MAG Silver Corp. Announces Board Changes
Jun 26 14
MAG Silver Corp. announced that Dr. Peter Megaw and Messrs. Eric Carlson and Frank Hallam, all of whom did not stand for re-election as directors for the ensuing year, at the annual general and special meeting of the company held on June 24, 2014. The company said that it will maintain its close relationship with Dr. Megaw, who will continue to lead exploration efforts, and Frank Hallam will remain accessible to the MAG Silver Finance Committee.
MAG Silver Corp. Announces Updated Independent Mineral Resource Estimate for the Juanicipio Property
May 27 14
MAG Silver Corp. announced an updated independent Mineral Resource estimate for the Juanicipio Property completed by Roscoe Postle Associates Inc. on behalf of MAG. The updated estimate reflects the results of 40 infill holes drilled in 2012 and 2013, and is based on drill results available as of December 31, 2013. The new estimate demonstrates a conversion of previously classified Inferred Resources into the Indicated category and reports a deep lower grade resource separately. The Juanicipio property, located in the Fresnillo District, Zacatecas State, Mexico. The Mineral Resources on the Juanicipio Property are contained within the Valdecañas Vein System and the Juanicipio Vein. The updated RPA estimate uses a cut-off of $70/tonne Net Smelter Return, which includes contained values for silver, gold and base metals. The Valdecañas and Juanicipio Veins display the vertical grade transition from upper silver rich zones to deep gold and base metal dominant areas that is typical of Fresnillo District veins, and epithermal silver veins in general. The Resource Estimate has been manually divided into the Bonanza Grade Silver Zone and the Deep Zone to reflect this vertical compositional zonation and highlight the definition of the Deep Zone. The BGS Zone resource veins have a similar footprint as previous resource estimates, with the higher drill density converting a significant proportion of the previous Inferred Resource into the Indicated category. The increased drill density also provides a better understanding of the vein geometry and indicates that the Valdecañas Vein actually comprises two overlapping “en-echelon” veins rather than a single vein offset by a fault. This reveals an area of overlap, with incrementally increased tonnage. A number of new holes, targeted below the limits of the previous resource estimate, intersected significant widths (10.5 to 25.8 metres true thickness) of lower grade mineralization, which combined with previous deep intercepts led to the definition of the new Deep Zone resource.
MAG Silver Completes Phase 2 Drill Program and First Anniversary Option Payment on Canasil's Salamandra Project in Durango State, Mexico
May 26 14
Mexico Canasil Resources Inc. announced that MAG Silver Corp. has completed the Phase 2 diamond drill program of 6,501 metres in 12 drill holes on Canasil's Salamandra Silver-Copper-Zinc-Lead Project in Durango State, Mexico. Together with the Phase 1 drill program of 3,609 metres in 5 drill holes reported previously on March 17, 2014, a total of 10,110 metres of drilling have now been completed in 17 drill holes by MAG under the option agreement. Results for the Phase 2 drill program are pending. MAG has also made the required CAD 150,000 first anniversary option payment, which is due on May 27, 2014. As of March 31, 2014, MAG reported a total of CAD 2,677,519 in exploration expenditures on the Salamandra project under the option agreement. Canasil-MAG Salamandra agreement: Under the agreement, MAG has a first option to earn 55% interest in Salamandra by incurring CAD 5,500,000 exploration expenditures and CAD 750,000 cash payments to Canasil over four years. The first year expenditures of CAD 1,000,000, which must include at least 3,000 metres of diamond drilling, will be a firm commitment. On completion of the first option, MAG will have a second option to earn an additional 15% interest, for a cumulative 70% interest, by either preparing and delivering a NI43-101 compliant feasibility study within four years, or by incurring an additional CAD 20,000,000 in exploration expenditures over four years, with a minimum annual expenditure of CAD 2,500,000.