MAG Silver (TSX:MAG,NYSEMKT:MAG) reported unaudited financial results for the three and nine months ended September 30, 2016. Highlights include a gain of $1.2 million in the nine months ended September 30, 2016.

As quoted in the press release:


The 2015-2016 drilling to further delineate the extent of the new Valdecañas Deep Zone was completed, and assays released during the quarter (see Press Release August 15, 2016). Overall results show vein widths ranging from 5 to 29 metres with the highest zinc and copper grades seen to date. The new results show that mineralization in the Deep Zone occurs in both the East and West Valdecañas Veins and extends mineralization roughly 250 metres beneath the existing resource over a combined strike length of over 800 metres. The Deep Zone mineralization remains open to the property boundary in both directions: 300 metres to the west and 700 metres to the east.

A supplemental $1.2 million budget (MAG’s 44% share is $528 thousand) for follow up drilling of the latest exploration results at Valdecañas was approved by the Juanicipio Technical Committee in late April 2016, and drilling is currently in process with 6 drill rigs on the property (5 drilling from surface and 1 drilling from within the underground ramp.) All assays pending.

Advancement of the underground ramp decline at the Juanicipio Property continues to progress at rates exceeding those envisioned in the Juanicipio Technical Report.

Various studies are ongoing, including baseline environmental analysis, metallurgical and geotechnical studies, detailed engineering for process plant and an assessment of the potential impact that recent exploration success at depth may have on plant sizing and ore handling alternatives.

A supplemental $3.0 million budget (MAG’s 44% share is $1.3 million) was approved in August 2016 for additional underground development related to ore handling infrastructure.

The Company remains well funded, with cash and term deposits totaling $140.4 million. The Company believes that it is fully funded for its 44% share of Juanicipio development costs, as envisioned in the 2014 Juanicipio Technical Report.

Click here for the full press release.

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