MAG Silver Reports High-Grade Silver-Copper-Zinc Intercepts From
the Salamandra Property, Durango, Mexico
SM14-15: 7.89m grading 166 g/t (4.9 opt) Ag and 1.2% Cu
Including: 2.3m grading 393 g/t (11.5 opt) Ag and 3.6% Cu
SM13-13: 31.72m grading 3.5% Zn including 17.72m grading 5.0%
Zn
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 17, 2014) - MAG
Silver Corp. (TSX:MAG)(NYSEMKT:MVG) ("MAG" or the "Company") is
pleased to announce assay results from its five hole, 3,500 metre
Phase 1 drill program on the Salamandra Property in Durango, Mexico
optioned from Canasil Resources Inc. ("Canasil"). Drilling began in
November, 2013 and in February, 2014 an additional 500 metres of
drilling was added; this release covers the entire 3,500 metre
initial program.
MAG's exploration program consisted of five widely separated
holes (see map:
http://media3.marketwire.com/docs/933572-MAG-map-031714.pdf) and
all five hit high-grade to strongly anomalous silver-copper or zinc
mineralization over significant widths (see Table 1). True
thickness cannot yet be determined for any of the intercepts. The
system remains open in all directions and the drilling program is
currently operating with two diamond drill rigs.
Hole SM14-15 hit high-grade silver-copper mineralization over
7.89 metres, which reported 166 grams/tonne ("g/t") (4.9 ounces per
ton ("opt")) silver ("Ag") and 1.2% copper ("Cu"), including: 2.3
metres grading 393 g/t (11.5 opt) Ag and 3.6% Cu with appreciable
lead ("Pb") and zinc ("Zn"). In contrast, Hole SM13-13 cut 31.72
metres grading 3.5% Zn including 17.72 metres grading 5.0% Zn with
no other appreciable metals. Notably, SM13-13 contained zinc
mineralization for almost its entire length, with 810 metres
averaging 0.6% Zn including several thick zones grading over 1.5%
Zn. The remaining three holes cut significant or strongly anomalous
amounts of Ag, Cu, Zn and Pb.
"Salamandra is clearly a metals-rich, multi-stage system with
significant size potential as indicated by our widely-spaced
drilling," said George Paspalas, MAG Silver President and CEO. "We
have extended our drilling program and brought in a second rig so
we can continue delineating the system while fleshing out the best
intercepts."
About Salamandra
Salamandra appears to be a typical Mexican Carbonate
Replacement/Skarn Deposit ("CRD") and is very similar to MAG's
Cinco de Mayo Project; the same exploration model that drove
successful exploration there is being applied to Salamandra.
Salamandra lies 80 kilometres northwest of Mexico's largest known
silver-lead-zinc CRD-skarn deposit, the Sabinas-San Martin
District. Both Salamandra and Sabinas-San Martin are favorably
positioned at the intersection of the Mexican CRD Belt (that also
hosts MAG's Cinco de Mayo CRD project) and the Fresnillo Trend
(that hosts MAG's Juanicipio Project). Previous drilling at
Salamandra by Canasil (Holes 1-12) was undertaken in a limited area
characterized by medium to high-grade zinc mineralization. MAG's
exploration program was designed to probe and develop a better
understanding of the scope and size of the system and development
of exploration vectors, so drilling focused on targets 200 to 2000
metres from previous drilling. Targets included mineralized
intrusive breccias, dike swarms and mineralized structures revealed
by MAG's detailed geologic mapping, geochemical sampling, and
reinterpretation of Canasil geophysics.
Table 1: Assay Results
Hole |
From |
To |
Interval |
Au |
Ag |
Ag |
Cu |
Zn |
Pb |
Number |
(metres) |
(metres) |
(metres) |
(g/t) |
(g/t) |
(opt) |
(%) |
(%) |
(%) |
SA13-13 |
20.65 |
830.81 |
810.16 |
0.01 |
2 |
0.05 |
0 |
0.6 |
0 |
SA13-13 |
288.63 |
351.87 |
63.24 |
0.00 |
2 |
0.05 |
0 |
1.6 |
0 |
SA13-13 |
455.89 |
465.67 |
9.78 |
0.05 |
0 |
0.01 |
0 |
2.6 |
0 |
SA13-13 |
483.45 |
491.85 |
8.40 |
0.01 |
0 |
0.01 |
0 |
1.7 |
0 |
SA13-13 |
637.50 |
669.22 |
31.72 |
0.00 |
1 |
0.04 |
0.1 |
3.6 |
0 |
SA13-13 |
641.08 |
658.80 |
17.72 |
0.00 |
2 |
0.05 |
0.1 |
5.0 |
0 |
SA13-13 |
681.48 |
691.57 |
10.09 |
0.03 |
1 |
0.04 |
0.1 |
1.8 |
0 |
SA14-14 |
146.30 |
152.18 |
5.88 |
0.00 |
3 |
0.08 |
0 |
1.7 |
0 |
SA14-14 |
165.99 |
182.88 |
16.89 |
0.01 |
29 |
0.84 |
0 |
1.8 |
0.2 |
SA14-14 |
182.40 |
182.88 |
0.48 |
0.04 |
197 |
5.75 |
0.4 |
1.1 |
0.6 |
SA14-14 |
184.78 |
185.28 |
0.50 |
0.01 |
53 |
1.55 |
0.1 |
0.5 |
0.9 |
SA14-14 |
186.38 |
186.80 |
0.42 |
0.07 |
108 |
3.15 |
0.5 |
0.6 |
1.4 |
SA14-15 |
605.74 |
613.63 |
7.89 |
0.08 |
166 |
4.86 |
1.2 |
1.2 |
0.6 |
SA14-15 |
607.50 |
609.80 |
2.30 |
0.25 |
393 |
11.45 |
3.6 |
2.8 |
0.4 |
SA14-16 |
6.52 |
58.11 |
51.59 |
0.00 |
3 |
0.09 |
0 |
0.4 |
0 |
SA14-16 |
89.10 |
102.61 |
13.51 |
0.00 |
12 |
0.36 |
0 |
0.4 |
0 |
SA14-17 |
171.45 |
176.58 |
5.13 |
0.00 |
10 |
0.30 |
0 |
1.2 |
0.3 |
MAG Silver-Canasil Option Agreement
In May 2013, the Company entered into an option agreement with
Canasil whereby the Company can earn up to a 70% interest in
Canasil's 14,719 hectare Salamandra property (See Press Release May
28, 2013). To complete the initial earn-in of a 55% interest, MAG
must complete CDN$5.5 million in exploration expenditures on the
property (CDN$1.04 million incurred to December 31, 2013) and make
CDN$750,000 in cash payments to Canasil (CDN$150,000 paid to
December 31, 2013) over a period of four years to May 28, 2017. MAG
can earn an additional 15% by producing either a feasibility study
or spending an additional CDN$20 million over an additional four
year period.
