Magna Terra Announces Encouraging Drill Intercepts ON the Elizabeth, Emily and Valentina Veins of the Piedra Negra Project
a renewed frontier.
PRESS
RELEASE
FOR IMMEDIATE RELEASE
MAGNA TERRA ANNOUNCES ENCOURAGING DRILL INTERCEPTS ON THE
ELIZABETH, EMILY AND VALENTINA VEINS OF THE PIEDRA NEGRA
PROJECT
Toronto, Ontario , March 19 , 201 9 – Magna Terra Minerals Inc. (the
“Company” or “ Magna Terra ”) (TSX-V: MTT) (SSE: MTTCL) is pleased to
announce results from a ten hole, 860 meter, diamond drill campaign on the
Piedra Negra project in the Santa Cruz Province of Argentina . The project is
within 30 km of the Vanguardia Gold Mine (Anglo Gold Ashanti - see figure
1). The drill program was completed in December 2018. Assays for hole s
PN_DDH001 through 9 have recently been received.
Executive Summary:
The Company has completed a first phase drill program at its Piedra Negra
Project, Santa Cruz Province, Argentina. Drill hole PN_DDH006 intersected
2.0 m of 0.655 g/t Au (from m 14 to 16) and then 1.0 m of 0.18 g/t Au (from
m 26 to 27) (Table 2). The hole collared in argillized tuffs, and after 14 m, cut
low sulphidation vein material. Further anomalous intercepts are reported in
Holes PN_DDH001, 2, 4 and 7 and occur over an area of 700 by 500 m in the
Vetas Hermanas and Puyutano Dome areas.
The Piedra Negra project is composed of four areas which we term, Puyutano
Dome, Vetas Hermanas (including the Brunella, Emily, Valentina and Jazmin
veins), Vetas Ocultas and Domos de Piedra Negra. These areas are illustrated
with geology and surface rock chip Au in Figure 2. In this campaign we
partially tested the Elizabeth vein at the southern edge of the Puyatano Dome
Area. We also tested the Vetas Hermanas Area and the Domos de Piedra Negra
down to around 100 m. The Vetas Ocultas Area remains un-tested.
Collar data for the campaign are provided in Table 1 and illustrated relative
to Induced Polarization at 90 m depth in Figure 3.
Chalcedonic s ilica in Au bearing intercepts along with a pervasive Illite
Sericite alteration, combine to indicate that the drilling was restricted to the
upper part of a low sulphidation epithermal system, implying further target
potential at depth. Additionally, strong Hg anomalies, between 2 and 4 ppm
in PN_DDH008 appear to form part of a regional pattern which relates the
Piedra Negra Veins to the discovery vein at the Company’s Covadonga Project,
9 km to the West.
Piedra Negra Intercepts
Puyutano Dome Area
Holes PN_DDH001 and 2 on the Elizabeth Vein reported 2.1 m of 0.24 g/t Au
and 4 m of 0.135 g/t respectively. Whilst the intercepts are sub- economic,
see Table 2, these holes were altered throughout most of the length and in
the case of PN_DDH001 , quartz veinlets throughout the upper half of the
hole, tended to be parallel to the core. Additionally, the host rock, which is
largely tufaceaous, is mixed with large rhyolite fragments from the Puyutano
Dome to the North. The general N -S orientation of the veins at surface does
not appear to hold at depth where mineral ized targets may be orientated E-
W in zones of dilation and along the southern flank of the Puyutano Dome.
Vetas Hermanas Area
Holes 4, 6 and 7 reported short sub -economic Au intercepts, the strongest
coming from the Valentina vein where PN_DDH006 reported 2 m of 0.655
g/t Au (see Table 2 and Figure 3) and a further 1 m of 0.18 g/t Au. PN_DDH007
reported 1 m of 0.1 g/t and a further 1 m of 0.14 g/t. Whilst we didn’t get an
Au intercept from the Brunella Vein, on strike to the north, PN_DDH008 did
intercept strong Hg anomalies, between 2 and 4 ppm. The Hg anomalism,
accompanied by a general Illite Sericite alteration in the area , implies that
our intercepts are:
a) high in the epithermal system
b) related to a district scale alteration system which includes our
Covadonga Project, 9 km to the West
Vetas Oculatas Area
This area was not drill tested in this short campaign and will be considered
for the future as surface geology and Induced Polarization data show targets
on strike with the Emily and Brunella Veins.
