Magna Terra Facilitates Option Payments for Viking and Kramer Properties, Viking Project, Newfoundland
TORONTO, ON/ACCESSWIRE/March 7, 2022 / Magna Terra Minerals Inc. (the “Company” or “Magna Terra”) (TSXV: MTT) is pleased to announce that it has made milestone option payments to Spruce Ridge Resources Ltd. (“Spruce Ridge”). Agreements (the “Agreements”) (see press release dated September 15, 2020) for the Viking and Kramer Properties (the “Properties”) which are part of the Company’s Viking Project (“Viking”) located in western Newfoundland.
The consideration for the option payment of $75,000 consisted of a cash payment of $51,388.78 and the issuance by Magna Terra to Spruce Ridge of 185,186 shares of the Company; each unit consisting of 1 common share and ½ common share purchase warrant. A full warrant exercisable for 1 common share of the Company at an exercise price of $0.19 for 2 years from the date of issue.
About the Great Northern and Viking Projects
The Great Northern and Viking projects comprise two separate claim blocks (13,775 hectares) which are located near the communities of Sops Arm, Pollard’s Point and Jackson’s Arm, Newfoundland.
The projects are centered along a 20 kilometer section of the Doucer’s Valley Fault, an important geological check on several gold deposits and untested prospects, including the Rattling Brook and Thor deposits, Jacksons Arm, Little Davis Pond, Viking , and incinerator trends. Gold mineralization is hosted in a variety of rock types including Precambrian or Ordovician granite and granodiorite, or younger volcanic and sedimentary rocks, generally along flares off the Doucer’s Valley Fault. Alteration consists of mesothermal style sericite, quartz ± iron carbonate ± sulphide veins and stockworks with 2-5% total sulphides consisting of pyrite, arsenopyrite, galena, chalcopyrite and sphalerite, and locally shows traces of visible gold.
The Great Northern and Viking projects host significant current and historical 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
A 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 a 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 have been prepared in accordance with NI 43-101 and CIM (2014) standards. 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 effective August 29, 2016 by Copeland et Al. (2016). An independent qualified person has not performed sufficient work to classify Thor’s historical mineral resource estimate as current and Magna Terra does not consider this mineral resource estimate to be current. Magna Terra considers that the Thor deposit has potential for expansion which will be addressed by the Company in future exploration programs. See more details on the technical reports below.
Qualified Person and Technical Reports
This press release has been reviewed and approved by David A. Copeland, P. Geo., Chief Geologist at Anaconda Mining Inc., a “Qualified Person” under National Instrument 43-101 – Disclosure Standard for mining projects.
All NQ size drill core samples collected from this drilling program were collected using QA/QC protocols including the regular insertion of certified standards and blanks into each batch of samples sent for analysis. Drill core and grab rock samples were sent to Eastern Analytical Limited in Springdale, NL. and assayed for Au content by fire assay (30 g) with an AA finish.
^ The Mineral Resource estimate cited 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 written by Matthew Harrington, P.Geo. (independent qualified person) and Michael Cullen, geo. (Independent Qualified Person).
^^ The historical mineral resource estimate cited in this news release for 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 49oh 42′ N Longitude 57oh 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. A Qualified Person has not performed sufficient work to classify the historical mineral resource estimate of Thor as current and Magna Terra does not consider this mineral resource estimate to be current.Magna Terra considers the Thor deposit to have potential for further development. expansion which will be handled by the company in future prospecting programs.
About Magna Terra
Magna Terra Minerals Inc. is a precious metals-focused exploration company headquartered in Toronto, Canada. Magna Terra has two district-scale, resource-stage gold exploration projects in the premier mining jurisdictions of New Brunswick and Newfoundland and Labrador. In addition, the Company maintains a significant exploration portfolio in the province of Santa Cruz, Argentina, which includes its discovery of precious metals at its Luna Roja project, as well as an extensive pipeline of scale-ready projects. district available for option or joint venture.
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.
Cautions Regarding Forward-Looking Information
Certain statements contained in this press release may contain forward-looking information. All statements, other than of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without (limited to, statements regarding potential mineralization) are forward-looking statements. Forward-looking statements are generally identifiable by the use of the words “may”, “will”, “should”, “continue”, “expect”, “anticipate”, “estimate”, “believe”, “have the ‘intent’, ‘plan’ or ‘project’ or the negative of these words or other variations of these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company’s ability to control or predict, which may cause the Company’s actual results to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, but are not limited to, the inability to establish estimated mineral resources, the possibility that future exploration results will not be in accordance with the Company’s expectations, changes investments in the world’s gold markets or markets for other commodities, and other risks disclosed in the Company’s public disclosure filings with applicable securities regulatory authorities. Any forward-looking statement speaks only as of the date on which it is made and, except as required by applicable securities laws, the Company disclaims any intention or obligation to update any forward-looking statement.
FOR MORE INFORMATION, PLEASE CONTACT:
Magna Terra Minerals Inc.
President and Chief Executive Officer, Director
Email: [email protected]
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