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Magellan Copper and Gold Corp. Provides Update on Ophir Creek Acquisition
- 26 minutes ago
- 2 min read
WALLACE, ID / ACCESS Newswire / April 9, 2026 / Magellan Copper and Gold Corp. (OTCID:MAGE) ("Magellan" or the "Company") is pleased to provide an update regarding its previously announced letter of intent ("LOI") to acquire the Ophir Creek Placer Gold Mine near Ophir, Alaska from Village Gold, Inc.
The Company confirms that both parties are continuing to advance toward the completion of a definitive agreement. Magellan is actively engaged in final due diligence and transaction structuring and remains optimistic in its ability to successfully close the acquisition.
In parallel with the advancement of the Definitive Agreement, Magellan has begun preparations for exploration and initial mining operations at the Ophir Creek project during the 2026 mining season. As a fully permitted project under Alaska Department of Natural Resources permit APMA #3091, the Company is positioned to commence operations as soon as seasonal conditions allow access to the site and once the acquisition is completed.
Upon completion of the acquisition, Magellan will hold a 100% interest in the project, which consists of nine Alaska State mining claims totaling approximately 620 acres. Additional Bureau of Land Management federal mining claims are expected to be conveyed to the State of Alaska and incorporated into the existing claims package, further enhancing the project’s scale and potential.
The Company’s prior site visit and systematic sampling program conducted in July 2025 confirmed the presence of gold in previously mined areas and reinforced the project’s near-term production potential. In addition to placer mining opportunities, Magellan is evaluating the potential for a nearby intrusive-related gold target, which may support future hard rock exploration initiatives. Magellan has engaged RDI Minerals in Wheatridge, Colorado to perform metallurgical analysis and assays on the samples taken in July 2025.
Management believes the Ophir Creek project represents a significant milestone in Magellan’s strategy to transition into a near-term gold producer. With gold prices remaining strong, the Company anticipates that production from Ophir Creek could provide meaningful cash flow and create substantial value for shareholders.Magellan will continue to provide updates as the transaction progresses and as operational preparations advance toward the 2026 mining season.
About Magellan Copper and Gold Corp.Magellan Copper and Gold Corp. is focused on the acquisition, exploration, and development of mineral resource projects with the objective of creating long-term shareholder value through strategic growth and near-term production opportunities.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of applicable securities laws. These statements reflect the Company’s current expectations regarding future events, including the completion of the proposed acquisition and the commencement of mining operations. Actual results may differ materially from those anticipated due to various risks and uncertainties.
Contact:
Magellan Copper and Gold Corp.
Michael B. Lavigne, CEO
Phone: 206-909-4959
SOURCE: Magellan Copper and Gold Corp.
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