Domos de Piedra Negra Area
Holes PN_DDH009 and 10 were drilled in this area and targeted fluid traps
beneath surface stockworks in rhyolite domes. PN_DDH010 was cut short of
target for technical reasons. PN_DDH009 cut 29 m of rhyolite dome with
stockwork, breccias and quartz veinlets , followed by 6 m of andesitic tuffs
with silicification and brecciation with disseminated py rite. Unlike the
surface rock chip sampling, the hole was barren. Further QAQC procedures
will be undertaken before making a decision on further exploration in this
area.
Table 1: HQ Diamond Drill hole collar details, Grid WGS UTM 19S
Collar X Y Z Azimuth Dip Length
PN_DDH001 568605 4669400 180 90 60 113
PN_DDH002 568600 4669280 180 90 60 110
PN_DDH003 568560 4668970 175 90 60 128
PN_DDH004 568600 4668970 172 90 60 65
PN_DDH005 568601 4668800 184 45 50 104
PN_DDH006 568215 4668837 182 270 45 56
PN_DDH007 568206 4668719 185 270 45 47
PN_DDH008 568176 4669075 168 270 45 50
PN_DDH009 568600 4667650 194 90 45 143
PN_DDH010 568620 4667475 186 135 45 44
Table 2: Drill assay results, intercepts > 0.1 g/t Au
Hole Sample From Too Length (m) Au (g/t)
PN_DDH001 620 21.55 23.65 2.1 0.240
PN_DDH002 732 37 41 4.0 0.135
PN_DDH004 922 20 22 2.0 0.110
PN_DDH006 636 14 16 2.0 0.655
PN_DDH006 649 26 27 1.0 0.180
PN_DDH007 673 16 17 1.0 0.100
PN_DDH007 679 19 20 1.0 0.140
The Company is currently evaluating these results with a view to designing
a future exploration program which would include all of the four target
areas, and would also aim to examine the ground between Piedra Negra and
the discovery outcrop at Cerro Covadonga.
Dr. Paul David Robinson, Vice President of Exploration, commented, “We are
very pleased to be off to a positive start with the testing of Piedra Negra. This
project, in conjunction with our Cerro Covadonga Project , has been shown to
represent a district with significant exploration potential. This district is very
close to the now aging Cerro Vanguardia mine and we hope that it will play a
part in its future.”
QAQC
Sampling was carried out at the drill site, with core being cut by angle grinder
and half of the core retained for logging and potential re -analysis. Blind
standards, blanks, and duplicates were inserted into the sample chain
accounting for 14 % of samples. Samples were then delivered, by Magna Terra
staff, directly to Alex Stewart La boratories in San Julian, Santa Cruz,
Argentina, for sample preparation and subsequently shipped to Alex Stewart
Laboratories in Mendoza, Argentina, for gold fire assay and multi element
analysis. Intercepts were calculated using a 0.1 g Au/t cut off.
Qualified Person
All technical data disclosed in this press release has been verified by Magna
Terra’s Qualified Person, Paul D. Robinson Ph.D. and Certified Professional
Geologist as recognized by the Association of Professional Geoscientists of
Ontario (APGO).
About Us
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 five district scale drill
ready projects, and a highly experienced management and exploration team,
MTT is positioned to deliver significant shareholder value through the
potential for precious metals discovery(s) on its extensive portfolio. For
detailed information regarding our projects, please visit the Company’s
website at: www.magnaterraminerals.com
FOR FURTHER INFORMATION PLEASE CONTACT:
Magna Terra Minerals Inc.
Lewis Lawrick, President & CEO: 647-478-5307
Email: [email protected]
Website: www.magnaterraminerals.com
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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. Fo rward-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 disclai m any intent or
obligation to update any forward-looking statement.