I recently bought from Midway a pouch made by Tactical Tailor (part#657136), $18.40. While designed for a twenty round .308 mag, my Ruger GSR steel mags, Alpha/AI, and Ruger plastic mags all fit inside easily. They were not very snug, so plan on using the cord strap if you go that route.
Also check out the Wilderness for something like that. They have some improved rifle mags, and are very well made. I use a pair of them for Scout mags.
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