Category: Exploration and Development

“Casados, like El Orito, is the second major epithermal silver and gold discovery our exploration team has made since we began working on the Los Ricos North property only 8 months ago,” said Brad Langille, President and CEO. “These discoveries, along with the resource drilling at El Favor and La Trini, we believe will be paramount to the team defining a significant Mineral Resource Estimate at Los Ricos North in 2021. This additional discovery at Casados continues to strengthen our belief that Los Ricos North is a very large mineralized system.”

“Magna has a promising portfolio of silver projects in Mexico and an ambitious exploration program planned for the year. We expect good results from Margarita, as well as our other properties, and we look forward to reporting the results over the course of 2021.”

“We are very pleased with the results from our inaugural drill program at San Javier. While previously thought to be controlled by low angle structures, our new drill results suggest that the high-grade gold is associated with higher-angled structures in close proximity to what we believe is a heavily mineralized breccia pipe system seen in the drill core.”

Phase four drilling to date has completed 6 drill holes AMDD20-22 to AMDD21-27 for total 2,785 metres. Results have been received for holes AMDD20-22 to AMDD21-25. Drilling is ongoing with drill hole 28 in progress and further drill holes planned.

“The continued material expansion of the Buena Suerte Gold Zone and the positive drilling results at El Rincón and the newly identified Bellotoso zone not only brings us closer to our goal of developing a major bulk-tonnage, oxide gold resource to support both the conceptual 20,000 tonnes per day target capacity being addressed by our planned preliminary economic assessment, but also the potential for gold production growth in the years to come.”

“So far, all the drilling in the Palos Verdes vein has been very shallow and these new results, combined with older data, reveal the sort of variability of width and grade that we expect to see in the very top of veins in this district. This supports our interpretation that we are well above any coherent Bonanza-grade zones in the system and we are very eager to trace the Palos Verdes vein to greater depths and along strike,” said Dr. Craig Gibson, President and CEO of the Company.

“We are excited to commence the 2021 drill campaign at the Avino property with a 12,000 metre program. After a period of compiling data, we are now ready to drill the first phase of promising targets that we believe will help us expand the mineralized footprint at Avino”

A drilling permit has been secured and drill pad construction is in progress. A diamond drill is scheduled to be mobilized to site on the week beginning February 15th, 2021.