TORONTO, March 8, 2022 /CNW/ - 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.
Highlights
- MAR-21-001: 13.55 m @ 131.38
grams per tonne (g/t) silver (Ag) from 63.85 to 77.40m;
-
- including 2.95 m @ 460.18 g/t Ag
from 67.80 to 70.75 m
- MAR-21-002: 46.80 m @ 138.65 g/t
Ag from 23.40 to 70.20 m;
-
- including 2.85 m @ 801.33 g/t Ag
from 54.60 to 57.45 m
- MAR-21-003: 39.80 m @ 100.13 g/t
Ag from 43.00 to 82.80 m;
-
- including 2.35 m @ 530.53 g/t Ag
from 54.60 to 57.45 m
- MAR-21-004: 32.55 m @ 113.05 g/t
Ag from 24.95 to 57.50 m;
-
- including 6.00 m @ 300.10 g/t Ag
27.00 to 33.00 m
- MAR-21-005: 39.50 m @ 132.59 g/t
Ag from 7.00 to 46.50 m;
-
- including 5.10 m @ 301.03 g/t Ag
from 30.90 to 36.00 m
- MAR-21-012: 21.50 m @ 91.081 g/t
Ag from 40.00 to 61.50 m;
-
- including 3.00 m @ 371.00 g/t Ag
from 42.00 to 45.00 m
- MAR-21-016: 25.50m @ 156.60 g/t
Ag, 0.51% Pb, 1.12% Zn from 117.00 to 142.50
m;
-
- including 3.90m @ 821.52 g/t Ag,
0.31 g/t Au, 2.36% Pb, 5.64% Zn from 117.90 to 121.80m
- MAR-22-020: 55.95 m @ 155.86 g/t
Ag from 3.00 to 58.95 m;
-
- including 12.80 m @ 498.0 g/t Ag
from 34.15 to 46.95 m
- MAR-22-022: 19.20 m @ 127.24 g/t
Ag from 78.70 to 97.90 m;
-
- including 3.55 m @ 567.36 g/t Ag
from 84.15 to 87.70 m
- All 22 drill holes intersected the main mineralized Margarita
system with mineralization beginning at or near surface.
- Presence of multiple parallel mineralized veins confirmed.
- Multiple holes returned anomalous gold values with grades up to
0.31 g/t
- Multiple holes returned significant Zinc (Zn) and Lead (Pb)
values with grades up to 5.64% and 2.36% respectively
Numbers are rounded and intervals represent down hole lengths
and not true widths.
Magna Gold President and CEO,
Arturo Bonillas commented: "Our
drill program at Margarita has been a huge success with every drill
hole returning high-grade values over significant widths. The
drilling has exceeded our expectations, it now appears the system
is wider, higher grade and closer to surface than what we thought
going into the campaign. We look forward to producing our maiden
resource later this quarter and PEA shortly thereafter"
Technical Discussion
The Margarita project is located within the Sierra Madre
Occidental (SMO) and it is formed by two volcanic sequences. The
Lower Volcanic Group (LVG) is dominantly andesitic and dacitic
composition displaying textural variation including flows and tuffs
with medium to coarse grained porphyritic texture, vesicles and
agglomerate horizons. The sequence generally contains manganese
oxides in proximity to the main mineralized structure. The
post-mineral cover unit is the Upper Volcanic Group (UVG) and is
comprised dominantly of rhyolitic ignimbrites.
The mineralization at Margarita is characteristic of
quartz-barite epithermal vein breccias of low to intermediate
sulphidation. The quartz vein breccia shows multi-stage formation
and exhibits bladed, crystalline, chalcedonic, crustiform,
colloform, comb, banded and brecciated textures. This vein breccia
is hosted within the above mentioned LVG. Iron and Mangnaese oxides
are abundant and occasionally sulphides like pyrite, sulphosalts,
galena and sphalerite less than 5% are observed. Silver appears to
be associated with the Acanthite, however further work is being
conducted to identify the mineral associations. Strong silica
alteration is observed proximal to the footwall and hanging wall of
the Margarita structure and minor kaolinite-smectite alteration
with calcite can also be found.
