MAG Silver Corp. (TSX:MAG)(NYSE Amex:MVG) provides recently received drilling results from the Juanicipio Joint Venture located in Fresnillo, Zacatecas State, Mexico.
The joint venture is operated through Minera Juanicipio S.A. de C.V., a Mexican entity owned 44% by MAG and 56% by Fresnillo plc who is also the project manager. The new high grade intercept comes from diamond drilling on the east end of the Juanicipio Vein. The Juanicipio Vein lies 1.1 kilometres south of the Valdecañas Vein and is highly prospective for additions to the resources which have been identified to date on the Juanicipio Property.
Drilling in Hole 17.5R on the Juanicipio Vein has cut another high grade intercept: 1.72 metres (true thickness) grading 1,597 g/t (46.5 ounces per ton (opt)) silver, 6.92 g/t (0.20 opt) gold, 0.81% lead and 2.06% zinc. A 0.73 metre section within this intercept assayed 3,470 g/t silver (101.2 opt), 15.45 g/t gold (0.45 opt) and 1.65% lead and 4.44% zinc. Hole 17.5R lies approximately 50 metres below Hole 18R that cut 1.56 metres (true thickness) grading 4,223 g/t (123 opt) silver, 2.97 g/t gold, 5.57% zinc, and 3.00% lead. Both of these holes lie 100-150 metres below and outside of the Juanicipio Vein Inferred Resource, which includes 4.7 million ounces of silver at a grade of 553 g/t (16.1 opt) (See Press Release of December 1, 2010). Drilling of Hole 17Q, 200 metres to the east in the Juanicipio Vein, is in progress.
"We are pleased to see such high grade drilling results continuing to add to the newly defined Inferred Resource within the Juanicipio Vein, our original discovery on the property," said Dan MacInnis, MAG Silver President and CEO. "These recent intercepts are important not only because they significantly expand this deposit, but because they also continue to demonstrate the potential for multiple economic veins to exist within the Juanicipio Joint Venture property."
Recent infill drilling on the Valdecañas Vein designed to bring Inferred Resources into the Indicated category includes Hole MI, which cut 7.19 metres grading 434 g/t (12.6 opt) silver, 1.07 g/t gold, 1.19% lead and 3.90% zinc. This hole lies roughly 50 metres below the principal Indicated Resource body.
Drilling on the Valdecañas Vein continues in 2011 with a series of holes designed to maximise the conversion of Inferred into Indicated Resources.
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 this project, 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.
Source: MAG Silver Corp.