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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Magna Gold Corp | TSXV:MGR | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.01 | 0.01 | 0.015 | 0 | 01:00:00 |
TORONTO, April 21, 2022 /CNW/ - Magna Gold Corp. (TSXV: MGR) (OTCQB: MGLQF) ("Magna" or the "Company"), is pleased to report the maiden mineral resource estimate (the "Resource") for the Margarita silver deposit at its 100% owned Margarita Project (the "Margarita Project") in Chihuahua, Mexico.
President and CEO Arturo Bonillas commented; "Delivery of a maiden resource estimate is a huge milestone for the Company. The team delivered this robust resource on schedule and on budget. 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." Mr. Bonillas continues, "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."
Resource Category | Margarita Vein | Tonnage (Kt) | Average Grade (Ag g/t) | Metal Content (x1,000 oz) | |
Total | Indicated | Margarita VEIN_2 | 1,075 | 112.8 | 3,901 |
Margarita Vein_HG | 779 | 332.1 | 8,316 | ||
Total | 1,854 | 204.9 | 12,217 | ||
Inferred | Margarita VEIN_2 | 75 | 100.1 | 243 | |
Margarita Vein_2S | 378 | 164.0 | 1,994 | ||
Total | 454 | 153.4 | 2,237 |
Mineral Resource Notes:
Sensitivity Report: By zone and grade without reference to Classification (global)
Zone | Ag_Cut-off Grade | Tonnage (Kt) | Average Grade (Ag g/t) | Metal Content (x1,000 oz) | Cumulative Tonnage (Kt) | Weighted Average Grade (Ag g/t) | Cumulative Metal Content (x1,000 oz) |
Margarita VEIN_HG | 50 | 0.2 | 67.2 | 0.4 | 773 | 331.4 | 8,235 |
68 | 0 | — | 0 | 773 | 331.5 | 8,235 | |
75 | 2 | 86.9 | 7 | 773 | 331.5 | 8,235 | |
100 | 3 | 119.1 | 10 | 770 | 332.2 | 8,228 | |
125 | 11 | 137.3 | 49 | 768 | 333.0 | 8,218 | |
150 | 20 | 164.5 | 107 | 756 | 335.9 | 8,169 | |
175 | 42 | 189.5 | 259 | 736 | 340.6 | 8,062 | |
200 | 135 | 225.2 | 976 | 694 | 349.8 | 7,803 | |
250 | 170 | 275.1 | 1,499 | 559 | 379.9 | 6,826 | |
300 | 389 | 425.5 | 5,327 | 389 | 425.5 | 5,327 | |
Total | 773 | 331.4 | 8,235 | ||||
Margarita VEIN_2 | 50 | 893 | 58.2 | 1,671 | 2,263 | 86.7 | 6,308 |
68 | 233 | 71.4 | 535 | 1,370 | 105.3 | 4,637 | |
75 | 572 | 86.2 | 1,587 | 1,137 | 112.2 | 4,102 | |
100 | 293 | 111.1 | 1,047 | 565 | 138.6 | 2,515 | |
125 | 138 | 136.1 | 602 | 271 | 168.2 | 1,468 | |
150 | 60 | 160.6 | 311 | 134 | 201.1 | 866 | |
175 | 26 | 186.0 | 157 | 74 | 234.3 | 555 | |
200 | 29 | 223.7 | 206 | 47 | 260.8 | 398 | |
250 | 14 | 274.1 | 122 | 19 | 317.4 | 192 | |
300 | 5 | 437.3 | 70 | 5 | 437.3 | 70 | |
Total | 2,263 | 86.7 | 6,308 | ||||
Margarita Vein_2S | 50 | 21 | 59.4 | 40 | 406 | 157.0 | 2,050 |
68 | 7 | 71.6 | 15 | 385 | 162.4 | 2,010 | |
75 | 29 | 89.2 | 84 | 378 | 164.0 | 1,994 | |
100 | 47 | 112.0 | 170 | 349 | 170.3 | 1,910 | |
125 | 54 | 138.4 | 242 | 302 | 179.4 | 1,740 | |
150 | 88 | 162.8 | 460 | 247 | 188.4 | 1,498 | |
175 | 94 | 188.1 | 565 | 159 | 202.5 | 1,038 | |
200 | 54 | 212.3 | 367 | 66 | 222.8 | 473 | |
250 | 12 | 269.6 | 105 | 12 | 269.6 | 105 | |
300 | 0 | — | 0 | 0 | — | 0 | |
Total | 406 | 157.0 | 2,050 |
*Notes for the Sensitivity Table:
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.
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, the Margarita 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.
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
William J. Lewis (P. Geo.), who works as a Senior Geologist for Micon International Limited and is a Qualified Person as defined by NI 43-101, has approved the scientific and technical information in this news release.
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.
Copyright 2022 Canada NewsWire
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