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Magellan Gold Announces Geochemical Results from Silver District Project

Magellan Gold Corporation is pleased to announce geochemical results from sampling at its 100% controlled Silver District Project located in La Paz County, southwest Arizona.

Rock chip surface samples collected across seven of fourteen known deposits were successful in validating the occurrence of silver values up to 13.0 ounces per ton and fluorspar values up to 25.7% over significant widths. Silver District deposits are localized along three major vein systems having a collective strike length of eight miles. Previous shallow drilling that partially tested these vein systems defined historical resources containing 16 million ounces silver and 328,450 tons fluorite, with additional barite and lead-zinc mineralization.

Pierce Carson, CEO of Magellan's mineral subsidiary Gulf & Western Industries, Inc. said, "These encouraging sample results are consistent with historical drilling results. In addition, with respect to any future mining development, ICP 33-element analysis returned low values for environmentally undesirable elements such as mercury, arsenic and uranium.

"The Silver District Project exhibits excellent potential for substantial expansion of the near-surface oxidized silver and fluorite historical resources drilled to date. Subject to funding, we plan to conduct an extensive drilling program to test strike and depth extensions of the vein deposits. The project shows promising potential for development of a silver mine with by-products fluorite, barite and lead-zinc."

Following are highlights of sample results:

Clip (15 ft rock chip across vein): 13.0 opt Ag; 5.2% Fluorspar (CaF2); 6.9% Barite (BaSO4)
Geronimo (12 ft rock chip across vein): 10.5 opt Ag; 5.7% Fluorspar; 1.5% Pb
MP (20 ft rock chip across vein): 5.3 opt Ag
Red Cloud (30 ft rock chip across vein): 4.1 opt Ag; 25.7% Fluorspar; 2.1% Zn
Pacific (20 ft rock chip across vein): 1.0 opt Ag; 20.9% Fluorspar; 2.2% Pb; 3.8% Zn

For locations of the deposits from which the samples were collected, refer to pages 14 and 19 of Magellan's management presentation at the following link:

Geochemical analyses were performed by ALS Minerals in Reno, NV and Vancouver, B.C. Silver analysis was by four acid digestion, HCl leach and atomic absorption finish. Fluorine analysis was by Na2O2 fusion, citric acid leach and ion selective electrode. Barium analysis was by fusion XRF. Lead and zinc analyses were by four acid digestion with ICP-AES finish. All samples were analyzed as part of a 33 element package by four acid digestion and ICP-AES finish. Gold analysis was by fire assay with atomic absorption finish.


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