A total of five mineralized vein breccias have been recognized,
these vary in thickness from a few centimeters to more than
12 m: Margarita, El Caido, Juliana,
Fabiana and Marie are the major parallel vein structures, these
trend from 130° to 150° and dip from -65° SW to sub-vertical. The
system has a confirmed strike length of 1,600 m and remains open in all directions and to
depth.
|
Table 1: Summary
of Assay Results
|
|
Core Hole
#
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Au
g/t
|
Ag
g/t
|
Pb
ppm
|
Zn
ppm
|
Cu
ppm
|
|
MAR-21-001
|
63.85
|
77.40
|
13.55
|
0.01
|
131.38
|
866.42
|
5,024.40
|
49.45
|
|
Including
|
67.80
|
70.75
|
2.95
|
0.04
|
460.18
|
3,626.10
|
20,256.78
|
185.40
|
|
MAR-21-002
|
23.40
|
70.20
|
46.80
|
0.00
|
138.65
|
1,315.24
|
6,815.12
|
40.31
|
|
Including
|
54.60
|
57.45
|
2.85
|
0.01
|
801.33
|
5,193.33
|
8,430.00
|
49.56
|
|
MAR-21-003
|
43.00
|
82.80
|
39.80
|
0.01
|
100.13
|
590.82
|
3,334.59
|
32.39
|
|
Including
|
54.60
|
57.45
|
2.35
|
0.06
|
530.53
|
693.14
|
2,527.44
|
46.28
|
|
MAR-21-004
|
24.95
|
57.50
|
32.55
|
0.01
|
113.05
|
340.23
|
1,109.23
|
19.35
|
|
Including
|
27.00
|
33.00
|
6.00
|
0.05
|
300.10
|
659.66
|
2,371.00
|
45.06
|
|
MAR-21-005
|
7.00
|
46.50
|
39.50
|
0.00
|
132.59
|
527.41
|
1,739.59
|
47.40
|
|
Including
|
20.15
|
22.00
|
1.85
|
0.00
|
540.00
|
193.50
|
3,940.00
|
172.00
|
|
Including
|
30.90
|
36.00
|
5.10
|
0.00
|
301.03
|
610.92
|
1,228.21
|
65.29
|
|
and
|
118.00
|
120.00
|
2.00
|
0.02
|
32.30
|
268.00
|
305.00
|
3.20
|
|
MAR-21-006
|
64.50
|
102.80
|
38.30
|
0.01
|
42.54
|
329.87
|
1,018.68
|
15.45
|
|
Including
|
100.80
|
102.80
|
2.00
|
0.20
|
151.00
|
812.00
|
2,860.00
|
73.60
|
|
and
|
122.40
|
124.40
|
2.00
|
0.17
|
35.60
|
1,690.00
|
1,805.00
|
5.90
|
|
MAR-21-007
|
69.35
|
108.00
|
38.65
|
0.02
|
112.50
|
1,981.84
|
4,743.21
|
43.45
|
|
Including
|
81.45
|
83.20
|
1.75
|
0.01
|
158.00
|
1,060.00
|
2,500.00
|
78.50
|
|
Including
|
103.50
|
106.40
|
2.90
|
0.15
|
153.79
|
5,585.17
|
18,824.13
|
201.97
|
|
MAR-21-008
|
64.50
|
84.50
|
20.00
|
0.02
|
54.77
|
332.11
|
728.27
|
4.50
|
|
Including
|
70.40
|
73.85
|
3.45
|
0.08
|
175.86
|
712.02
|
1,164.13
|
6.84
|
|
MAR-21-009
|
56.60
|
61.50
|
4.90
|
0.00
|
138.34
|
1,368.02
|
1,327.12
|
25.88
|
|
Including
|
58.10
|
60.30
|
2.20
|
0.01
|
280.50
|
2,701.00
|
2,263.00
|
30.55
|
|
and
|
164.10
|
170.00
|
5.90
|
0.00
|
27.16
|
960.58
|
231.08
|
22.92
|
|
MAR-21-010
|
87.00
|
92.90
|
5.90
|
0.02
|
127.63
|
587.79
|
1,546.35
|
59.38
|
|
Including
|
88.50
|
91.40
|
2.90
|
0.05
|
234.31
|
1,063.96
|
2,598.27
|
98.99
|
|
MAR-21-011
|
73.70
|
