Magna Terra Announces start of drilling at the Piedra Negra Project. Executive Summary: The Company has commenced a first phase , 9 hole drill program comprising approximately 1 ,000 meters at the Piedra Negra Project,
a renewed frontier.
PRESS
RELEASE
FOR IMMEDIATE RELEASE
DECEMBER 5, 2018 TSX-V: MTT
Magna Terra Announces start of drilling at the Piedra Negra
Project.
Executive Summary:
The Company has commenced a first phase , 9 hole drill program
comprising approximately 1 ,000 meters at the Piedra Negra Project,
Santa Cruz Province, Argentina.
Targets were identified using extensive rock chip sampling along with
Ground Magnetic studies and Induced Polarization (IP) geophysics,
defining mineralization over an area measuring 2 km by 700 m.
Drill targets include structurally outcropping N-S striking veins, E -W
striking dilatational zones and rhyolite hosted stockworks.
The targets are within 30 km of the Vanguardia Gold Mine (Anglo Gold
Ashanti) and mineralized outcrops occur adjacent to a road leading to
that mine.
Toronto, Ontario, December 5, 2018 – Magna Terra Minerals Inc. (“Magna
Terra” or the “Company”) (TSX-V: MTT) (SSE: MTTCL) is pleased to
announce the commencement of drilling on the Piedra Negra Project in Santa
Cruz Province, Argentina. The Piedra Negra Project (“Piedra Negra” or the
“Project”) is located approximately 30 km N-NE of the Cerro Vanguardia gold
mine (Anglo-Ashanti) and is accessible by a good unpaved road, from Tres
Cerros, 32 km to the east, (see figure 1).
The Project is characterized by gold bearing, low sulphidation veins and
stockworks, hosted in andesitic tuffs and rhyolitic domes of the Bajo Pobre
and Chon Aike Formations respectively. The 460 select rock chip samples
reported so far are distributed across an area measuring 2 km from north to
south and between 200 and 700 m from east to west (see figure 2). Gold
grade ranges up to 16.02 ppm with an average grade of 0. 47 ppm including
189 samples over 0.1 ppm . Note that samples on the Project are se lected
samples, with spacing being determined by availability of outcrop and sub -
crop and are not necessarily representative of the mineralization hosted on
the Project.
The principal target concepts are:
1) N-S striking veins seen in outcrop and verified by IP resistivity.
2) E-W striking dilatational structures defined from IP resistivity and
magnetic lows.
3) Stockworks and associated fluid traps in Rhyolitic domes seen in
outcrop and verified with IP resistivity.
The target area is divided, for the purposes of this campaign, into three target
zones. From north to south, these are The Puyutano Dome, Vetas Hermanas,
Piedra Negra Domes. Nine holes constituting approximately 1,000 m of
drilling are planned for the first phase (see figure 3).
Puyutano Dome Target Area
Puyutano is the most northerly zone on the Project, and is characterized by
low sulphidation veins in a rhyolitic dome complex. The main target here is
the Elizabeth Vein in the southern flank of the dome. Holes DDH_001 and 2
target the vein which averag es 1.48 ppm Au from 78 rock chips and float
samples over a 220 m strike length.
Vetas Hermanas Target Area
Vetas Hermanas zone is comprised of 1,000 m of low sulphidation, banded,
crustiform and cockade texture veins which are hosted in andesitic tuffs and
ash tuffs. Holes DDH_003 through DDH_005 target the discovery vein or
Emily Vein which averages 0.75 ppm Au from 39 rock chips over a 300 m
strike length (see figure 4). Hole DDH_006 targets the Valentina Vein which
averages 0.72 ppm Au from 21 rock chips over a 130 m strike length.
Piedra Negra Domes Target Area
The Piedra Negra Domes zone is characterized by weakly positive topography
representing the tops of rhyolitic domes which, in some cases, show evidence
of stockworking with traces of Au. In the recessive areas between the domes
there is evidence of veins in float and sub -crop. Holes DDH_007 through 9
target veins and stockworks as well as what we interpret to be fluid traps on
the underside of the domes as evidenced in the IP resistivity sections (see
figure 5).
Quality Assurance / Quality Control
Surface samples were taken with hammer and chisel or with a diamond saw
and placed in sealed bags. Samples were delivered, by Magna Terra staff,
directly to Alex Stewart Laboratories in San Julian, Santa Cruz, Argentina,
for sample preparation and subsequently ship ped to Alex Stewart
Laboratories in Mendoza, Argentina, for gold fire assay and multi element
analysis. A QAQC program including insertion of blanks and duplicates has
been implemented.
Note, that rock chips or selective samples were taken in situations where
sample spacing is determined by availability of outcrop and sub-crop and so
the results are not necessarily representative of the mineralization hosted on
the Project.
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 six 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
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. 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 disclaims any intent or
obligation to update any forward-looking statement.