First Majestic Silver Corp. announced that the drilling programs were designed to test new silver and gold mineral targets, increase Mineral Resources and convert Mineral Resources to Mineral Reserves. Exploration drill holes at the San Dimas property intersected significant gold and silver mineralization in multiple veins.

Four areas are highlighted here: Sinaloa North-Elia, Santa Teresa, Rosario and Perez. Drilling at the historic Sinaloa North-Elia mines/veins cut multiple gold and silver mineralized vein intercepts. The drilling confirmed and further delineates the presence of mineralization below historic mining of the Sinaloa vein.

Select drill hole assay grade and intervals of the Sinaloa vein intersections are: Hole SIN23_073: 11.53 g/t Au & 758 g/t Ag over 2.97m; Hole SIN23_076: 9.86 g/t Au & 779 g/t Ag over 1.51m; Hole SIN23_069: 12.65 g/t Au & 578 g/t Ag over 0.95m. Expansionary drilling on the projection of the historic Santa Teresa vein has returned significant intercepts. The vein remains undrilled to the west for ~500m along strike for exploration upside.

Drill hole assay grade and intervals (true width) of the vein intersections are: Hole ST23_014: 3.95 g/t Au & 270 g/t Ag over 1.86m; 2.07 g/t Au & 130 g/t Ag over 2.90m; 40.40 g/t Au & 2,092 g/t Ag over 0.91m; Hole ST23_022: 3.19 g/t Au & 274 g/t Ag over 0.78m. Drilling at the Perez vein delineated and extended gold and silver mineralization up-dip on one of the known ore shoots and further defined a newly identified mineralized shoot to the east. In some cases, drilling cut unmodeled gold and silver mineralization in secondary veins, breccias and stockworks in the hanging and foot wall of the primary vein for higher ore tonnage.

The Perez vein exploration potential remains open to the east where it projects into an area where post-mineral faulting is anticipated to decrease, providing confirmation of ore body continuity. Select drill hole assay grade and intervals of the vein intersections are: Hole PE23_225: 3.78 g/t Au & 421 g/t Ag over 7.78m; Hole PE23_242: 7.36g/t Au & 1,238 g/t Ag over 2.41m; Hole PE23-229: 3.69 g/t Au & 509 g/t Ag over 4.42m. Drilling at the Rosario vein continues to delineate a mineralized volume east of the historic mining area.

Drill testing also cut multiple veins in the footwall of Rosario: the Macho Bayo, Peggy and Basilisa veins. The intersection of the Peggy vein returned significant gold and silver values over 3m, the newly discovered mineralization is open in all directions. Select drill hole assay grade and intervals are: Hole RO23_031: 7.31g/t Au & 598 g/t Ag, 0.77 m; Hole RO23_032: 7.69 g/t Au & 8g/t Ag, 3.29 m. An infill drilling program designed to convert Mineral Resources to Mineral Reserves at the Ermitaño mine, cut multiple high-grade intersections of gold and silver mineralization.

In addition to intercepts of the Ermitaño vein, multiple holes intersected mineralization in secondary veins and breccia zones located in the hanging and footwall of the Ermitaño vein proper. Select drill hole assay grade and true width from the intersections include: Hole EWUG-23-012: 20.95 g/t Au & 311 g/t Ag over 4.88m; Hole EWUG-23-007: 18.50 g/t Au & 304 g/t Ag over 1.71m; Hole EWUG-23-015: 9.38 g/t Au & 230 g/t Ag over 5.23m. Drilling designed to expand the Javelin target identified in July 2023 cut multiple significant gold intersections located between 90m and 340m from existing Smith mine developments.

The flat-lying geometry of the gold mineralization trends at a relatively low angle to the drill hole intersections which define a mineralized volume that remains open in multiple directions: Hole SMI-230011: 4.34 g/t Au over 6.1m; 8.76 g/t Au over 15.2m; Hole SMI-230012: 8.31 g/t Au over 5.2m; Hole SMI-230013: 4.70 g/t Au over 9.1m; 5.80 g/t Au over 12.9m; 7.44 g/t Au over 15.7m; 4.50 g/t Au over 7.0m. Drilling of the Purple Haze exploration target intersected new gold mineralization located up to 100m away from existing developments of the SSX mine. The geometry and controls of the gold mineralization are interpreted to trend at a relatively low angle to the drill hole intersections: Hole SSX-230010: 6.13 g/t Au over 5.3m; Hole SSX-230011: 4.33 g/t Au over 19.8m; 3.47 g/t Au over 11.2m; 4.60 g/t Au over 16.8m; Hole SSX-230013: 8.97 g/t Au over 6.1m.

Exploration drilling designed to test prospective geologic features in the Gridiron target cut two significant gold intercepts located approximately 80 and 120m away from existing SSX mine development. The mineralization is hosted adjacent to a Jurassic dike cutting the base of the Silurian Roberts Mountain Formation. The geometry of the gold mineralization is not yet defined, and the mineralization is open in several directions: Hole SSX-235020: 4.1m g/t Au over 6.1m; 12.04 g/t Au over 25.9m.

Gold and silver drill hole intercepts at San Dimas were composited using the length weighted averages of uncapped sample assays, a 190 g/t AgEq minimum grade, and a minimum composite length of 0.7m. A maximum 1m below the minimum grade was allowed as internal dilution and a single sample below the minimum but above 100 g/t AgEq was allowed in the hanging or footwall to achieve minimum true width in select cases. True width of intercepts is calculated based on current understanding of drillhole and vein angle geometry.

Gold and silver drill hole intercepts at Santa Elena were composited using the length weighted averages of uncapped sample assays, a 190 g/t AgEq minimum grade, and a minimum length of 1m. A maximum 1m below the minimum grade was allowed as internal dilution. True width of intercepts is calculated based on current understanding of drillhole and vein angle geometry.

Gold drill hole intercepts at Jerritt Canyon were composited using the length weighted averages of uncapped sample assays, a 3.0 g/t Au minimum grade, and a minimum composite length of 5m. A maximum 5m below the minimum grade was allowed as internal composite dilution. True thickness of intercepts is not known at this time.

First Majestic's drilling programs follow industry standard established QA/QC insertion protocols with standards, blanks and duplicates introduced into the San Dimas, Santa Elena and Jerritt Canyon sample-stream. After geological logging, all drill core samples are cut in half. One half of the core is submitted to the designated laboratory for analysis and the remaining half of the core is retained on-site for verification and reference purposes.

Core samples from Jerritt Canyon drilling were submitted to First Majestic's Central Laboratory.