1 day Ago By Staff report
First Majestic Silver Corp. posted a 45% increase in silver equivalent reserves in 2024, including at the Jerritt Canyon property in Nevada, the newly added Cerro Los Gatos Mine in Mexico, and the company’s other three mines in Mexico. First Majestic acquired a 70% share of Cerro Los Gatos when it acquired Gatos Silver on Jan.
16, so First Majestic incorporated that mine’s reserves and resources in its final estimates, which put reserves from the four producing mines at 177.6 million silver equivalent ounces. Jerritt Canyon north of Elko is included in the measured and indicated resources companywide, which total 432.
2 million silver equivalent ounces, and the company’s inferred mineral resources of 350.3 million silver equivalent ounces. “2024 marks another record milestone for First Majestic,” said Keith Neumeyer, president and chief executive officer.
“Due to our strategic M&A (mergers and acquisitions) activities and widely successful exploration program, we have increased our mineral resources to the highest level in the company’s history.” “I am proud of what we have achieved in 2024 from an exploration and geology stance. We budgeted for a robust exploration program in 2024, and it has yielded exceptional results, most notably the high-grade gold and silver discovery at Santa Elena, Navidad, and impressive results at San Dimas, which sets us up for an exciting future ahead,” Neumeyer said in the March 31 announcement.
The Navidad discovery added 2.3 million metric tons of inferred mineral resources to First Majestic’s portfolio, with 29.7 million silver equivalent ounces consisting of 5.
9 million ounces of silver and 249,000 ounces of gold. First Majestic reported that measured and indicated resources increased 25% over 2023, and inferred resources were up 23% over 2023. The resources include all the operating mines and Jerritt Canyon, where the company suspended operations in 2023 but continues exploration.
“We finished the year on a fantastic note and our team hit the ground running executing on our record 2025 exploration program,” Neumeyer said. According to Vancouver-based First Majestic’s report, the silver equivalent reserves of 177.6 million included 86.
8 million ounces of silver and 594,000 ounces of gold, 587 million pounds of zinc, 314 million pounds of lead, and 32 million pounds of copper. The zinc, lead and copper mineral estimates come from Cerro Las Gatos. First Majestic acquired a 70% share of the Cerro Los Gatos Mine in Mexico in January, and the mine has added zinc, lead and copper to the company’s resources.
The 434.2 million silver equivalent resources companywide included 135.2 million ounces of silver, 2.
9 million ounces of gold, 672 million pounces of zinc, 360 million pounds of lead, and 35 million pounds of copper. A chart shows that Jerritt Canyon’s measured and indicated resources totaled 1.9 million gold ounces.
First Majestic produced nearly 21.66 million silver equivalent ounces in 2024 from San Dimas, Santa Elena, La Encantada and Jerritt Canyon. Although mining had ended, Jerritt Canyon produced 2,405 ounces of gold in 2024 from stockpiles, figures show.
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