…a renewed frontier MAGNA TERRA CORPORATE UPDATE
…a renewed frontier
MAGNA TERRA CORPORATE UPDATE
Toronto, Ontario, January 18, 2018 – Magna Terra Minerals Inc. (“Magna
Terra” or the “Company”) (TSX-V: MTT) (SSE: MTTCL) is pleased to update
on its exploration activities in Santa Cruz Province, Argentina. Exploration
activity in 2017 on 24 properties defined by 7 distinct land packages totaling
over 100 ,000 hectares. Activities were concentrated in Q3 and Q4 when
geophysical surveys were completed on 5 projects including Piedra Negra,
Covadonga, El Meridiano, Gertrudis, and La Rosita; as well as a 696-sample
soil program at Covadonga.
The geophysical program, constituted 138-line km of Ground Magnetometry,
44.5-line km of Induced Polarization and 7.5-line km of CSAMT. The
distribution of the work by project is outlined in the table below.
Project Technique Mag Line
km
(IP) Line
km
CSAMT Line
km
Piedra
Negra
Ground Magnetic 60 - -
Induced Polarization
(IP)
- 15 -
Covadonga Ground Magnetic 57 - -
Induced Polarization
(IP)
- 17.5 -
El
Meridiano
CSAMT - - 7.5
La Rosita Induced Polarization
(IP)
- 9 -
Gertrudis Ground Magnetic 21 - -
Induced Polarization
(IP)
- 3 -
Analysis of all new data at Piedra Negra and Covadonga is now complete and
these projects will now join the Luna Roja project (El Monte Group of
projects) in the drill ready category.
Piedra Negra is the latest project discovered in 2017 , and is located
approximately 30 km north-northeast of the Cerro Vanguardia gold mine
(Anglo-Ashanti) (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 ground
magnetic survey constitute d a block of 1.8 km by 3.3 km with 100 m line
spacing. The induced polarization (IP) pole-dipole survey comprised 12 lines
with 200 m spacing and 25 m dipoles with a depth of investigation to 100 m.
The surveys are illustrated in map view in Figures 2a and 2b respectively with
an overlay of gold from 460 select rock chip samples taken in 2017. Surface
gold occurs in north-south striking veins which are represented as magnetic
lows (Figure 2a) and zones of resistivity at 90 m depth (Figure 2b). Where
resistivity is related to surface gold it defines drill targets for a first phase
program. Petrographic studies of six samples from veins at Piedra Negra
show three phases of silica and that gold, silver, and electrum are present
free floating in the silica , physically independent from other sulphides. The
styles of quartz, the infill , and textures, as well as, the mineral associations
are comparable to those recognized at the Cerro Vanguardia deposit. The
three principal mineralization target types at Piedra Negra are:
1) Outcropping, gold bearing, n orth-south striking veins supported by
ground magnetic and resistive anomalies.
2) West-northwest and east-west striking dilatational structures mapped
in ground magnetics.
3) Fluid traps under rhyolitic domes with gold bearing stockworks at
surface
Piedra Negra is drill ready, and the Company has designed a preliminary drill
plan of 17 holes totalling 2000 metres to test first priority targets. This
project is available for joint venture.
Cerro Covadonga is located approximately 25 km north - northeast of the
Cerro Vanguardia gold mine (see figure 1). The Project is adjacent to Piedra
Negra and is characterized by gold bearing, low sulphidation veins and
breccias, in "hydrothermal corridors" within fault -bounded blocks of
andesite (Bajo Pobre Formation), locally overlain by thin patches of rhyolitic
tuffs (Chon Aike Formation) . During 2017 the company carried out a soil
campaign comprising 696 samples, plus QAQC, followed by a ground
magnetic survey comprised of two blocks 1.5 x 2 km and 1.5 x 1.7 km. Lines
were east-west with 100 m separation.. The IP pole-dipole survey with 25 m
dipoles, provided coverage down to 100 m depth . Figure 3 illustrates a
reduced to the pole magnetic map overlain by gold in soil, equal to or greater
than 6 ppb, which is 3 times the detection limit. The gold is shown relative to
the positions of the IP lines and surface veins as well as the medium and high
priority proposed drill collars. The orientation of veins varies significantly,
but general ly ranges from north-northwest to w est-northwest. This
observation is consistent with the general west-northwest orientation of gold
in soils and the same orientation of the magnetic low, which gene rally
coincides with the gold bearing area. The m ineralisation and alteration
footprint measures approximately 1 by 3 kilometres . Figure 4a represents a
plan view of resistivity at 15m depth , and 4b is resistivity and chargeability
on line 9100. The section illustrates all drill hole proposals associated with
that section whereas the plan has only the higher priority, or first phase
holes.
Covadonga is drill ready, and the Company has designed a prelim inary drill
plan of 19 holes totalling 2400 metres to test first priority targets. This
project is available for joint venture.
In summary, three projects are currently drill ready including; Piedra Negra,
Covadonga, and Luna Roja (El Monte) . Continued an alysis of geophysical,
geochemical and geologic data at Gertrudis, El Meridiano, and La Rosita
projects will provide drill targets in the next couple of months . In addition
generative work has started at the 50,000 hectare Boleadora group of
properties in the north -western corner of the Deseado Massif proximal to
Goldcorp’s Cerro Negro Mine.
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.
A QAQC program for the 2017 soil sampling included duplicates and standards
with all samples placed in sealed bags and delivered together with the soil
samples, by Magna Terra staff, directly to Alex Stewart Laboratories in San
Julian, Santa Cruz, Argentina, for sample preparation. They were
subsequently shipped to Alex Stewart Laboratories in Mendoza, Argentina,
for gold fire assay and multi element analysis.
Samples from the trench campaign in 2010 - 11 were taken by AuEx
Ventures/Renaissance Gold Inc. staff to Andesmar in Caleta Olivia, Santa
Cruz, Argentina from where they were transported to ALS Chemex
Laboratories in Mendoza, Argentina, for gold fire assay and multi element
analysis.
Qualified Person
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 Vancouver Resource Investor
Conference (January 21-22). Please visit us at our booth #825 if you are
attending the conference.
About Us
Magna Terra Minerals Inc. (formerly Brionor Resources) 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.
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. 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 material ly 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 speak s 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.