Silver Intersection At The Active Underground Mining At Jerritt Canyon

VANCOUVER - First Majestic Silver Corp. reported positive drill results from its ongoing exploration program at the Jerritt Canyon Gold Mine located in Elko County, Nevada. Since acquiring the mine, the Company has completed over 70,000 meters in exploration drill holes consisting of step-out and greenfield targets designed to increase the confidence of the mineral resource and add new ounces. In 2022, the Company plans to drill approximately 135,000 meters at Jerritt Canyon with a focus primarily on the Smith/SSX mines, and the Winters Creek, Waterpipe, Wheeler, and Murray areas.

The Company is also pleased to announce that the United States Forest Service (USFS) has approved an exploration permit to conduct activities across 42,976 acres (17,976 hectares) of USFS land at Jerritt Canyon. This permit allows for up to 500 acres of newly constructed exploration roads and up to 1,100 new drill pads. The Company is now prioritizing exploration drill targets and is expected to commence drilling on July 1, 2022.

“The exploration results validate our thesis that Jerritt Canyon possesses tremendous mineral potential between the SSX and Smith mines as well as across the entire 30,821 hectare land package," stated Keith Neumeyer, President and CEO. "We have identified a high-grade underground mineralized pod near current mining activities, and we plan to advance the area toward ore production in the coming quarters. In addition, we have discovered numerous near surface gold mineralization that have the potential to grow into large, new gold deposits for open pit mining. Since our acquisition, our team has made significant steps towards rebuilding Jerritt Canyon's reputation within the state of Nevada and having received the USFS exploration permit is a major achievement for the future growth of Jerritt Canyon."