CORPORATE UPDATE - TORONTO, ON, JANUARY 18 2018
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.
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 constituted 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, north-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 generally ranges from north-northwest to west-northwest. This observation is consistent with the general west-northwest orientation of gold in soils and the same orientation of the magnetic low, which generally coincides with the gold bearing area. The mineralisation 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 preliminary 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 analysis 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.
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.
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
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.