Magma Silver Corp. (TSXV: MGMA; OTCQB: MAGMF; FSE: BC21) has received a key drill permit from Peru’s Ministry of Energy and Mines, enabling the company to initiate drilling at the Jorimina zone within its flagship Niñobamba silver-gold project.
Stephen Barley, Chairman and CEO of Magma Silver Corp. commented, “The Niñobamba project is comprised of three contiguous properties now controlled by Magma, totalling 4,100 hectares: the Jorimina, Randypata, and the Niñobamba Main.
“The MINISTERIO DE ENERGÍA Y MINAS in Peru has granted a drill permit to commence drilling on the Jorimina zone. This is an important milestone as drill permits are detailed and require a significant effort to obtain. Our Peruvian-based technical team, led by our General Manager, Carlos Agreda (see news release dated July 9, 2025) and supervised by our Senior Technical Advisor, Jeffrey Reeder, has the experience to apply for drilling permits successfully.
“The recent $5,000,000 private placement financing (see news release dated October 23, 2025) has provided Magma with the necessary funding to substantially increase the initial drill program on the Joramina zone. The Joramina zone was the focus of Newmont Corporation’s (“Newmont”) 2011 non-compliant internal report, which detailed a significant gold and silver resource. The Newmont report was based on US$1,200/ounce gold and US$20/ounce silver, the prevailing market prices at the time of the report.”
The company recently closed a US$5 million private placement, which will significantly expand the initial drill program. Magma has earmarked US$1 million (C$1.4 million) for the Jorimina campaign.
The Jorimina zone was previously the subject of a 2011 internal report by Newmont Corporation, which outlined a substantial gold-silver resource based on then-prevailing prices of US$1,200/oz gold and US$20/oz silver.
Recent Phase 2 exploration uncovered a previously undocumented drift in the Jorimina zone. Sampling returned high-grade results, including:
- 10 metres of 2.32 g/t gold
- 5-metre composite of 4.085 oz/t silver
- 0.70 metres of 17.41 g/t gold and 13.94 oz/t silver
Magma may seek a permit modification to drill from inside the drift, which is expected to be readily obtainable.
The company is currently finalizing its drill plan with an independent NI 43-101 geologist and will release further details on drill locations and timing.
As part of its financing, Magma issued C$298,797 in cash and 1,962,806 finder’s warrants.
Jeffrey Reeder, P.Geo, Senior Technical Advisor, is the Qualified Person responsible for the technical content of the release.
Magma Silver continues to advance its Niñobamba project, located in Peru’s prolific high-sulphidation epithermal belt. The 8 km mineralized corridor has seen over C$14.5 million in historical investment from Newmont, AngloGold, Bear Creek, and others.
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