TORONTO, ONTARIO – (September 6, 2017) – Magna Terra Minerals Inc. (“Magna Terra” or the “Company”) (“TSX-V: MTT”) is pleased to announce the initiation of a geophysical program which covers five projects. The projects being advanced are Piedra Negra, Covadonga, El Meridiano, La Rosita and Gertrudis.
The Piedra Negra Project is located approximately 25 km N-NE of the Cerro Vanguardia gold mine (AngloGold Ashanti) and is accessible by a good unpaved road, from the Tres Cerros Hotel, 30 km to the east, (see Figure 1). The Cerro Covadonga Project, approximately 25 km north of Cerro Vanguardia, is adjacent to Piedra Negra and is accessed by the same road from Tres Cerros, approximately 40 km to the east. The EL Meridiano project is approximately 40 km NW of Cerro Vanguardia and 70 km west of Tres Cerros. These three projects constitute the first phase of the geophysical program and are to be followed immediately by the La Rosita and Gertrudis Projects. La Rosita project is located 15 km NE of Mina Martha silver mine and 21 km north of the Manantial Espejo silver mine and is approached by 80 km of unpaved roads and farm tracks from Gobernador Gregores. The Gertrudis Project is reached by 110 km of unpaved road and farm tracks from the town of Pico Truncado.
The program, covering the five projects, is comprised of 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 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||–|
|Induced Polarization (IP)||–||17.5||–|
|La Rosita||Induced Polarization (IP)||–||9||–|
|Induced Polarization (IP)||–||3||–|
Our preference in this environment, which is dominated by low sulphidation veins, is to develop shallow targets with a combination of ground magnetic and IP surveys in conjunction with surface sampling and mapping. The Piedra Negra, Covadonga and Gertrudis campaigns have been planned according to this strategy.
The Piedra Negra campaign includes 12 lines of IP which are orientated east west across mostly north south striking vein outcrops and float trains. We expect the IP and magnetic surveys to confirm multiple shallow drill targets on each IP line. The types of targets identified include veins cutting andesite, veins and vein breccias cutting rhyolite domes, stockworks in rhyolite domes, and low angle veins flanking rhyolite domes.
The Covadonga campaign includes 14 lines of IP with a north easterly orientation. The IP and magnetic lines cross NNW, NW, WNW and NE striking veins and breccias which together form a dilatational jog of over a 3 km extension.
The Gertrudis campaign is comprised of 3 ENE lines of IP with an accompanying magnetic survey and are orientated perpendicular to the Gertrudis and David Veins.
In the case of El Meridiano we are using CSAMT because it is a diatreme complex rather than the more typical vein system. By using the historical geophysical data, which includes ground magnetic and gradient array data, and then adding the CSAMT, we can model the project at depth to reveal resistive targets in the diatreme flanks.
La Rosita is also atypical in the region, with gold mineralization occurring in sinters in an otherwise recessive environment. La Rosita represents a structural and stratigraphic problem which we believe can be solved by combing the historical ground magnetic and gradient array survey data with carefully placed IP lines.
The Company owns 100 % of the Gertrudis project and controls the other projects through an option agreement with a private individual.
Mr. Lew Lawrick, President & CEO of Magna Terra commented: “We are very pleased to be moving forward with this phase of our exploration program, which will bring these five projects up to a drill ready status on a level with our EL Monte project, where drill planning and budgeting is already complete. By the end of 2017 we will have six projects with drill planning and budgeting in place and we will be ready to offer these as turnkey JV projects under our management.”
All technical data, as disclosed in this press release, has been verified by Richard L. Bedell Jr. who is a Qualified Person under NI 43-101 and Registered Member as defined by the Society for Mining, Metallurgy and Exploration. Mr. Bedell has reviewed and approved the content of this release.
About Magna Terra
Magna Terra Minerals Inc. is a Canada based, precious metals focused exploration company, with a portfolio of exploration properties in Quebec and a strategic interest in the Horn of South America. Magna Terra has recently announced the acquisition of a significant exploration portfolio in the prolific yet underexplored Province of Santa Cruz, Argentina and has assembled an experienced team to advance this highly prospective exploration portfolio in the near term. A number of these projects are available for option or joint venture, and additional information can be found on the company’s website at: www.magnaterraminerals.com
FOR FURTHER INFORMATION PLEASE CONTACT:
Magna Terra Minerals Inc.
Lewis Lawrick, President & CEO: 647-478-5307
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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.