Drill Permit Grant For The Joramina Zone

VANCOUVER – Magma Silver Corp. announced that the drill permit for drilling on the Joramina zone has been granted. In addition an outline of a proposed exploration plan on the advanced Niñobamba silver gold project in Peru presented.
Stephen Barley, Chairman & CEO, said, “The Niñobamba project is comprised of three contiguous properties now controlled by Magma, totalling 4,100 hectares: the Joramina, Randypata, and the Niñobamba Main. The MINISTERIO DE ENERGÍA Y MINAS in Peru has granted a drill permit to commence drilling on the Joramina zone. This is an important milestone as drill permits are detailed and require a significant effort to obtain.
The permit was granted has a duration of fourteen (14) months from the date of issuance. The permit entitles Magma to drill from 20 drill pads. Multiple directional drilling can be completed from each drill pad. Magma believes the permit is sufficient to complete all planned drilling on the Joramina zone. The Company discovered a drift in the Joramina zone. During the recently completed Phase 2 work program, testing in and around the drift returned high-grade results, including 10 metres of 2.32 grams gold/tonne and a 5-metre composite returning 4.085 ounces silver/tonne. Sampling close to the drift on the Joramina zone returned 0.70 metres of 17.41 grams gold/tonne and 13.94 ounces silver/tonne. The Company may be able to drill from inside the drift, located within the Joramina zone. This would require a modification to the drill permit, which should be readily available.