MAG Silver (MAG.TO) on Monday gave an exploration update for its Larder project in Ontario and the Deer Trail carbonate replacement deposit in Utah.

At Larder, the company said drilling at the Cadillac-Larder Break successfully extended the Cheminis and Bear zones to depths of 900 meters with 10.2 grams per tonne (g/t) gold over 6.3 meters, and 1,200 meters with 42.1 g/t gold over 1.5 meters.

MAG said testing of numerous regional targets included the Timiskaming conglomerate where 3.2 g/t gold over 10.0 meters including 8.2 g/t gold over 1.0 meters was intercepted.

For 2025, the company said it is preparing for a focused drill program that is expected to commence in the second half.

Meanwhile, MAG said drilling intersected a new high-grade silver-lead-zinc extension of the Deer Trail mine, highlighted by 2.76 meters grading 151 g/t silver, 0.5 g/t, gold, 3.7% lead and 2.5% zinc.

The company is also finalizing its 2025 exploration plan and budget for Deer Trail.

"Exploration continues to reinforce our belief that Larder and Deer Trail are robust mineralized systems," President and Chief Executive George Paspalas said. "Our teams continue to systematically refine data-driven priority targets with potential for a significant discovery."

MAG's share price fell 6.5% on Friday to $22.43 on the TSX.