Magnum Goldcorp Fact Sheet
Magnum Goldcorp is developing the LH Property located on east of Slocan Lake approximately 7.0 km south of the village of Silverton, in the Slocan Mining Division of southeastern British Columbia.
The LH Property is a gold exploration property consisting of 19 contiguous crown granted claims and 7 mineral claims, located approximately 7 km south of Silverton, British Columbia, on the east side of Slocan Lake. As announced April 27, 2016, Magnum now owns 100% of the LH Property.
In 1987, surface prospecting and soil geochemistry by Noranda Mines located the Ridge Zone which they tested by 8 drill holes.
In October 2012, International Bethlehem Mining Corp completed a 246 metre drill hole in the Ridge Zone, approximately twinning Noranda Hole LH88-23 which reported an intersection of 10.78m grading 4.38g/t Au confirmed the presence of the Ridge Zone mineralization.
A 2015 drill program conducted by Magnum Goldcorp intersected 16.9 m of 13.58 g/t Au, including 10.9 m of 20.61 g/t Au, and as well, 11 m of 20.66 g/t Au
The Company’s 2017 exploration program was comprised of a two-phase program in the upper Fingland Creek basin. Phase I consisted of a ground geophysical survey centred over the LH Underground workings to delineate pyrrhotite-hosted, high grade gold mineralization previously identified in the LH Underground workings. Phase II was comprised of a follow-up diamond drill program to further evaluate results of both the ground magnetic survey and sub-surface, high-grade gold mineralization previously identified, and associated with the underground workings of the LH Mine. (Note: see the Company’s news release dated August 18, 2015 providing all of the results from the Company’s 2015 drill program, including high grade gold intercepts of 16.9 m of 13.58 g/t Gold (Au), including 10.9 m of 20.61 g/t Gold (Au), and 11 m of 20.66 g/t Gold (Au)).
Data from the Phase 1 magnetic survey was acquired along a series of approximately north-south oriented survey lines straddling the surface projection of the LH Underground workings. Line spacing was approximately 50 m so as to provide definition of the vein system over the entirety of its strike length.
The prominent magnetic anomaly associated with the LH Underground workings is interpreted to extend at least 150 m along strike. The magnetic anomaly spatially associated with the LH Underground workings extends east to the steep ridge defining the eastern margin of the Fingland Creek drainage basin. Two additional, sub-parallel anomalies are evident immediately south of the LH anomaly, spaced approximately 50 m apart. These are tentatively interpreted as sub-parallel mineralized trends similar to the LH system. Additional local magnetic anomalies are evident on single lines or extending over at least two adjacent lines and, therefore, approximately 30 to 100 m in strike length. There are a relatively large number of magnetic anomalies identified on the central to eastern portion of the 2017 survey grid for subsequent follow-up.
In addition, an initial comparison of the magnetic data from a 2014 magnetic survey (collected along essentially east-west lines) and the 2017 data (collected along north-south lines) defines a prominent magnetic anomaly immediately south of the 2017 survey. It appears to have a preferred east-west orientation and is tentatively interpreted as a potential fourth east-west mineralized system sub-parallel to the LH system. The two data sets will be leveled and merged for further evaluation and interpretation.
The phase II drill program was immediately initiated following receipt of the approved Mines Act Permit, resulting in recovery of 659 m of BTW size drill core from 5 drill holes completed from a single pad. The holes were drilled to: 1) confirm one (or more) pyrrhotite-hosted, high grade vein(s) identified in the Company’s 2015 drill program; 2) confirm the estimated true width of the vein(s); and 3) attempt preliminary delineation of the mineralized zone with which to prepare an initial resource estimate. Results from the drill program are pending (expected in early 2018) and will be released once received and evaluated.
With a 2-year Multi-Year Area Based (MYAB) work permit in hand for its LH Property, the Company is planning a diamond drill program to further explore its LH Property, commencing in late Spring once snow conditions and weather conditions permit access.
The planned drill program will continue evaluation of an interpreted pyrrhotite-bearing vein system, interpreted to comprise multiple en echelon veins identified in both underground workings and previous drilling (see News Releases dated Nov. 25, 2019, Feb 8, 2018, Aug. 18, 2015). Highly anomalous gold results, up to 20.76 g/t over 11.0 m, were documented in the 2015 drill program from a total of 11 drill holes drilled at a shallow to moderate angle to the vein system. A follow-up program in 2017, comprising 5 holes drilled at a moderate to high angle to the vein system, documented slightly lower gold grades, up to 1.59 g/t over 11.97 m. A third drill program in 2019, comprising 4 drill holes drilled at a moderate to high angle to the vein system, returned up to 5.15 g/t over 5.58 m. True widths for mineralized intervals documented to date vary between approximately 0.5 to 9.00 m for multiple veins to vein segments comprising an interpreted en echelon system.
The pyrrhotite-bearing veins and vein segments return strong magnetic signatures, spatially associated with the underground workings developed along the vein system, as well as the 2015 drill intercepts. Drill intercepts from 2017 and 2019 are associated with less intense magnetic signatures and were interpreted to have tested a pyrrhotite mineralized halo, rather than the vein system itself. Evaluation of results from the 2019 airborne magnetic drone survey has identified several magnetic highs. Given a strong correlation between pyrrhotite content and gold grade, these magnetic high are interpreted to represent gold-bearing intervals along the vein system and comprise the targets for the 2022 drill program.