Magna Terra Identifies Significant Additional GOLD Targets at Its Flagship Great Northern Project, Newfoundland
MAGNA TERRA IDENTIFIES SIGNIFICANT ADDITIONAL GOLD TARGETS AT
ITS FLAGSHIP GREAT NORTHERN PROJECT, NEWFOUNDLAND
Toronto, Ontario – January 12, 2023 – Magna Terra Minerals Inc. (the “Company” or “Magna Terra”) (TSX-V:
MTT) is pleased to announce results of the 2022 geochemical sampling program at its flagship 100%-owned Great
Northern Project (“Great Northern” or the “Project"), located in w estern Newfoundland. The geochemical sampling
program comprised collection of 2,528 B-horizon soil samples at the Furnace and Jacksons Arm Gold Trends and has
successfully identified six new gold targets on the Great Northern Project (Figure 1).
The Company is focused on its flagship Great Northern Project ; a proven gold environment with existing Mineral
Resources and numerous untested gold trends over a cumulative 30+ kilometre strike located within a geological
setting analogous to the nearby Valentine Gold Project (Marathon Gold Corp.), with the potential to host multi-million
ounce gold deposits. These untested gold trends highlight the untested potential of the Project and provide numerous
largescale targets for further discovery and resource growth.
Highlights of the geochemical program include:
- Identification of six new gold targets with total strike length of 5.0 kilometres, ranging in strike length from
400 to 1,100 metres including:
o Four new targets at the Rattling Brook South area assaying up to 1,210 ppb gold (Figure 2);
o Extension of the geochemical footprint 350 metres south of the Beaver Dam Zone (Rattling Brook
Deposit) with assays up to 2,550 ppb gold (Figure 2);
o Identification of a 1.0-kilometre long target south of the Jacksons Arm Trend with assays up to 140
ppb gold (Figure 3) and;
o 1.1-kilometre long target at Jacksons Arm North with soil sample assays up to 262 ppb gold (Figure
4);
- Gold targets associated with east-west or northeast striking fault zones; and
- These new targets continue to highlight gold discovery potential and add to the 30+ kilometres of gold trends
on the Project.
“We are very excited with the results of our geochemical program at Great Northern where we have successfully
identified additional gold targets with a cumulative strike length of 5.0 kilometres. This important, early-stage work
continues to highlight the size potential of the Project to host gold mineralization, particularly along the multiple fault
zones that transect the property. The Project now boasts a cumulative 30+ kilometre strike of highly anomalous gold
trends, some of which are coincident to or along strike with existing gold resources, indicating first priority targets
for drill testing to expand gold resources in these areas. Additionally, the existence of numerous east-west fault splays
throughout the project area exhibiting surface gold expressions provide the Company with multiple additional targets
to work up to the drill ready stage. As we have shown in the north of the Project area (Apsy Zone), these fault splays
are potential hosts of gold mineralization.”
~ Lew Lawrick, President and CEO, Magna Terra Minerals Inc.
Figure 1: Soil grid locations, Great Northern Project.
Figure 2: Significant Soil Geochemical Targets, Incinerator and Furnace Trends, Rattling Brook South area, Great
Northern Project.
Figure 3: Significant Soil Geochemical Targets, Jacksons Arm South area, Great Northern Project.
Figure 4: Significant Soil Geochemical Targets Jacksons Arm North area, Great Northern Project.
Exploration Program Details
During 2022, Magna Terra received results for a systematic geochemical program comprising collection of 2,528
primarily B-horizon soil sampl es in three areas, the Rattling Brook South, Jacksons Arm South, and Jacksons Arm
North areas, at the Great Northern Project.
In the Rattling Brook South Area , a total of 1,040 largely B -Horizon soil samples were collected along 100 metre
spaced lines at 25 metre sam ple intervals. Soil sampling was designed to cover the possible along strike extension
south of the Beaver Dam Zone along the trace of the Doucer’s Valley Fault and several east-west oriented fault splays
that have potential to host gold mineralization including the Furnace Trend. Similar east-west fault splays to the north
host gold mineralization at the Incinerator Trend (Figure 2).
Assays up to 2,550 ppb gold were obtained from soil sampling with 11 of the 1, 040 samples assaying > 50 ppb gold
and 44 assaying > 20 ppb gold ( Figure 2). The geochemical footprint of the Beaver Dam Zone, part of the Rattling
Brook Deposit Resource, was extended 350 metres towards the south along the main granite-sedimentary contact that
is host to gold mineralization at Beaver Dam.
Soil sampling over the Furnace Trend and to the south has continued to highlight the F urnace Trend as a target for
follow-up drill testing, as well as identifying 4 additional gold targets with assays up to 1,210 ppb gold, ranging in
length from 400 to 800 metres. These new targets are associated with east -west trending fault zones similar to that
observed at Furnace and known to host gold at the Incinerator Trend (Figure 2).
In the Jacksons Arm Area, a total of 1,488 samples were collected along strike to the north and south of the Jacksons
Arm Trend along 100 metre spaced east-west oriented lines at 25 metre sample intervals. The survey was designed to
follow-up and expand upon historical sampling in t he area that outlines a 2.4 -kilometre long gold-bearing alteration
zone at Jacksons Arm.
Assays up to 190 ppb gold were obtained from soil sampling with 9 of the 1,488 samples assaying > 50 ppb gold and
32 assaying > 20 ppb gold (Figures 3 and 4).
At the Jacksons Arm South area, a 1.0 -kilometre long northeast trending geochemical target, with assays up to 14 0
ppb gold, has been identified in this program that is coincident with a fault bound slice of Ordovician granite hosted
within younger Sops Arm Group volcanic and sedimentary rocks (Figure 3).
At the Jacksons Arm North area, a 1.1 -kilometre long northeast trending geochemical target, with assays up to 262
ppb gold, has been identified that is underlain by Sops Arm Group felsic volcanic rocks near its contact with
Ordovician granites and sub-parallel with the nearby Doucer’s Valley Fault (Figure 4).
About the Great Northern Project
The Great Northern Project is comprised of two separate claim blocks - Great Northern and Viking Z ones totalling
13,775 hectares, that 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 with in 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 Proje ct. 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 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
• 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 car ried 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 mine ralization: 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 – 5.5 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 2.11 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 49o 42′ N Longitude 57o 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 Res ource 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: [email protected]
Website: www.magnaterraminerals.com