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 25 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. 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.
Quality Assurance and Control: The Company has in place a
quality control program to ensure best practices in sampling and
analysis. Samples were collected by employees of consulting firm
Minera Cascabel S.A. de C.V. on behalf of MAG Silver Corp. The
diamond drill core samples are shipped directly in security sealed
bags to ALS-Chemex Laboratories preparation facilities in
Hermosillo, Sonora or Chihuahua City (Certification ISO 9001).
Sample pulps are shipped from there to ALS-Chemex Laboratories in
North Vancouver, Canada for analysis. All samples were assayed for
gold by standard fire assay-ICP finish with a 50 gram charge. Gold
values in excess of 3.00 g/t were re-analyzed by fire assay with
gravimetric finish for greater accuracy. Silver, zinc, copper and
lead values in excess of 100 ppm, 1%, 1% and 1% respectively are
also repeated by fire assay.
About MAG Silver Corp. (www.magsilver.com )
MAG Silver Corp. (TSX:MAG)(NYSEMKT:MVG) is focused on advancing
two significant projects located within the Mexican Silver Belt.
Our mission is to become one of the premier companies in the silver
mining industry. Currently, we are advancing the underground
decline towards the high grade Valdecañas Silver vein and
delineating the Desprendido and Juanicipio discoveries in Zacatecas
State, all within the joint venture between MAG Silver (44%) and
Fresnillo plc (56%). In addition, we are negotiating surface access
in order to further delineate our district scale, 100% owned Cinco
de Mayo property in Chihuahua state, where two new silver, lead,
zinc discoveries are opening up further growth opportunities for
MAG Silver Corp. MAG is based in Vancouver, British Columbia,
Canada.
On behalf of the Board of MAG SILVER CORP.
George Paspalas, President and Chief Executive
Officer
Neither the Toronto Stock Exchange nor the NYSEMKT has
reviewed or accepted responsibility for the accuracy or adequacy of
this press release, which has been prepared by management.
This release includes certain statements that may be deemed
to be "forward-looking statements" within the meaning of the US
Private Securities Litigation Reform Act of 1995. All statements in
this release, other than statements of historical facts are forward
looking statements, including statements that address future
mineral production, reserve potential, exploration drilling,
exploitation activities and events or developments. Forward-looking
statements are often, but not always, identified by the use of
words such as "seek", "anticipate", "plan", "continue", "estimate",
"expect", "may", "will", "project", "predict", "potential",
"targeting", "intend", "could", "might", "should", "believe" and
similar expressions. These statements involve known and unknown
risks, uncertainties and other factors that may cause actual
results or events to differ materially from those anticipated in
such forward-looking statements. Although MAG believes the
expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of
future performance and actual results or developments may differ
materially from those in the forward-looking statements. Factors
that could cause actual results to differ materially from those in
forward-looking statements include, but are not limited to, changes
in commodities prices, changes in mineral production performance,
exploitation and exploration successes, continued availability of
capital and financing, and general economic, market or business
conditions, political risk, currency risk and capital cost
inflation. In addition, forward-looking statements are subject to
various risks, including that data is incomplete and considerable
additional work will be required to complete further evaluation,
including but not limited to drilling, engineering and
socio-economic studies and investment. The reader is referred to
the Company's filings with the SEC and Canadian securities
regulators for disclosure regarding these and other risk factors.
There is no certainty that any forward looking statement will come
to pass and investors should not place undue reliance upon
forward-looking statements.
Please Note:
Investors are urged to consider closely the disclosures in
MAG's annual and quarterly reports and other public filings,
accessible through the Internet at www.sedar.com and
www.sec.gov/edgar/searchedgar/companysearch.html.
MAG Silver Corp.Michael J. CurlookVP Investor Relations and
Communications(604) 630-1399 or Toll free: (866) 630-1399(604)
681-0894info@magsilver.comwww.magsilver.com
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