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Magna Terra announces preliminary results from Cape Spencer Project in southern New Brunswick

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The Cape Spencer Project, located 15 kilometres southeast of Saint John in southern New Brunswick, is one of the company’s three district-scale, advanced gold exploration projects in the world class mining jurisdictions of New Brunswick and Newfoundland and Labrador.

Additional Information:

Company: Magna Terra Minerals
Website: http://www.MagnaTerraMinerals.com
Stock Symbol: TSXV: MTT
Date Published: Dec 17, 2020
Transcript: Available

Video Transcript:

I’m Cassandra Bolinski for Investmentpitch Media

Magna Terra Minerals announced preliminary results of a systematic prospecting and geological mapping program at its Cape Spencer Project.

The Cape Spencer Project, located 15 kilometres southeast of Saint John in southern New Brunswick, is one of the company’s three district-scale, advanced gold exploration projects in the world class mining jurisdictions of New Brunswick and Newfoundland and Labrador.

The 5,045 hectare Cape Spencer project has a history of past-production and the potential for near-term discovery and resource growth.

Prospecting and geological mapping forms part of a larger initial exploration program for 2020 and 2021, focused on the Emilio Trend.

It also comprises soil/till sampling and geophysical surveying to refine existing targets and generate new gold targets to be followed up by a planned winter diamond drilling program.

Prospecting and geological mapping, based on the presence of alteration and visible gold bearing float, has also extended the Emilio Trend footprint eastward by 2.5 kilometres for a total strike extent of 5.0 kilometres.

Results have been received for 152 of 284 collected rock float and outcrop grab samples from the 5.0 kilometre long Emilio Trend, which was the focus of early exploration at the Cape Spencer Project.

Assays up to 17.5 g/t gold have been received from mineralized quartz vein boulders from the Emilio Trend; two of which contain visible gold.

20 out of 152 or 13% of float and grab samples assayed over 0.10 g/t gold, and 6 out of 152 or 4% of float and grab samples assayed over 0.50 g/t gold, with values of 3.3 g/t gold, 4.8 g/t gold, 6.5 g/t gold and 17.5 g/t gold.

Assays are pending for 132 rock samples and prospecting is ongoing.

Lew Lawrick, President and CEO, stated: "We are very pleased that initial work at the Emilio Trend has provided impressive early results. The discovery of high-grade float with similar grade to previous sampling and nearby drill results supports the potential of this area to host significant gold mineralization. The extension of the Emilio Trend footprint to a 5.0 kilometre strike extent, the identification of multiple second order fault splays off the Millican Lake Fault, and the likely close proximity of float to its bedrock source have us excited for the next phase of exploration at Cape Spencer. The focus of exploration will now turn to systematic soil and till sampling and geophysical surveys over the 5.0 kilometre Emilio Trend. We anticipate starting an initial diamond drilling program early in 2021 that will follow-up on some of the priority targets generated by these results, as well as the high-grade historic drill intercepts at Emilio."

The Cape Spencer Deposit has an Inferred Mineral Resource Estimate of 1,730,000 tonnes at an average grade of 2.72 g/t gold for 150,000 contained ounces in the Northeast and Pit zones.

The company also maintains a significant exploration portfolio in the province of Santa Cruz, Argentina which includes its precious metals discovery on its Luna Roja Project, as well as an extensive portfolio of district scale drill ready projects available for option or joint venture.

The shares are trading at $0.185.

For more information, please visit the company’s website, www.MagnaTerraMinerals.com, contact Lew Lawrick, President & CEO at 647-478-5307 or email info@MagnaTerraMinerals.com.

I’m Cassandra Bolinski for Investmentpitch Media