For the company's four assets, proven and probable mineral reserves estimates totalled 177.4 million silver-equivalent ounces consisting of 63Moz silver and 1.32Moz gold. This represents a 1% and 118% increase respectively, due to the addition of 440,000oz of gold at Jerritt Canyon. The addition of 1.55Moz silver and 280,000oz gold at its Santa Elena mine in Mexico also boosted its estimates for 2021.
Measured and indicated mineral resource estimates totaled 332.5Moz AgEq consisting of 111Moz silver and 2.89Moz gold. This represents a 1% decrease and a 130% increase respectively, with most of the gold increase coming from eight different deposits at Jerritt Canyon.
The US mine also lifted inferred mineral resource estimates for the company to total 235.1Moz AgEq consisting of 75.3Moz silver and 2.08Moz gold.
All the 2021 estimates use a price assumption of $22.50/oz for silver and $1,750/oz for gold, slightly higher than the previous year's estimates.
In 2021, First Majestic completed 227,845m of drilling at its operating mine properties, a 46% increase in metres drilled from the previous year. Most of the drilling was focused on near-mine or brownfield targets, with just 20% looking for new discoveries on greenfield targets.
First Majestic is the sole owner of four silver and gold producing mines in the US and Mexico. This includes the Jerritt Cayon gold mine. The three projects in Mexico are the San Dimas silver and gold mine in Durango, the Santa Elena silver and gold mine in Sonora, and the La Encantada silver mine in Coahuila.
On March 31, First Majestic Silver Corporation traded on the TSX at C$16.43/share, down 1.38% on the day. Its shares have seen a slight rally in recent weeks but still remain well below the highs of $22 that were seen in the first quarter of last year.
