Potential New High-Grade Gold Zone At Jerritt Canyon

VANCOUVER - First Majestic Silver Corp. reported additional positive drill results from its ongoing exploration program at the Jerritt Canyon Gold Mine located in Elko County, Nevada. Follow up drilling to hole SMI-LX-1112 (8.39 grams of gold per tonne (g/t Au) over 29.7m, reported May 2022) delineated a new gold mineral zone located above the water table, approximately 90m southeast of the new connection drift between the SSX and Smith mines. Geologic interpretation and modeling of the drilling results determined that the gold zone is flat-lying, similar to nearby deposits. Results from Smith Zone 10 include: 1) SMI-LX-1067: 6.98 g/t Au over 17.6m. 2) SMI-LX-1068: 8.61 g/t Au over 12.8m. 3) SMI-LX-1069: 8.61 g/t Au over 24.4m, 4) SMI-LX-1071: 14.60 g/t Au over 13.2m. 5) Drilling from the SSX/Smith Mine connection drift.

SMI-LX-1102: 19.35 g/t Au over 23.2m: the intercept is approximately 75m north and 40m above the connection drift (above the current water table). The geometry of the mineralization appears to be sub-horizontal with the drilling intersecting at a low angle. SSX-SR-612: 10.27 g/t Au over 14.7m and 9.53 g/t Au over 13.7m: the intercepts are approximately 300m SE and 75m below the connection drift. The drill hole likely intercepted the mineralization at a low angle and may be correlated to results from hole SSX-SR-608. SMI-LX-799: 32 g/t Au over 13.7m: identified gold mineralization approximately 150m north and 15m below active mine workings. Geologic interpretation suggests that this intercept is stratigraphically controlled (sub-horizontal) and drilling has intersected it at a low angle.

Drilling at SSX Zone 5 Intersected mineralization approximately 100m from active mining and above the water table. The geometry of the mineralization is not yet known, a combination of sub horizontal controls along stratigraphy (for low angle intersects) and vertical controls are under investigation (SSX-SR-486: 6.53 g/t Au over 11.3m; and SSX-SR-490: 11.22 g/t over 35.3m).

In 2022, the Company plans to drill approximately 120,000m at Jerritt Canyon with a focus primarily on the Smith/SSX mines, Winters Creek, Waterpipe, Wheeler, and Murray areas. The 2022 drilling campaign consists of short-term focused underground core drilling testing extensions of known ore controls in close proximity to active mining; mid-term focused drilling planned to validate/test the presence of mineralized volumes near historic workings; and long-term focused drilling aiming to make new gold discoveries in the district.

“Exploration results continue to validate our thesis that the area between the operating SSX and Smith mines is favorable for new, near-mine gold discoveries," said, Keith Neumeyer, President and CEO. "Hole-1102 intersected what looks like a new high-grade area on the north side of the SSX/Smith connection drift. Nine follow up drill holes are being planned to further define this potential new zone. In addition, follow up drilling at Zone 10 in the Smith mine has confirmed the presence of a high-grade pod of gold mineralization approximately 90 meters southeast from the connection drift. Over the past few months, we advanced the mine development towards this high-grade pod in anticipation of initial ore extraction in early October. Furthermore, ore production from the West Gen mine is also planned to begin in October and expected to increase the amount of fresh ore production at Jerritt to over 3,000 tonnes per day by the end of 2022."