Magna Gold: Newly Acquired Mine in Mexico
Resource of approx. 1.5 million ounces at San Francisco Gold Mine
Magna is a Canadian gold company engaged in operations, development, exploration, and acquisition in Mexico. Its primary asset is the San Francisco Gold Mine in Sonora, Mexico, and exploration stage projects include San Judas, La Pima and Mercedes.
Further, Magna entered into a definitive purchase agreement with Timmins Goldcorp Mexico to acquire the San Francisco Mine. Moreover, Magna’s acquisition of San Francisco in conjunction with exploration projects in the Sonora-Mojave Megashear at the San Judas project represent significant gold and silver resource upside potential.
San Francisco Gold Mine
The San Francisco property sits in the north central portion of the state of Sonora, Mexico. In fact, it’s 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.
In addition, Magna’s plan to restart mining and processing operations is targeted for Q3 2020.
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