Business
Magellan Gold Doubles the Size of Its Center Star Gold Property in Idaho
Magellan Gold Doubles the Size of Its Center Star Gold Property in Idaho.
About this update from Magellan Copper And Gold Corp.
[{"type":"text","content":"\n New claims increase holdings to a total of 620 acres of land at historic gold mine near Elk City, Idaho Reno, Nevada, July 15, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Magellan Gold Corporation ( OTCQB: MAGE ) (“Magellan” or the “Company”), a precious metals exploration and development company, is pleased to announce that the company has acquired additional unpatented mining claims in proximity to the unpatented claims comprising the historic Center Star Gold Mine near Elk City, Idaho which was acquired effective July 1, 2020.  The company has added an additional 320 acres of land to increase its holding to a total of 620 acres of claims along the Center Star gold trend. The new claims are located in proximity to the previously acquired claims and were staked to fortify the land position around Center Star Mine. “The acquisition of additional lode mining claims around the Center Star Mine strengthens our land position and is the next step of a strategic plan to advance and develop this project,” stated John Power, Interim President of Magellan Gold. “I’m pleased with our early data review, and with our planning for the further development of this project.” “We are focused on building a gold-centric company and pursuing additional opportunities for growth with a goal of becoming a gold producer in the western United States. With the recent appreciation of gold, which continues to demonstrate resilience despite market volatility, we believe in the upside of our business sector and the value proposition for our newly acquired Center Star gold project,” added Power. The Center Star Mine hosts high grade gold mineralization that was discovered in the early 1900’s, with periodic historic production and development work done under different ownership through the 1980s. With the high-grade gold mineralization present, Magellan will be evaluating the historic mine data to assess the resource potential present at Center Star.  The property is located 45 miles from Grangeville, Idaho and near the town of Elk City, Idaho.  Gold mineralization at Center Star Mine is hosted in multiple parallel quartz veins in a banded gneiss. Like many of the historic mines in the Elk City area the gold is present in steeply dipping quartz veins....