First Majestic Silver has announced a significant discovery of a new vein-hosted gold and silver mineralized system at its Santa Elena property in Sonora. This new find, named the Navidad vein system, is located near the company’s Ermitaño mine and has the potential to boost the property’s Mineral Resources and extend the mine’s operational life.
Keith Neumeyer, President and CEO of First Majestic, expressed enthusiasm about the Navidad system’s potential. He highlighted the strategic advantage of its proximity to the producing Ermitaño mine, which could enhance operational efficiency. “The close location of this new discovery to the Ermitaño mine is crucial from an operational perspective and very promising for future exploration success across the underexplored +100,000-hectare Santa Elena land package. We believe that Navidad has the potential to substantially increase Santa Elena’s Mineral Resources and extend the mine’s life,” Neumeyer stated.
The Navidad vein system was uncovered through exploratory drilling, revealing quartz veins with visible silver sulfides and banded quartz textures. The most prominent vein, Navidad, demonstrated high-grade gold and silver mineralization, with notable drill intersections including 8.1 g/t gold (Au) and 427 g/t silver (Ag) over 4.7 meters in one hole, and 54.9 g/t Au and 399 g/t Ag over 1.8 meters in another. These findings suggest strong potential for expanding the resource base at Santa Elena.
The full extent and structure of the Navidad vein system remain to be fully understood, as exploration is ongoing in all directions. First Majestic plans to deploy additional drill rigs throughout 2024 to further explore and define the mineralization of the Navidad system.
