MAG
Silver Corp. ("MAG") announces that recent Diamond drilling
confirms the discovery of a new high grade structure on the Juanicipio
Joint Venture property. The tentatively named "Las Venadas Structure" lies
approximately mid-way between the Valdecañas and Juanicipio Veins.
Discovery of this new structure reinforces MAG's long-standing expectation
that potential remains high for multiple vein discoveries within the
Juanicipio Project area.
Joint Venture contractor and partner, Fresnillo plc ("Fresnillo"),
reports that Drill Hole 43P has a structure intercept of 3.82
metres (true width) grading 491 grams per ton (g/t) silver (14.3 ounces
per tonne (opt)) and 2.69 g/t gold, with negligible lead and zinc.
Within the intercept is a higher grade zone reporting
1.52 metres (true width) grading 965 g/t silver (28.1 opt) and
6.39 g/t gold.
A further bore hole, Hole 44P, has cut 2.65 metres of visibly
mineralized quartz structure deeper in the same section. Assays
are pending for Hole 44P.
Collectively these three bore holes confirm the discovery of a new
structure on the Juanicipio property. The significance of this new
structure remains to be determined by further drilling. Initial
indications are that the discovery of this third structure on the property
is an important event in the evolution of the project.
Table 1: Assay Results "Las Venadas Structure"
Hole No. |
From Metres |
To Metres |
Width Metres |
Silver g/t |
Silver opt |
Gold g/t |
Lead % |
Zinc % |
True Width Metres |
43P |
523.55 |
527.70 |
4.15 |
491 |
14.3 |
2.69 |
0.01 |
0.02 |
3.82 |
Including |
526.05 |
527.70 |
1.65 |
965 |
28.1 |
6.39 |
0.01 |
0.02 |
1.52 |
The first hole into this south dipping structure was Hole 37P (in 2010)
which cut a structure grading 490 g/t silver (14.3 opt), 0.94 g/t gold and
negligible base metal values over an estimated 2.75 metre true width. Hole
43P, reported herein, intersected this new structure approximately and 100
metres deeper than the 37P intercept. Hole 44P was drilled on the same
section as 43P to intersect the new structure 100 metres deeper than hole
43P and it intersected a quartz structure 2.65 metres wide containing
visible acanthite (silver sulphide), pyrite, arsenopyrite and fluorite
starting at 594.85 metres. The three holes mentioned are in the same
section.
To view the images accompanying this press release, please click on the
following link: http://media3.marketwire.com/docs/mag91i.pdf
Drilling on the Juanicipio property continues with 8 drills currently
active.
The Joint Venture is operated through Minera Juanicipio S.A. de C. V.,
a Mexican entity owned 44% by MAG Silver and 56% by Fresnillo, who is also
the project manager. The project is located in Zacatecas State,
Mexico.
Quality Assurance and Control: The samples are shipped
directly in security sealed bags to ALS-Chemex Laboratories preparation
facility in Guadalajara, Jalisco, Mexico (Certification ISO 9001). Samples
shipped also include intermittent standards and blanks. Pulp samples are
subsequently shipped to ALS-Chemex Laboratories in North Vancouver, Canada
for analysis. Two extra pulp samples are also prepared and are analyzed
(in progress) by SGS Laboratories (Certification ISO 9001) and
Inspectorate Laboratories (Certification ISO 9001) (or other recognized
lab). The bulk reject is subsequently sent to CIDT (Center for
Investigation and Technical Development) of Peñoles in Torreon, Mexico for
metallurgical testing where a fourth assay for each sample is analyzed and
a calculated head grade is received on the basis of a concentrate
balance. The CIDT also does a full microscopic, XRF and XRD
mineralogical analysis.
Qualified Person: Dr. Peter Megaw, Ph.D., C.P.G., has
acted as the qualified person as defined in National Instrument 43-101 for
this disclosure and supervised the preparation of the remaining technical
information in this release. Dr. Megaw has a Ph.D. in geology and more
than 20 years of relevant experience focused on silver and gold
mineralization, and exploration and drilling in Mexico. He is a certified
Professional Geologist (CPG 10227) by the American Institute of
Professional Geologists and an Arizona registered geologist (ARG 21613).
Dr. Megaw is not independent as he is a Director and Shareholder of MAG
and is the vendor of projects to MAG whereby he may receive additional
shares. Dr. Megaw is satisfied that the results are verified based on an
inspection of the core, a review of the sampling procedures, the
credentials of the professionals completing the work and the visual nature
of the silver and base metal sulphides within a district where he is
familiar with the style and continuity of mineralization.
About the Joint Venture
The 8,000 hectare Juanicipio property is located in Zacatecas State,
Mexico just outside the mining town of Fresnillo. The Fresnillo mine area
has been in continuous production since the 1500s, and today is host to
the world's largest producing primary silver mine operated by Fresnillo.
The joint venture is operated through Minera Juanicipio S.A. de C. V., a
Mexican entity owned 44% by MAG Silver and 56% by Fresnillo, which
operates the delineation and exploration program on behalf of the joint
venture company.
About MAG Silver Corp. (www.magsilver.com)
MAG is focused on district scale projects located within the Mexican
Silver Belt. Our mission is to become one of the premier companies in the
silver mining industry. MAG is conducting ongoing exploration of its
portfolio of 100% owned properties in Mexico including a silver, lead and
zinc discovery and a moly-gold discovery at its 100% owned Cinco de Mayo
property in Chihuahua State. MAG and Fresnillo plc are jointly developing
the Valdecañas Deposit on the Juanicipio Joint Venture in Zacatecas State.
MAG is based in Vancouver, British Columbia, Canada. Its common shares
trade on the TSX under the symbol MAG and on the NYSE-Amex under the
symbol MVG.
On behalf of the Board of MAG SILVER CORP.
Dan MacInnis, President and CEO