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Magna Gold Corp.
Summary
| Project: | Mercedes | |
|---|---|---|
| Deposit: | Mercedes | |
| Location: | Mexico | |
| Commodities: | Gold-Silver | |
| Date: | 5/27/2019 | |
| Report Code: | NI43-101 | |
| Report Type: | Supporting Acquisition | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 27-5-2019: Magna Gold Corp. announces a Supporting Acquisition report for its Mercedes deposit at the Mercedes project. Summary of property in support of listing. The Mercedes property is situated within the municipality of Yécora, eastern Sonora in the S | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Dale Brittliffe (Independent) | |
| ABSTRACT: | The Mercedes property is situated within the municipality of Yécora, eastern Sonora in the Sierra Madre Occidental, 250 kilometres east-southeast from the state capital, Hermosillo and 20km WNW of the local centre of Yécora. It comprises two mineral concessions covering 344.75 hectares easily reached from Hermosillo by way of Federal Highway #16, which intersects the western side of the property. The district is host to numerous small and several large-scale gold and silver deposits. Mercedes is an early stage exploration property prospective for structurally controlled high sulphidation type epithermal gold-silver mineralization. Previous operators conducted two programs of drilling over an iron oxide stained, moderately silicified ridge “La Lamosa”. Historically reported intercepts form the diamond drilling program range from results below detection up to two best intercepts of 144m (true width estimate not possible) averaging 0.49g/t gold and 12.4g/t silver from surface (08MER001) and 57m (estimated true width 25m) averaging 1.15g/t gold and 13.5g/t silver from surface (08MER003). The stated intervals were drilled oblique to the target structure and provide useful indications of grade and continuity of mineralization but do not indicate true thickness of the mineralized zone. No resources or reserves exist on the property. This document, effective date April 30th, 2019, was prepared in accordance with the requirements of NI 43-101 and as prescribed by Form 43-101F1 by independent geologist Dale Brittliffe, P.Geo. This Technical Report was commissioned by Canadian Capital Pool Company, Magna Gold Corporation (“Magna”) and is intended to support a qualifying transaction for public listing the TSX-V stock exchange. The report was updated from an earlier document prepared by the same author (Brittliffe 2011). The writer has conducted two site visits to the property, the most recent being on August 7th, 2018. The author recognizes the eight-month period between the site visit and the effective date of the report yet has no reason to suspect any material change in the state of the project. Steps taken by the author to confirm no material change included review of Magna Gold public disclosures as available on SEDAR. The author reviewed News Releases to date, Management Discussion and Analysis filings and Financial Statements which were available up to December 31st, 2018. The publicly available documents contained no language or expenditures indicating any exploration activities by Magna. In addition, the author requested evidence of the state of access trails and drill pad areas in the form of time-stamped digital photographs of the site. These photographs, taken by Magna representatives and digitally transmitted to the author indicate that the La Lamosa site was undisturbed when compared with photographs from the site visit. Key showings and drill access roads show no evidence of disturbance. | |
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