Magna Terra Minerals Identifies Significant Additional Gold Targets at Its Flagship Great Northern Project, Newfoundland

2023-01-12 06:04:52

TORONTO, ON / ACCESSWIRE / January 12, 2023 / Magna Terra Minerals Inc. (the “Company” or “Magna Terra”) (TSXV:MTT) is pleased to announce results of the 2022 geochemical sampling program at its flagship 100%-owned Great Northern Project (“Great Northern” or the “Project”), located in western Newfoundland. The geochemical sampling program comprised collection of 2,528 B-horizon soil samples at the Furnace and Jacksons Arm Gold Trends and has successfully identified six new gold targets on the Great Northern Project (Figure 1).

The Company is focused on its flagship Great Northern Project; a proven gold environment with existing Mineral Resources and numerous untested gold trends over a cumulative 30+ kilometre strike located within a geological setting analogous to the nearby Valentine Gold Project (Marathon Gold Corp.), with the potential to host multi-million ounce gold deposits. These untested gold trends highlight the untested potential of the Project and provide numerous largescale targets for further discovery and resource growth.

Highlights of the geochemical program include:

  • Identification of six new gold targets with total strike length of 5.0 kilometres, ranging in strike length from 400 to 1,100 metres including:

    • Four new targets at the Rattling Brook South area assaying up to 1,210 ppb gold (Figure 2);
    • Extension of the geochemical footprint 350 metres south of the Beaver Dam Zone (Rattling Brook Deposit) with assays up to 2,550 ppb gold (Figure 2);
    • Identification of a 1.0-kilometre long target south of the Jacksons Arm Trend with assays up to 140 ppb gold (Figure 3) and;
    • 1.1-kilometre long target at Jacksons Arm North with soil sample assays up to 262 ppb gold (Figure 4);

  • Gold targets associated with east-west or northeast striking fault zones; and
  • These new targets continue to highlight gold discovery potential and add to the 30+ kilometres of gold trends on the Project.

“We are very excited with the results of our geochemical program at Great Northern where we have successfully identified additional gold targets with a cumulative strike length of 5.0 kilometres. This important, early-stage work continues to highlight the size potential of the Project to host gold mineralization, particularly along the multiple fault zones that transect the property. The Project now boasts a cumulative 30+ kilometre strike of highly anomalous gold trends, some of which are coincident to or along strike with existing gold resources, indicating first priority targets for drill testing to expand gold resources in these areas. Additionally, the existence of numerous east-west fault splays throughout the project area exhibiting surface gold expressions provide the Company with multiple additional targets to work up to the drill ready stage. As we have shown in the north of the Project area (Apsy Zone), these fault splays are potential hosts of gold mineralization.”

~ Lew Lawrick, President and CEO, Magna Terra Minerals Inc.

Junior Mining NetworkFigure 1: Soil grid locations, Great Northern Project.

Junior Mining NetworkFigure 2: Significant Soil Geochemical Targets, Incinerator and Furnace Trends, Rattling Brook South area, Great Northern Project.

Junior Mining NetworkFigure 3: Significant Soil Geochemical Targets, Jacksons Arm South area, Great Northern Project.

Junior Mining NetworkFigure 4: Significant Soil Geochemical Targets Jacksons Arm North area, Great Northern Project.

Exploration Program Details

During 2022, Magna Terra received results for a systematic geochemical program comprising collection of 2,528 primarily B-horizon soil samples in three areas, the Rattling Brook South, Jacksons Arm South, and Jacksons Arm North areas, at the Great Northern Project.

In the Rattling Brook South Area, a total of 1,040 largely B-Horizon soil samples were collected along 100 metre spaced lines at 25 metre sample intervals. Soil sampling was designed to cover the possible along strike extension south of the Beaver Dam Zone along the trace of the Doucer’s Valley Fault and several east-west oriented fault splays that have potential to host gold mineralization including the Furnace Trend. Similar east-west fault splays to the north host gold mineralization at the Incinerator Trend (Figure 2).

Assays up to 2,550 ppb gold were obtained from soil sampling with 11 of the 1,040 samples assaying > 50 ppb gold and 44 assaying > 20 ppb gold (Figure 2). The geochemical footprint of the Beaver Dam Zone, part of the Rattling Brook Deposit Resource, was extended 350 metres towards the south along the main granite-sedimentary contact that is host to gold mineralization at Beaver Dam.

Soil sampling over the Furnace Trend and to the south has continued to highlight the Furnace Trend as a target for follow-up drill testing, as well as identifying 4 additional gold targets with assays up to 1,210 ppb gold, ranging in length from 400 to 800 metres. These new targets are associated with east-west trending fault zones similar to that observed at Furnace and known to host gold at the Incinerator Trend (Figure 2).

