated technical reports in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects for its three operating mines: the San Dimas Silver/Gold Mine, the Santa Elena Silver/Gold Mine and the La Encantada Silver Mine (collectively, \"material assets\"). The Santa Elena and La Encantada technical reports have an effective date of December 31, 2020 for exploration data and mine depletion estimates. The San Dimas technical report has an effective date of December 31, 2020 for technical information and mine depletion but uses an exploration data cut-off of June 30, 2020 due to required modeling lead times. Each of the reports were prepared internally by First Majestic and are available on the Company's website or SEDAR (www.sedar.com) under First Majestic's issuer profile. The Company has also updated the Mineral Resource estimates for its non-material assets with an effective date of December 31, 2020. 2020 HIGHLIGHTS (compared to prior Mineral Reserve and Mineral Resource estimates on December 31, 2019) Proven and Probable Mineral Reserves (\"P&P\") at the Company's three producing material assets totaled 62.2 million ounces of silver and 606,000 ounces of gold, or 121.5 million silver equivalent ounces, representing a 16% decrease compared to previous estimates. The decrease was primarily due to the downgrading of 14.6 million silver ounces contained in low grade, old tailings at La Encantada from reserves to resources. In addition, reserves at San Dimas only includes exploration results from the first half of 2020, or 35% of total metres drilled in 2020, while mine depletion is assumed for the full year. Average P&P grades increased by 40% to 449 AgEq g/t (230 g/t silver and 2.24 g/t gold) Measured and Indicated Mineral Resources (\"M&I\") at the Company's material assets totaled 111.7 million ounces of silver and 1.26 million ounces of gold, or 233.2 million silver equivalent ounces, representing a 3% increase compared to the previous estimate. Average M&I grades increased by 2% to 437 AgEq g/t (209 g/t silver and 2.35 g/t gold) Indicated Resources at the Ermitaño project near Santa Elena incre...