Magellan Gold Acquires Center Star Gold Project in Idaho
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Magellan Gold Corporation has entered into a stock purchase agreement to acquire Clearwater Gold Mining Corporation. Clearwater owns certain unpatented mining claims in Idaho County, Idaho that include the historic Center Star Gold Mine near Elk City, Idaho.
The Center Star Mine hosts high grade gold mineralization that was discovered in the early 1900’s. There was periodic historic production and development work done under different ownership through the 1980s. With the high-grade gold mineralization present, Magellan will be evaluating the historic mine data to assess the potential to develop a gold resource at Center Star. The project area is located 45 miles from Grangeville, Idaho and near the town of Elk City, Idaho.
“The Center Star Mine acquisition is the first in the company’s new focus to acquire and develop early to mid-stage exploration targets or near-term production plays in North America. Center Star fits our focus perfectly with a former operating history and known gold occurrences that we believe may lead to resource development and potential near-term production of the property,” said John Power, president and director of Magellan Gold.
Gold mineralization at Center Star Mine is hosted in multiple parallel quartz veins in a banded gneiss. Like many of the historic mines in the Elk City area the gold is present in steeply dipping quartz veins. The gold at the Center Star Mine occurs in high grade veins that trend north-easterly and dip steeply to the south east. These veins are present in a 75’ to 100’ wide sheer zone hosting quartz veins and breccia. It is believed the gold bearing veins vary from inches to 20 feet in width and contain gold from .35 ounce per ton gold to multi ounce per ton gold based on historic mine data. The property was historically developed by various owners and has had some production history of gold and silver production. The Center Star Mine has not had any exploration or development work conducted in the last 35 years and has the potential for significant ore reserves.
About Magellan Gold Corporation
Magellan Gold Corporation is focused on the exploration and development of precious metals in North America. Magellan controls two projects: The Center Star Gold Mine in Idaho and the Silver District Property in Arizona.
To stop by Magellan’s website, CLICK HERE
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