Magna Terra Acquires the Humber Copper-Cobalt Project in Western Newfoundland via Staking
TORONTO, July 24, 2024 - Magna Terra Minerals Inc. (the "Company" or "Magna Terra") (TSXV:MTT) is pleased to announce that it has acquired via staking the Humber Copper-Cobalt Project (the "Humber Project" or the "Project") located in western Newfoundland. The Humber Project is an exploration project focused on critical minerals and metals and comprises 1,325 claims in 10 mineral licences covering a total area of 33,125 hectares (Figure 1).
The Project is underlain by rocks of the sedimentary Humber Arm Allochthon, which are host to coincident anomalous copper (Cu), cobalt (Co), lead (Pb), silver (Ag), molybdenum (Mo), gold (Au), arsenic (As), and antimony (Sb) lake sediment values (Figures 2 to 6). This metal signature and geological environment is supportive of the area being host to Sediment-hosted Stratiform Copper (SSC) Deposits. SSC Deposits host 60% of global Cobalt production^ and 20% of global Copper production* in deposits such as the Central African Copper Belt, which is thought to be analogous to the geological setting of the Humber Copper-Cobalt Project. The exploration potential is also underscored by the presence of base metal deposits nearby including the York Harbour and Daniels Harbour Deposits located at lower stratigraphic levels of the region.
Humber Project Highlights
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Potential for discovery of Cu-Co deposits;
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Host to regionally anomalous Cu, Co, Ag, Pb +/- Au, Mo, As, and Sb lake sediments;
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Analogous to the Kalahari Copper Belt, Namibia and Botswana; Central African Copper Belt, Zambia and the Democratic Republic of Congo (DRC); and the Kupferschiefer Belt, Poland;
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Globally, these SCC deposit types represent 20% of Cu production* and 60% of Co production^;
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Land package comprising 33,125 hectares;
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Located within the top-tier mining jurisdiction of Newfoundland and Labrador;
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Year-round accessibility with road access to the majority of the Project;
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First mover advantage in a previously unrecognized area of exploration potential; and
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Acquired through staking - cost effective acquisition and no royalties or option payments.
"We are very excited to acquire this early-stage project focused on critical metals on Newfoundland. This previously unrecognized environment for polymetallic copper-cobalt deposits provides Magna Terra shareholders with exposure to multiple commodities and the upside of a discovery-stage project. These deposit types are significant global producers of copper (20%) and cobalt (60%) with significant by-products including rare and precious metals (e.g. Mo, Ag, Au, U, REE, PGE). The Humber Project was acquired at very little cost through staking and will continue to leverage Magna Terra's expertise in Atlantic Canada and provide exposure to a top-tier exploration and mining jurisdiction in Newfoundland and Labrador. What is most gratifying about this acquisition is that it provides a low risk, and thus high potential return for Magna Terra and its shareholders. Through the great work of our geological team, this opportunity was identified and prioritized for acquisition. We have put together a significant land package covering the highest priority areas identified from our research, creating a rare, first mover, district-scale project opportunity.
With the recent option of our Great Northern Project to Gold Hunter Resources Inc., the Company maintains significant upside exposure to the precious metals discovery potential of the expanded Great Northern Project, and continues to find creative avenues to generate shareholder value while managing dilution during difficult equity markets for junior exploration companies. The Humber Project gives us low risk exposure to momentous upside for critical minerals discovery, and participation in the very bullish macro-economic outlook for critical minerals that are integral to the long cycle energy transition that is ongoing in the global economy."
~ Lew Lawrick, President and CEO, Magna Terra Minerals Inc.
Humber Project Geology
The Project is underlain by sedimentary rocks of the Humber Zone of the Newfoundland Appalachians, more particularly the Ordovician-aged Humber Arm Allochthon; a section of shelf sediments that have been accreted (thrust) onto Precambrian Grenville basement (Long Range Massif) and associated Late Cambrian to Middle Ordovician carbonate (and related rocks) sediments of the St. George, Port au Port and Table Head groups (Williams et al., 1983; Knight, 1994). The Humber Project is specifically underlain by rocks of the Bonne Bay Group or equivalents. The rocks of the Humber Arm Allochthon have been variably deformed and metamorphosed which are known to create favourable deposition environments for these deposit types.
Lake Sediment Geochemistry and Global Analogues
The Project is centred on a series of anomalous lake sediment samples (Davenport et al., 1996) that show regionally elevated levels of Co (up to 160 ppm), Ag (up to 0.6 ppm), Pb (up to 84 ppm), Cu (up to 99 ppm), As (up to 142 ppm), Mo (up to 15 ppm), and Au (up to 10 ppb) (Figures 2 to 6). An analysis of the lake geochemical data via Principal Component Analysis has indicated that the metal suite present within the Project area is likely related to a black shale source, as many of the anomalous lake sediments have low-Ni values which precludes association with the nearby ophiolite complexes to the immediate west.
