• Exploration

EXPLORATION – Juanicipio Project

The Valdecañas Vein System is a multi-stage, high-grade vein swarm comprising the Valdecañas vein, characterized by large dilatant zones (bulges) in its east and western reaches, the hangingwall Anticipada Vein, the Pre-Anticipada Vein, several en echelon splays and a series of subparallel northeast-trending cross veins that comprise the Venadas-Valentina Vein family.  The recent discovery of these northeast-trending veins close to the planned production areas, coupled with the expanding high-grade Anticipada and Pre-Anticipada veins, should add significantly to the growing mineral endowment of the project and, importantly, provide considerable mining flexibility throughout an extended mine life.  Deep mineralization on the Valdecañas Veins remains open laterally for several hundred metres to the claim boundaries on both ends; to the east claim boundary for Anticipada; and Pre-Anticipada and to depth across all veins.

Exploration drilling at Juanicipio resumed in May of 2020 after a temporary COVID-19 halt imposed by the Mexican Government (see COVID-19 Juanicipio Project above).  Since then, full drilling has resumed with five rigs, including three dedicated to Devico directional drilling. Drilling is currently focused on continued step-out and infill drilling of the Valdecañas Deep Zone.  Holes are also being directed at the Anticipada Vein and NE-trending Venadas Vein family targeting them independently from the Valdecañas Vein. Despite the temporary COVID-19 restrictions noted above, the full Juanicipio 2020 drilling program is expected to be completed as planned in 2020.

EXPLORATION – Deer Trail Project

In late 2018, the Company entered into an option agreement with a private group whereby MAG has the right to earn 100% ownership interest in a company which owns the Deer Trail project in Utah. MAG paid $150K upon signing the agreement and another $150K subsequent to September 30, 2020.  To earn 100% interest in the property, MAG must make remaining cash payments of $1,700K over the next 8 years and fund a cumulative of $30,000K of eligible exploration expenditures ($3,495K so far incurred to September 30, 2020) by 2028. Upon MAG’s 100% earn-in, the vendors would retain a 2% NSR. 

The Deer Trail mine historically exploited high-grade silver-gold-lead-zinc-copper Carbonate Replacement Deposit (CRD) mineralization that MAG believes is related to a nearby Porphyry Copper-Molybdenum intrusive center that is potentially the source of the district’s mineralization. This model suggests that mineralization should be better developed somewhat deeper in the carbonate host stratigraphy and be continuous between the Deer Trail Manto and the porphyry source of the system. It also suggests that additional mineralized “spokes” may be present surrounding this porphyry “hub”. Exploration is advancing through active drilling near the historic mine and surface-based work to better define the porphyry center and trace mineralization outwards from it back towards the mine and into the additional mineralized areas that surround it.                                                                                   

The Deer Trail Project includes 111 patented and 682 unpatented claims (approximately 5,600 ha) encompassing the historic Deer Trail Mine and the adjoining Alunite Ridge area in Piute County, Utah.  The Deer Trail Project satisfies MAG’s top criteria when exploring for large CRD systems, specifically: the presence of high silver grades; location on a deep-penetrating regional-scale fault that hosts major CRD-family deposits; location at the top of a thick section of favorable host rocks; and an identifiable plumbing network of faults and mineralization (see Press Release September 10, 2020).

MAG’s initial exploration strategy on this property is already well advanced, and is to project the geometry of the feeder structures of the known CRD mineralization to depth into inferred underlying limestone host rocks to seek larger scale silver-rich massive sulfide replacements and potentially mineralized skarn. A deep-looking underground 2-D seismic survey was completed subsequent to the quarter end in October 2020.  The underground seismic survey results should assist in mapping out favorable host rocks at depth and in refining final drill hole angles and depths for the Phase I drill program.

Deer Trail Exploration

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Fresnillo Annual Report 2019

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