Magna Gold Drills 12.80 metres at 498.08 g/t Silver within 55.95 metres at 155.86 g/t Silver starting 3 metres from Surface

TORONTO, March 8, 2022

Results in this release are from the first 22 of 43 drill holes completed by the Company. All drill holes intersected significant near surface silver mineralization over significant widths. Based on the drill results the system appears to be much wider than previously interpreted and has multiple mineralized veins running parallel to the main Margarita vein, the most significant of which are the Caido and Juliana veins. The main mineralized zone ranges in thickness of around 2-12 m with the higher-grade zones maintaining an average true width of approximately 4.5 m. Mineralization has been confirmed along a strike length of 1,600 m and remains open in both directions. Prior to the current campaign, drilling was limited to 150 m from surface.  The 2021 program has successfully extended mineralization further to depth where it remains open.

In addition to the resource definition drilling a series of holes were drilled to test the extent of the system down to 400 m. Assay results from the deep drilling are pending, however based on our observations the system continues to remain strongly mineralized and open.

Highlights

• MAR-21-001: 13.55 m @ 131.38 grams per tonne (g/t) silver (Ag) from 63.85 to 77.40m;
• including 2.95 m @ 460.18 g/t Ag from 67.80 to 70.75 m
• MAR-21-002: 46.80 m @ 138.65 g/t Ag from 23.40 to 70.20 m;
• including 2.85 m @ 801.33 g/t Ag from 54.60 to 57.45 m
• MAR-21-003: 39.80 m @ 100.13 g/t Ag from 43.00 to 82.80 m;
• including 2.35 m @ 530.53 g/t Ag from 54.60 to 57.45 m
• MAR-21-004: 32.55 m @ 113.05 g/t Ag from 24.95 to 57.50 m;
• including 6.00 m @ 300.10 g/t Ag 27.00 to 33.00 m
• MAR-21-005: 39.50 m @ 132.59 g/t Ag from 7.00 to 46.50 m;
• including 5.10 m @ 301.03 g/t Ag from 30.90 to 36.00 m
• MAR-21-012: 21.50 m @ 91.081 g/t Ag from 40.00 to 61.50 m;
• including 3.00 m @ 371.00 g/t Ag from 42.00 to 45.00 m
• MAR-21-016: 25.50m @ 156.60 g/t Ag, 0.51% Pb, 1.12% Zn from 117.00 to 142.50 m;
• including 3.90m @ 821.52 g/t Ag, 0.31 g/t Au, 2.36% Pb, 5.64% Zn from 117.90 to 121.80m
• MAR-22-020: 55.95 m @ 155.86 g/t Ag from 3.00 to 58.95 m;
• including 12.80 m @ 498.0 g/t Ag from 34.15 to 46.95 m
• MAR-22-022: 19.20 m @ 127.24 g/t Ag from 78.70 to 97.90 m;
• including 3.55 m @ 567.36 g/t Ag from 84.15 to 87.70 m

• All 22 drill holes intersected the main mineralized Margarita system with mineralization beginning at or near surface.
• Presence of multiple parallel mineralized veins confirmed.
• Multiple holes returned anomalous gold values with grades up to 0.31 g/t
• Multiple holes returned significant Zinc (Zn) and Lead (Pb) values with grades up to 5.64% and 2.36% respectively

Numbers are rounded and intervals represent down hole lengths and not true widths.

Magna Gold President and CEO, Arturo Bonillas commented: "Our drill program at Margarita has been a huge success with every drill hole returning high-grade values over significant widths. The drilling has exceeded our expectations, it now appears the system is wider, higher grade and closer to surface than what we thought going into the campaign. We look forward to producing our maiden resource later this quarter and PEA shortly thereafter"