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Overview

The LH gold property is 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.View of LH Property

In 2022, the Company completed a drill program to continue evaluation of multiple high-grade, gold-bearing, pyrrhotite mineralized zones spatially associated with the LH underground workings (see News Releases dated May 30, 2022 and July 4, 2022). Gold-bearing zones have been previously documented from both underground chip sampling by a previous operator and diamond drilling by Magnum (see News Releases dated Nov. 25, 2019, Feb 8, 2018, Aug. 18, 2015).

The holes completed in 2022 continue to document multiple, pyrrhotite mineralized, variably gold-bearing zones, including high-grade, gold-bearing intervals, consistent with previous programs. Very high-grade intercepts, arbitrarily defined as those above 10 g/t Au, are comparatively small, however, they are contained within much larger mineralized intervals and, when composited over the width of those intervals, return respectable average grades over encouraging widths. Furthermore, the strong correlation between prominent magnetic anomalies and well mineralized, gold-bearing intervals has been extended to both depth and farther south, beyond immediate proximity to the LH Underground workings. More specifically, shallow intercepts in both holes LH22-55 and 56 are located approximately 160 m south of the surface trace of the underground workings.

Cumulatively, results to date document multiple high-grade, gold-bearing intervals, varying in thickness from at least 1 metre to in excess of 8.75 m thick.  Sections document mineralized zones extending to at least 100 m below surface and approximately 160 m south of the underground workings. In addition, drill hole LH86-06 (drilled previously by Noranda Exploration Ltd, internal report dated 1986) documents two mineralized intervals, the first grading 1.46 g/t over 10.65 m and the second grading 1.46 g/t over 13.20 m, with the second located 150 m below surface at the eastern end of the surface projection of the LH Underground Workings.

Underground sampling confirms that variable, moderate to high-grade gold (≤154.08 g/t) has been documented throughout Levels 1 and 2, from east to west (approximately 100 m) and north to south (approximately 40 m).  Drilling by the Company continues to document high-grade, gold-bearing mineralization, extending to a depth of at least 100 m below surface, with previous drill-hole LH86-06 documenting mineralization extending to a depth of at least 150 m below surface at the east end of the underground workings.  Taken together, these data are interpreted to indicate strong potential to delineate a mineral resource spatially associated with the LH Underground Workings.

Previously tested pyrrhotite-bearing mineralized zones are spatially associated with prominent magnetic signatures in the immediate vicinity of the underground workings. Gold-bearing intercepts documented from within, and adjacent to, the underground workings are strongly correlated with pyrrhotite mineralization, with the intensity of pyrrhotite mineralization strongly correlated with gold content. Therefore, high intensity magnetic anomalies are interpreted to represent potential high-grade gold-bearing zones within the mineralized system and comprised the targets for the 2022 drill program. Furthermore, additional prominent, high intensity magnetic anomalies evident in the Fingland Creek drainage are interpreted to be similarly correlated with gold-bearing pyrrhotite mineralization.

With a two-year work permit in hand, Magnum is planning to continue its exploration efforts on the LH Property consisting of 19 contiguous crown granted claims, seven mineral claims and a mineral lease located approximately 6 km south of Silverton, east of Slocan Lake.

Historically, in 2015, Magnum Goldcorp completed an 11  drill hole program which targeted high grade gold mineralization previously identified in LH underground workings. The drill program returned impressive analytical results some of which included 16.9 meters of 13.58 g/t Au including 10.9 meters of 20.91 g/t Au and as well, 11 meters of 20.66 g/t Au.

Until 1987, all work on the LH Property focussed on exploring for extensions to the narrow, high grade mesothermal quartz vein hosted gold mineralization. Although these programs met with some success, the work did not develop any significant targets. In 1987, surface prospecting and soil geochemistry by Noranda Mines located the Ridge Zone which they tested by 8 drill holes. Drilling in 2012 by International Bethlehem Mining Corp., confirmed the presence of the Ridge Zone mineralization. The mineralized Underground Workings and the Ridge Zone are now the target for further exploration.