First Majestic Silver (TSX: FR; NYSE: AG) has introduced optimistic drill outcomes from its ongoing exploration program on the Jerritt Canyon gold mine in Elko County, Nevada.
The 2022 drilling marketing campaign at Jerritt Canyon consists of short-term centered underground core drilling testing extensions of identified ore controls close to energetic mining, mid-term centered drilling to validate/check the presence of mineralized volumes close to historic workings, and long-term centered drilling aiming to make new gold discoveries within the district.
The most recent outcomes come from the world alongside the connection drift between the Smith and SSX underground mines. Comply with-up drilling on the Smith mine returned a number of high-grade gold intersections in two drill holes, one among which had assays of 19.97 grams gold per tonne over 20.9 metres (together with 5.12 grams gold over 7.6 metres and 4.25 grams gold over 13.3 metres).
“This gold intercept appears to be like to have recognized one other high-grade underground mineralized pod close to present mining actions, with comparable gold grades to the not too long ago found Zone 10 space,” mentioned Keith Neumeyer, First Majestic’s president and CEO. “Extra comply with up exploration holes are deliberate over the following few months to additional outline the size and total dimension of this thrilling new space, which is positioned solely 80 metres away from underground entry.”
Based on First Majestic, the 2 Smith holes seem to increase the potential of the beforehand intersected gold mineral zone to roughly 200 metres. The brand new gold intercepts are positioned roughly 80 to 200 metres northwest of the connection drift.
One other drill gap was accomplished on the SSX mine beneath and to the southwest of gold intersections from two earlier holes. The brand new gap minimize 4 gold intersections positioned roughly 170 to 300 metres from present mine growth and from the connection drift, respectively.
The SSX underground operation first started in 1997 and continued up till 2008, with gold manufacturing coming from the Steer, Murray, MCE, Smith, West Generator and Saval deposits. In 2009, a brand new mine plan was ready for the Smith and SSX deposits, and gold manufacturing resumed a 12 months later.
Previous to underground mining, the Jerritt Canyon mine operated as an open pit from early 1981 till late 1999, with mining carried out in a number of areas. The annual manufacturing from these areas ranged from roughly 40,000 to 1.4 million ounces.
First Majestic acquired the Jerritt Canyon mine from Sprott Mining on April 30, 2021.
Shares of First Majestic surged 7.1% by 11:20 ET Tuesday following the brand new exploration outcomes.
The corporate has a market capitalization of $3.2 billion.
