The company will invest $12 million to accelerate underground access and mining operations at its Mexican silver and gold project.
First Majestic Silver Corp. (NYSE:AG) has obtained construction permits for the Santo Niño and Navidad portals at its Santa Elena mine in Mexico. The company plans to allocate $12 million this year to expedite underground development and prepare Santo Niño for near-term production.
Recent infill drilling results from both vein systems have exceeded initial models, confirming high-grade silver and gold mineralization. These findings support efforts to convert inferred resources into indicated resources, potentially extending the mine’s lifespan.
Management expects the projects to become major contributors to Santa Elena’s production schedule, with ongoing work focusing on resource conversion and infrastructure expansion.