MAG Silver Corp. (TSX:MAG,NYSEMKT:MVG) announced assay results from a 12-hole, 6,500-meter Phase 2 drill program at its Mexico-based Salamandra property, which is optioned from Canasil Resources Inc. (TSXV:CLZ). Second-phase drilling took place from February to May.
As quoted in the press release:
MAG’s Phase 2 exploration program consisted of five follow-up holes (SA 14-19, 20, 22, 24, 29) designed to determine the geometry of the best holes drilled in Phase 1 (SA13-13, and SA14-15) plus seven exploration holes testing geological, geochemical and geophysical anomalies around the previously undrilled half of the circumference of the district’s central intrusive complex. To date, 15 of MAG’s 17 total holes have cut appreciable widths of strongly anomalous zinc mineralization, leaving the entire system prospective for further drilling. The drill results will now be used to refine earlier interpretation of extensive Canasil airborne and ground geophysical data prior to Phase 3 drilling.
The best follow-up hole is SA-20, which cut 0.63 metres grading 258 grams per tonne (‘gpt’) (7.5 ounces per ton (‘opt’)) silver with 0.27% copper lying immediately above 9.9 metres grading 2.4% zinc (see Table 1). These values and relative position are very similar to that seen 380 metres deeper in SA14-15 and appear to reflect the same mineralized zone. Hole SA-22, also drilled to off-set Hole 15, cut several zinc-rich zones but appears to have been drilled above and parallel to the mineralized zone cut in Holes 15 and 20. Similarly, the first two of the three follow-up holes (SA14-19, 24 and 29) drilled to offset the broad zinc-zone cut in Hole SA13-13 each cut significant widths of zinc mineralization but the intercept geometries prevent correlation.
George Paspalas, president and CEO of MAG, commented:
Salamandra continues to show structurally-controlled and broad pervasive multi-stage mineralization almost everywhere we drill. We are beginning to understand the geometry of the mineralization controls in some areas and hope that combining the drill results with the existing geophysics will help us zero in on areas with high-grade polymetallic skarn and CRD mineralization.