81.00
|
7.30
|
0.00
|
53.51
|
253.21
|
1,066.83
|
21.68
|
|
and
|
85.85
|
117.00
|
31.15
|
0.02
|
53.01
|
546.47
|
1,646.04
|
9.98
|
|
Including
|
103.30
|
105.00
|
1.70
|
0.11
|
227.00
|
1,845.00
|
7,240.00
|
34.40
|
|
MAR-21-012
|
13.50
|
19.44
|
5.94
|
0.00
|
20.41
|
40.84
|
459.98
|
7.78
|
|
and
|
40.00
|
61.50
|
21.50
|
0.01
|
91.08
|
392.36
|
1,682.71
|
29.97
|
|
Including
|
42.00
|
45.00
|
3.00
|
0.05
|
371.00
|
1,781.00
|
4,240.00
|
115.45
|
|
and
|
69.00
|
70.50
|
1.50
|
0.04
|
78.80
|
700.00
|
1,175.00
|
6.30
|
|
and
|
90.00
|
93.00
|
3.00
|
0.00
|
14.02
|
38.55
|
237.50
|
5.25
|
|
MAR-21-013
|
45.00
|
49.60
|
4.60
|
0.00
|
26.47
|
112.09
|
234.75
|
6.41
|
|
MAR-21-014
|
25.50
|
42.00
|
16.50
|
0.00
|
32.45
|
254.89
|
756.08
|
15.57
|
|
MAR-21-015
|
30.00
|
46.50
|
16.50
|
0.00
|
28.64
|
118.22
|
569.90
|
14.97
|
|
and
|
63.00
|
67.50
|
4.50
|
0.00
|
17.88
|
54.66
|
338.00
|
7.56
|
|
and
|
97.50
|
106.50
|
9.00
|
0.05
|
46.94
|
1,011.98
|
5,855.00
|
72.03
|
|
Including
|
102.00
|
105.00
|
3.00
|
0.15
|
108.35
|
2,607.50
|
13,900.00
|
191.60
|
|
and
|
131.00
|
135.00
|
4.00
|
0.04
|
25.90
|
790.00
|
1,405.00
|
35.52
|
|
MAR-21-016
|
78.00
|
97.50
|
19.50
|
0.00
|
35.99
|
763.53
|
1,617.92
|
13.85
|
|
Including
|
81.00
|
82.50
|
1.50
|
0.01
|
151.00
|
690.00
|
1,795.00
|
23.80
|
|
and
|
117.00
|
142.50
|
25.50
|
0.05
|
156.60
|
5,069.94
|
11,228.16
|
110.86
|
|
Including
|
117.90
|
121.80
|
3.90
|
0.31
|
821.52
|
23,647.69
|
56,410.25
|
550.76
|
|
MAR-21-017
|
88.50
|
120.00
|
31.50
|
0.01
|
79.91
|
1,673.07
|
4,461.11
|
50.15
|
|
Including
|
111.00
|
115.50
|
4.50
|
0.07
|
266.00
|
8,156.66
|
19,896.66
|
175.26
|
|
MAR-21-018
|
62.75
|
67.90
|
5.15
|
0.00
|
45.22
|
208.76
|
1,668.76
|
28.86
|
|
and
|
87.00
|
96.65
|
9.65
|
0.00
|
25.19
|
173.67
|
542.66
|
23.57
|
|
and
|
102.50
|
113.60
|
11.10
|
0.00
|
67.35
|
634.29
|
2,242.18
|
15.43
|
|
and
|
145.10
|
149.50
|
4.40
|
0.03
|
33.45
|
1,543.48
|
4,637.84
|
88.42
|
|
and
|
159.40
|
167.40
|
8.00
|
0.00
|
24.20
|
460.25
|
3,591.25
|
48.47
|
|
MAR-21-019
|
69.00
|
75.00
|
6.00
|
0.00
|
39.72
|
246.62
|
1,155.00
|
19.42
|
|
and
|
90.00
|
96.00
|
6.00
|
0.00
|
42.82
|
506.00
|
2,112.75
|
18.55
|
|
and
|
105.00
|
138.05
|
33.05
|
0.01
|
58.62
|
1,437.80
|
4,935.68
|
61.03
|
|
MAR-21-020
|
3.00
|
58.95
|
55.95
|
0.00
|
155.86
|
1,105.98
|
5,054.01
|
39.87
|
|
Including
|
34.15
|
46.95
|
12.80
|
0.03
|
498.08
|
3,976.33
|
15,867.73
|
129.18
|
|
MAR-21-021
|
27.00
|
31.25
|
4.25
|
0.00
|
32.36
|
158.03
|
530.16
|
25.66
|
|
and
|
55.15
|
60.30
|
5.15
|
0.01
|
119.33
|
709.75
|
1,357.03
|
26.06
|
|
MAR-22-022
