December 11, 2020 (Investorideas.com Newswire) Mexico-centered Magna Gold has one working mission and a number of other exploration initiatives, certainly one of which simply reported high-grade silver assays.
Magna Gold Corp. (MGR:TSX.V; MGLQF:OTCQB) is a comparatively new firm—it solely started buying and selling on the TSX Enterprise alternate in June 2019—however has shortly moved to optimize and restart operations on the San Francisco Gold Mine in Sonora, Mexico, that it acquired in Might 2020, and it has been buying extra initiatives.
Magna Gold’s CEO Arturo Bonillas is not any stranger to the corporate’s flagship San Francisco Mine. He co-founded Timmins Gold Corp., which acquired the mission in 2005 from Geomaque, then drilled it, produced a feasibility research, constructed the processing facility—which initially had a ten,000 tonne per day (tpd) capability that was expanded to twenty,000 tpd—and operated the mine.
Bonillas left Timmins Gold in 2017, and the San Francisco Mine bumped into operational challenges. “We now have the identical group we had again in Timmins days who had been accountable for the mine’s preliminary success,” Bonillas advised Streetwise Studies. “It is a very explicit ore physique. It does not have a meaty metallurgy. Nevertheless, we’ve resolved the problems and the mine may be very worthwhile, reaching heap-leach recoveries of over 70%, which isn’t frequent. Crucial factor is the human capital, individuals are again being artistic.”
“Our main power is in our group of extremely skilled mining professionals. We now have a confirmed monitor file of growing properties in Mexico from discovery to manufacturing on finances and on time,” Bonillas added.
The San Francisco Mine has a Measured and Indicated useful resource of 1.43 million ounces of gold, and plans additional exploration on the 41,000 hectare property. The corporate expects to finish 30,000 meters of drilling by March 2021 and has said that it goals to extend the mineral reserves by no less than 200,000 ounces of gold with that drilling.
“Magna’s aim is to unlock the inherent worth of San Francisco by an aggressive but disciplined program of drilling and mine optimization that can set up a mine producing money circulate that may be re-invested into the property to assist future development,” the corporate said. From Might 6 by October 31, 2020, Magna has bought 14,810 ounces of gold from the San Francisco Mine, producing revenues of US$27 million.
Magna has additionally begun underground manufacturing at San Francisco.
The corporate has been exploring its different initiatives and simply launched results from its nine-hole, 1,719-meter, part 1 drill program at La Pima silver mission, additionally situated in Sonora, simply 24 km from the San Francisco Mine. “La Pima is an early-stage silver goal with a superb floor goal of historic mine workings and outcrops,” the corporate said. Drilling homed in on areas that geophysical surveys discovered promising.
Drill highlights embody 302.73 g/t silver equal over 1.30 meters and 246.40 g/t silver equal over 1.45 meters.
“Magna is inspired by these drill outcomes and a second spherical of drilling is at present being deliberate to begin the primary quarter of 2021,” Bonillas stated. The corporate intends to drill 2,000 meters in a follow-up program designed “to check extra areas of alteration and to check the assays acquired at depth.”
As well as, the corporate is constant to discover the Mercedes mission situated in Sierra Madre Occidental province. Drilling on the finish of 2019 confirmed near-surface gold and silver mineralization alongside 300 meters of La Lamosa Ridge. “We’re designing a small operation there, and we’re finalizing a PEA [preliminary economic assessment] research to make a manufacturing choice there subsequent 12 months,” Bonillas stated.
One other mission, San Judas, is an early-stage exploration property in Sonora. Samples on the property have returned assays starting from 0.5 g/t gold to 26.0 g/t, “outlining a broad space—5 km by 2 km—of structurally managed gold mineralization. We now have the potential right here one other San Francisco Mine kind of deposit,” Bonillas famous.
In November, Magna acquired the Margarita silver mission within the state of Chihuahua. “The property options 7 km of outcropping veins, however just one vein has been drilled,” Bonillas famous. Channel sampling has returned assays from 100 g/t silver to 900 g/t silver. “We plan to provoke drilling shortly and put out a maiden useful resource estimate on the mission,” Bonillas defined, “after which produce a preliminary financial evaluation and prefeasibility research.”
With each gold and silver properties, the corporate is growing its technique and has said that it could take into account forming a standalone silver firm.
Magna Gold has 89.4 million shares excellent, 94.96 million totally diluted. Insiders personal 8% and institutional possession constitutes 45%. Main shareholders embody Eric Sprott, U.S. World Funds, Delbrook Capital, Medalist Capital and Adrian Day Asset Administration.
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