|Hole #||From||To||Interval||AgEq g/t||Ag g/t||Pb ppm||Zn ppm|
|1.)||AgEq g/t grade calculation using $20/oz Ag, $0.92/lb Pb, and $1.01/lb Zn.|
|2.)||One troy ounce (to) is equal to 31.1035 grams (g) and one Tonne is equal to 2,204.62 lbs.|
|3.)||Intervals are not true thickness.|
Magna Gold Corp. (TSX-V: MGR) (OTCQB: MGLQF) is pleased to announce results from drilling activities on our 100% owned La Pima property located in Mojave/Sonora Megashear, 24 km northwest of Magna’s San Francisco Gold Mine (Figure 1). La Pima is an early-stage silver target with an excellent surface target of historical mine workings and outcrops. Magna completed a geophysical survey on the property in September and results were positive.
Magna completed a Phase I diamond drill program on the project totalling 1,719 meters in nine core holes. The target is a high-grade silver in replacement deposits hosted in sedimentary rocks. La Pima is in the heart of the Sonora Megashear, which is host to a number gold and silver mines (see Figure 1).
La Pima Target
The target at La Pima is limestone ridges approximately 2.5 kilometers long with varying surface thicknesses from 40 to 10 meters. The Pima Mine, West and North targets were the focus of drilling to test the continuity of this mineralization at depth. In the Pima Mine target, the mineralized limestones have a thickness of 40-60 meters wide and a known depth of 70 meters and a length of at least 150 meters near the main intersection of the NW and NE structures, leaving the exploration potential open at depth and laterally.
IP geophysics data collected by Zonge in August confirms surface sampling and mapping work on the property. Below is a section that shows the west target as a combined CSAMT & CRIP anomalous response suggesting a covered body with elevated Apparent Resistivity and a moderate to strong polarization response. See Figure 2.
Phase II Drill Program
Magna is planning a 2,000 meter follow up drill program to test additional areas of alteration and to test the assays received at depth. Drill holes 10, 12, 13 and 15 are planned to have deeper tests and six new targets will be drilled: one in the West Target, two in the Au-Ag target, and three at the Pima Mine Target, south zone.
These alteration zones are altered limestone with stockwork veins and breccia that contain anomalous assays of silver and zinc. The alteration zones contain barite and siderite along with pervasive silicification. The planned drilling has been designed to cut the predominant veins at depth. La Pima should have a vertical metal zoning component and that is the primary reason for the Phase II drilling.
President and CEO, Arturo Bonillas stated: “Magna is encouraged by these drill results and a second round of drilling is currently being planned to commence the 1st quarter of 2021. Magna continues to advance the San Francisco Mine to full production.”
Quality Assurance/Quality Control consists of the regular insertion of duplicates, blanks and certified reference standards into the sample stream. Check samples will be submitted to an umpire laboratory at the end of the drilling program. Samples are kept in a secure facility, and transferred to SGS Labs in Hermosillo, Mexico in sealed containers on a weekly basis from the drill site by Company personnel. Personnel handling samples are using Company-approved protocols for all phases of chip logging, sample delineation, sample layout and storage. SGS is ISO 9001 certified. SGS has a standard operating procedure for all aspects of sample drop-off, drying and preparation, digestion, instrument analysis, quality control assurance and computerized data reporting.
James Baughman, Consulting Geologist and an independent Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has approved the scientific and technical information in this news release.
About Magna Gold Corp.
Magna Gold Corp. is a Canadian gold company engaged in operations, development, exploration and acquisitions in Mexico. Its primary asset is the producing San Francisco gold mine in Sonora, Mexico and exploration stage projects include San Judas, La Pima and Mercedes.
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