Magna Terra Discovers New Gold Targets at the Viking North Trend, Great Northern Project, Newfoundland

Rhea-AI Summary

Magna Terra Minerals Inc. announced significant results from a gold geochemical sampling program at its Great Northern Project in Newfoundland, revealing multiple new exploration targets. The program identified an 8-kilometre anomalous gold zone along the Viking North Trend and extended the Viking Trend by 900 metres. Soil samples showed values up to 203 ppb gold with more than 15 samples exceeding 50 ppb gold. The project benefits from existing mineral resources totaling approximately 255,000 ounces of gold, indicating potential for large-scale deposits across its 30+ kilometre strike.

Positive

• Discovery of multiple high-tenor gold exploration targets at the Great Northern Project.
• 8-kilometre-long zone of anomalous gold-in-soil values identified along the Viking North Trend.
• Soil samples indicating gold values up to 203 ppb, with 15 samples over 50 ppb.
• 900-metre extension of the Viking Trend enhances exploration potential.
• Existing Inferred Mineral Resource Estimate of 255,000 ounces at Rattling Brook Deposit.

Negative

• None.

TORONTO, ON / ACCESSWIRE / January 25, 2023 / Magna Terra Minerals Inc. (the "Company" or "Magna Terra") (TSXV:MTT) is pleased to announce results of a gold geochemical sampling program ("Exploration Program"), as announced on October 12, 2022, at its flagship 100%-owned Great Northern Project ("Great Northern" or the "Project"), located in western Newfoundland. Great Northern is a proven gold environment with existing Mineral Resources and numerous untested gold trends over a cumulative 30+ kilometre strike with the potential to host multi-million-ounce gold deposits.

The Exploration Program comprised collection of 1,123 B-horizon soil samples for gold analysis predominately along the Viking North Trend, but also along the easterly projection of the Viking Trend. The Exploration Program successfully identified multiple new, high-tenor, exploration targets at both trends for follow-up exploration work to ultimately define drill targets (Figure 1).

Highlights of the Exploration Program include:

• Eight-kilometre-long zone of anomalous gold-in-soil values along the Viking North Trend and the generation of multiple new, high-tenor, exploration targets;
• 900-metre-long extension of the Viking Trend towards the northeast with a total trend length of 6.4 kilometres;
• Soil samples assaying up to 203 ppb gold and with 15 samples assaying greater than 50 ppb gold;
• Recognition that the trends are associated with east-west or northeast striking fault zones which host, drill confirmed, in-situ gold mineralization and are linked to the Doucers Valley Fault, a key controlling crustal-scale fault zone; and
• These new targets continue to highlight gold discovery potential and add to the 30+ kilometres of gold trends on the Project.
  • 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

"We are very pleased with the results of this Exploration Program as it continues to reinforce our belief that the Great Northern Project has strong potential to host large-scale gold deposits along multiple fault zones that transect the Project. Soil sampling covering the Viking North Trend outlines an 8-kilometre long gold trend with multiple exploration targets that requires follow-up exploration work. Similarly, sampling at the eastern end of the Viking Trend has resulted in a 900-metre extension to the Trend and is proximal to the Thor Deposit. Both trends are underlain by east-northeast striking fault zones that are linked to the nearby Doucers Valley Fault, a key crustal-scale fault zone that transects Great Northern and the source for gold-bearing fluids in the region. The positive results of this Exploration Program further adds to the impressive number of gold targets on the Project, and along with other recently announced results, continues to underscore the potential of the Project to host multiple large gold systems."

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

Figure 1: Soil and Rock samples at the Viking Area, Great Northern Project.

Exploration Program Details

During the Exploration Program, Magna Terra completed a systematic geochemical sampling program comprising collection of 1,123 primarily B-horizon soil samples covering the Viking North Trend and the northeast extension of the Viking Trend, at the Great Northern Project.

At the Viking North Trend, a total of 992 largely B-Horizon soil samples were collected along 100 metre spaced lines at 25 metre sample intervals. Soil sampling was designed to cover the strike extent of the Viking North Trend as indicated by previous reconnaissance exploration and covering a prominent east-west (070^o) striking fault zone. Similar east-west fault splays on the project host gold mineralization at the nearby Viking, Incinerator, and Furnace Trends (Figure 1).

Assays up to 203 ppb gold were obtained from soil sampling with 15 of the 992 samples assaying >50 ppb gold and 41 assaying >20 ppb gold (Figure 1). These samples, along with previous soil and rock samples assaying up to 380 ppb gold and 2.12 g/t gold, respectively, continue to outline an 8.0-kilometre-long trend of gold mineralization that is coincident with a topographic low along an east-west (070^o) trending fault zone (Figure 1). The Viking North Trend has not been tested by diamond drilling.

At the Viking Trend, a total of 131 samples were collected along strike to the northeast of the existing 5.5-kilometre-long Viking Trend along 200 metre spaced east-west oriented infill soil lines at 25 metre sample intervals. The survey was designed to follow-up upon previous broad-spaced soil sampling that showed potential for extension of the Viking Trend towards the east-northeast.

Assays up to 26 ppb gold were obtained from soil sampling with 2 of the 131 samples assaying >20 ppb gold (Figure 1). Soils sampling has successfully extended the Viking Trend geochemical target 900-metres to the northeast towards where it intersected the Precambrian-Cambrian contact near the Doucers Valley Fault. The Viking Trend now consists of 6.4 kilometres of anomalous gold in rock and soil samples. Only minor diamond drilling has been undertaken in the central part of the Viking Trend.

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, which 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 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 - 6.4 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 2.12 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 49^o 42′ N Longitude 57^o 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: info@magnaterraminerals.com
Website: www.magnaterraminerals.com

SOURCE: Magna Terra Minerals Inc.

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FAQ

What were the results of Magna Terra's January 2023 Exploration Program?

The Exploration Program revealed multiple new gold exploration targets at the Great Northern Project, including an 8-kilometre-long anomalous gold zone.

What gold values were identified in the soil samples at the Viking North Trend?

Soil samples from the Viking North Trend showed values up to 203 ppb gold, with 15 samples exceeding 50 ppb.

How much gold resource does the Great Northern Project contain?

The project has an Inferred Mineral Resource Estimate of approximately 255,000 ounces of gold.

What is the significance of the 900-metre extension of the Viking Trend?

The extension enhances the exploration potential of the Viking Trend, bringing its total length to 6.4 kilometres.