- First Majestic Silver Corp. (FR) has released its second quarter production results from its four operating mines
- Total production in the second quarter reached 6.4 million ounces of silver equivalent, a significant increase compared to the previous quarter
- The increase was driven in part by the acquisition of the Jerritt Canyon Gold Mine in Nevada
- The company also released updated guidance for the remainder of 2021
- First Majestic is a publicly traded mining company focused on silver production in Mexico and the United States
- First Majestic Silver Corp. (FR) is up 2.50 per cent, trading at $18.03 per share
First Majestic Silver Corp. (FR) has released its second quarter production results from its four operating mines.
Total production in the second quarter reached 6.4 million ounces of silver equivalent, including 3.3 million ounces of silver and 46,545 ounces of gold.
Because of an increase in silver production from three of its mines, the total production numbers increased by 13 per cent for silver and 95 per cent for gold compared to the previous quarter.
The company also acquired the Jerritt Canyon Gold Mine in April, which contributed to the higher production numbers as well. Initial exploration at Jerritt Canyon intersected grades of 4.63 g/t gold over 7.6 metres at one target area.
In the second quarter, First Majestic completed a total of 53,608 metres of drilling across its operations, including 13 rigs at San Dimas, five at Jerritt Canyon, six at Santa Elena, and two at La Encantada.
Keith Neumeyer, president and CEO of First Majestic, commented on the milestone production results.
“The acquisition of Jerritt Canyon not only gave us a new quarterly record in gold production,” he remarked, “but it represents the Company’s first major investment outside of Mexico.”
The company processed over 800,000 tonnes of ore during the second quarter, 35 per cent more than the previous quarter.
In the second half of 2021, the company expects total production of between 14.8 to 16.4 million silver equivalent ounces, representing a 44 per cent increase compared to the 10.8 million silver equivalent ounces produced in the first half of 2021.
First Majestic is a publicly traded mining company focused on silver production in Mexico and the United States. The Jerritt Canyon Gold Mine in Nevada represents the company’s first major investment outside of Mexico.
First Majestic Silver Corp. (FR) is up 2.50 per cent, trading at $18.03 per share as of 12:00 pm ET.
