Executive Summary:
- The Company has commenced a 1,100 m, 9 hole first phase drill program at the Luna Roja Project, Santa Cruz Province, Argentina.
- Targets were identified using extensive rock chip, channel and soil sampling along with trenching and Induced Polarization (IP) geophysics, defining mineralization over an area measuring 3 km by up to 800 m.
- Drill targets include structurally controlled Au and Ag bearing breccias, rhyolite hosted stockworks and stratiform chargeable and resistive anomalies.
TORONTO, Jan. 14, 2019 (GLOBE NEWSWIRE) — Magna Terra Minerals Inc. (“Magna Terra” or the “Company”) (TSX-V:MTT) (SSE:MTTCL) is pleased to announce the commencement of drilling on the Luna Roja Project in Santa Cruz Province, Argentina. The Luna Roja Project (“Luna Roja” or the “Project”) is 100% owned by Magna Terra. The Project is located on the northern edge of the Deseado Massif (see Figure 1), approximately 75 km to the NW of the new Don Nicolas mine and 30 km to the N-NW the Las Calandrias project (New Dimension Resources).
Luna Roja is a low sulphidation Au/Ag project with significant potential for vein and breccia hosted high grade mineralization as well as manto style disseminated mineralization between the base of extrusive rhyolite domes and the palaeosurface of the underlying andesites. Significant work was undertaken in the drill targeting process (see Figure 2) which, includes 360 rock chip and float samples including saw cut channels and an additional 741 trench samples, 711 of which are channel samples with the remaining 30 being selective. There are 715 soil samples and 17.6 line km of IP. Nine holes constituting approximately 1,100 m of drilling are planned for this first phase program.
The principal target concept is centered on resistive and chargeable IP anomalies associated with a N-NW striking structural corridor comprising a 3 km extension of semi continuous low sulphidation Au and Ag veinlets and breccias. Figure 3 illustrates a composite of the horizontal IP chargeability maps overlaying gridded and contoured Au in soils as well as the rock chip locations and grades.
The target area is divided into three target zones which, from South to North, we term, Cruz del Sur, Orion, and Estrella del Norte.
Cruz del Sur Target
The first target is Cruz del Sur and is comprised of two main elements. Firstly, a zone of structurally controlled hydrothermal breccias and silicification along the “Via Lactea fault” and secondly, the top of a strong chargeable IP anomaly which we believe represents a mineralized manto. We have three holes planned for the Cruz del Sur zone and these are illustrated in figures 4 and 5.
Figure 4 represents a West to East cross section along Northing 4759250 which corresponds to the IP line 59250. The IP line is flanked by Trench 1 which, in the vicinity of the Via Lactea fault, reported 35 m of 101 ppb Au and 7.58 ppm Ag in channel samples. The strongest rock chip in the area, Sample 3337, is adjacent to the trench and reported 8.5 ppm Au and 638 ppm Ag. DDH_001 targets mineralization beneath surface outcrops of the precious metal-bearing silica veins and breccias. The proposed collar is on the hanging wall side, western side, of the Via Lactea fault. The hole will collar in argillic alteration at surface and is then expected to cut silicification with Jarosite, followed by silicified hydrothermal breccias associated with the Via Lactea fault. The footwall of the fault is characterized by chargeability up to 20 mV/V which we also expect to test with this hole.
Figure 5 represents a West to East cross section along Northing 4759400 where the IP line 59400 is flanked by Trench 2, which reported 55 m of 0.41 ppm Au in channel samples. Two targets are planned for this section. DDH_002 is similar in concept to DDH_001 whereas DDH_003 cuts the principal IP anomaly, which constitutes approximately 40 m of chargeability between 20 mV/V and 35mV/V and is associated with resistivity between 1000 and 3000 Ohms.
Orion Target
The Orion targets, DDH_004 through 6, are conceptually similar to Cruz del Sur but with some significant differences. Figures 6 and 7 illustrate the West to East cross sections along Northings 4760050 and 4760200 respectively. The Via Lactea fault is shown over 150 m to the West of the chargeable and resistive anomalies and subsequently the surface mineralization is less than at Cruz del Sur. However, the IP chargeable and resistivity anomalies become shallower and stronger to the north. The top and base of the anomalies are visible in the sections which illustrate targets between 40 and 100 m thick with resistivity between 1000 and 5000 ohms and chargeability between 20 and 27 mV/V.
Estrella del Norte Target
The Estrella del Norte target is the site of gold-bearing quartz veins and stockworks. While there appears to be an overall N-NW structural control to mineralization, the orientation of individual mineralized structures varies considerably. The longest axis of mineralization is N-NW and constitutes over 550 m of strike length. The mineralization is generally hosted in irregularly distributed stockworks of chalcedonic quartz veinlets and hydrothermal breccias. Channel samples in stock works run up to 5 ppm over 2 meters.
Quality Assurance / Quality Control
A QAQC programs for the trench and soil campaigns included duplicates and standards with all samples placed in sealed bags and delivered by AuEx Argentina S.A/Renaissance Gold Inc. staff to Andesmar in Caleta Olivia, Santa Cruz, Argentina from where they were transported to ALS Chemex Laboratories in Mendoza, Argentina, for gold fire assay and multi element analysis.
Note, that data described as channel samples are considered to be representative of mineralization on the project whereas rock chips or selective samples were taken in situations where sample spacing is determined by availability of outcrop and sub-crop and so the results are not necessarily representative of the mineralization hosted on the Project.
Qualified Person
All technical data disclosed in this press release has been verified by Magna Terra’s Qualified Person, Paul D. Robinson Ph.D. and Certified Professional Geologist as recognized by the Association of Professional Geoscientists of Ontario (APGO).
About Us
Magna Terra Minerals Inc. is a precious metals focused exploration company, headquartered in Toronto, Canada. Magna Terra (MTT) has a significant interest in the province of Santa Cruz, Argentina within the prolific Deseado Massif in southern Patagonia. With six district scale drill ready projects, and a highly experienced management and exploration team, MTT is positioned to deliver significant shareholder value through the potential for precious metals discovery(s) on its extensive portfolio. For detailed information regarding our projects, please visit the Company’s website at: www.magnaterraminerals.com
FOR FURTHER INFORMATION PLEASE CONTACT:
Magna Terra Minerals Inc.
Lewis Lawrick, President & CEO: 647-478-5307
Email: info@magnaterraminerals.com
Website: www.magnaterraminerals.com
Neither 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 by the parties to complete the Transaction, 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.
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