Symbols: TSXV:MGI & OTC: MGIDF Prices: $0.065c CDN & $0.0475c USD Common Shares: 15,275,250 Market Cap: $1 million Website: www.magnumgoldcorp.com
(Note: This is not financial advice to purchase or sell a stock. Do your own due diligence)
Story behind Magnum Goldcorp Inc: This company is highly speculative as it’s currently raising funds to do a drill program. There are no other mineral projects they own; balance sheet is pretty clean and float is quite small. Question is, what is special about the situation here?
The LH property is quite unique in that for a location that’s fairly close to infrastructure (Highways, Electricity, Towns) the company announced some incredibly high-grade gold intercepts from a drilling campaign in 2015. These results could be compared to more recent major discoveries such as Great Bear Resource (GBR) and Newfound Gold (NFG), but in a totally different district (not comparing terrain, district or depth, just strictly grams per tonne and length of intercepts).
Some of Magnum Goldcorp’s intercepts include: October 2012 – 10.78m of 4.38g/t Au 2015 – 16.9m of 13.58g/t Au 2015 – 10.0m of 20.61g/t Au 2015 – 11m of 20.66g/t Au **More information can be found on the company website**
Most recent financials show total assets at $3.1 million CAD and total liabilities at $375K CAD. The books are clean, but require cash to drill. Two private placements were recently announced:
Magnum raises non-flow-through financing to $500,000
2021-09-02 10:38 ET - News Release
Mr. Douglas Mason reports
MAGNUM GOLDCORP INC. INCREASES NON-BROKERED PRIVATE PLACEMENT
Further to its news release of Aug. 18, 2021, and subject to regulatory approval, Magnum Goldcorp Inc. has increased its non-flow-through non-brokered private placement to raise up to $500,000 by the issuance of 10 million non-flow-through units at five cents per NFT unit. Each NFT unit will consist of one common share and one share purchase warrant, with each warrant entitling the holder to purchase an additional common share for a period of five years at an exercise price of 10 cents. The flow-through private placement remains the same as announced to raise up to $360,000 by the issuance of six million flow-through shares at six cents per FT share. The warrants are subject to an acceleration right that allows the company to give notice of an earlier expiry date if the company's share price on the TSX Venture Exchange is equal to or greater than 25 cents for a period of 20 consecutive trading days. With respect to these private placements, the company may pay finders' fees in the amount of 10 per cent, payable in cash or NFT units, based on the sale of the FT shares and NFT units purchased by subscribers introduced to the company by such finders. 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 applied for a two-year multiyear area-based (MYAB) work permit for its LH property which is in the final stages of review by the Ministry of Energy and Mines and Petroleum Resources. The company anticipates receiving the work permit for the LH property in fall, 2021. The proposed 2021 program emphasizes work in anticipation of determination of an initial resource estimate. Approximately 1,100 metres of drilling are proposed, together with acquisition of magnetic susceptibility and specific gravity measurements from archived drill core. Magnetic susceptibility data will be used in additional processing of existing geophysical to develop 3-D magnetic inversion models with which to develop and confirm subsurface drill targets. The LH underground workings exposed a pyrrhotite-enriched, gold-bearing vein system, subsequently confirmed by 16 diamond drill holes completed in 2015 and 2017 (see the company's news releases dated Aug. 18, 2015, and Feb. 8, 2018, respectively). The company believes there is a positive correlation between pyrrhotite content and gold grades, with pyrrhotite-rich magnetic anomalies and/or subsurface drill intercepts correlated to high-grade gold. The LH property is a gold exploration property consisting of 19 contiguous Crown granted claims and seven mineral claims, located approximately seven km south of Silverton, B.C., on the east side of Slocan Lake. Access to the LH property is via Highway 6 for 1.1 km south of Silverton and then via Red Mountain Road for 1.6 km to the Hewitt Mine Road, and then along a four-wheel drive road along Fingland Creek for approximately five km.
