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 Magnumgold Corp. 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
Magnum’s 2016 exploration drill program is expected to commence early this summer. The planned program proposes additional testing of high grade gold mineralization previously identified and associated with the underground workings of the LH Mine and/or along the Ridge Zone. The proposed drill program will be comprised of a series of fanned holes drilled along multiple azimuths from two locations approximately 25 – 30 m north of the surface projection of the underground workings. The proposed series of relatively shallow holes is expected to provide:
- further evaluation of an interpreted series of high grade, gold-bearing zones,
- extension of the mineralized zone(s), east and west along strike and to depth, and
- provide sufficient high grade, gold-bearing intercepts sufficiently spaced in three dimensions to calculate an initial NI 43-101 compliant Resource Estimate.