MAGNA TERRA MINERALS INC. The Exploration Program comprised collection of 1,123 B-horizon soil samples for gold analysis predominately along the Viking North Trend, but also along the easterly projection of the Viking Trend. The Exploration Program successfully identified multiple new, high-tenor, exploration targets at both trends for follow-up exploration work to ultimately define drill targets (Figure 1).
Highlights of the Exploration Program include: Eight-kilometre-long zone of anomalous gold-in-soil values along the Viking North Trend and the generation of multiple new, high-tenor, exploration targets; 900-metre-long extension of the Viking Trend towards the northeast with a total trend length of 6.4 kilometres; Soil samples assaying up to 203 ppb gold and with 15 samples assaying greater than 50 ppb gold; Recognition that the trends are associated with east-west or northeast striking fault zones which host, drill confirmed, in-situ gold mineralization and are linked to the Doucers Valley Fault, a key controlling crustal-scale fault zone; and These new targets continue to highlight gold discovery potential and add to the 30+ kilometres of gold trends on the Project.
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 'We are very pleased with the results of this Exploration Program as it continues to reinforce our belief that the
Exploration Program Details
During the Exploration Program, Magna Terra completed a systematic geochemical sampling program comprising collection of 1,123 primarily B-horizon soil samples covering the Viking North Trend and the northeast extension of the Viking Trend, at the
At the Viking North Trend, a total of 992 largely B-Horizon soil samples were collected along 100 metre spaced lines at 25 metre sample intervals. Soil sampling was designed to cover the strike extent of the Viking North Trend as indicated by previous reconnaissance exploration and covering a prominent east-west (070o) striking fault zone. Similar east-west fault splays on the project host gold mineralization at the nearby Viking, Incinerator, and Furnace Trends (Figure 1).
Assays up to 203 ppb gold were obtained from soil sampling with 15 of the 992 samples assaying >50 ppb gold and 41 assaying >20 ppb gold (Figure 1). These samples, along with previous soil and rock samples assaying up to 380 ppb gold and 2.12 g/t gold, respectively, continue to outline an 8.0-kilometre-long trend of gold mineralization that is coincident with a topographic low along an east-west (070o) trending fault zone (Figure 1). The Viking North Trend has not been tested by diamond drilling.
At the Viking Trend, a total of 131 samples were collected along strike to the northeast of the existing 5.5-kilometre-long Viking Trend along 200 metre spaced east-west oriented infill soil lines at 25 metre sample intervals. The survey was designed to follow-up upon previous broad-spaced soil sampling that showed potential for extension of the Viking Trend towards the east-northeast.
Assays up to 26 ppb gold were obtained from soil sampling with 2 of the 131 samples assaying >20 ppb gold (Figure 1). Soils sampling has successfully extended the Viking Trend geochemical target 900-metres to the northeast towards where it intersected the Precambrian-Cambrian contact near the Doucers Valley Fault. The Viking Trend now consists of 6.4 kilometres of anomalous gold in rock and soil samples. Only minor diamond drilling has been undertaken in the central part of the Viking Trend.
About the
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
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
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:
Incinerator Trend - 1.8-kilometre-long gold-bearing east-west fault only tested by four historic drill holes each intersecting gold mineralization: 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 - 6.4 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 2.12 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
'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
The Mineral Resource Estimate quoted in this press release regarding the
The Historical Mineral Resource Estimate quoted in this press release regarding the
About Magna Terra
Forward Looking Statements
Neither the
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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.
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