Magna Gold Reported Positive Results at La Pima Property

Magna Gold Corp. reported results of its drilling program at the La Pima property located in Sonora. The company completed Phase I of its diamond drilling program, which included 1,719m in nine core holes. The program successfully targeted high grade silver, lead and zinc mineralization, according to the company’s press release.

La Pima is located in the center of the Sonora Megashear and has several gold and silver mines. The target of Phase I was a high-grade silver in replacement deposits hosted in sedimentary rocks, which form a limestone ridge of 2.5km long with varying surface thickness from 10-40m.

Magna Gold focused its drilling activities in the west and north of the mine to test the continuity of this mineralization at depth. In the Pima Mine target, the mineralized limestones have a thickness of 40-60m, a depth of 70m and a length of 150m. The company said IP geophysics data indicates that the surface sampling and mapping work on the property.

For Phase II, Magna Gold is planning a 2,000m drilling program to test additional areas of alteration and the assays received at depth. The drill holes 10,12,13 and 15 will have deeper tests, while six new targets will be drilled: one in the West target, two in the Au-Ag target and three in the La Pima mine target.

These alteration zones are altered limestone with stockwork veins and breccia, which have anomalous assays of silver and zinc. These zones contain barite, siderite and pervasive silicification. The new drilling program aims to cut the predominant veins at depth and find the vertical metal zoning component at La Pima mine. Magna Gold’s President and CEO, Arturo Bonillas, said Phase II will start in 1Q21.

La Pima project is located 24km northwest of Magna Gold’s San Francisco gold mine. In September the company provided the operational results of this mine. Since it was acquired in May 2020, the company has sought to unlock the inherent value of San Francisco by implementing an aggressive drilling program and mine optimization. Magna said the company aims to use its mine profits in the re-investment of the property, which will accelerate its growth.

Bonillas said to MBN that San Francisco’s purchase agreement included a concession package of 41,000ha, which has high grade silver and gold. He added that Magna Gold’s main priority is to explore and expand its geological and mineable resource and it is expecting to bring the San Francisco mine to full-scale operation in 2021.