First Majestic Silver Corp. reported a second significant discovery of vein-hosted gold and silver mineralization within a year at the Santa Elena property in Sonora, Mexico, and to share additional positive drilling results from the Navidad discovery. The near surface, newly identified Santo Nino vein, located approximately one kilometre south of the Santa Elena mine, marks a significant addition to the district.
Resource addition and resource conversion drilling at the Navidad Discovery - completed after maiden Inferred Resource estimate declaration - substantially increased the size of the mineralized area and several holes returned higher than average grades for the deposit. With the additions of Navidad and Santo Nino, the Santa Elena property now hosts four significant gold-silver deposits: Santa Elena, Ermitano, Navidad, and Santo Nino, underscoring the growing scale and potential of the district. Resource conversion drilling confirms the continuity of precious metal mineralization and, in general, returned significantly higher gold and silver grades than estimated from prior drilling.
Tables 1-3 below present a selection of drill hole intercepts with significant assay results from drilling at the Santo Nino and Navidad discoveries. All intercepts are true width. District-Scale Exploration Strategy.
Building on the exploration model unveiled in February 2025, exploration team delivered a second gold and silver discovery in less than 12 months - the Santo Nino vein. By drilling beneath the masking andesitic cover into the prospective rhyolite horizon, geologists intercepted the Santo Nino vein and delineated zones of high-grade mineralization. Structural interpretation indicates that the principal mineral shoots in both veins plunge gently - about 20deg toward the east-northeast - and remain open up and down plunge.
In combination with the emerging Santo Nino discovery, the Navidad/Winter results reinforce Santa Elena's status as a district-scale, multi-deposit system with significant upside. An aggressive drill program, with nine active rigs currently, is in progress for the remainder of 2025, drilling aims to test the full strike length and depth potential of the new discoveries and to explore for additional mineral deposits.