In the Jacksons Arm Area, a total of 1,488 samples were collected along strike to the north and south of the Jacksons Arm Trend along 100 metre spaced east-west oriented lines at 25 metre sample intervals. The survey was designed to follow-up and expand upon historical sampling in the area that outlines a 2.4-kilometre long gold-bearing alteration zone at Jacksons Arm.

Assays up to 190 ppb gold were obtained from soil sampling with 9 of the 1,488 samples assaying > 50 ppb gold and 32 assaying > 20 ppb gold (Figures 3 and 4).

At the Jacksons Arm South area, a 1.0-kilometre long northeast trending geochemical target, with assays up to 140 ppb gold, has been identified in this program that is coincident with a fault bound slice of Ordovician granite hosted within younger Sops Arm Group volcanic and sedimentary rocks (Figure 3).

At the Jacksons Arm North area, a 1.1-kilometre long northeast trending geochemical target, with assays up to 262 ppb gold, has been identified that is underlain by Sops Arm Group felsic volcanic rocks near its contact with Ordovician granites and sub-parallel with the nearby Doucer’s Valley Fault (Figure 4).

About the Great Northern Project

The Great Northern Project is comprised of two separate claim blocks – Great Northern and Viking Zones totalling 13,775 hectares, that are located near the communities of Sops Arm, Pollard’s Point, and Jackson’s Arm, Newfoundland and Labrador.

The Project is centered along a 30-kilometre section of the Doucers Valley Fault, a significant geological control on, and host to, several gold deposits and untested prospects, including the Rattling Brook and Thor Deposits, Incinerator, Furnace, Jacksons Arm, Viking, Kramer, Viking North, and Little Davis Pond trends; a proven gold environment with existing Mineral Resources and numerous untested gold trends over a cumulative 30+ kilometre strike. Gold mineralization is hosted within a variety of rock types that include Precambrian or Ordovician granites, or younger volcanic and sedimentary rocks, typically along splays off the Doucers Valley Fault, a similar geological environment to Marathon Gold Corporation’s Valentine Gold Project. Alteration consists of mesothermal style quartz ± iron carbonate ± sulfide veins and stockworks with 2 to 5% total sulfides consisting of pyrite, galena, chalcopyrite or sphalerite, and locally show trace amounts of visible gold.

The Great Northern Project host to significant Current and Historic Mineral Resources, including:

  • An Inferred Mineral Resource Estimate^ of 5,460,000 tonnes at an average grade of 1.45 g/t gold containing 255,000 contained ounces at a cut-off grade of 1.0 g/t gold at the Rattling Brook Deposit; and
  • An Historical Indicated Mineral Resource^^ of 937,000 tonnes at an average grade of 2.09 g/t gold containing 63,000 ounces of gold plus an Historical Inferred Mineral Resource of 350,000 tonnes at an average grade of 1.79 g/t gold containing 20,000 ounces of gold at a cut-off grade of 1.0 g/t gold at the Thor Deposit.

Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. All Mineral Resource Estimates were prepared in accordance with NI 43-101 and the CIM Standards (2014). Please refer to the NI 43-101 Technical Report with effective date January 23, 2019 by Harrington and Cullen (2019) as detailed below for the Great Northern Project and the NI 43-101 Technical Report with effective date August 29, 2016 by Copeland et al. (2016). An Independent Qualified Person has not carried out sufficient work to classify the Thor Historical Mineral Resource Estimate as current and Magna Terra is not considering this Mineral Resource Estimate to be current. Magna Terra considers the Thor Deposit to have potential for expansion that will be addressed by the Company in future exploration programs. See further details on Technical Reports below.

Several drill targets and specific opportunities for mineral resource expansion and discovery have been identified by the Company based on recent field programs and a comprehensive review of historic and current exploration data. This work, in conjunction with that of previous operators on the Property, has identified the importance of fault control on gold mineralization. These major target areas for near-term drill testing are:

  • The Apsy Zone – Existing Mineral Resource with potential for minimum 800 metre extension.
  • Incinerator Trend – 1.8-kilometre long gold-bearing east-west fault only tested by four historic drill holes each intersecting gold mineralization: 2.32 g/t gold over 4.1 metres (drill hole RB-41); 1.06 g/t gold over 15.6 metres (drill hole RB-39); 1.00 g/t gold over 9.7 metres (drill hole RB-37); and 1.78 g/t gold over 4.0 metres (drill hole RB-35).
  • Furnace Trend – 1.7-kilometre long trend with rock grab samples** assaying up to 5.60 g/t gold along east-west fault zone.
  • Kramer Trend 1.5-kilometre long northeast striking zone of gold mineralization centred on the contact between granites and quartzites. Highlight assays from previous drill holes KR-10-07 and KR-10-08 include 1.12 g/t gold over 20.05 metres and 1.50 g/t gold over 14.4 metres, respectively.
  • Viking Trend – 5.5 kilometre long by up to 40-metre wide deformation and alteration zone with gold grades of 0.45 g/t gold over 20.0 metres in drill hole VK-16-151, 0.37 g/t gold over 16.5 metres in drill hole VK-11-125, as well as local high grades as indicated by 7.43 g/t gold over 1.0 metre in drill hole VK-16-155.
  • Viking North Trend – 8-kilometre long east-west striking fault zone, sub-parallel to the Viking Trend, that is host to gold mineralized rocks and soils from reconnaissance sampling assaying up to 2.11 g/t gold and 380 ppb gold, respectively.
  • Jacksons Arm Trend – 2.4-kilometre long gold zone defined by numerous gold bearing rock and soil samples and from drilling in late 2020.

