Magna Terra Minerals Inc. announced results of an exploration program completed in fall 2023 on its 100% owned Great Northern Project (?Great Northern? or the ?Project?), located in western Newfoundland. The exploration program comprised a 246-line kilometre drone magnetic survey, collection of 25 rock grab samples, and 1,388 B- horizon soil samples covering unexplored areas of the Project.

The program was partially funded by the Government of Newfoundland and Labrador through the Junior Mining Assistance Program (JEA). Great Northern is a proven gold environment with existing Mineral Resources and numerous untested gold trends over a cumulative 30+ kilometre strike with the potential to host multi-million-ounce gold deposits. Highlights of the Exploration Program include: Discovery of a new zone of gold mineralization assaying up to 6.35 g/t gold from grab samples at the Taylors Pond Prospect coincident with a 300-metre long soil geochemical anomaly with assays up to 273 ppb gold; Identification of a 2.0-kilometre long gold-in-soil anomaly known as the Loki Trend with assays up to 143 ppb gold; Discovery of a 500-metre long gold anomaly along trend with the Road Zone mineral resource and including assays up to 196 ppb gold; and Identification of several targets for follow-up exploration based on a suite of low-magnetic-intensity geophysical anomalies from the drone magnetic survey - features commonly associated with gold mineralization in this area.

Exploration Program Details Taylors Pond Area: Prospecting was completed to follow-up on an area of altered and mineralized felsic intrusive rocks assaying up to 23.1 g/t gold initially sampled in 2009 by Spruce Ridge Resources Limited and Delta Uranium Inc. The area is underlain by late Devonian Gales Brook Granite of the Gull Lake Intrusive Suite approximately 1 kilometre east of Taylors Pond and the contact with Sops Arm Group volcanic rocks. Rock samples collected from this area returned assays of 6.35 and 4.35 g/t gold from bedrock grab samples to the northeast of the Spruce Ridge/Delta Uranium sample site. The mineralized rock is comprised of pyrite (2-5%; cubic and subhedral in quartz veins) bearing, moderately altered massive biotite, K-feldspar granodiorite (Gull Lake) with pervasive silica, sericite alteration and 1 to 4 cm quartz veins.

A total of 603 samples from reconnaissance soil lines were collected over the area of bedrock mineralization described above. Soil sampling shows a strong 4-line (300 m minimum; >20 ppb gold) gold soil anomaly assaying 273, 108 and 36 ppb gold, coincident with gold-bearing rock samples in the area. Of the 603 samples collected on the Taylors Pond Area, 3 samples assayed over 50 ppb gold and 16 assayed over 20 ppb gold.

Kramer Soil Grid: A total of 114 samples were collected along infill soil lines designed to cover the north end of the Kramer Trend, hosted within Precambrian granodiorite and monzogranite and its tectonized unconformable contact with overlying Cambro-Ordovician quartzite, calcareous shales and marbles. The infill soil sampling lines continued to highlight two distinct zones of anomalous gold (>20 ppb gold); the first coinciding with the Precambrian granodiorite/Cambrian quartzite contact at the north end of the Kramer Trend, and the second covering a sequence of Cambro-Ordovician carbonaceous shales 500 metres east of and subparallel to the Kramer Trend, the Loki Trend. Together with the results of previous soil sampling these new results form a 2- kilometre long trend of anomalous soils overlying the Cambro-Ordovician carbonaceous shales.

A sample taken from a trenched exposure of altered and mineralized granodiorite proximal to the unconformable contact with Cambrian quartzite at the northeastern end of the Kramer Trend returned an assay of 143 ppb gold. Overall, 5 of the 114 samples assayed over 50 ppb gold and 11 assayed over 20 ppb gold. Road Zone Soil Grid: A total of 348 soil samples were collected to the immediate northwest of the Road Zone mineral resource.

A maximum gold value of 196 ppb was returned with 7 samples assaying over 50 ppb gold and 22 samples assaying over 20 ppb gold. Of note is a 7-line, northeast oriented, combined gold soil anomaly (> 20 ppb gold) over 500 metres to the immediate southwest of the Road Zone mineral resource. This zone of anomalous soils is proximal to rock grab samples from 2021 that assay up to 650 ppb gold from altered granodiorite and coincident with an area of low magnetic susceptibility from the drone magnetic survey.

These soils represent an opportunity to expand the Road Zone footprint and form a priority target for follow-up drilling. Drone Magnetic Survey: The drone magnetic survey was completed over the Rattling Brook Deposit area to further characterize the magnetic nature of host rocks where previous work in the area (1980s ground magnetic survey of the Road Zone) including several airborne surveys have shown that zones of gold-bearing hydrothermal alteration are associated with zones of low magnetic intensity. These zones are interpreted to result from destruction of disseminated magnetite within largely host granodiorite during hydrothermal alteration and sulphide replacement.

Several areas of low magnetic intensity are apparent from the drone magnetic survey including: An area measuring 1.0 by 1.7 kilometres to the immediate southwest of the Road Zone; An area measuring 1.0 by 3.0 kilometres to the northwest of the Apsy Zone; An area between the Incinerator Trail and Furnace trends measuring roughly 750 metres by 1.0 kilometre; and Numerous zones of discrete magnetic low following interpreted fault zones from LiDAR and topographic data that are in places coincident with anomalous soil samples.