TORONTO, ON / ACCESSWIRE / February 23, 2021 / Magna Terra Minerals Inc. (the "Company" or "Magna Terra") (TSXV:MTT) is pleased to announce final results of a systematic prospecting and geological mapping program conducted in late 2020 from the Cape Spencer Project ("Cape Spencer" or "Project"), located in southern New Brunswick (Exhibit A)(initial results reported on December 17, 2020).
The Company is currently formulating plans for a 2,000 metre diamond drilling program that will test priority targets on the western half of the 5-kilometre Emilio Trend based on current and historic exploration results that demonstrate a strong mineralization system, in multiple gold occurrences. Ongoing exploration comprising soil sampling and geophysical surveying is designed to generate new gold targets, over the full 5-kilometre extent of the Emilio Trend.
- 2 separate occurrences of visible gold and assays up to 21.2 grams per tonne ("g/t") gold from boulder ("float") and outcrop grab samples* including;
- 21 out of 312 float and grab samples assaying over 0.5 g/t gold and 36 out of 312 samples assaying between 0.1 g/t and 0.5 g/t gold;
- Emilio Trend footprint expanded by 2.5 kilometres to 5.0 kilometres;
- Recognition of multiple NNE striking secondary fault splays, that are favourable hosts to gold mineralization; and
- Glacial geology studies indicate displacement of float is likely less than 100 metres from bedrock source.
*Grab and float samples are selected samples and are not necessarily representative of mineralization that may be hosted on the property.
"Our initial exploration work at Cape Spencer on the Emilio Trend continues to provide early impressive results. The discovery of visible gold in high-grade float adjacent to previous sampling and historic drilling, supports the potential of this area to host significant gold mineralization. We are currently planning an initial 2,000 metre drill program that will focus on high priority targets that parallel major lithological contacts as well as the recently identified fault splays off the Millican Lake Fault - a structure genetically linked to gold mineralization. While this first phase program will test a number of high priority targets, we continue to systematically develop additional new targets along the 5.0 kilometre long Emilio Trend. We are well positioned with two large scale alteration systems in developing gold camps in the Atlantic Canada region, both having the scale to host large gold deposits. Our exploration activities will continue to provide our shareholders with significant discovery upside on multiple projects in the underexplored but important gold belts that underlie this region."
~ Lew Lawrick, President and CEO, Magna Terra Minerals Inc.
Exploration Program Details
Prospecting and Geological Mapping
Results have been received for all 312 rock float and outcrop grab samples from the 5.0 kilometre long Emilio Trend; the focus of early exploration at the Cape Spencer Project. Initial results from 152 of 312 rock float and grab samples of the prospecting program were provided in a news release dated December 17, 2020. Assays up to 21.2 g/t gold have been received from mineralized quartz vein boulders from the Emilio Trend; two of which contain visible gold. 21 out of 312 (6.7%) float and grab samples assayed over 0.50 g/t gold and 36 out of 312 (11.5%) float and grab samples assayed over 0.10 g/t gold, with values including 3.75 g/t gold, 4.40 g/t gold, 7.12 g/t gold, 7.36 g/t gold and 21.2 g/t gold (Exhibit B).
Mineralization comprises specular hematite and pyrite bearing quartz veins that are hosted within pervasively illite, pyrite and iron-carbonate altered and strongly deformed Millican Lake granite and Cape Spencer formation sediments, the same geological environment hosting the nearby Pit and Northeast Zones. Gold mineralization is hosted both in pyrite-bearing wallrock as well as low-sulphide (pyrite), visible gold bearing quartz veins as observed in hole AB-04-06 at the Emilio Trend where 7.86 g/t gold over 7.4 metres was intersected in near-surface drilling.
Geological mapping/prospecting continues to highlight the importance of two critical structural environments that host gold mineralization: 1) major faulted lithological contacts between the Millican Lake Granite and Cape Spencer formation sediments (hosts to the Northeast and Pit Zone Deposits); and 2) a series secondary NNE striking fault splays off of the Millican Lake Fault. These fault zones, in certain cases, show strong coincidence with gold-bearing float and grab samples and wallrock alteration expanding the potential host structures for gold mineralization (Exhibit B).
