Vancouver, British Columbia--(Newsfile Corp. - September 18, 2025) - Magma Silver Corp. (TSXV: MGMA) (OTCQB: MAGMF) (FSE: BC21) (WKN: A411DV) (the "Company" or "Magma") is pleased to provide an update on the Q3 ongoing work program on the Jorimina and Randypata properties on the advanced Niñobamba silver gold project in Peru.
Highlights:
Phase 1 assays have confirmed or exceeded the historical Newmont Mining Corp. ("Newmont") results.
Four old mine workings located immediately north of the Jormina Central project were sampled with 5 samples averaging 5.32 g/mt Au and 4.812 oz/mt Ag. Results ranged from 0.50 g/mt to 14.56 g/mt Au and 0.604 oz/mt Ag to 10.594 oz/mt Ag.
Phase 2 work program commenced this week, with results expected within the next few weeks.
Phase 1 Q3 Work Program Results
The Phase 1 field campaign lasted 10 days. It was conducted by Senior Geologist Edgar Leon (see news release dated July 16, 2025) and Junior Geologist Miller Fernandez, with the support of six community members from the local Tunsulla community. The main goal was to visit the Jorimina Central project (also known as the Red Zone) to collect geochemical samples and structural data on faults, veining, and fracturing. Additional visits were made to the surrounding areas of Jorimina SE, Rafaela, and Red Cliff. Community members from Tunsulla helped rehabilitate and improve access to the visited regions, particularly a road that had been abandoned since Newmont's earlier work.
Seventy-five samples were collected during Phase 1 and analyzed at the independent Mining Lab Services based in Huancayo in South Central Peru. The analysis method was by fire assay, and every tenth sample will be re-assayed at another independent assay lab in Lima, Peru for quality control. The gold and silver sampling results showed good correlation with those obtained previously by Newmont: In Jorimina Central, where the strongest alteration and geophysical chargeability anomaly occur, 50 samples averaged 0.181 g/mt Au and 0.227 oz/mt Ag, with one sample (SA-035) reaching 1.0 g/mt Au.
Four old mine workings located immediately north of the Jormina Central were sampled with 5 samples averaging 5.32 g/mt Au and 4.812 oz/mt Ag. Results ranged from 0.50 g/mt to 14.56 g/mt Au and 0.604 oz/mt Ag to 10.594 oz/mt Ag.
In Jorimina NE, 10 samples averaged 0.135 g/mt Au and 0.0656 oz/mt Ag, with two samples showing 0.20 g/t Au.
In Rafaela, 10 samples averaged 0.21 g/mt Au and 1.1652 oz/mt Ag, with a maximum of 0.4 g/mt Au and 7.0 oz/mt Ag (SA-067).
Stephen Barley, Chairman & CEO of Magma stated,
"The Niñobamba project is comprised of three contiguous properties now controlled by Magma, totalling 4,100 hectares: the Jorimina, Randypata, and the Niñobamba Main. The Q3 work program consists of sampling and additional geological mapping, which is divided into two phases. It is designed to confirm historical results on the Jorimina and Randypata properties and to assist in drill targeting and orientation for a planned drill program in Q4. The Phase 1 results have confirmed the accuracy of the historical Newmont results and, in some instances, have exceeded the earlier results. The Phase 2 work program has commenced this week, and the results are expected within the next few weeks. The Phase 2 program will focus on additional sampling of other property features, including the two km-long untested silver anomaly on the Randypata property. Community engagement has been excellent."
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Jorimina and Randypata Properties - Newmont Mining Corp.
The historical exploration work conducted by Newmont on the Jorimina and Randypata properties consisted of 3,536 rock samples, 2,988 channel samples, ground magnetics, and 4,377 meters (Jorimina) and 3,504 meters (Randypata) of diamond drilling and assays. Results included: Hole JM1: from 53.1 to 125.4 (72.3m) 1.19 g/t gold and from 184.75 to 209.35 (24.6 m) 1.07 g/t of gold. Results and discussion are provided in Newmont's internal report dated January 2010, "Informe Técnico y Geológic Proyecto Niñobamba Mayo - Diciembre 2009". (See news release dated July 23, 2025.)