|
78.70
|
97.90
|
19.20
|
0.06
|
127.24
|
1,004.96
|
3,158.81
|
40.73
|
|
Including
|
84.15
|
87.70
|
3.55
|
0.30
|
567.36
|
3,960.70
|
14,273.52
|
169.28
|
|
and
|
107.45
|
124.00
|
16.55
|
0.05
|
109.81
|
4,029.09
|
6,010.85
|
108.98
|
|
Including
|
112.00
|
115.00
|
3.00
|
0.18
|
440.33
|
16,036.67
|
18,513.33
|
245.66
|
Table 2: Hole Location, Depth and Orientation of Reported
Drill Holes
|
HOLE
|
EAST
(WGS84)
|
NORTH
(WGS84)
|
ELEVATION
(m)
|
LENGTH
(m)
|
Azimuth
|
Dip
|
|
MAR-21-001
|
351659.72
|
3058477.61
|
2098.68
|
132
|
50
|
-45
|
|
MAR-21-002
|
351763.31
|
3058387.66
|
2067.69
|
150
|
50
|
-50
|
|
MAR-21-003
|
351816.49
|
3058303.10
|
2056.57
|
231
|
50
|
-45
|
|
MAR-21-004
|
351631.72
|
3058539.29
|
2111.33
|
102
|
50
|
-45
|
|
MAR-21-005
|
351468.71
|
3058662.45
|
2110.87
|
132
|
50
|
-50
|
|
MAR-21-006
|
351360.26
|
3058718.61
|
2124.08
|
150
|
50
|
-50
|
|
MAR-21-007
|
351553.92
|
3058538.72
|
2092.35
|
150
|
50
|
-45
|
|
MAR-21-008
|
351388.33
|
3058746.71
|
2130.65
|
132
|
50
|
-50
|
|
MAR-21-009
|
351722.44
|
3058418.84
|
2082.20
|
201
|
50
|
-50
|
|
MAR-21-010
|
351118.74
|
3058914.95
|
2086.99
|
140
|
50
|
-50
|
|
MAR-21-011
|
351305.01
|
3058792.88
|
2134.44
|
123
|
50
|
-50
|
|
MAR-21-012
|
351438.18
|
3058683.42
|
2114.16
|
135
|
50
|
-50
|
|
MAR-21-013
|
351902.89
|
3058244.03
|
2076.78
|
151
|
50
|
-50
|
|
MAR-21-014
|
351089.06
|
3058998.21
|
2072.83
|
81
|
50
|
-50
|
|
MAR-21-015
|
351518.84
|
3058575.15
|
2091.47
|
153
|
50
|
-55
|
|
MAR-21-016
|
351747.42
|
3058310.19
|
2058.90
|
201
|
50
|
-50
|
|
MAR-21-017
|
351684.25
|
3058386.85
|
2079.00
|
201
|
50
|
-50
|
|
MAR-21-018
|
351572.72
|
3058488.17
|
2089.96
|
181
|
50
|
-60
|
|
MAR-21-019
|
351724.63
|
3058355.33
|
2069.02
|
182
|
50
|
-50
|
|
MAR-21-020
|
351808.78
|
3058367.29
|
2063.00
|
72
|
40
|
-65
|
|
MAR-21-021
|
351492.01
|
3058608.51
|
2099.42
|
102
|
35
|
-45
|
|
MAR-22-022
|
351778.37
|
3058269.54
|
2050.83
|
306
|
50
|
-45
|
QA/QC
Drill core and rock samples were shipped to ALS Global in
Chihuahua, Chihuahua, Mexico and in North Vancouver,
Canada for sample preparation and for analysis at the ALS
laboratory in North Vancouver. The ALS Chihuahua
and North Vancouver facilities are ISO 9001 and ISO/IEC
17025 certified. Silver and base metals were analyzed using a
four-acid digestion with an ICP finish and gold was assayed by
50-gram fire assay with atomic absorption ("AA") finish. Over limit
analyses for silver were assayed by fire assay and gravimetric
finish; over limit analysis for lead and zinc were re-assayed using
an ore-grade four-acid digestion with AA finish.
