MAGNA GOLD (MGR.V): CREWS MOBILIZED ACROSS SILVER PORTFOLIO

Toronto, February 4, 2021 – Magna Gold Corp. (TSXV: MGR, OTCQB: MGLQF) (“Magna” or the “Company”) announces that exploration activities have commenced on the 100% owned Margarita Silver Project located in Chihuahua State, Mexico (“Margarita”). Magna will take possession of 5,097 meters of HQ drill core from 35 drill holes that were acquired in the acquisition of Margarita (see news releases dated November 10, 2020 and November 19, 2020). Magna plans to (i) re-log drill core, (ii) re-sample and sample vein and vein extensions, and (iii) compile sections and long sections based on drilling from 2018 and 2019 in an effort to further understand the mineral potential across the property.

Arturo Bonillas, President and CEO of Magna stated “Magna has a promising portfolio of silver projects in Mexico and an ambitious exploration program planned for the year. We expect good results from Margarita, as well as our other properties, and we look forward to reporting the results over the course of 2021. In addition to a continued successful ramp-up at San Francisco and establishing a stable base on gold production, we believe there is a significant amount of value that can be surfaced across our silver portfolio.”

Figure 1: Location of the Margarita Project

Magna has contracted topographic map work on the property, as well as the acquisition of Aster satellite images, in preparation for field mapping at Margarita. A survey crew will locate the Margarita drillhole collars to confirm existing data. Field work at Margarita is scheduled to commence in Q1, which will be used to plan a drill campaign that will commence by Q3 2021. The drill campaign will include infill, confirmation and exploration drilling and will be targeted in areas between and down dip from existing drilling completed by the previous operator. Significant assay results from the previous operator are summarized in Table 1.

Table 1: Significant Silver Assays on the Margarita Drilling Previous Operator

In addition to Margarita, Magna is planning work programs on the La Pima and Los Muertos properties, as described below:

La Pima Project

A second phase of exploration comprising 2,000 m of drilling is planned along silver breccias hosted in limestone, targeting the source of a supergene enrichment halo at depth that has shown high grade silver values on surface and an enrichment zone near surface. The drill program, expected to commence in Q3, will be focused on exploring continuity at depth and the source of the silver mineralization encountered to date (see news release dated December 8, 2020).

Table 2: Significative Assay Results on the 1st Drilling Stage on the La Pima Project.

_{Notes
⦁    AgEq g/t grade calculation using $20/oz Ag, $0.92/lb Pb, and $1.01/lb Zn.
⦁    One troy ounce (to) is equal to 31.1035 gram (g) and one Tonne is equal to 2,204.62 lbs.
⦁    Intervals are not true thickness.
⦁    See news release dated December 8, 2020.}

Los Muertos

Los Muertos is located 75 km SE of Hermosillo and 25 km SE of Argonaut´s operating La Colorada mine. The property has surface and underground mineralization comparable to the mineralization at La Colorada, where sheeted grained quartz veins and veinlets are hosted in a diorite rock and in intruded sedimentary sequence (siltstone, sandstone, conglomerate, quartzite, and limestone).

Next steps on this property comprise (i) soil and rock chip sampling, (ii) geology mapping and (iii) IP geophysical survey to support an initial 2,000 m drill program that is planned to commence in Q3/Q4 2021.

Figure 2