Magna Gold Corp. (TSXV: MGR) (OTCQB: MGLQF) has revealed the maiden mineral resource estimate for the Margarita silver deposit at its 100% owned Margarita Project in Chihuahua, Mexico.
- Indicated mineral resources are estimated to be 1.854 million tonnes (Mt) at 204.9 g/t Ag and Inferred mineral resources of 0.454 Mt at 153.4 g/t Ag above a 75 g/t Ag cut-off grade.
- Includes Indicated resources of 12.22 million ounces (Moz) of Ag and inferred resources of 2.24 Moz Ag.
- Margarita Vein High Grade Core – The deposit contains a well-defined high-grade core that demonstrates excellent continuity. Resources contained within this core are estimated to be 0.78 Mt @ 332.1 g/t (Indicated) for a metal content of 8.32 Moz of silver.
- Strong Resource Growth Potential – Our first pass drill programme focussed on defining the mineralisation contained within the Margarita vein. This structure remains open in all directions and at depth. Our drill programme also discovered and confirmed the presence of multiple parallel vein systems most notable of which were the Juliana and Caido veins. These veins are strongly mineralised, and follow-up drilling will focus on defining additional resources in these parallel veins to be included in subsequent resource updates. The current resource estimate only includes mineralisation in the main Margarita vein.
- Development Advantages – The Margarita Project is in a mining friendly jurisdiction with great access, infrastructure and availability of skilled workers.
“Delivery of a maiden resource estimate is a huge milestone for the company. The team delivered this robust resource on schedule and on budget,” President and CEO, Arturo Bonillas, said.
“We have unlocked tremendous value through the drill bit and there is great potential for significant resource growth in the near term. Our exploration program defined a high-grade resource and discovered several parallel structures.
“We look to add the newly discovered structures in our next resource update and anticipate material increases in the mineral inventory.
“We are on track to release a PEA in the coming months and will be making a construction decision before the end of 2022.
“Based on what we have seen so far I am confident the Margarita Project will generate significant value for our shareholders for years to come.”
For further information please visit: https://www.magnagoldcorp.com/