Magna Terra Provides Exploration Update on the Hawkins Love Gold Project, Southern New Brunswick; Expands Property Position

By: Magna Terra Minerals Inc. via AccessWire

August 11, 2021 at 08:00 AM EDT

TORONTO, ON / ACCESSWIRE / August 11, 2021 / Magna Terra Minerals Inc. (the "Company" or "Magna Terra") (TSXV:MTT) is pleased to announce that it has completed a first phase systematic exploration program on its 100% controlled Hawkins Love Gold Project ("Hawkins Love" or "Project"), located in Southern New Brunswick. The Company has finished systematic reconnaissance-scale prospecting, including collection of 160 rock float and grab samples, and geological mapping over the property, collected 3,315 B-Horizon soil samples, and flown 685-line kilometres of drone magnetic surveys. The work covered the main contact zone between the Saint George Batholith and adjacent Mascarene volcanic and sedimentary rocks, a similar geological environment to Galway Metals' Clarence Stream Project (Exhibit A).

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. The Hawkins Love Gold Project provides Magna Terra and its shareholders another large property within an emerging gold district in southern New Brunswick that is marked by the ongoing exploration success of Galway Metals at the nearby Clarence Stream Project."

~ Lew Lawrick, President and CEO, Magna Terra Minerals

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 GeoXplore Surveys Inc. to complete a primarily B-horizon soil sampling program covering the 8-kilometre long contact zone between the Saint George Batholith and the Mascarene Group and coincident Back Bay Fault, the target environment for gold mineralization (Exhibit B). The survey was designed to follow-up and expand upon historical sampling in the area that outlines areas of anomalous gold-in-soils. A total of 3,315, largely B-horizon (98%) soil samples were collected along 100 metre spaced lines at 25 metre sample intervals. Soil 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.

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.

Drone Magnetic Survey

The Company contracted Pioneer Exploration Consultants Ltd. to complete a systematic drone magnetic survey covering the same 8-kilometre long contact zone as the soil sampling program (Exhibit B). The survey was designed to cover the area of prospective gold mineralization and provide further details on the host rocks and related fault structures that may host gold mineralization. A total of 685-line kilometres of magnetic surveying was completed on 50 metre spaced lines. Data quality was monitored by Bob Lo, P.Eng., consultant to Magna Terra. Pioneer is currently processing the magnetic data and results will be presented in a future news release.

Claim Staking

The Company has expanded the Hawkins Love Gold Project by staking an additional 99 units in 1 mineral claim (10075) covering 2,248.3 hectares to the north of the main claim block. These claims cover a parallel trend of Mascarene Group sediments that sit within the Saint George Batholith and were acquired based on visual sulphide mineralization and veining observed in outcrop (Exhibit B).

About the Hawkins Love Gold Project

The Hawkins Love Gold Project is an exploration stage project that has been the focus of previous base metal and rare earth element exploration with little prior focus on gold. The Project is located 40 kilometres west of Saint John, New Brunswick and 30 kilometres east of the Clarence Stream Deposit. The Property comprises 5 mineral claims (403 units) covering 9,155 hectares of land.

The Hawkins Love Project is centered along a 10-kilometre section of the regional Back Bay Fault and underlain by variably deformed Silurian-Devonian Saint George Plutonic Suite (Jake Lee Mountain Granite), Silurian Mascarene Group volcanic and sedimentary rocks and fault bound slices of Proterozoic New River Suite granite and volcanics (Exhibit B).

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 David A. Copeland, P. Geo., Chief Geologist with Anaconda Mining Inc., a "Qualified Person", under National Instrument 43-101 - Standard for Disclosure for Mineral Projects. Widths from drill core intervals reported in this press release are presented as core lengths only. True widths are unknown.All quoted drill core sample intervals, grades and production statistics have been compiled from historic assessment reports obtained from the Government of New Brunswick.

About Magna Terra

Magna Terra Minerals Inc. is a precious metals focused exploration company, headquartered in Toronto, Canada. Magna Terra owns three district-scale, advanced gold exploration projects in the world class mining jurisdictions of New Brunswick and Newfoundland and Labrador. Further, the Company 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.

Forward Looking Statements

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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:

Magna Terra Minerals Inc.
Lewis Lawrick
President and CEO, Director
647-478-5307
Email: info@magnaterraminerals.com
Website: www.magnaterraminerals.com