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Arizona Project Provides Substantial Silver Upside for Magellan Shareholders
Arizona Project Provides Substantial Silver Upside for Magellan Shareholders.
About this update from Magellan Copper And Gold Corp.
[{"type":"text","content":"\n\n\n\nArizona Project Provides Substantial Silver Upside for Magellan Shareholders\n\n\n\n\n\nArizona Project Provides Substantial Silver Upside for Magellan Shareholders\nPR Newswire\nRENO, Nevada, June 21, 2017\n\n\n\nRENO, Nevada, June 21, 2017 /PRNewswire/ --\n\nMagellan 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.\n\n\"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.\n\n\"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 Magellan's plans for future growth.\"\n\nThe 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.\n\nExcellent 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 t...