Geologist Peter Megaw, one of the co-founders of MAG Silver Corp. (MAG:TSX; MAG:NYSE.MKT), led the geological team that found MAG's Juanicipio project, now a joint venture with Fresnillo Plc (FRES:LSE), in one of the world's largest silver districts. He considers himself an explorationist who is looking for district-scale projects. "I'm not interested in finding the next stope or the next small mine," Megaw told Streetwise Reports. "I'm interested in finding the next mining district."
Megaw has also been involved with New Pacific Metals Corp. (NUAG:TSX.V), which has the Silver Sand project in Bolivia. Megaw noted that the project "appears to be a very large, epithermal style of mineralization, very high grade. It has published several intercepts that are on its website, with multiple hundreds of grams of silver; we're talking 300 to 500 gm silver over 20m-plus widths."
"Pretty much where you see the silicification with what's called Leisegang banding, that's where the silver mineralization is. If there's as much of it there as it looks like, this thing has the potential to be a very large, underground, high-grade silver producer for a very long time. It's less than 100 kilometers from Cerro Rico de Bolivia, which was the world's second largest silver deposit, until Fresnillo passed it in 2015," Megaw stated.
"One of the takeaways that I had from the project is that I think the project is a lot bigger than New Pacific thinks it is," Megaw said. "They have focused too much in and around the historic part of the district. I think there are lots of reasons to push the drilling further away from that, mostly because I like to see size sooner rather than later and I think you can see the size based on the outcrops. So, I'd like to see it made bigger sooner."