Newmont conducted more than two years of prospecting and exploration on only the Jorimina and Randypata properties at a total cost of CAD$10m. Newmont had no interest in the Niñobamba Main property that Bear Creek and AngloGold controlled. Newmont was focused on gold and did not drill test features such as the 2km long silver anomaly on the Randypata property.
Newmont prepared an internal report dated August 2011, on the results and conclusions from the exploration work conducted on Jorimina and Randypata. Newmont undertook a fatal flaw analysis and completed metallurgical testing. In this non-reported internal analysis, operating costs that were typically used in the industry at that time were considered in accordance with the scale of exploitation of the project and the type of mineral treatment. A conservative projection of prices for the price of gold and silver (gold: US $ 1,200 / ounce and silver: US $ 22 / ounce) were used. The estimated investments, based on a scale of operation for the project and infrastructure, were derived from examples of Peruvian mining operations. Based on this internal study, Newmont concluded that if the conceptual assumptions used in the assessment were verified, a medium-scale economic operation could be possible, and with the possibility of expanding the operation based on the potential of additional mineralization.
Readers are cautioned that the Newmont internal analysis is not compliant with National Instrument 43-101 requirements. The modelling was based on limited drilling and assumptions. The report will assist in guiding Magma on future exploration efforts. Magma's Qualified Person has not verified the Newmont assessment or done sufficient work to classify the historical estimate as current. Magma does not consider the internal report to be a current economic assessment.
Qualified Person
Jeffrey Reeder, P.Geo, a qualified person as defined in National Instrument 43-101 and a Senior Technical Advisor of the Company, has prepared, or supervised the preparation of, and approved the scientific and technical disclosure contained in this news release.
About Magma Silver Corp.
Magma Silver Corp. is a natural resources exploration company with a focus on acquiring, exploring, developing, and operating precious metal mining projects. Listed on the TSV Venture Exchange ("MGMA"), OTCQB ("MAGMF"), and Frankfurt Exchange ("BC21"), the Company's primary focus is on exploring and developing the advanced Niñobamba silver-gold project in the mining-friendly country of Peru. Niñobamba spans an 8 km mineralized corridor in a prolific geological belt of a high-sulphidation epithermal system. Extensive exploration by Newmont Corporation, AngloGold Ashanti Limited, Bear Creek Mining Corporation and others, has demonstrated significant resource potential with over C$14.5 million invested to date. Magma Silver is advancing its Niñobamba project using modern geological modelling and a strategic development plan. The property has excellent infrastructure, strong relationships with local communities and a regional technical team with over 50 years of mining experience in Peru.
For more information, please visit our website at www.magmasilver.com.
Contact Information
Stephen Barley, Chairman & CEO
Phone: +1 (604) 252-2672
Email: ir@magmasilver.com
Website: www.magmasilver.com
X: @MagmaSilverCorp
Jason Baker, CFO & Director
Phone: +1 (604) 252-2672
Email: ir@magmasilver.com
Website: www.magmasilver.com
X: @MagmaSilverCorp
Reader Advisory
This news release may contain forward-looking information within the meaning of applicable securities laws. All information and statements other than statements of current or historical facts contained in this news release are forward-looking information. Forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in Magma Silver Corp.'s periodic filings with Canadian securities regulators. When used in this news release, words such as "will", "could", "plan", "estimate", "expect", "intend", "may", "potential", "should," and similar expressions are forward-looking statements. The information provided in this document is necessarily summarized and may not contain all available material information. Forward-looking statements include those in relation to (i) the accuracy of the Newmont internal assessment and the Company's ability to match future results with the Newmont results; (ii) the Company's cost and timing expectations; (iii) the Company will achieve the expected results from the Phase 2 work program on the timing anticipated by management, or at all; (iv) and the check assays being tested confirming with the assay results received. Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can't make any assurances that its expectations will be achieved. Such assumptions may prove incorrect. Although the Company has attempted to identify important factors that could cause actual results, performance, or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance, or achievements not to be as anticipated, estimated, or intended. There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances, or results will materialize. As a result of these risks and uncertainties, no assurance can be given that any events anticipated by the forward-looking information in this news release will transpire or occur, or, if any of them do so, what benefits the Company will derive therefrom. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this news release, and the Company disclaims any intention or obligation to update or revise such information, except as required by applicable law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/266915
SOURCE: Magma Silver Corp.
