TSXV: MGR
Last: 0.01
Change: 0.00
Vol: 0
OTCQB: MGLQF
Last: 0.28
Change: -0.03
Vol: 66,300
Magna is a Canadian mining Company that acquires, explores, develops and operates mining properties in Mexico with a focus on precious metals. Its primary asset is the San Francisco Gold Mine in Sonora, Mexico, and exploration stage projects include San Judas, La Pima and Mercedes.
The San Francisco property is situated in the north central portion of the state of Sonora, Mexico, approximately 150 kilometers (km) north of the state capital city of Hermosillo. The project is comprised of two previously mined open pits (San Francisco and La Chicharra), together with heap leach processing facilities, and associated infrastructure located close to the San Francisco pit. Currently, the leach pads are on a residual leach cycle with no mining being conducted.
Magna’s plan to restart mining and processing operations is targeted for Q3 2020
San Judas is an early stage exploration project hosting structurally controlled mineralization within lithologies similar in age to the La Herradura and San Francisco gold mines. The project is located at the southern end of the Caborca Orogenic Gold Belt or Sonora Mojave Mega Shear, a trend known to host multiple orogenic gold-bearing deposits within an area extending from north-western Mexico into the southwestern United States measuring more than 600 km long and 60 to 80 km wide.
Mercedes is an exploration property located within the Sierra Madre Occidental province, a historically productive, regionally extensive Tertiary volcanic field which stretches from the United States/Mexico border to Central Mexico. Previous work at the La Lamosa area, one of the mineralized targets within the mining concessions, reports disseminated gold mineralization hosted within an andesitic and rhyodacitic volcanic complex intruded by a quartz-feldspar porphyry (QFP). Gold and silver are target commodities sought at Mercedes and the property exhibits textures and alteration consistent with high sulphidation epithermal mineralization, typical of important discoveries in the region.