Magnum Goldcorp arranges $760,000 private placement
2021-08-18 10:25 ET - News Release
Mr. Douglas Mason reports
MAGNUM GOLDCORP INC. ANNOUNCES NON-BROKERED PRIVATE PLACEMENTS Magnum Goldcorp Inc., subject to regulatory approval, intends to proceed with a flow-through and a non-flow-through non-brokered private placement. Under the flow-through private placement, the company intends to raise up to $360,000 by the issuance of six million FT shares at six cents per FT share. Under the NFT private placement, the company intends to raise up to $400,000 by the issuance of eight million NFT units at five cents per NFT unit. Each NFT unit will consist of one common share and one share purchase warrant, with each warrant entitling the holder to purchase an additional common share for a period of five years at an exercise price of 10 cents. The warrants are subject to an acceleration right that allows the company to give notice of an earlier expiry date if the company's share price on the TSX Venture Exchange is equal to or greater than 25 cents for a period of 20 consecutive trading days. With respect to these private placements, the company may pay finders' fees in the amount of 10 per cent, payable in cash or NFT units, based on the sale of the FT shares and NFT units purchased by subscribers introduced to the company by such finders. 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 applied for a two-year multi-year area-based (MYAB) work permit for its LH property which is in the final stages of review by the Ministry of Energy and Mines and Petroleum Resources. The company anticipates receiving the work permit for the LH property in fall 2021. The proposed 2021 program emphasizes work in anticipation of determination of an initial resource estimate. Approximately 1,100 metres of drilling is proposed, together with acquisition of magnetic susceptibility and specific gravity measurements from archived drill core. Magnetic susceptibility data will be used in additional processing of existing geophysical to develop 3-D magnetic inversion models with which to develop and confirm subsurface drill targets. The LH underground workings exposed a pyrrhotite-enriched, gold-bearing vein system, subsequently confirmed by 16 diamond drill holes completed in 2015 and 2017 (see the company's news releases dated Aug. 18, 2015, and Feb. 8, 2018, respectively). The company believes there is a positive correlation between pyrrhotite content and gold grades, with pyrrhotite-rich magnetic anomalies and/or subsurface drill intercepts correlated to high-grade gold. The LH property is a gold exploration property consisting of 19 contiguous crown granted claims and seven mineral claims, located approximately seven kilometres south of Silverton, B.C., on the east side of Slocan Lake. Access to the LH property is via Highway 6 for 1.1 kilometres south of Silverton and then via Red Mountain Road for 1.6 kilometres to the Hewitt mine road, and then along a four-wheel drive road along Fingland Creek for approximately five kilometres.
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Magnum Goldcorp increases private placement
2021-09-28 17:29 ET - News Release
Mr. Douglas Mason reports
MAGNUM GOLDCORP INC. INCREASES SIZE OF NON-BROKERED PRIVATE PLACEMENTS
Magnum Goldcorp Inc., further to its news releases of Aug. 18, 2021, and Sept. 2, 2021, and subject to regulatory approval, has increased the size of its non-flow-through non-brokered private placement and will now raise $613,000 by the issuance of 12.26 million non-flow-through units at five cents per NFT unit. Each NFT unit will consist of one common share and one share purchase warrant, with each warrant entitling the holder to purchase an additional common share for a period of five years at an exercise price of 10 cents. The warrants are subject to an acceleration right that allows the company to give notice of an earlier expiry date if the company's share price on the TSX Venture Exchange is equal to or greater than 25 cents for a period of 20 consecutive trading days.
In addition, the size of the flow-through private placement has increased, and the company will now raise $365,000 by the issuance of 6,083,333 flow-through shares at six cents per FT share.
With respect to these private placements, the company may pay finders' fees in the amount of 10 per cent, payable in cash or NFT units, based on the sale of the FT shares and NFT units purchased by subscribers introduced to the company by such finders.
The company intends to use the proceeds from these private placements for further exploration on its LH property and for general working capital purposes.
We seek Safe Harbor.
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posted
Magnum Goldcorp receives work permit for LH property
2022-03-29 17:20 ET - News Release
Mr. Douglas Mason reports
MAGNUM GOLDCORP INC. RECEIVES LH PROPERTY WORK PERMIT AND ANNOUNCES NON-BROKERED PRIVATE PLACEMENT
Further to its news release of Dec. 1, 2021, Magnum Goldcorp Inc. has received an approved work permit in order to proceed with its planned exploration on its LH property located near Silverton, B.C.
