TORONTO, ON | Magna Terra Minerals Inc. (the “Company” or “Magna Terra“) (TSXV:MTT) is pleased to announce that it has initiated exploration on its 100%-controlled Hawkins Love Gold Project (“Hawkins Love” or “Project”), located in Southern New Brunswick (Exhibit A). The program includes prospecting and mapping of five (5) new gold targets identified through soil geochemistry over an 8-kilometre strike.
- Quartz vein boulders* with visible gold assaying up to 302.5 g/t gold;
- Soil samples assaying up to 10.0 g/t gold including 276 soil samples >10 ppb gold and 21 samples >50 ppb gold;
- Five (5) gold targets recently identified on geophysics and gold-in-soil trends discovered along the Back Bay Fault (Exhibits B and C);
- 8-kilometre trend of anomalous gold in soil anomalies and grab samples from five (5) gold targets situated along the Back Bay Fault;
- New gold targets at Hawkins Love share a similar geological environment to the nearby Clarence Stream Deposit – deformed sediments and volcanics adjacent to the St. George granite; and
- 9,155 hectares of prospective mineral lands along a 10-kilometre extent of a regional-scale gold bearing structure – the Back Bay Fault.
*Note: “grab and float samples” are selected samples and are not necessarily indicative of mineralization that may be hosted on the property.
“We are keen to follow-up at Hawkins Love on the five new gold targets identified in our Summer 2021 field program. The size of each target, in close proximity to the Saint George Batholith and Back Bay Fault system, provides an excellent opportunity for the Company to make a near term discovery in this underexplored area. Hawkins Love is located within a similar geological environment to Galway’s multi-million ounce Clarence Stream Project. Furthermore, we see similarity in the tenor and scale of the gold anomalies at Hawkins Love, forming a compelling opportunity for discovery on the project.
Our current goal is to demonstrate the presence of in-situ gold across these target areas and to discover new areas that have the potential to host significant gold mineralization. This detailed prospecting and mapping program will direct future follow-up work that may include geophysical surveys and trenching to define further targets for a future drilling program as we advance the Project”.Lew Lawrick, President and CEO, Magna Terra Minerals Inc.
Compelling New Gold Prospects Developing
The recently identified gold targets at the Hawkins Love Project, are hosted in the same geological environment as the Clarence Stream deposit 40 kilometres away, owned by Galway Metals. The Clarence Stream Gold Deposit currently has an NI43-101 combined open-pit and underground Indicated Mineral Resources of 922,000 ounces of gold (12,396,000 tonnes at 2.31 g/t gold) and Inferred Mineral Resources of 1,334,000 ounces of gold (15,963,000 tonnes at 2.60 g/t gold).
The Hawkins Love gold targets are nested along a 10-kilometre long prominent structure known as the Back Bay Fault system that is 3.0 kilometres wide and locally coincident with the southern contact between the Saint George Batholith and the Mascarene Group volcanic and sedimentary rocks. (See Exhibits A and B). The purpose of this program will be to further delineate the 5 Hawkins Love gold targets and advance them to the drill stage.
Target Area Details
The exploration work to date completed by the team at Magna Terra, has outlined five (5) significant geochemical and structural target areas at the Hawkins Love Project; the Jake Lee, Hawkins, Love, New River 1 and New River 2 gold targets.
The Jake Lee gold target is a zone of anomalous soils and has been outlined over an extent of 1.7 by 2.7 kilometres, with 54 soil samples assaying greater than 20 ppb gold and up to 256 ppb gold and >10,000 ppb gold, over a strike length of 1.7 kilometres that coincides with high tenor, historic stream silt samples assaying up to 5,280 ppb gold in an area of bedrock base metal (Cu, Pb, Zn) mineralization (Exhibit C). A soil sample assaying >10,000 ppb gold (>10 g/t gold; upper detection level) is located at the southern extent of the Jake Lee target and forms a priority target for follow-up prospecting.
The Love gold target includes 32 high tenor soil samples assaying > 20 ppb gold and up to 208 ppb gold occur over an area of 2.8 by 1.0 kilometres with the highest tenor soils located 500 to 1,000 metres down-ice (southwest) of historic, visible gold-bearing boulders* assaying up to 302.5 g/t gold.
The Hawkins gold target includes 12 anomalous soil samples assaying greater than 20 ppb gold and up to 683 ppb gold coincide with know bedrock base metal (Cu, Pb, Zn) mineralization and form a target over a 1.0 by 0.6 kilometre area.
The New River 1 gold target includes 9 anomalous soil samples assaying greater than 20 ppb gold and up to 52 ppb gold form a target over a 1.4 by 0.7 kilometre area.
The New River 2 gold target includes 10 anomalous soil samples assaying greater than 20 ppb gold and up to 460 ppb gold forms a target over a 1.2 by 0.6 kilometre area.
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 anomalies show a consistent southeast directed glacial dispersion, where transport of gold-bearing soils from a source located up-ice from the northwest extent of the soil trend is likely, typically near the deformed northern margin of the Mascarene group in proximity to granitoids of the St. George Batholith (Exhibit C).
About The Hawkins Love Project
The Hawkins Love Project is an early exploration stage gold project with potential for near-term discovery that has been the focus of previous base metal and rare earth element exploration with little prior focus on gold. The Project comprises 5 mineral claims (403 units) covering more than 9,155 hectares and is located 40 kilometres west of the City of Saint John, New Brunswick and 30 kilometres east of the Clarence Stream Deposit (Figure 1).
The Clarence Stream Deposit is host to combined open-pit and underground Indicated Mineral Resources of 922,000 ounces of gold (12,396,000 tonnes at 2.31 g/t gold) and Inferred Mineral Resources of 1,334,000 ounces of gold (15,963,000 tonnes at 2.60 g/t gold).
The Hawkins Love Project is centered along a 10-kilometre section of the regional Back Bay Fault zone and underlain by variably deformed Silurian-Devonian St. 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 (Figure 2).
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.
Find out more: https://www.magnaterraminerals.com/MTT/hawkins_love/4256
Qualified Person and Technical Reports
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. All quoted rock and soil samples and grades have been compiled from historic assessment reports obtained from the Government of New Brunswick as well as recently acquired data.
All rock float and grab samples and soil samples referred to in this release were analyzed for gold at ALS Global in North Vancouver, BC (“ALS”), using standard fire assay (30 g) pre-concentration or fire assay fusion with Atomic Absorption finish (method AU-AA23). ALS is a fully accredited firm within the meaning of NI 43-101 for provision of this service.
About Magna Terra
Magna Terra Minerals Inc. is a precious metals focused exploration company, headquartered in Toronto, Canada. Magna Terra owns two district-scale, resource stage gold exploration projects in the top-tier 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
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