Under the flow through private placement (the 'FT Private Placement'), the Company intends to raise up to
The Company intends to use the proceeds from these private placements for further exploration on its 'LH Property' and for general working capital purposes.
Magnum has an approved 2-year Multi-Year Area Based (MYAB) work permit for its LH Property issued by the
The proposed 2023 program emphasizes work in anticipation of determination of an initial Resource Estimate. Approximately 1,125 m of drilling is proposed, anticipated to return additional moderate to high-grade, gold-bearing mineralized intercepts. The resulting cumulative gold-bearing mineralized volume is expected to extend over approximately 75 m east-west and to a vertical depth of approximately 50 m below surface along the LH vein system.
The LH Underground workings exposed a pyrrhotite-enriched, gold-bearing vein system, subsequently confirmed by 24 diamond drill holes completed in 2015 (10), 2017 (5), 2019 (4) and 2022 (5). The Company believes a strong positive correlation exists between pyrrhotite abundance and strongly elevated to highly anomalous gold values. As a result, prominent magnetic anomalies are interpreted to be spatially associated with, and correlated to, strongly elevated to high-grade gold content. Therefore, sub-surface 3D magnetic anomalies represent high priority drill targets.
In addition, arsenopyrite is often a pathfinder for gold mineralization. Therefore, intercepts of semi-massive to massive pyrrhotite and/or arsenopyrite mineralization visually identified in drill core are expected to return strongly elevated to highly anomalous gold values on subsequent analysis.
The LH Property is a gold exploration property consisting of 19 contiguous crown granted claims and 7 mineral claims, located approximately 7 km south of
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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, including the finder's fees that may be paid by the Company and the intended use of the proceeds of the private placement, are forward-looking statements and, as such, are subject to risks, uncertainties and other factors 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. 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.
This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein in
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