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magellan gold corp (MAGE) Details

Magellan Gold Corporation, an exploration stage company, engages in the acquisition and exploration of mineral resources in the United States. The company explores for gold and silver deposits. It primarily holds interest in the Silver District project consisting of 110 unpatented lode and mill site mining claims, 4 patented lode claims, and 1 state lease covering an area of approximately 2,000 acres located in La Paz County, Arizona; and a 100% interest in the Sacramento Mountains project, which includes 50 unpatented lode mining claims covering an area of approximately 1,000 acres located in the Needles, California. The company was founded in 2010 and is based in Vacaville, California.

magellan gold corp (MAGE) Top Compensated Officers

Chief Executive Officer, President, Chief Fin...
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Compensation as of Fiscal Year 2013.

magellan gold corp (MAGE) Key Developments

Magellan Gold Corporation Receives Assay Results Within its 100% Optioned Silver District Project in La Paz County, Arizona

Magellan Gold Corporation announced that it has received assay results from the recently completed core drilling program within the company's 100% optioned Silver District project in La Paz County, Arizona. Magellan drilled two (PA-01 /336 total depth & PA-02 /380 total depth) core holes to test its Papago target and one (RC-01/244 total depth) to test its Red Cloud target. The company's consulting geologist selected 52 samples that were delivered to ALS Labs in Reno, NV for analysis. Excellent comparison of its core hole PA-01 with historic RC hole with S242P. Magellan PA-01 intercept of 90 feet grading 6.05 OPT Ag, (including 10 feet of 17.06 OPT Ag), compare very favorably to the historic result of 90 feet grading 5.78 OPT Ag (including 10 feet averaging 14.60 OPT Ag). Previously unreported significant zinc and lead assays from the mineralization in PA-01 4.71% Zn and 1.56% Pb over 90 feet, including 10 feet averaging 8.35% Zn and 4.02% Pb. PA-01 intercepted a previously unknown vein structure, about 15 feet wide and approximately 50 feet below the known mineralized structure, that includes 3 feet grading 3.64% Zn, 0.62% Pb and 0.15 OPT Ag. The significance of this occurrence relative to the Papago resource area is unknown at this time. PA-02 was drilled 250 feet east of PA-01 to test for the down plunge extension of that intercept, but did not encounter any mineralization due to offset by a late fault. RC-01 was drilled just north of the Red Cloud open pit to intersect the extension of the Red Cloud vein beneath the Red Cloud Fault. Although the vein was known to be partly cut off by that fault, the hole intersected over 10 feet of the footwall of the vein, which has never been mined, including five feet grading 3.2% Pb, 7.47% Zn, 0.6 OPT Ag and Trace Au. The granodiorite in the footwall of the vein was extensively altered with stockwork veins for over 50 feet, containing anomalous levels of Pb, Zn, Ag and Au. The new drill results will be incorporated into the existing historic drill database for use in planning additional drilling of the immediate project area. Geologic evaluation of the entire district continues as Magellan develops additional drill targets in and around the multiple satellite deposits in the Silver District land package. Drill samples were stored on-site inside a locked, guarded facility until selected samples were transported by the project geologist to a similar facility in Sparks, Nevada. There they were photographed, sawed and sampled under his direct supervision and then transported by him to ALS Minerals laboratory for analysis. Duplicates, blanks and standards were inserted at appropriate intervals for QA/QC purposes. The project geologist is a Licensed Professional Geologist in the State of Utah.

Magellan Gold Corporation Commences Drilling at Silver District Project in La Paz County, Arizona

Magellan Gold Corporation announced that it has all of the necessary permits and started core drilling at its Papago target located within the company's 100% optioned Silver District project in La Paz County, Arizona. Based on drilling by previous operators and the width and intensity of the hydrothermal alteration and veining, Papago is one of the better developed targets for the expansion of identified mineralization in the Silver District and confirmation of historical drill tests. The initial phase of drilling will consist of two holes totaling 750 feet.

Magellan Gold Corporation Auditor Raises 'Going Concern' Doubt

Magellan Gold Corporation filed its 10-K on Mar 07, 2014 for the period ending Dec 31, 2013. In this report its auditor, Malone & Bailey, PLLC, gave an unqualified opinion expressing doubt that the company can continue as a going concern.


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