Vancouver - MAG Silver Corp. (MAG: TSX / NYSE A) ('MAG') announces results from the 2019 28-hole (33,864 metre ('m')) diamond drilling program on the Juanicipio Joint Venture Property (Fresnillo plc 56% / MAG 44%).

The program expanded and upgraded the wide, high-grade Deep Zone and confirmed additional northeast-trending veins. Continued in-fill and exploration drilling on other targets is ongoing in 2020, with four surface rigs running concurrently with mine development and construction.

Drill Highlights

Confirms and expands continuous wide, high-grade mineralization in the Valdecanas Deep Zone

Confirms and expands the wide, high-grade zones in the Anticipada Vein

Confirms and expands the Venadas Vein to the south with strong silver and gold grades

Discovery of northeast-trending Valentina and Venadas II veins through drilling and development.

'With production from the Bonanza Zone in sight, we are very pleased that the 2019 drilling program lived up to expectations by improving the understanding of the Deep Zone, which should add many years of life to the mine,' said George Paspalas, President and CEO of MAG. 'The discovery of more northeast-trending veins close to the planned production areas, coupled with the expanding high-grade Anticipada and Pre-Anticipada veins, should add significantly to the growing mineral endowment of the project and, importantly, provide considerable mining flexibility throughout an extended mine life.'

The Valdecanas Vein System is a multi-stage, high-grade northwest-trending vein swarm comprising the Valdecanas Vein, the sub-parallel hangingwall Anticipada and Pre-Anticipada Veins and several smaller splays. Additional proximal veins to Valdecanas include the parallel Juanicipio vein located 1,000m to the south and 3 newly discovered northeast-trending veins (Venadas, Venadas II and Valentina) all of which intersect the Valdecanas Vein. Remodeling now shows Valdecanas as a single vein with deep dilatant zones (bulges) on each side, and also significantly extends the Anticipada Vein to the east.

Valdecanas Vein Infill

Drilling in 2019 returned the thickest and deepest lateral intercepts to date on the Valdecanas Vein, with deep mineralization now continuous over a 2,000m strike length and up to 1,100m vertically from the top of the Bonanza Zone. The 2019 vein intercepts range in width from approximately 1 m to over 21m and the Valdecanas Vein remains open laterally to the claim boundaries at both ends and to depth. The best 2019 intercept is Hole D5-12, which cut 5.7m (true width) grading 3,884 g/t (113 ounces per ton ('opt')) silver, 8.4 g/t (0.25 opt) gold, 6.5% lead, 9.7% zinc and 0.3% copper. This includes a 0.8m (true width) zone that ran 16,271 g/t (475 opt) silver, 9.2 g/t gold (0.27 opt), 17.8% lead, 11.8% zinc and 0.2% copper. The location of this intercept is important as it greatly expands the thick and high-grade eastern dilatant zone. Other significant holes include D1-5 and D1-10, both within the western dilatant zone, and D6-6 in the eastern dilatant zone. D5-11 also adds very good width and grade above the east dilatant zone.

Notably, many intercepts in the Valdecanas Deep Zone continue to demonstrate atypically high silver grades that MAG believes are ascribable to stacking or superimposition of mineralization related to a later deeper, boiling zone (mineralized horizon). As well, areas within the Deep Zone show extensive skarn and the increasing copper grades expected in the 'root zone' (lower reaches) of an epithermal vein. Gold grades remain high and are remarkably consistent throughout the vertical extent of the Valdecanas Vein. These characteristics, interpreted in combination with other geological features, reflect proximity to a major mineralizing-fluid upwelling zone where multiple repeated pulses of mineralization combined to generate exceptionally high-grade and thick polymetallic mineralization. The search for additional mineralizing fluid upwelling zones within the Juanicipio Joint Venture property is ongoing, as each could be a centre of additional high-grade mineralization.

