Carissa Zone Discovered At Deer Trail Mine

VANCOUVER – MAG Silver Corp. reported on six completed holes (10,972 m total) in surface-based Phase 2 drilling on its Deer Trail Carbonate Replacement Deposit (CRD) Project in central Utah. The highlight is the discovery of the “Carissa” zone found in aggressive step-outs drilled 1 km to the southwest of the “Deer Trail Mine Corridor”. Discovery Hole DT22-09 cut the longest intercept of continuous mineralization with 273.8 m of sulfide “lacing” averaging 12 g/t Silver, 0.2% Copper and 0.3% Lead plus Zinc with individual sulfide bands grading from 59-266 g/t Silver 0.2-5.5% Copper, 0.1-1.5% Lead, 0.1-5.2% Zinc.

Phase 2 drilling also included drilling within the Deer Trail Mine Corridor. Differing characteristics suggest Carissa and the Deer Trail Mine Corridor were both fed along separate mineralization channel-ways leading from the interpreted Deer Trail Mountain Porphyry to the west. Assays are pending for two additional holes and drilling continues 1.7 km southeast of the Carissa zone on a strong geophysical anomaly at the intersection of two major structures. Follow-up drill permits for Carissa are expected soon.

At the Carissa Zone Discovery – DT22-09 & 10 contain, by far, the most widespread mineralization and strongest alteration drilled on the property. Both holes cut several hundred meters of progressively increasing Argentiferous (Silver-bearing) Manganese-Oxide Mineralization (“AMOM”), marble and skarn before entering distinctive zones of Silver-Copper-Zinc bearing sulfide “lacing”, in turn cut by zones of pervasive mineralized skarn. DT22-10 was lost above target depth in a mineralized structure after cutting 115.7 m of very similar alteration and lacing mineralization. The sulfide lacing and skarn zones in both Carissa holes become progressively stronger with depth and show significant increases in pathfinder elements (W, Sn, Bi, Mo), suggesting increasing proximity to the suspected porphyry-related mineralization source.

“Stepping out aggressively into the previously untouched Carissa zone led to the strongest and most extensive mineralization and alteration seen at Deer Trail. This tells us we are on the right track, and that track appears to lead towards the copper-moly porphyry we believe is the source of the system. Most importantly, this tells us that there is more to Deer Trail than meets the eye, which confirms our belief that this is a major mineralized system with much left to discover,” said George Paspalas, President and CEO. “With the Juanicipio processing plant in Mexico now connected to power and ramp-up underway, these encouraging results combined with prospective indications at the Larder Project in Ontario, position us to make 2023 a meaningful year for MAG shareholders.”