Magellan Gold Enters Joint Venture Agreement With Gold Express Mines

Rhea-AI Summary

Magellan Gold Corporation (OTCQB:MAGE) announced a Joint Venture Agreement with Gold Express Mines on the Kris Project in Plumas County, California. This high-grade underground project encompasses 79 mining claims over 1,580 acres in a historically productive gold belt. It aims to explore a mineralized zone measuring 1,500 feet long and 30 feet wide, with potential for extensive ore-grade mineral deposits. The project is aligned with Magellan's strategy to develop near-term production opportunities. Company CEO Mike Lavigne emphasized the project's significant potential for shareholders.

Positive

• Joint Venture with Gold Express Mines enhances exploration capabilities.
• Kris Project located in a proven gold-producing area with historical output exceeding 250,000 ounces.
• Strong logistical advantages with proximity to roads, rail, and power.
• Significant exploration potential with a large mineralized zone.

Negative

• None.

The Companies are targeting a high-grade underground resource at the bottom of the past-producing Clear Creek Mine pit.

WALLACE, ID / ACCESSWIRE / April 5, 2023 / Magellan Gold Corporation (OTCQB:MAGE) ("Magellan" or the "Company"), is pleased to announce that the company has entered into a Joint Venture Agreement with Gold Express mines on their Kris Project. The Kris Project is a high-grade underground target located in Plumus County, California.

The property package at the Kris Project consists of 79 unpatented mining claims covering about 1580 acres that contain much of the best part of a 10-mile-long gold belt that historically produced over 250,000 ounces of gold from the 1850s to the 1940s. Project logistics are excellent with abundant Forest Service roads and past drill roads. The Project lies very near paved highway, and a few miles to rail siding, and power lines. The Company is targeting a high-grade underground resource at the bottom of the past-producing Clear Creek Mine pit. Surface sampling suggests a mineralized zone 1500' long and 30' wide and unknown depth. Many other similar targets are indicated along the 10-mile-long thrust fault zone. Mineralization is a classic orogenic thrust fault-related or Mother Lode-type deposit with excellent potential for ore-grade mineral to extend thousands of feet below the historical production from the open pit.

The newly acquired properties fit perfectly with the Company's focus to acquire, explore, and develop early to mid-stage exploration targets or near-term production plays. The Company continues to remain focused in the State of Idaho and to leverage current managements many years of experience in the mining industry in the state. In the near future the Company will be speaking more specifically about each of the new property acquisitions, and we look forward to updating our current shareholders and the investing public about these new acquisitions and our Center Star Mine project as well.

"The Kris Project represents a tremendous opportunity for Magellan Gold's shareholders", said Mike Lavigne, Magellan Gold's CEO. "The Kris Project is a great example of the type of near-term production potential properties we are seeking to add to our portfolio", he further stated.

Mr. John Ryan, CEO and President of Gold Express Mines, said, "We are pleased to be teaming up with Magellan Gold to move the exploration and development of the Kris Project forward" He also stated, "The Kris Project offers a high-grade target in a proven past-producing area with significant upside potential".

About Magellan Gold Corporation

Magellan Gold Corporation (MAGE) is focused on the exploration and development of precious metals in North America and more specifically the Western United States. Magellan controls six projects: The Center Star Gold Mine, Golden, Idaho Project, Seafoam District, Blacktail District, Bit-It Project, and Terror Gulch (Capparelli Group), all located within the State of Idaho.

To learn more about Magellan Gold Corporation, 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 and focused on historic mining districts and other known mineralized areas. Gold Express Mines prioritizes sustainability in its operations. We will utilize best practices to ensure that the economic, social and environmental impacts of our projects are in harmony with the goals and desires of the local towns, regions, and indigenous organizations where we operate. Our aim is to be a part of a new era of low-impact, socially responsible mining which provides an abundance of newly mined metals critical to our nation's security, economic growth, and reduction of carbon dioxide emissions.

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.

Contacts:

Magellan Gold Corporation
Mike Lavigne, CEO
mblavigne@magellangoldcorp.com

SOURCE: Magellan Gold Corporation

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FAQ

What is the significance of the Joint Venture Agreement between Magellan Gold Corporation and Gold Express Mines?

The agreement aims to advance the exploration and development of the Kris Project, highlighting its high-grade underground resources.

How large is the Kris Project and what is its historical significance?

The Kris Project covers 1,580 acres with a historical gold production of over 250,000 ounces from the 1850s to 1940s.

What are the logistical advantages of the Kris Project?

The project benefits from abundant access roads, proximity to paved highways, and nearby rail siding and power lines.

What mineralization potential does the Kris Project have?

Surface sampling indicates a mineralized zone approximately 1,500 feet long and 30 feet wide, with potential to extend to great depths.

What is Magellan Gold Corporation's focus in terms of property acquisitions?

The company aims to acquire and develop early to mid-stage exploration targets or near-term production plays primarily in Idaho.