Anticipada Vein

The Anticipada Vein is sub-parallel to and lies 50-100m in the hangingwall of the Valdecanas Vein. In 2019 it was coincidentally cut by 11 holes targeting the Valdecanas Vein and several of these intercepts significantly expand the vein. This is especially the case in a vertical zone along its western reaches where it widens and higher grades appear. The best intercept is in Hole D6-6, which cut 21.2m (true width) grading 147 g/t (4.3 opt) silver, 1.2 g/t gold, 3.9% lead, 8.8% zinc and 0.3% copper. This includes a 1m (true width) zone that ran 548 g/t (16 opt) silver, 2.1 g/t gold, 17.4% lead, 14.2% zinc and 0.9% copper. Two other holes (D5-10 and D5-11) extend the well-mineralized zone on the eastern end of the vein. The remaining six holes tested the western limits of the vein and show moderate to relatively weak mineralization. The Anticipada Vein remains open to depth and to the east.

Pre-Anticipada Vein

The Pre-Anticipada Vein is also subparallel to the Valdecanas Vein and is located a further 50-100m into hangingwall above the Anticipada Vein. It was coincidentally cut by five infill holes targeting the Valdecanas Vein but their geometry was not favourable. The two easternmost holes (D5-8 and D5-9) cut appreciable silver and gold values within the coherent high-grade zone that characterizes the Pre-Anticipada Vein but do not significantly expand it. Pre-Anticipada remains open for 200-300m to the eastern property boundary and to depth.

Venadas, Venadas II (NEW DISCOVERY) and Valentina (NEW DISCOVERY) Veins

Five surface drill holes tested the Venadas Vein, the first northeasterly-trending vein ever found in the Fresnillo District, to depth and to the south. The hole drilled farthest to the south (93P) extends the vein to 800m from its intersection with the Valdecanas Vein and cut high silver and gold grades with no base metals (2.5m (true width) grading 918 g/t (27 opt) Ag and 1.8 g/t Au). Vein textures and the lack of base metals indicates this is a high-level intercept and that the vein should have good potential to depth. Hole 97P was the only hole drilled below 93P and it hit only a narrow, pinched-down vein. Additional deeper holes are planned for 2020 to determine where the vein opens up again at depth.

The intercepts for Venadas, Venadas II and Valentina lack significant base metal grades (with the exception of one intercept) indicating that these holes have likely cut the veins high in the mineralizing system. Also, all three veins have been intercepted on both the hangingwall and footwall side of the Valdecanas Vein in drill core and underground workings. This, combined with underground exposures of mineralized cross cutting northeast trending veinlets, strongly suggest that these veins cross-cut the main-stage of the Valdecanas Vein and may coincide with the long-recognized late gold-rich mineralization stage. Short-hole underground drilling and drifting is contemplated for fleshing out these veins and determining what relationship they have with the Valdecanas Vein.

About MAG Silver Corp. (www.magsilver.com)

MAG Silver Corp. is a Canadian development and exploration company focused on becoming a top-tier primary silver mining company, by exploring and advancing high-grade, district scale, silver-dominant projects in the Americas. Its principal focus and asset is the Juanicipio Property (44%), being developed in a Joint Venture with Fresnillo plc (56%). Juanicipio is located in the Fresnillo Silver Trend in Mexico, the world's premier silver mining camp. The Joint Venture partners are currently constructing and developing the surface and underground infrastructure on the property to support a 4,000 tonnes per day mining operation, with the operational expertise of our JV partner, Fresnillo plc. As well, an expanded exploration program is in place at Juanicipio with multiple highly prospective targets across the property.

Contact:

Michael J. Curlook

Tel: (604) 630-1399

Web: www.magsilver.com

This release includes certain statements that may be deemed to be 'forward-looking statements' within the meaning of the US Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts are forward looking statements, including statements that address future mineral production, reserve potential, exploration drilling, exploitation activities and events or developments. Forward-looking statements are often, but not always, identified by the use of words such as 'seek', 'anticipate', 'plan', 'continue', 'estimate', 'expect', 'may', 'will', 'project', 'predict', 'potential', 'targeting', 'intend', 'could', 'might', 'should', 'believe' and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Although MAG believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to, changes in commodities prices, changes in mineral production performance, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions, political risk, currency risk and capital cost inflation. In addition, forward-looking statements are subject to various risks, including that data is incomplete and considerable additional work will be required to complete further evaluation, including but not limited to drilling, engineering and socio-economic studies and investment. The reader is referred to the MAG's filings with the SEC and Canadian securities regulators for disclosure regarding these and other risk factors. There is no certainty that any forward-looking statement will come to pass and investors should not place undue reliance upon forward-looking statements.

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