Magna Terra Corporate Update
TORONTO, ONTARIO–(Marketwired – March 1, 2018) - Magna Terra Minerals Inc. (“Magna Terra” or the “Company”) (TSX VENTURE:MTT) (SSE:MTTCL) is pleased to provide an update on its exploration activities in Santa Cruz Province, Argentina. Our main activities concentrated on generating drill targets from geophysical surveys carried out during 2017.
The geophysical program, included 21-line kms of ground magnetometry, 3-line kms of induced polarization (IP) at Gertrudis, and 7.5-line kms of CSAMT at El Meridiano.
Analysis of all new data at El Meridiano and Gertrudis is complete, and these projects will now join Luna Roja, Piedra Negra, Covadonga in the drill ready category.
Exploration activity has also continued during the first quarter of 2018 on our 24 properties, within eight distinct land packages totaling over 100,000 hectares, in mining friendly Santa Cruz Province. Additionally, we continued with prospecting activities on our Boleadora Group of properties, which constitute approximately 50,000 hectares in the north-western corner of the prolific Deseado Massif, and proximal to Goldcorp’s Cerro Negro Mine.
El Meridiano is located approximately 37 km north-west of the Cerro Vanguardia gold mine (Anglo-Ashanti) (see Figure 1). The property lies in the western part of an 8-10 km wide caldera, and the westernmost part of this feature is thought to be the site of a 2.5 km wide diatreme complex. Andesitic to felsic tuffs in a 4 sq. km area are cut by gold-bearing hydrothermal breccias filling N to NW trending fractures and faults.
Historical work, carried out by AuEx Ventures/Renaissance Gold, between 2008 and 2011 included surface rock chip sampling. A total of 319 samples were taken with an average of 0.36 ppm gold and with almost half (175 total samples) containing at least 0.1 ppm Au to a maximum of 8.9 ppm Au. The samples are anomalous in arsenic, antimony and mercury, the three most common gold pathfinder elements. AuEx also carried out 65 line-km of magnetic and 32.5 line-km of gradient array IP ground surveys and completed 32 drill holes totaling 4,698 m in two reverse circulation campaigns and one diamond core twin-hole campaign. The drill holes were collared within a 1 sq. km area in the northwestern-most part of the property. Most of the holes intersected one or multiple intervals of anomalous gold, and 10 holes intersected at least 0.14 ppm Au over true widths ranging from 1.5 to 13.5 m.
The recent CSAMT survey constituted 7.5 line-km in 3 lines with N-W orientation. The central of the 3 lines is illustrated in Figure 2, which shows a large triangular zone of resistivity which underlies a structurally controlled recessive zone in which most of the surface mineralization and historic drilling occurs. Using a combination of the historic data and the CSAMT, the Company has devised a 2000 m drill program, comprising 5 proposed holes with the intention of testing the interface between the resistive anomaly and the principal NE striking structures as well as the paleosurface.
Gertrudis is in the north-central part of the Deseado Massif, approximately 100 km to the NW of the Don Nicolas Mine and 150 km east of Cerro Negro (Goldcorp).
The Gertrudis project comprises two mineralized structures, the Gertrudis and David veins. These veins are some 300m apart, sub parallel and steeply dipping to the W-SW. Historically, sampling was carried out by AuEx/Renaissance Gold with an average from 109 samples on the Gertrudis and David Veins of 35 ppb Au. The Au is accompanied with averages of 133 ppm As and 31 ppm Pb. The recent ground magnetic and IP surveys at Gertrudis constituted 21 line-km and 3 line-Km respectively. Figure 3 illustrates surface gold anomalies relative to reduced to the pole ground magnetic data where magnetic low anomalies occur in association with and parallel to the N-NW striking mineralized structures. There are also W-NW trending magnetic lows. Figure 4 illustrates the Induced Polarization resistivity at 90 m depth which also implies a N-NW and W-NW control.
Using a combination of the historic assay data and the new IP and magnetic data, the company has devised a 2000 m drill program, designed to test the resistive IP anomalies and magnetic lows associated with the gold bearing structures.
Note that surface samples described on these projects are selected samples, with spacing being determined by availability of outcrop and sub-crop and are not necessarily representative of the mineralization hosted on the property. The QAQC programs for the drill campaigns included duplicates, blanks and standards with all samples placed in sealed bags and delivered on site, in the case of the two reverse circulation programs, to Alex Stewart staff who transported the samples to their Laboratory in Mendoza, Argentina, for sample preparation and gold fire assay and multi element analysis. Samples from diamond drilling campaign were cut on site and delivered to ALS Chemex Laboratories in Mendoza, Argentina, for gold fire assay and multi element analysis.
The Company now has five projects that are drill ready; being Luna Roja, Piedra Negra, Covadonga, EL Meridiano and Gertrudis. These projects are available for option or joint venture and the Company is actively presenting them to prospective partners, with a view to having one or more of them under partnership and moving forward through phase one drilling in 2018.
All technical data, as disclosed in this press release, has been verified by Richard L. Bedell Jr. who is a Qualified Person and Registered Member as defined by the Society for Mining, Metallurgy and Exploration.
Magna Terra will be attending the upcoming Prospectors and Developers Conference (March 4-7). Please visit us at our booth #2344 if you are attending the conference.
Magna Terra Minerals Inc. is a precious metals focused exploration company, headquartered in Toronto, Canada. Magna Terra (MTT) has a significant interest in the province of Santa Cruz, Argentina within the prolific Deseado Massif in southern Patagonia. With Argentina’s rapidly improving political environment and aggressive reforms the tone has been set for the renewal of this rising mining frontier. MTT is perfectly positioned to advance this highly prospective exploration portfolio and has the experienced management team needed to bring its vision to light. Several of the projects in our portfolio are available for option or joint venture. www.magnaterraminerals.com
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 by the parties to complete the Transaction, 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.
To view the figures associated with this release, please visit the following link: http://media3.marketwire.com/docs/1107338_figures.pdf
President & CEO