Drift clean out is next milestone in development plan
WALLACE, Idaho, Dec. 16, 2020 (GLOBE NEWSWIRE) — via
NewMediaWire
— Magellan Gold Corporation (
OTCQB: MAGE
) (“Magellan” or the “Company”), a US focused precious metals exploration and development company, today announced that the Company is now beginning work to clean out and stabilize the main drift after successfully reopening the main portal and emergency access portal at the Center Star Gold Mine (“Center Star”) near Elk City, Idaho. The company has installed a large metal culvert to secure and stabilize the primary portal allowing for access to begin drift work.
It has been 35 years since exploration or development work was last conducted in the Center Star Mine. The drift clean-out and stabilization program will allow for safe access to the historical working areas of the mine for our workers and staff. As part of the initial development work the company also upgraded the main access road to the mine.
“Completing the portal openings now gives us the ability to gain access to the underground workings of Center Star,” said Mike Lavigne, President of Magellan. “Upon completion of the drift work, Magellan will begin a sampling program to verify historical reports that have identified several ore blocks and mineralized zones. Verifying information contained in various historical geological reports will help us to better define our next phase of exploration and possibly provide us with the opportunity of near-term production. We are very pleased with our progress to date and we are looking forward to the next steps in moving the project forward,” Lavigne added.
Located near the Elk City mining district of Idaho, Center Star hosts high-grade gold mineralization that was discovered in the early 1900s, with periodic historic production and development work done under different ownership through the 1980s.
Since acquiring the Center Star project in July 2020, Magellan acquired additional unpatented mining claims adding 320 acres of land to increase its holding to 620 acres of claims along the Center Star gold trend.
About Magellan Gold Corporation
Magellan Gold Corporation (
OTCQB: MAGE
) is focused on the exploration and development of precious metals in North America. Magellan’s flagship project is the Center Star Gold Mine in Idaho. We are additionally working to build a collection of interests in operating mines in the Western United States. Our goal going forward will be to achieve production and expand our resource base to achieve greater market recognition for the benefit of our shareholders.
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 Corporation’s periodic filings with the Securities and Exchange Commission.
Contact:
Magellan Gold Corporation
Mike Lavigne, President & Director
[email protected]
