Magellan Copper and Gold Corp. Announces Participatory Agreement with Gold Express Mines Regarding the Historic Atlantic Cable Gold Mine
Magellan Copper and Gold Corp. (OTC PINK:MAGE) has entered into a joint venture agreement with Gold Express Mines regarding the historic Atlantic Cable Gold Mine in Montana. The agreement requires Magellan to invest $400,000 in development expenditures over 24 months to earn a 45% participatory interest in the project.
The Cable Mine property encompasses 480 acres of patented ground and 500 acres of unpatented mining claims. A historic resource block, initially explored in the 1900s, was estimated to contain 207,000 tons grading 1.5-4% copper and 0.11-0.14 ounces gold per ton. Recent core drilling showed multiple 5-foot intervals grading between 0.23-3.44 ounces gold per ton.
The companies plan year-round operations pending permit approvals and successful commercial arrangements for ore treatment. Mining will utilize conventional cut-and-fill methods or back-stoping, with processing planned at a permitted facility in Philipsburg.
Magellan Copper and Gold Corp. (OTC PINK:MAGE) ha stipulato un accordo di joint venture con Gold Express Mines riguardo alla storica Atlantic Cable Gold Mine nel Montana. L'accordo richiede a Magellan di investire $400,000 in spese di sviluppo nel corso di 24 mesi per ottenere un 45% di interesse partecipativo nel progetto.
La proprietà della Cable Mine comprende 480 acri di terreno brevettato e 500 acri di concessioni minerarie non brevettate. Un blocco di risorse storiche, esplorato inizialmente negli anni 1900, è stato stimato contenere 207,000 tonnellate con un grado di 1.5-4% di rame e 0.11-0.14 once d'oro per tonnellata. Recenti perforazioni hanno mostrato molteplici intervalli di 5 piedi con un grado compreso tra 0.23-3.44 once d'oro per tonnellata.
Le aziende pianificano operazioni tutto l'anno in attesa di approvazioni dei permessi e di accordi commerciali di successo per il trattamento del minerale. L'estrazione mineraria utilizzerà metodi convenzionali di taglio e riempimento o back-stoping, con il processamento previsto in una struttura autorizzata a Philipsburg.
Magellan Copper and Gold Corp. (OTC PINK:MAGE) ha firmado un acuerdo de joint venture con Gold Express Mines respecto a la histórica Atlantic Cable Gold Mine en Montana. El acuerdo requiere que Magellan invierta $400,000 en gastos de desarrollo durante 24 meses para obtener un 45% de interés participativo en el proyecto.
La propiedad de la Cable Mine abarca 480 acres de terreno patentado y 500 acres de reclamos mineros no patentados. Un bloque de recursos históricos, explorado inicialmente en los años 1900, se estimó que contenía 207,000 toneladas con un grado de 1.5-4% de cobre y 0.11-0.14 onzas de oro por tonelada. Las perforaciones recientes mostraron múltiples intervalos de 5 pies con un grado entre 0.23-3.44 onzas de oro por tonelada.
Las empresas planean operaciones durante todo el año a la espera de la aprobación de permisos y acuerdos comerciales exitosos para el tratamiento del mineral. La minería utilizará métodos convencionales de corte y relleno o back-stoping, con procesamiento previsto en una instalación autorizada en Philipsburg.
Magellan Copper and Gold Corp. (OTC PINK:MAGE)는 몬태나의 역사적인 Atlantic Cable Gold Mine에 대해 Gold Express Mines와 공동 투자 계약을 체결했습니다. 이 계약에 따라 Magellan은 프로젝트에서 45%의 참여 지분을 얻기 위해 24개월 동안 $400,000를 개발 비용으로 투자해야 합니다.
Cable Mine 부지는 480 에이커의 특허지와 500 에이커의 비특허 광산 청구지를 포함합니다. 1900년대 초에 처음 탐사된 역사적 자원 블록은 207,000톤의 자원이 있으며, 구리 함량은 1.5-4%, 금 함량은 톤당 0.11-0.14 온스로 추정되었습니다. 최근의 코어 드릴링에서는 톤당 0.23-3.44 온스의 금 함량을 가진 여러 개의 5피트 간격이 나타났습니다.
회사는 허가 승인을 기다리며 광석 처리에 대한 성공적인 상업적 계약을 통해 연중 운영할 계획입니다. 채굴은 전통적인 절단 및 채움 방법이나 백스톱핑을 사용할 것이며, 가공은 필립스버그에 있는 허가된 시설에서 진행될 예정입니다.
Magellan Copper and Gold Corp. (OTC PINK:MAGE) a conclu un accord de joint-venture avec Gold Express Mines concernant la historique Atlantic Cable Gold Mine dans le Montana. L'accord exige que Magellan investisse $400,000 en dépenses de développement sur 24 mois pour acquérir un 45% d'intérêt participatif dans le projet.
La propriété de la Cable Mine s'étend sur 480 acres de terrain breveté et 500 acres de revendications minières non brevetées. Un bloc de ressources historiques, initialement exploré dans les années 1900, a été estimé contenir 207,000 tonnes avec un taux de 1.5-4% de cuivre et 0.11-0.14 onces d'or par tonne. Des forages récents ont montré plusieurs intervalles de 5 pieds avec des teneurs comprises entre 0.23-3.44 onces d'or par tonne.
Les entreprises prévoient des opérations tout au long de l'année en attendant les approbations de permis et des arrangements commerciaux réussis pour le traitement du minerai. L'exploitation minière utilisera des méthodes conventionnelles de découpe et de remplissage ou de back-stopping, avec un traitement prévu dans une installation autorisée à Philipsburg.