This geochemical signature (Cu, Co, Ag, Pb +/- Au, Mo, As, Sb), and spatially associated geology of the Bonne Bay Group and equivalent, is supportive of the area hosting SSC Deposits similar to other Sedimentary Hosted Cu-Co Deposits globally. SSC Deposits have long been an important, but often overlooked, source of copper representing 20% of global Cu Production*; 2nd most behind Porphyry Cu Deposits, 60% of global Co production^ and the fourth largest source of Ag*. SSC Deposits are often laterally continuous along bedding and contain consistent grades (1.2 to 5% Cu)* and large resources of by-product Au, U, platinum-group, and rare-earth elements.
Image: https://www.accesswire.com/imagelibrary/b052ee57-db8e-4071-ac75-c8d78cc684bf/891992/image.pngHumber Project Location and Acquisition
The Humber Project covers three separate licence blocks (Blocks 1, 2, and 3) of that are located 31, 45 and 11 kilometres north of Corner Brook, NL on NTS Map Sheets 12H/04, 12H/05 and 12G/01, respectively. The Project is accessible by a network of gravel and logging roads that extend from provincial highways (HWY 430 at Deer Lake, HWY 431 at Wiltondale, and HWY 440 at Hughes Brook and Cox's Cove). The Humber Project is an early-stage conceptual exploration project located in western Newfoundland focused on critical minerals and metals. The Humber Project comprises 1,325 claims in 10 mineral licences (037991M to 038000M) for a total area of 33,125 hectares. The licences are registered to Paul McNeill and David Copeland who staked these licences on behalf of Magna Terra Minerals Inc.
*https://www.geologyforinvestors.com/sediment-hosted-stratiform-copper-deposits-the-future-of-copper-and-cobalt-mining/
^Petavratzi, E, Gunn, G, Kresse, C. (2019). Commodity review: Cobalt. British Geological Survey.
Qualified Person
This news release has been reviewed and approved by David A. Copeland, P. Geo., Chief Geologist with Signal Gold Inc., a "Qualified Person", under National Instrument 43-101 - Standard for Disclosure for Mineral Projects.
About Magna Terra
Magna Terra Minerals Inc. is a precious and critical metals focused exploration company, headquartered in Toronto, Canada. Magna Terra is focused on acquiring and advancing its high-potential mineral projects in Atlantic Canada and Argentina while generating value for shareholders and minimizing shareholder dilution through option and joint venture partnerships where appropriate; leveraging our ability to explore, grow, and transact projects. The Company is focused on exploring our 100%-owned Humber Copper-Cobalt Project in Newfoundland and Labrador and our 100%-owned Cape Spencer Gold Project in New Brunswick. In addition, the Company has recently optioned the Great Northern Project in Newfoundland to Gold Hunter Resources Inc. for total cash and share consideration of $9.5 million over a 2-year period. Further, the Company maintains a significant exploration portfolio in the province of Santa Cruz, Argentina which includes its Boleadora Project being advanced by Newmont Corp. under an option to purchase agreement valued at US$1 million in cash over a 6-year period and including a 2% NSR capped at US$20 million; a precious metals discovery on its Luna Roja Project proximal to Cerrado Gold's operating Don Nicholas Project infrastructure, as well as several additional district scale drill ready projects available for purchase or option/joint venture.
Forward-Looking Statements
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Cautionary Statements Regarding Forward-Looking Information
This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian legislation. All statements in this news release that are not purely historical are forward-looking statements and include statements regarding beliefs, plans, expectations and orientations regarding the future including, without limitation, the ability of the Company to file a report that complies with Regulation 43-101. Although the Company believes that such statements are reasonable and reflect expectations of future developments and other factors which management believes to be reasonable and relevant, the Company can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: "believes", "expects", "anticipates", "intends", "estimates", "plans", "may", "should", "would", "will", "potential", "scheduled" or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, and the ability of the author of the Technical Reports to finalize same.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks and other factors include the inability of the Company to execute its proposed business plans and carry out planned future activities. Other factors may also adversely affect the future results or performance of the Company, including general economic, market or business conditions, future prices of gold, changes in the financial markets and in the demand for precious metals, changes in laws, regulations and policies affecting the mineral exploration industry, and the Company's investment and operation in the mineral exploration sector, as well as the risks and uncertainties which are more fully described in the Company's annual and quarterly management's discussion and analysis and in other filings made by the Company with Canadian securities regulatory authorities under the Company's profile at www.sedar.com. Readers are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly, are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements.
These forward-looking statements are made as of the date of this news release and, unless required by applicable law, the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in these forward-looking statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
Magna Terra Minerals Inc.
Lewis Lawrick
President and CEO, Director
647-478-5307
Email: info@magnaterraminerals.com
Website: www.magnaterraminerals.com
SOURCE: Magna Terra Minerals Inc.
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