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925 West Georgia St.
Suite 1805 Vancouver, B.C. Canada V6C 3L2 Phone: 604.688.3033 Toll Free: 1.866.529.2807
TSX: FR
Pink Sheets: FRMSF Frankfurt: Symbol - FMV WKN - A0LHKJ | | |
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» La Parrilla Silver Mine » San Martin Silver Mine » La Encantada Silver Mine » Del Toro Silver Mine » Cuitaboca Silver Project    | | | San Martin Silver Mine The San Martín Silver Mine is 100% owned and includes an 800 tpd cyanide & flotation mill and a land package consisting of 7840 hectares of which First Majestic owns 1482 hectares of the surface rights. The area has never been explored using modern exploration techniques. The mine has been in continuous production since 1983 and produces approximately 1.5 million ounces of silver per year. First Majestic is focused on increasing its silver resources while at the same time maintaining production at present levels. It is anticipated that during the later part of 2008, an expansion program designed to expand the mill capacity will be launched.
The San Martín is located 250 km north of Guadalajara in Jalisco State, Mexico. Pincock Allen & Holt ("PAH"), the Company's Qualified Person, has completed a NI 43-101 compliant technical report on the San Martín (see Reserve/Resource Section). In addition to calculating a large silver Resource, PAH also stated that the exploration potential for developing additional Resources at the San Martín appears to be very promising. First Majestic took control of operations of the San Martín in June 2006 by purchasing a majority stake in First Silver Reserve Inc. In September 2006, First Majestic purchased the remaining shares of First Silver resulting in 100% ownership. The San Martín Silver Mine suffered from a lack of reinvestment for several years. The opportunity which First Majestic identified was to make the necessary investments in development, exploration and mill improvements to not only increase the 43-101 compliant silver Resources, but also increase silver production from current levels. Local Geology, Mineralization & Ore Types The San Martín Silver Mine is located 7.9 km west of the small town of San Martín de Bolaños and, like other mines in the district, is situated above the base of the western graben escarpment. The mine is centered on the Zuloaga Vein, which has by far been the most extensively developed vein in the district, having accounted for about one-half of all silver production. The mining operation on the Zuloaga Vein consists of six main levels and partial development in another three levels (Pinolea, San Carlos, La Escondida) spanning a vertical distance of approximately 350 m. Main access levels are San José, Santa María, Ballenas, Cangrejos, San Pablo and San Juan, all with access to the levels from surface adits and various interconnecting ramps, from elevations of 1,080 to 1,600 metres asl. Production also occurs from the La Blanca Vein, a vertical split off the Zuloaga Vein.
The Zuloaga Vein occurs along an east-west trending normal fault zone that dips on average 75 degrees to the north, with the hanging wall of the fault down-dropped 100 to 200 metres relative to the footwall. The vein has been identified over a strike length of 3 km, with a vertical extent in excess of 400 m. The mineralized structure has a tendency to pinch and swell along strike and varies in width from 10 cm to over 10 m. Several subsidiary fractures split from the vein and are mineralized for short known distances, but have not been developed or further explored. Currently First Majestic has initiated exploration and development along crosscutting veins to the Zuloaga structure, at the Rebaje 40 Oriente on the Cangrejos Level, and at the Rebaje 1100 on the Ballenas Level; in both cases, NS veins intersecting the Zuloaga vein show high grade mineralisation in widths of up to 10 m. Post-mineral movement along mineralized fault zone has disrupted the mineralisation with local shearing and minor displacement along clay gouge fractures. In addition, the eastern extent of the Zuloaga Vein has been offset and down dropped by the north trending Bolaños graben faults, and the vein continuation is a current exploration target located under the hill of Cerro Colorado. The La Blanca Vein is a near-vertical split of the Zuloaga Vein that cuts upward through the Zuloaga hanging wall. The La Blanca Vein is typically irregular and narrow, but where mineralized, has high silver and zinc grades. Sulphides occur as disseminations and clots in the breccia matrix, and locally as massive sulphide lenses. Sulphides consist of galena and sphalerite, with lesser pyrite. Calcite is the dominant gangue mineral.
Two additional veins, the Condesa and Rosario, occur to the southwest and have northwest trends. No production has come from these veins in recent years. The Condesa mine is located on the south side of the Las Peñitas arroyo at an elevation of 1,450 m. Access is obtained from the town of San Martín via an 11.4 km gravel road. The Condesa workings show mineralisation over 150 m along strike, with mineralisation ranging from 1.5 to 2.0 m in width and occurring in a quartz-cemented andesitic breccia. The Rosario mine is located within the Santa Rosa arroyo at an elevation of 1,600 and 11.7 km away from the town of San Martín on the same gravel road leading to the Condesa mine. Documented production figures for the Condesa mine, as well as the others in the area, are either not available or incomplete. These vein trends intersect the Zuloaga Vein in an area below mineralized surface outcrops of the vein and represent an encouraging exploration target.
For more detailed geological information, readers are encouraged to review the Company's most recent NI 43-101 report on the San Martín Silver Mine. - Click here to view (PDF, 4.82 Mb). PHOTO GALLERY Click on Photo to Enlarge
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| ©2006 First Majestic Resource Corp. All Rights Reserved. |
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