Arizona Project Provides Substantial Silver Upside for Magellan Shareholders
22 June 2017 - 7:03AM
InvestorsHub NewsWire
Arizona Project Provides Substantial
Silver Upside for Magellan Shareholders
RENO, NV - June 21, 2017 - InvestorsHub NewsWire - Magellan
Gold Corporation (OTCQB:
MAGE) (Magellan or the Company), a U.S. based mining and
exploration enterprise focused on silver and gold, today explained
the exciting upside potential of its 100% owned flagship Silver
District Project located in southwest Arizona.
Historical shallow drilling at the project outlined a resource
of 16 million ounces of silver, said Dr. Pierce Carson, CEO, but I
want to emphasize that this resource reflects only the near-surface
upper portions of a large mineralized vein system that extends
along strike for eight miles and remains largely untested at depth.
We believe the mineralized offers promising potential for several
times the known 16 million ounce silver resource. Our initial
target objective of a drilling program to test depth and strike
extensions will be 60 million ounces of silver.
Following expansion of the resource, we plan to advance the
project toward development and production. In light of the very
positive outlook for silver demand and higher silver prices, we
believe the Silver District Project will deliver substantial value
for Magellan shareholders and will play an important role in
Magellans plans for future growth.
The Silver District Project encompasses three major epithermal
vein structures having a collective strike length of eight miles.
Historical drilling of 465 holes (62,866 ft) delineated silver and
fluorspar deposits available for open pit mining, including 16.0
million ounces of silver (3,560,211 tons grading 4.46 oz/ton
silver) and 328,450 tons of fluorspar (2,263,772 tons grading 14.5%
CaF2). The mineralized system also includes substantial tonnages
grading 17.0% barite (BaS04). Testwork has shown that fluorite and
barite potentially would be recoverable as by-products of any
silver mining operation.
Excellent potential exists to increase silver ounces through
deeper drilling, as historical drilling was limited to only 130 ft
vertical depth. Subject to funding, Magellan plans to conduct an
extensive drilling program to test strike and depth extensions of
the known vein deposits. The initial target potential will be 60
million ounces silver (1 million ounces gold equivalent). Following
better definition of the total size of the resource, the Company
intends to update previous metallurgical and engineering studies
with the objective of advancing the Silver District Project toward
development and production.
Magellans district-scale property position covers the heart of
the historic Silver District and includes all of the important
historical producers, most of the old mines and prospects and all
of the known exploration targets. The property consists of 87
unpatented lode mining claims, 23 unpatented mill site claims, 6
patented lode mining claims and an Arizona State Minerals
Exploration Permit, totaling over 2,000 acres. Historic recorded
production during 1883-1893 from underground mines was 1.56 million
ounces of silver and 2.33 million pounds of lead.
About Magellan Gold Corporation
Magellan Gold Corporation (OTCQB:
MAGE) is a US public enterprise focused on the exploration and
development of precious metals. The Company has obtained an option
to acquire the SDA flotation plant in the State of Nayariit,
Mexico, and controls two precious metals exploration properties
located in Arizona and in Peru.
The 100% owned Silver District Property in southwest Arizona
comprises over 2,000 acres covering the heart of the historic
Silver District. The property contains a near-surface historical
drilled resource of 16 million ounces of silver and exhibits
exploration promise for significant expansion. The Niobamba
Silver-Gold Property in central Peru, on which the Company has the
right to earn a 50% interest, covers 9,027 acres and demonstrates
potential for a large, bulk tonnage, silver-gold deposit.
To learn more about Magellan Gold Corporation, visit www.magellangoldcorp.com.
Cautionary Statement
The United States Securities and Exchange Commission permits
mining companies, in their filings with the SEC, to disclose only
those mineral deposits that a company can legally extract or
produce. Under SEC Industry Guide 7 standards, a final or bankable
feasibility study is required to report reserves. Currently we have
not delineated reserves on any of our properties. We cannot be
certain that any deposits at our properties will ever be confirmed
or converted into SEC Industry Guide 7 compliant "reserves."
Investors are cautioned not to assume that all or any part of any
resource estimates will ever be confirmed or converted into
reserves or that they can be economically or legally extracted.
Forward Looking Statements
This release contains forward-looking statements. Such
statements are based on good faith assumptions that Magellan Gold
Corporation believes are reasonable but which are subject to a wide
range of uncertainties and business risks that could cause actual
results to differ materially from future results expressed,
projected or implied by such forward-looking statements. Factors
that could cause actual results to differ from those anticipated
are discussed in Magellan Gold Corporations periodic filings with
the Securities and Exchange Commission.
Contacts:
Magellan Gold Corporation
Pierce Carson (505) 463-9223
John Power (707) 884-3766
Magellan Gold (PK) (USOTC:MAGE)
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