MAG Silver (MAG-T, MVG-X) has added 400 metres of strike length to the Pozo Seco moly-gold zone at its Cinco de Mayo property in northern Chihuahua state, Mexico.
The zone now extends 1,100 metres in length, is almost 350 metres wide and averages 50 metres in thickness. Mineralization is open to the northwest in the direction of recently acquired ground.
Recent drilling includes nearly 44 metres grading 0.16% molybdenum and 0.27 gram gold per tonne to a depth of 74.4 metres.
Drilling has also uncovered a new gold dominant zone that is just next to Pozo Seco. Very close to the surface, Hole CM09-150 returned 4.41 metres grading 1.00 grams gold per tonne (to 9.4 metres depth) including 30 centimetres grading 27.5 grams gold per tonne.
MAG says that gold mineralization seems to overprint the moly zone along a perpendicular northeast-trending fault zone that continues to the southwest where a recent geochemical grid sampling at Pozo Seco South revealed a 1 km diameter area with highly anomalous gold, silver, copper, zinc, lead, antimony and mercury values. The company says the surface discovery represents a proximal metals signature and the area is coincident with a significant “hot spot” in the magnetic high anomaly that underlies the entire Pozo Seco area.
The company has reported 13 of 20 holes drilled in a 2,000-metre drill program.
MAG plans to start drilling again in the third week of January with a focus on the Pozo-Seco moly-gold zone. It will also trace the new gold zone using the geochemical and geophysical targets at Pozo Seco South.
MAG shares were up 6% today or 38¢ to $6.97 per share on a trading volume of nearly 91,000 shares.
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