8-K
MAGELLAN COPPER & GOLD Corp (MAGE)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the SecuritiesExchange Act of 1934
Date of Report (Date of earliest event reported):
August 24, 2021
MAGELLAN GOLD
CORPORATION (Exact Name of Registrant as Specified in its Charter)
| Nevada | 000-54658 | 27-3566922 |
|---|---|---|
| (State or other jurisdiction<br><br> of incorporation) | Commission File<br><br>Number | (I.R.S. Employer Identification number) |
602 Cedar St., Ste. 205, Wallace, Idaho 83873
(Address of principal executive offices) (Zip Code)
Registrant's telephone
number, including area code: 707-291-6198
______________________________________________________
(Former name or former address, if changed since last report)
| ☐ | Written communications pursuant to Rule 425 under the Securities Act |
|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act |
Securities registered pursuant to Section 12(b)of the Act:
| Title of each Class | Trading Symbol | Name of each exchange on which registered |
|---|---|---|
| N/A | N/A | N/A |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| ITEM 7.01 | REGULATION FD DISCLOSURE |
|---|
On August 24, 2021, Magellan Gold Corporation (the “Company”) issued a press release announcing that work has commenced on reopening the upper portal at its flagship Center Star Gold Mine project in Idaho. The upper portal of the Center Star Mine is the point that a new drift was driven in 1981 from the surface to the intermediate level. This was the last significant work at the mine prior to it being shut down during a period of low gold prices. Crosscut work from 1982 discovered two previously unknown veins at the intermediate level, one vein assayed 1.09 oz/ton and the second vein assayed 2.75 oz/ton. In addition to providing access to these veins, the reopening of the upper portal will eventually allow for a secondary escape route from the mine as the Company proceeds with additional exploration and development. A copy of the Press Release is filed herewith as Exhibit 99.1.
The information in this Current Report on Form 8-K furnished pursuant to Item 7.01, including Exhibit 99.1, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to liability under that section, and they shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. By filing this Current Report on Form 8-K and furnishing this information pursuant to Item 7.01, the Company makes no admission as to the materiality of any information in this Current Report on Form 8-K, including Exhibit 99.1, that is required to be disclosed solely by Regulation FD.
| ITEM 9.01 | FINANCIAL STATEMENTS AND EXHIBITS |
|---|---|
| Item | Title |
| --- | --- |
| 99.1 | Press Release |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| Magellan Gold Corporation | |
|---|---|
| Date: August 26, 2021 | By: /s/ Michael B. Lavigne<br><br> <br>President |
Exhibit 99.1
Magellan BeginsWork to Open Upper Portal at Center Star Gold Mine in Idaho
Upper portal expected to provide access totwo previously unknown veins detailed in 1982 geological report
WALLACE, Idaho — August 18, 2021 – Magellan Gold Corporation (OTCQB: MAGE) ("Magellan" or the "Company"), a US-focused precious metals exploration and development company, is pleased that work has commenced on reopening the upper portal at its flagship Center Star Gold Mine project in Idaho.
“We are anxious to get the upper portal opened to get access to two veins that were described in a 1982 geological report that noted two previously unknown veins that were intersected while driving the drift,” said Mike Lavigne, President of Magellan. “With the upper portal and main portals open we will be able to work from both the intermediate level and the main level of the mine, providing us a much better platform for future exploration and development.”
The upper portal of the Center Star Mine is the point that a new drift was driven in 1981 from the surface to the intermediate level. This was the last significant work at the mine prior to it being shut down during a period of low gold prices. Crosscut work from 1982 discovered two previously unknown veins at the intermediate level, one vein assayed 1.09 oz/ton and the second vein assayed 2.75 oz/ton. In addition to providing access to these veins, the reopening of the upper portal will eventually allow for a secondary escape route from the mine as the Company proceeds with additional exploration and development.
Located near the Elk City mining district of Idaho, Center Star hosts high-grade gold mineralization that was discovered in the early 1900s, with periodic historic production and development work done under different ownership through the 1980s.
Since acquiring the Center Star project in July 2020, Magellan acquired additional unpatented mining claims adding 320 acres of land to increase its holding to 620 acres of claims along the Center Star gold trend.
About Magellan Gold Corporation
Magellan Gold Corporation (OTCQB: MAGE) is focused on the exploration and development of precious metals in North America. Magellan's flagship project is the Center Star Gold Mine in Idaho. We are additionally working to build a collection of interests in operating mines in the Western United States. Our goal going forward will be to achieve production and expand our resource base to achieve greater market recognition for the benefit of our shareholders.
To learn more about Magellan Gold Corporation, visit www.magellangoldcorp.com.
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Cautionary Statement
The United States Securities and ExchangeCommission (“SEC”) permits mining companies, in their filings with the SEC, to disclose only those mineral deposits thata company can legally extract or produce. Pursuant to SEC Industry Guide 7 under the United States Securities Act of 1933, asamended, a “final” or “bankable” feasibility study is required to report reserves. Currently Magellan hasnot delineated “reserves” on any of its properties. Magellan cannot be certain that any deposits at its properties willever be confirmed or converted into SEC Industry Guide 7 or any successor rule or regulation compliant “reserves”.Investors are cautioned not to assume that any part or all of the historic gold zones will ever be confirmed or convertedinto reserves or that it can be economically or legally extracted.
The SEC has adopted amendments to its disclosurerules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the UnitedStates Securities Exchange Act of 1934, as amended. These amendments became effective February 25, 2019, and, on January1, 2021, replaced the historical property disclosure requirements for mining registrants that were included in SEC Industry Guide 7, whichhave been rescinded from and after such date. The amendments referenced above do not rescind the disclaimers made in the precedingparagraph.
Forward Looking Statements
This release contains "forward-lookingstatements." Such statements are based on good faith assumptions that Magellan Gold Corporation believes are reasonable, but whichare subject to a wide range of uncertainties and business risks that could cause actual results to differ materially from future resultsexpressed, projected or implied by such forward-looking statements. Factors that could cause actual results to differ from those anticipatedare discussed in Magellan Gold Corporation's periodic filings with the Securities and Exchange Commission.
Contact:
Bruce Nurse
Magellan Gold Corp.
303-919-2913
bnurse@magellangoldcorp.com
RedChip Companies, Inc.
Todd McKnight
407-571-0904
todd@redchip.com
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