**Grab samples are selected samples and are not necessarily indicative of mineralization that may be hosted on the property.

Qualified Person and Technical Reports

This news release has been reviewed and approved by David A. Copeland, P.Geo., Chief Geologist with Signal Gold Inc., a “Qualified Person”, under National Instrument 43-101 – Standard for Disclosure for Mineral Projects.

“Grab samples” are selected samples and are not necessarily indicative of mineralization that may be hosted on the property.

Soil samples were collected with dutch soil augers at pre-determined locations at a sample spacing of 25 metres and along 100 metre spaced lines. Soil samples comprised approximately 250-300 grams of soil that was submitted to Eastern Analytical Limited in Springdale, NL. Samples with assayed via standard 30-gram fire assay and 34-element ICP analysis.

^The Mineral Resource Estimate quoted in this press release regarding the Great Northern Project refers to the technical report: “NI 43-101 Technical Report and Updated Mineral Resource Estimate on the Rattling Brook Gold Deposit, Great Northern Project, White Bay Area, Newfoundland, Canada”, (the “Great Northern Report”) with an effective date of January 23, 2019, and authored by Matthew Harrington, P.Geo. (Independent Qualified Person) and Michael Cullen, P.Geo. (Independent Qualified Person).

^^The Historical Mineral Resource Estimate quoted in this press release regarding the Viking Project (Thor Deposit) is taken from the technical report: “NI 43-101 Technical Report And Mineral Resource Estimate For The Thor Deposit, Viking Project, White Bay Area, Newfoundland and Labrador, Canada, Latitude 49o 42′ N Longitude 57o 00′ W” prepared for Anaconda Mining Inc. by David A. Copeland, P.Geo., Dr. Shane Ebert, P. Geo. and Gary Giroux, P. Eng. M.ASc., August 29, 2016. An Independent Qualified Person has not carried out sufficient work to classify the Thor Historical Mineral Resource Estimate as current and Magna Terra is not considering this Mineral Resource Estimate to be current. Magna Terra considers the Thor Deposit to have potential for expansion that will be addressed by the Company in future exploration programs.

About Magna Terra

Magna Terra Minerals Inc. is a precious metals focused exploration company, headquartered in Toronto, Canada. Magna Terra owns two district-scale, resource stage gold exploration projects in the top-tier mining jurisdictions of New Brunswick and Newfoundland and Labrador. Further, the Company maintains a significant exploration portfolio in the province of Santa Cruz, Argentina which includes its precious metals discovery on its Luna Roja Project, as well as an extensive portfolio of district scale drill ready projects available for option or joint venture.

Forward Looking Statements

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statements Regarding Forward Looking Information

This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian legislation. All statements in this news release that are not purely historical are forward-looking statements and include statements regarding beliefs, plans, expectations and orientations regarding the future including, without limitation, the ability of the Company to file a report that complies with Regulation 43-101. Although the Company believes that such statements are reasonable and reflect expectations of future developments and other factors which management believes to be reasonable and relevant, the Company can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: “believes”, “expects”, “anticipates”, “intends”, “estimates”, “plans”, “may”, “should”, “would”, “will”, “potential”, “scheduled” or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, and the ability of the author of the Technical Reports to finalize same.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks and other factors include the inability of the Company to execute its proposed business plans, and carry out planned future activities. Other factors may also adversely affect the future results or performance of the Company, including general economic, market or business conditions, future prices of gold, changes in the financial markets and in the demand for precious metals, changes in laws, regulations and policies affecting the mineral exploration industry, and the Company’s investment and operation in the mineral exploration sector, as well as the risks and uncertainties which are more fully described in the Company’s annual and quarterly management’s discussion and analysis and in other filings made by the Company with Canadian securities regulatory authorities under the Company’s profile at www.sedar.com. Readers are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly, are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements.

These forward-looking statements are made as of the date of this news release and, unless required by applicable law, the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in these forward-looking statements.

FOR FURTHER INFORMATION PLEASE CONTACT:

Magna Terra Minerals Inc.

Lewis Lawrick
President and CEO, Director
647-478-5307
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Website: www.magnaterraminerals.com

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