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Magellan Gold Announces Purchase of Copper Assets From Gold Express Mines
WALLACE, ID / ACCESSWIRE / January 16, 2024 / Magellan Gold Corporation (OTC PINK:MAGE) ("Magellan" or the "Company"), is pleased to announce that the company h
About this update from Magellan Copper And Gold Corp.
[{"type":"text","content":" WALLACE, ID / ACCESSWIRE / January 16, 2024 / Magellan Gold Corporation (OTC PINK:MAGE) (\"Magellan\" or the \"Company\"), is pleased to announce that the company has entered into an agreement with Gold Express Mines, Inc. for the purchase of three copper-focused properties, two of which are in Idaho, and one in Arizona. The Copper Cliff Property, in Adams County, Idaho, is located about nine miles north of the town of Cuprum, Idaho. The project encompasses 71 unpatented mining claims, and an associated lease on patented mining claims comprising the historic Copper Cliff Mine. This open pit mine produced significant tonnages in the 1970's and 1980's, totaling 876,929 tons of ore, yielding 11 ounces of gold, 349,073 ounces of silver, and 12,547,883 pounds of copper. The property was mined by open pit and underground methods. The deposit consists of stratiform and stratabound disseminated copper minerals in iron-rich metamorphosed volcanic rocks of the Seven Devils Group. Ore minerals include bornite, chalcopyrite, chalcocite, malachite, chrysocolla, and azurite. The deposits appear to be volcanogenic, with some remobilization of the sulfides during regional metamorphism and shearing of the host rocks. The Company believes extensions of this historically mined resource may exist at depth and along strike. The company work plans for the 2024 field season will likely include IP geophysics, soil sampling, and possibly drilling. The Blue Jacket Property in Idaho County, Idaho is located near Lucille, Idaho in the Crooks Corral Mining District, and part of the Nez Perce Forest. The project consists of 79 unpatented claims which are staked adjacent to and around a group of patented claims comprising the historic Blue Jacket Mine. This historic mine is held privately and is not part of the Company land package. The Blue Jacket Mine produced intermittently in the late 1800's to early 1900's with the last records of substantial work date from 1918. The crosscut and drift workings described in historic reports total about 2000 to 2500 feet. Reports indicate that around 1917-18 an 865-foot tunnel was driven at the canyon level of Kirkwood Creek to intersect mineralization at a lower elevation. Importantly, sampling from the tunnel walls intersected altered quartz porphyry which was copper mineralized. Recent sampling on the unpatented claim...