First Majestic Silver has initiated a restart plan for its Jerritt Canyon gold mine in Nevada, driven by an expanded Mineral Resource base, stronger long-term gold price assumptions, and successful drilling results over the past two years.
As part of this plan, the miner has engaged Stantec Consulting Services to complete a pre-feasibility-level study on Jerritt Canyon, which is expected to be completed in the fourth quarter of 2026.
“With the successful and seamless integration of Gatos Silver now complete, we are focusing our attention on restarting Jerritt Canyon,” said Keith Neumeyer, CEO of First Majestic. “This fully permitted gold mine is located in a premier, tier-one mining jurisdiction with all critical infrastructure in place and is underpinned by a new expanded Mineral Resource base of 4.1 million gold ounces in the Measured and Indicated categories, together with an additional 3.7 million gold ounces classified as Inferred Mineral Resources.”
Neumeyer continued, “In the current favorable metal price environment, Jerritt Canyon represents a rare and compelling opportunity to generate meaningful shareholder value. We are now commencing a restart plan through enhanced operations, including owner-operated mining and an optimized mine plan. To support these efforts, First Majestic is committing $75 million in 2026 to complete the necessary technical and operational work, with targeted production in the second half of 2027.”
In Q2 2026, First Majestic said it will commence work to open and rehabilitate the Smith and SSX underground mines, while advancing targeted exploration activities. The program includes approximately 600 meters of underground expansionary development and 19,000 m of underground drilling at Smith–SSX, along with an additional 23,000 m of surface drilling focused on defining near‑surface open‑pit mineral resources, for a total of 42,000 m of drilling in 2026.
Jerritt Canyon, located in Elko County, was discovered in 1972. From the start of mining in 1981 until the operation was placed on care and maintenance in March 2023, approximately 9.85 million oz. of gold were produced at an average grade of 6.6 g/t Au.
Source: First Majestic Silver