The Company has critically considered logistical matters given the ongoing COVID-19 pandemic, to ensure that this Exploration Program and all future programs are executed in a way that ensures the absolute health and safety of our personnel, contractors, and the communities where we operate.
The Company would like to thank the Government of New Brunswick for partial funding of the exploration program under the NBJMAP Program.
Cape Spencer Project Highlights
- 5,045 hectares along 15 kilometres of strike of a regional-scale gold bearing structure - the Millican Lake Fault and associated structures;
- Project is host to large untested gold bearing alteration systems including:
- 5.0 kilometre alteration and gold bearing Emilio Trend with drill intercepts up to 7.86 g/t gold over 7.4 metres;
- Marigold Prospect with drill intercepts up to 8.71 g/t gold over 2.0 metres;
- Birches Zone with drill intercepts up to 5.23 g/t gold over 4.0 metres;
- The Cape Spencer Deposit has an Inferred Mineral Resource Estimate of 1,720,000 tonnes at an average grade of 2.72 g/t gold for 151,000 contained ounces in two zones:
- Northeast Zone - Inferred Mineral Resource of 740,000 tonnes at an average grade of 4.07 g/t gold, for 96,000 contained ounces at a cut-off grade of 2.5 g/t gold in a conceptual underground development; and
- Pit Zone - Inferred Mineral Resource of 990,000 tonnes at an average grade of 1.71 g/t gold, for 54,000 contained ounces at a cut-off grade of 0.5 g/t gold.
**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 Cape Spencer Project. See further details on Technical Reports below.
Note: Analytical results in this press release section are sourced in the Cape Spencer Project Technical Report (2019) - see "Technical Reports and Documentation Notes" below; "grab samples" are selected samples and are not necessarily representative 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 Anaconda Mining Inc., a "Qualified Person", under National Instrument 43-101 - Standard for Disclosure for Mineral Projects. Widths from drill core intervals reported in this press release are presented as core lengths only. True widths are unknown. All quoted drill core sample intervals, grades and production statistics have been compiled from historic assessment reports obtained from the Government of New Brunswick.
All rock float and grab samples referred to in this release were analyzed for gold at ALS Global in North Vancouver, BC ("ALS"), using standard fire assay (30 g) pre-concentration and Atomic Absorption finish methods (method AU-AA23). Overlimit samples were analysed at ALS via gravimetric finish using method AU-GRA21 and select samples assaying >0.5 g/t gold were analysed via screen metallics method AU-SCR21. ALS is a fully accredited firm within the meaning of NI 43-101 for provision of this service.
The Mineral Resource Estimate quoted in this press release regarding the Cape Spencer Project refers to the technical report: "NI 43-101 Technical Report and Mineral Resource Estimate on The Cape Spencer Gold Deposit, Saint John County, New Brunswick, Canada", with an effective date of January 23, 2019, and authored by Michael Cullen, P.Geo. (Independent Qualified Person), and Matthew Harrington, P.Geo. (Independent Qualified Person).
About Magna Terra
Magna Terra Minerals Inc. is a precious metals focused exploration company, headquartered in Toronto, Canada. Magna Terra owns three district-scale, advanced gold exploration projects in the world class 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 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
Some statements in this 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 limitation, statements regarding potential mineralization) are forward-looking statements. Forward-looking statements are generally identifiable by use of the words "may", "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "plan" or "project" or the negative of these words or other variations on 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, that may cause the actual results of the Company 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, among other things, without limitation, failure to establish estimated mineral resources, the possibility that future exploration results will not be consistent with the Company's expectations, changes in world gold markets or markets for other commodities, and other risks disclosed in the Company's public disclosure record on file with the relevant securities regulatory authorities. Any forward-looking statement speaks only as of the date on which it is made and except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement.
FOR FURTHER INFORMATION PLEASE CONTACT:
Exhibit A: Cape Spencer Project Property Geology and Gold Occurrences
Exhibit B: Emilio Trend Geology and Rock Sample Locations and gold assays, including historic assay highlights.
SOURCE: Magna Terra Minerals Inc.