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TICKERS: MGR; MGLQF

Explorer Encounters High-Grade Silver at Mexican Project
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Magna Gold Corp. reported it intersected 302.73 silver equivalent over 1.30 meters at its La Pima High Grade Silver Target in Sonora, Mexico.

In a news release, Magna Gold Corp. (MGR:TSX.V; MGLQF:OTCQB) announced assay results from drilling at its wholly owned La Pima property, which is located approximately 24 km northwest of the company's San Francisco Gold Mine. The firm noted that La Pima is an early-stage, highly prospective silver surface target and stated that it completed a geophysical survey at La Pima in September that showed positive results.

The company stated that it completed a phase 1 diamond drill program consisting of 1,719 meters of drilling in nine core holes at the La Pima target, which is situated in the heart of the Sonora Megashear, which hosts numerous gold and silver mines. The firm indicated that its work at La Pima is concentrated on limestone ridges that extend for about 2.5 km and contain varying surface thicknesses ranging from 10 to 40 meters. The company stated that the IP geophysics data collected confirms surface sampling and mapping work on the property.

The company advised that it is now in the process of planning a 2,000-meter phase 2 follow up drill program to test some other areas of alteration and to further test the assays received at depth.

The firm stated that it will extend the drilling depth tests in four drill holes and will also drill six new targets. Of the six new planned targets, one is scheduled for the West Target, two for the Au-Ag target and the remaining three will be focused on the Pima Mine Target, south zone.

The company's President and CEO Arturo Bonillas remarked, "Magna is encouraged by these drill results and a second round of drilling is currently being planned to commence in Q1/21."

The firm noted that the San Francisco gold mine located in Sonora State, Mexico, is its primary producing asset. The company's exploration stage projects include La Pima, Mercedes and San Judas.

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Disclosure:
1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
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