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Re: News Releases - Tuesday, April 01, 2008
Discovery of New High Grade Ore Shoot on the Vacas Vein at the La
Parrilla Silver Mine
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First Majestic Silver Corp. is pleased to announce that it has
identified and defined a new silver-lead- zinc-rich vein and
replacement zone located about 2.5 km southeast of the main Rosario
vein area within the Company's property boundaries at the La Parrilla
Silver Mine. The discovery appears to represent the southern extension
to the San Marcos and vein and replacement system delineated by the
Company to the north of Vacas. The new ore-deposit area has been named
Vacas. The Company has received the assay results from fifteen drill
holes in the Vacas area.
Mineralization at the Vacas ore body is a typical assemblage of a
metasomatic system of mineralization including: replacement mantos,
vein type structures, dissemination and skarn related deposits which
occur in association with igneous rocks like dikes and stocks intruding
a sequence of cretaceous limestone rocks. Sulphides consist of pyrite,
sphalerite, galena, some chalcopyrite and argentite with calcite and
quartz as gangue minerals. Similar geologic conditions exist at San
Martin/Sabinas (Grupo/Penoles); Chalchihuites and other districts close
to La Parrilla Mining District.
Old historic mining works and an initial
Diamond drill program executed
by Grupo Mexico in this area in the 1970's consisting of 9
Diamonddrill holes with a total of 2,837 meters of which 5 holes indicated
that economic ore existed in this area, however those holes did not
confirm the continuity of the structure. First Majestic designed a new
Diamond drill program to test and confirm the historic information. The
total program to date has consisted of 31
Diamond drill holes with a
total of 10,221 meters drilled, of which 15 holes intercepted the ore
body. The average grade over the 15 holes is; 623 grams per ton of
silver equivalent and an average true width of 3.84 meters in a section
of 260 X 300 meters. These intercepts ranged from a grade of 259 to
1,508 g/t of silver equivalent and from a true width of .52 to 15.87
meters. The drill hole VC-31, has pending results from the laboratory.
Keith Neumeyer, President and CEO commented, "This is the fifth
mineralized area identified and defined within the surrounding ground
of the original 350 hectare property which now consists of an entire
district of 53,249 hectares. The La Parrilla mining district continues
to show a significant and wide spread mineralized system. Results of
geophysical studies carried out by the Company in 2007 and Grupo Mexico
in the past in this area indentified an anomaly at the Vacas area that
has now been confirmed with this drilling program. In addition, several
additional targets have been defined which have the potential for vein
and replacement type ore bodies at La Parrilla. Drilling and
development continues in an ongoing basis to evaluate these targets.
This exploration program will continue with a focus on increasing the
Reserves and Resources to support a decision to increase the mill
capacity going forward."
Due to the encouraging results received to date, the Company has two
rigs presently drilling in the Vacas area to define the lateral
extension and the continuity at depth of the Vacas Orebody. In
addition, a 1.5 km ramp from surface is under construction in order to
access the Orebody from underground.
Highlights of the results from the
Diamond Drill Holes include:
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Ag
From To Length True Ag Pb Zn Eqv.
Hole # (m) (m) (m) Width g/t % % (g/t)
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VC-01 267.75 270.00 2.25 1.95 328 7.19 3.99 841
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VC-01 277.40 282.00 4.60 4.00 311 6.37 7.16 912
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VC-02 263.00 265.15 2.15 1.86 127 3.46 15.03 899
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VC-03 289.25 289.85 0.60 0.52 137 3.53 4.50 491
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VC-04 242.30 244.15 1.85 1.60 332 3.67 6.19 760
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VC-08 238.65 240.70 2.05 1.57 386 8.42 8.16 1,126
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VC-10 264.35 275.35 9.15 7.01 299 7.37 7.25 952
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VC-11 311.40 322.60 11.20 7.92 79 0.89 11.15 569
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VC-14 338.90 343.30 4.40 3.11 138 0.65 6.70 438
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VC-24 300.20 302.60 2.40 1.70 545 10.44 11.25 1,508
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VC-25 319.15 323.25 4.70 3.32 352 3.68 9.33 906
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VC-26 291.10 292.60 1.50 1.06 68 1.74 7.38 449
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VC-27 352.20 357.55 5.35 3.78 82 0.53 6.44 366
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VC-28 328.95 334.60 6.25 4.42 59 1.31 3.39 259
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VC-29 377.30 399.75 22.45 15.87 91 1.14 4.51 328
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VC-30 367.20 369.85 2.65 1.81 437 5.88 6.64 992
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(1) Estimates by First Majestic, reviewed by PA&H. "In-situ" Resources
with
no mill recovery included.
(2) Silver equivalent based on prices used: Ag: $17.88, Pb: 1.28 lb;
Zn-$1.04 lb (Prices March 28, 2008)
(3) Holes VC-01 to VC-10 and VC-14, assays from Inspectorate Laboratory
This mineralization is an extension of the previously identified
Indicated and Inferred Resources in the Company's Amended Technical
Report for La Parrilla Silver Mine dated March 18, 2008 for the Vacas
area.
Quality Assurance & Quality Control
Following detailed geological and geotechnical logging, drill core
samples are split on-site by
Diamond saw. One quarter of the core is
submitted to La Parrilla certified laboratory for sample preparation
and analysis, which are assayed for silver by standard fire assay
methods and lead and by atomic absorption. The other quarter of the
core is shipped to the Inspectorate preparation laboratory in Durango,
Mexico for drying, crushing and pulverizing. Inspectorate Mexico then
sends the pulps by air-freight to Inspectorate America Corporation in
Sparks, Nevada for assaying for gold and silver by fire assay and 30
elements ICP package. Systematic assaying of standards and blanks are
performed for precision and accuracy; check assays are regularly
conducted by Inspectorate America Corporation. The remaining half core
is retained on-site for verification and future reference purposes.
Qualified Person
Mr. Leonel L�pez, P.Geo., from Pincock Allen & Holt in Denver, CO. is
the Company's Qualified Person as defined by National Instrument 43-101
and is responsible for the accuracy of the technical information
contained in this news release.
First Majestic is a producing silver company focused in Mexico and is
aggressively pursuing its business plan to become a senior silver
producer through the development of its existing assets and the pursuit
through acquisition of additional assets that contribute to achieving
its corporate growth objectives.
FOR FURTHER INFORMATION contact info@firstmajestic.com, visit our
website at www.firstmajestic.com or call our toll free number
1.866.529.2807.
FIRST MAJESTIC SILVER CORP.
"signed"
Keith Neumeyer, President & CEO
This press release includes certain "Forward-Looking Statements" within
the meaning of section 21E of the United States Securities Exchange Act
of 1934, as amended. All statements, other than statements of
historical fact, included herein, including without limitation,
statements regarding potential mineralization and reserves, exploration
results and future plans and objectives of First Majestic Silver Corp.
are forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will
prove to be accurate and actual results and future events could differ
materially from those anticipated in such statements.
View News Release in PDF Format:
Associated File:
http://www.firstmajestic.com/i/pdf/2008-04-01_NR.pdf
27 KB in size, approx. 6 seconds to download at 56.6Kbps
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Copyright (c) 2008 FIRST MAJESTIC SILVER CORP. (TSXV-FR) All rights
reserved. For more information visit our website at
http://www.firstmajestic.com/ or send mailto:general@firstmajestic.com
Message sent on Tue Apr 1, 2008 at 7:17:57 AM Pacific Time
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