Vancouver — Mag Silver (MAG-V), formerly Mega Capital Investments, is gearing up to launch a 3,500-metre drill program over the Juanicipio silver project in Mexico’s Zecatecas state.
Road and drill pad preparations are underway with the rig expected to turn by May 6. The newly minted junior aims on targeting six main structures located along strike from producing mines. The project lies only 5 km from Industrias Penoles‘ Fresnillo mine, which currently produces 12% of the world’s silver.
The prolific district has a long history of mining dating back to 1560 and has cranked out some 1 billion oz. of silver over the years. The Junaicipio project was last worked by Idaho-based Sunshine Mining and Refining (SSMRE-O) back in the early 2000’s. The property lies southwest of the city of Fresnillo and Penoles has recently been actively drilling very near the property boundary. The conceptual model of exploration interest assumes that similar veins as those at Fresnillo or actual extensions of the Fresnillo veins themselves strike onto the Juanicipio concession.
Mag filed a prospectus on March 31st and holds options to earn a 100% interest in three properties in Mexico: the Juanicipio, Don Fippi and Guigui properties. The junior has 17.6 million shares outstanding and 1.8 million shares that are subject to escrow.
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