Magna Terra Provides Exploration Update on the
Project Highlights
- Similar geological environment to the nearby Clarence Stream Deposit - deformed sediments and volcanics adjacent to the
St. George granite; - 9,155 hectares of prospective mineral lands along a 10-kilometre extent of a regional-scale gold bearing structure - the Back Bay Fault;
- 22-metre wide (core length) alteration zone featuring quartz veins with pyrite, chalcopyrite and specular hematite intersected in historic drillhole NRG-97-3;
- 8-kilometre strike of anomalous soil and rock geochemistry along the Back Bay Fault;
- Quartz vein boulders with visible gold assaying up to 302.5 g/t gold; and
- 44 soil samples > 10 ppb gold and 11 samples > 50 ppb gold.
"We have completed our initial exploration program at Hawkins Love and look forward to receiving the results of the geochemical and geophysical data collected to date. Geological mapping completed so far on this early-stage project has identified a geological environment with favourable host rocks and associated faults, and deformation structures that are permissive for the area hosting orogenic gold mineralization. We have now covered much of the 8-kilometre section of anomalous gold bearing soils, high grade boulders, and alteration intersected in drill core along the Back Bay Fault with additional geochemical and geophysical data that sets the Company up for follow-up exploration on any priority targets in early fall 2021.
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Exploration Program Details
Prospecting and Geological Mapping
Initial reconnaissance-style prospecting, rock sampling and geological mapping on Hawkins Love consisted of collecting rock samples along ATV access roads, roadcuts, and traverse lines covering the most accessible portions of the property. Exposure on the property is highly variable with road cuts and ridgelines representing nearly all of the bedrock exposure on the property. A total of 160 rock samples were collected across the property, with float grab samples (typically angular boulders) representing most of the sampled media, and in many cases were focused on identifying sulphide bearing quartz veins and altered host rock. In general, sediment and volcanic hosted sulphides were the most commonly encountered mineralization styles with lesser occurrences of greisen veins in the granites and sulphide bearing intermediate to mafic dykes and sills. Outcrop mineralization identified on the property consisted of pyrite, chalcopyrite, and lesser base metal sulphides (galena and sphalerite). Rock samples will be submitted to ALS Global for gold and multi-element ICP analysis. Analytical results are pending and will be reported in a future news release.
Preliminary geological mapping on the Project has identified an environment that is favourable for orogenic style gold mineralization with identification of quartz vein zones and related alteration (e.g., Fe-carbonate, sericite and sulphide mineralization) that are tied to fault and deformation zones.
Soil Sampling
Magna Terra contracted
The Hawkins Love Property is characterized by an area with a complex glacial geological history with areas that have thin glacial till cover and other areas covered by thicker glacial till blankets and glacial-fluvial material. The soil data, once received, will be examined in context of this diverse glacial environment and interpretation made regarding the extent (whether close or distal from source) of glacial travel or dispersion of any soil anomalies. Further follow-up till sampling and glacial geological studies are expected to better understand the nature of any soil anomalies.
The Company contracted
Claim Staking
The Company has expanded the
About the
Historic exploration from 1969 to 2013 on the property has largely been focused on base metal massive sulphides and rare earth elements and has comprised collection of B-horizon soil samples, ground magnetics and electromagnetics, and minimal diamond drilling (15 holes totalling 2,256 metres) on small grid areas.
Highlights of exploration work completed to date include:
- Anomalous gold bearing soils over an 8-kilometre strike extent parallel to a major fault system;
- 22 metre wide (core length) alteration zone featuring quartz veins with pyrite, chalcopyrite and specular hematite intersected in hole NRG-97-3;
- *Quartz vein boulders with visible gold assaying up to 302.5 g/t gold; and
- 44 soil samples > 10 ppb gold and 11 samples > 50 ppb gold.
The Company has critically considered logistical matters given the ongoing COVID-19 pandemic, to ensure that this exploration program and all future programs are executed in a way that ensures the absolute health and safety of our personnel, contractors, and the communities where we operate.
*Note: "grab and boulder 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
About Magna Terra
Forward Looking Statements
Neither the
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 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
President and CEO, Director
647-478-5307
Email: info@magnaterraminerals.com
Website: www.magnaterraminerals.com
Exhibit A: Regional Geology and Gold Deposits of
Exhibit B: Property Geology and Gold Anomalies;
SOURCE:
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