TORONTO, ON / ACCESSWIRE / January 31, 2023 / Magna Terra Minerals Inc. (the “Firm” or “Magna Terra“) (TSX-V:MTT) is happy to announce by its 100% owned Argentine subsidiary Atala Assets S.A. (“Atala”) that Oroplata S.A. (“Oroplata”), a subsidiary of Newmont Company (“Newmont”), has accomplished an preliminary exploration program on the Boleadora Project. The Boleadora Project (“Boleadora”) is a big greenfields exploration land bundle (~55,000 hectares) encompassing 12 particular person Manifestacion de Descubrimientos or exploration licenses located 17 kilometres southeast of Newmont’s Cerro Negro mine space in Santa Cruz Province, Argentina (Determine 1).
In accordance with Newmont geologists, Boleadora is underlain by intensive Jurassic volcanic sequences that embrace welded pumice crystal-rich rhyolitic ignimbrites minimize by bimodal subvolcanic domes. Major structural developments embrace northwest, north-northwest, and east-west corridors with chalcedonic and opaline silica veins with large textures as much as one-metre large and silica sinter as much as 50 metre by 50 metre exposures that may correspond to shallower ranges of low-sulphidation epithermal system (Determine 2). This geology is beneficial for internet hosting low-sulphidation epithermal gold mineralization.
As a part of the exploration program, Oroplata not too long ago collected 134 drainage samples overlaying essential geological areas and assortment of 51 rock seize samples* in areas of hyperspectral anomalies (Determine 3). Samples have been delivered to Caleta Olivia – ALS prep services in Santa Cruz. Analytical outcomes are pending for these samples.
Additionally, hyperspectral measurements might be taken on the lab to refine present spectral responses and merchandise.
Throughout fieldwork, Newmont geologists, acknowledged a minimum of two new goal areas (Targets A and B) on the northern fringe of the property (Determine 3) that host related silica constructions with crackle breccia channels following the principle structural corridors with refined favorable hyperspectral responses.
Project Highlights
- Giant land bundle comprising ~55,000 hectares;
- 17 kilometres alongside strike from Newmont’s Cerro Negro Mine;
- Geological surroundings with potential to host low-sulphidation epithermal gold deposits;
- Recognition by Newmont geologists of two goal areas for follow-up exploration; and
- Assays are pending and anticipated later within the first quarter of 2023.
* Be aware: “seize and float samples” are chosen samples and should not essentially indicative of mineralization that could be hosted on the property.
“We’re very happy that Newmont has accomplished this exploration subject program at Boleadora. Their preliminary work helps the existence of a geological surroundings that’s beneficial for internet hosting low-sulphidation epithermal gold deposits in north-northwest structural management alongside strike from Cerro Negro, together with two new areas that host silica constructions and crackle breccia. We stay up for additional outcomes from Newmont’s exploration efforts and are happy with their development of the mission thus far. The development related to the north-northwest structural management that is a vital geological characteristic to mineralization at Cerro Negro continues effectively into the Boleadora mission space. The potential to delineate mineralization alongside this development and determine further comparable constructions throughout the Boleadora property is what attracted Newmont to Boleadora; that together with its shut proximity to the present infrastructure at Cerro Negro. With the geological information Newmont has gained by exploring and mining Cerro Negro, we’re assured that the appliance of this information and their confirmed exploration methods will add vital worth to the Boleadora Project, and be sure that it’s superior within the close to time period.”
~ Lew Lawrick, President and CEO, Magna Terra Minerals Inc.
Boleadora Buy Settlement
Magna Terra entered right into a Buy Settlement with Oroplata (Newmont) (see press launch dated June 9, 2020) that can pay Magna Terra (Atala) US$1 million as follows: US$25,000 on signing and 6 installments totalling US$975,000 payable (US$75,000 paid) inside six years from the date of the Settlement. As well as, Newmont (Oroplata) has granted a 2% NSR to Magna Terra (Atala) on the Boleadora bundle. The royalty will be decreased to 1% by cost of US$2.5 million by Oroplata to Atala at anytime, and the gross royalty payable is capped at US$20 million.
Certified Particular person
This information launch has been reviewed and accepted by David A. Copeland, P. Geo., Chief Geologist with Sign Gold Inc., a “Certified Particular person”, underneath Nationwide Instrument 43-101 – Customary for Disclosure for Mineral Initiatives.
About Magna Terra
Magna Terra Minerals Inc. is a treasured metals targeted exploration firm, headquartered in Toronto, Canada. Magna Terra owns two district-scale, useful resource stage gold exploration tasks within the top-tier mining jurisdictions of New Brunswick and Newfoundland and Labrador. Additional, the Firm maintains a big exploration portfolio within the province of Santa Cruz, Argentina which incorporates its treasured metals discovery on its Luna Roja Project, in addition to an intensive portfolio of district scale drill prepared tasks accessible for possibility or three way partnership.
Ahead Trying Statements
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Ahead-looking statements contain identified and unknown dangers, uncertainties and different components which can trigger the precise outcomes, efficiency or achievements of the Firm to vary materially from any future outcomes, efficiency or achievements expressed or implied by the forward-looking info. Such dangers and different components embrace the shortcoming of the Firm to execute its proposed enterprise plans, and perform deliberate future actions. Different components may additionally adversely have an effect on the long run outcomes or efficiency of the Firm, together with normal financial, market or enterprise circumstances, future costs of gold, modifications within the monetary markets and within the demand for treasured metals, modifications in legal guidelines, laws and insurance policies affecting the mineral exploration trade, and the Firm’s funding and operation within the mineral exploration sector, in addition to the dangers and uncertainties that are extra absolutely described within the Firm’s annual and quarterly administration’s dialogue and evaluation and in different filings made by the Firm with Canadian securities regulatory authorities underneath the Firm’s profile at www.sedar.com. Readers are cautioned that forward-looking statements should not ensures of future efficiency or occasions and, accordingly, are cautioned to not put undue reliance on forward-looking statements because of the inherent uncertainty of such statements.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Magna Terra Minerals Inc.
Lewis Lawrick
President and CEO, Director
647-478-5307
E mail: [email protected]
Web site: www.magnaterraminerals.com
SOURCE: Magna Terra Minerals Inc.