Magellan Copper and Gold Corp. (OTC PINK:MAGE) hat einen Joint-Venture-Vertrag mit Gold Express Mines über die historische Atlantic Cable Gold Mine in Montana abgeschlossen. Der Vertrag erfordert von Magellan, $400,000 in Entwicklungsausgaben über 24 Monate zu investieren, um einen 45%igen Beteiligungsanteil an dem Projekt zu erwerben.
Das Grundstück der Cable Mine umfasst 480 Acres patentiertes Land und 500 Acres nicht patentierte Bergbauansprüche. Ein historischer Ressourcenblock, der ursprünglich in den 1900er Jahren erkundet wurde, wurde auf 207,000 Tonnen geschätzt, mit einem Gehalt von 1.5-4% Kupfer und 0.11-0.14 Unzen Gold pro Tonne. Jüngste Kernbohrungen zeigten mehrere 5-Fuß-Intervalle mit Gehalten zwischen 0.23-3.44 Unzen Gold pro Tonne.
Die Unternehmen planen ganzjährige Operationen, die von Genehmigungen und erfolgreichen kommerziellen Vereinbarungen zur Erzaufbereitung abhängen. Der Bergbau wird konventionelle Schnitt- und Füllmethoden oder Back-Stopping nutzen, wobei die Verarbeitung in einer genehmigten Anlage in Philipsburg geplant ist.
- Joint venture secured with minimal upfront capital ($400,000)
- Historic high-grade resource of 207,000 tons with 1.5-4% copper and 0.11-0.14 oz/ton gold
- Recent drilling confirms high-grade gold presence (up to 3.44 oz/ton)
- Access to permitted processing facility nearby
- Large land package of 980 total acres
- Historic resource requires modern confirmation
- Additional permits required for main operations
- Significant capital needed beyond initial $400,000 investment
- Processing arrangements not yet finalized
WALLACE, ID / ACCESS Newswire / February 26, 2025 / Magellan Copper and Gold Corp. (OTC PINK:MAGE) ("Magellan" or the "Company"), is pleased to announce that the company has entered into an agreement with Gold Express Mines for a joint venture participatory agreement on the historic Atlantic Cable Gold Mine (the "Cable Mine") located about midway between Anaconda, Montana and Philipsburg, Montana.
The Cable Mine is widely considered one of Montana's top tier bonanza-grade gold producers and is known for its museum quality specimen gold. The Cable property was discovered in 1866 and saw several periods of active operations before being closed by the War Powers Act of 1942 (order L-208 issued by the U.S. War Production Board, shut America's gold mines on December 7, 1942).
The agreement calls for Magellan to spend a minimum of
The Cable property consists of 480 acres of patented ground and 500 acres of unpatented mining claims. Labor and other services are available in both Anaconda and Philipsburg, 14 and 20 driving miles away, respectively. A likely location for processing of Cable ore is a fully permitted milling facility located at Philipsburg.
Permitting will be primarily with the Montana Dept. of Environmental Quality ("MDEQ"). Currently there is a permit in place for trenching work on a placer mining target located at the mine site. This work shall be completed this spring, subject to a reclamation bond being provided to MDEQ.
The next step in permitting will be to request a permit to re-open the main tunnel of the Cable Mine. The clean-up and refurbishment of this tunnel will allow access underground. The Company is studying historic records and reports to develop an underground drilling and sampling plan to confirm a historic copper-gold resource that is reported to be present within the mine.
This historic resource block was initially explored in the early 1900s by long-hole drilling and was estimated to contain 207,000 tons grading 1.5 to
Potential investors and interested parties are cautioned that these historic results from past drilling and sampling will need to be confirmed by the Company. There is no assurance that the resource block referred to is still present in the mine, or that the Company will obtain sample or drill results as positive as those obtained in the past.
If the resource block is confirmed substantially at the grades and tonnages obtained in historic work, it will be the intention of both Magellan and Gold Express to operate the Cable Mine year-round, subject to required permits being obtained and successful commercial arrangements are made for treatment of the ore.
The underground resource will be mined using conventional cut-and-fill methods or back-stoping in select blocks of ore-grade material. Company principals and associates will plan and manage daily production work, hiring and developing a mining labor force to be used for the mining. Outside contracted services will likely be used for ore hauling, milling and refining.
About Magellan Copper and Gold Corp.
Magellan Copper and Gold Corp. (MAGE) is focused on the exploration and development of precious metals and copper in the Western United States. Magellan has two primary gold projects, the Cable Mine in Montana, and the Center Star Mine, located near Elk City, Idaho. The Company also control three copper projects, two in Idaho and one in Arizona.
To learn more about Magellan Copper and Gold Corp., visit www.magellangoldcorp.com.
About Gold Express Mines, Inc.
Gold Express Mines is a US-based, multi-commodity mining company focused on the discovery, development and production of precious and base metal assets. Gold Express holds fourteen precious metal projects and six copper projects in the Western United States and has a substantial ownership interest in Fermi Uranium Corp., a uranium/rare earth exploration company. To learn more about Gold Express Mines, visit www.goldexpressmines.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 extracted, or that they will be permitted for production.
Forward Looking Statements
This release contains "forward-looking statements." Such statements are based on good faith assumptions that Magellan Copper and Gold Corp. 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 the Company's periodic filings with the Securities and Exchange Commission.
Contacts:
Magellan Copper and Gold Corp.
Mike Lavigne, CEO
mblavigne@magellangoldcorp.com
SOURCE: Magellan Gold Corp.
View the original press release on ACCESS Newswire
FAQ
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