Magna Terra Minerals Inc. announced results of the 2022 geochemical sampling program at its flagship 100%-owned Great Northern Project ("Great Northern" or the "Project"), located in western 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. 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. During 2022, Magna Terra received results for a systematic geochemical program comprising collection of 2,528 primarily B-horizon soil samples 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 sample 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. 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.

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 Furnace 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.

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 the 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.

At the Jacksons Arm South area, a 1.0-kilometre long northeast trending geochemical target, with assays up to 140 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. 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.