RSS SubscribeMarch 8, 2022
Toronto, Ontario – March 8, 2022 – Magna Gold Corp. (TSXV: MGR, OTCQB: MGLQF) (“Magna” or the “Company”), is pleased to report results from its fully-funded resource definition drill campaign currently underway at its 100% owned Margarita silver project located in the state of Chihuahua, Mexico. The goal of the program is to define the extent of the vein hosted high-grade system at Margarita leading to the maiden resource expected to be released toward the end of the first quarter. This resource estimate will lead to the completion of the first ever preliminary economic assessment “PEA” shortly thereafter.
Results in this release are from the first 22 of 43 drill holes completed by the Company. All drill holes intersected significant near surface silver mineralization over significant widths. Based on the drill results the system appears to be much wider than previously interpreted and has multiple mineralized veins running parallel to the main Margarita vein, the most significant of which are the Caido and Juliana veins. The main mineralized zone ranges in thickness of around 2-12 m with the higher-grade zones maintaining an average true width of approximately 4.5 m. Mineralization has been confirmed along a strike length of 1,600 m and remains open in both directions. Prior to the current campaign, drilling was limited to 150 m from surface. The 2021 program has successfully extended mineralization further to depth where it remains open.
In addition to the resource definition drilling a series of holes were drilled to test the extent of the system down to 400 m. Assay results from the deep drilling are pending, however based on our observations the system continues to remain strongly mineralized and open.