West Vancouver, British Columbia – September 26, 2017 – Magnum Goldcorp Inc. (the “Company” or “Magnum Goldcorp”) announces that it is commencing an exploration program on its “LH” gold exploration property (the “LH Property”). The LH Property consists of 19 contiguous crown granted claims and six mineral claims located approximately 7 km south of Silverton, British Columbia, on the east side of Slocan Lake.
For the 2017 exploration program, the Company has proposed a two-phase program in the upper Fingland Creek basin. Phase I comprises a ground geophysical survey over the LH underground workings to delineate pyrrhotite-hosted, high grade gold mineralization previously identified in the LH underground workings. Phase II comprises a small diamond drill program to further evaluate sub-surface, high-grade gold mineralization previously identified, associated with the underground workings of the LH Mine (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 Au, including 10.9 m of 20.61 g/t Au, and 11 m of 20.66 g/t Au). The Company is expecting receipt of an approved Mines Act Permit for the proposed drill program on or about October 7, 2017. The Company has applied for a two-year permit to facilitate flexibility in planning its program.
Data from the phase 1 program will be acquired along a series of north-south oriented survey lines straddling the surface projection of the LH Underground workings. Line spacing is expected to be approximately 25 m so as to provide high resolution definition of the vein system. The survey will extend east approximately 500 m along strike from Fingland Creek (along which an interpreted fault is interpreted to truncate and/or offset the vein system).
Upon receipt of the approved Mines Act Permit, the phase II program will commence with mobilization of a crew to build the first of two pads proposed north of the LH Underground workings. Approximately 1,000 m of BTW drilling is proposed in a series of relatively short holes (<100 – 150 m) 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. In contrast to the 2015 drill program, the proposed drill holes are expected to be oriented at a high angle to the vein system, allowing more confident determination of the true width of the vein(s).
The vein system is interpreted to strike essentially east-west and dip steeply to the north. Sub-surface drill hole intercepts correlate well with historical mineralized samples reported from mineralization exposed in Level 1 and are interpreted to define a vein system which extends to depth just south of Level 3 (the lowest level of development in the LH underground workings). The 2017 program is expected to better define the vein system, both along strike and to depth.
This news release has been reviewed and approved by Rick Walker, P. Geo., who is acting as the Company’s Qualified Person for the LH Property project, in accordance with regulations under NI 43-101.
For further information, contact Mr. Clive Shallow, Shareholder Communications, at 604-922 2030.
Magnum Goldcorp Inc.
“Douglas L. Mason”
Douglas L. Mason, Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
This news release includes certain statements that may be deemed “forward-looking statements” within the meaning of applicable securities legislation. All statements, other than statements of historical facts, that address such matters as future exploration, drilling, exploration activities, potential mineralization and resources and events or developments that the Company expects, are forward looking statements and, as such, are subject to risks, uncertainties and other factors of which are beyond the reasonable control of the Company. Such statements are not guarantees of future performance and actual results or developments may differ materially from those expressed in, or implied by, this forward-looking information. Factors that could cause actual results to differ materially from those in forward-looking statements include such matters as market prices, exploitation and exploration results, continued availability of capital and financing, and general economic, market or business conditions. Any forward-looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and subject to change after that date and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.