Control samples comprising certified reference samples,
duplicates and blank samples were systematically inserted into the
sample stream and analyzed as part of the Company's quality
assurance / quality control protocol.
About Magna Gold Corp.
Magna is a Mexico focused gold/silver production company
engaged in acquiring, exploring, developing and operating quality
precious metals properties in Mexico. It is committed to advancing its 100%
owned flagship San Francisco Mine, Margarita Silver Project and
other highly prospective mineral properties located in Sonora and in Chihuahua. The primary strength
of the Company is the team of highly experienced mining
professionals with a proven track record of developing properties
in Mexico from discovery to
production. Magna employs community members and services in its
operations.
ON BEHALF OF THE BOARD OF DIRECTORS
Arturo Bonillas
President and CEO
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Qualified Person
James
Baughman (P. Geo.), Consulting Geologist and a Qualified
Person as defined by NI 43-101, has approved the scientific and
technical information in this news release.
Cautionary Statements
This News Release includes certain "forward-looking
statements" which are not comprised of historical facts.
Forward-looking statements include estimates and statements that
describe the Company's future plans, objectives or goals, including
words to the effect that the Company or management expects a stated
condition or result to occur. Forward-looking statements may be
identified by such terms as "believes", "anticipates", "expects",
"estimates", "may", "could", "would", "will", or "plans". Since
forward-looking statements are based on assumptions and address
future events and conditions, by their very nature they involve
inherent risks and uncertainties. Although these statements are
based on information currently available to the Company, the
Company provides no assurance that actual results will meet
management's expectations. Risks, uncertainties and other factors
involved with forward-looking information could cause actual
events, results, performance, prospects and opportunities to differ
materially from those expressed or implied by such forward-looking
information. Forward-looking information in this news release
includes, but is not limited to, the Company's objectives, goals or
future plans, exploration results, potential mineralization
(including estimates of measured and indicated resources, inferred
resources and probable reserves), exploration and mine development
plans, production (including gold production expectations and
guidance), processing and mining expectations (including statements
regarding expansion and advancement of assets) and strip ratio
trends and expectations. Factors that could cause actual results to
differ materially from such forward-looking information include,
but are not limited to failure to identify mineral resources,
failure to convert estimated mineral resources to reserves, the
inability to complete a feasibility study which recommends a
production decision, the preliminary nature of metallurgical test
results, delays in obtaining or failures to obtain required
governmental, environmental or other project approvals, political
risks, uncertainties relating to the availability and costs of
financing needed in the future, changes in equity markets,
inflation, changes in exchange rates, fluctuations in commodity
prices, delays in the development of projects, capital, operating
and reclamation costs varying significantly from estimates and the
other risks involved in the mineral exploration and development
industry, risks related to the effects of COVID-19 on
the Company; and those risks set out in the Company's public
documents filed on SEDAR. Although the Company believes that the
assumptions and factors used in preparing the forward-looking
information in this news release are reasonable, undue reliance
should not be placed on such information, which only applies as of
the date of this news release, and no assurance can be given that
such events will occur in the disclosed time frames or at all. The
Company disclaims any intention or obligation to update or revise
any forward-looking information, whether as a result of new
information, future events or otherwise, other than as required by
law.
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SOURCE Magna Gold Corp.