Magnum has received a two-year multiyear area-based (MYAB) work permit for its LH property, issued by the Ministry of Energy, Mines and Low Carbon Innovation. The company is planning a diamond drill program to further explore its LH property to begin in the late spring, once weather conditions allow.
Subject to regulatory approval, the company intends to proceed with a non-flow-through non-brokered private placement to raise up to $150,000 by the issuance of three million non-flow-through units at five cents per NFT unit. Each NFT unit will consist of one common share and one share purchase warrant, with each warrant entitling the holder to purchase an additional common share for a period of five years at an exercise price of 10 cents. With respect to this private placement, the company may pay finders' fees in the amount of 10 per cent, payable in cash or NFT units, based on the sale of the NFT units purchased by subscribers introduced to the company by such finders.
The company intends to use the proceeds from this private placement for further exploration on its LH property and for general working capital purposes.
The LH property is a gold exploration property consisting of 19 contiguous crown granted claims and seven mineral claims, located approximately seven kilometres south of Silverton, B.C., on the east side of Slocan Lake. Access to the LH property is via Highway 6 for 1.1 kilometres south of Silverton and then via Red Mountain Road for 1.6 km to the Hewitt mine road, and then along a four-wheel drive road along Fingland Creek for approximately five km.
We seek Safe Harbor.
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MAGNUM GOLDCORP INC. ANNOUNCES 2022 LH PROPERTY EXPLORATION PLANS AND ISSUES STOCK OPTIONS
Magnum Goldcorp Inc. has provided its 2022 plans to further explore the company's LH property located near Silverton, B.C.
With a 2-year Multi-Year Area Based (MYAB) work permit in hand for its LH Property, the Company is planning a diamond drill program to further explore its LH Property, commencing in late Spring once snow conditions and weather conditions permit access.
The planned drill program will continue evaluation of an interpreted pyrrhotite-bearing vein system, interpreted to comprise multiple en echelon veins identified in both underground workings and previous drilling (see News Releases dated Nov. 25, 2019, Feb 8, 2018, Aug. 18, 2015). Highly anomalous gold results, up to 20.76 g/t over 11.0 m, were documented in the 2015 drill program from a total of 11 drill holes drilled at a shallow to moderate angle to the vein system. A follow-up program in 2017, comprising 5 holes drilled at a moderate to high angle to the vein system, documented slightly lower gold grades, up to 1.59 g/t over 11.97 m. A third drill program in 2019, comprising 4 drill holes drilled at a moderate to high angle to the vein system, returned up to 5.15 g/t over 5.58 m. True widths for mineralized intervals documented to date vary between approximately 0.5 to 9.00 m for multiple veins to vein segments comprising an interpreted en echelon system.
The pyrrhotite-bearing veins and vein segments return strong magnetic signatures, spatially associated with the underground workings developed along the vein system, as well as the 2015 drill intercepts. Drill intercepts from 2017 and 2019 are associated with less intense magnetic signatures and were interpreted to have tested a pyrrhotite mineralized halo, rather than the vein system itself. Evaluation of results from the 2019 airborne magnetic drone survey has identified several magnetic highs. Given a strong correlation between pyrrhotite content and gold grade, these magnetic high are interpreted to represent gold-bearing intervals along the vein system and comprise the targets for the 2022 drill program.
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 Silverton, British Columbia, on the east side of Slocan Lake. Access to the LH Property is via Highway 6 for 1.1 km south of Silverton and then via Red Mountain Road for 1.6 km to the Hewitt Mine Road, and then along a four-wheel drive road along Fingland Creek for approximately 5 km.
Stock Option Grants
In accordance with the terms of the Company's stock option plan, the Company has granted 3,200,000 incentive stock options to certain directors, officers, employees and consultants, at an exercise price of $0.05 per share for a term of 5 years.
We seek Safe Harbor.
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