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Magna Terra Acquires New Gold Project in Emerging Gold District of Southern New Brunswick Near the Clarence Stream Deposit
TORONTO, ON / ACCESSWIRE / November 10, 2020 / Magna Terra Minerals Inc. (the "Company" or "...
About this update from Magna Terra Minerals Inc
[{"type":"text","content":"Magna Terra Acquires New Gold Project in Emerging Gold District of Southern New Brunswick Near the Clarence Stream DepositTORONTO, ON / ACCESSWIRE / November 10, 2020 / Magna Terra Minerals Inc. (the \"Company\" or \"Magna Terra\") (TSX-V:MTT) is pleased to announce that it has acquired the right to earn a 100% interest in the Hawkins Love Gold Project (\"Hawkins Love\" or \"Project\"), located in Southern New Brunswick, through an option to purchase agreement (the \"Agreement\"). The acquisition of these 4 mineral claims (304 units; 6,907 hectares) gives the Company a strategic land position, along with our Cape Spencer Project, within this emerging gold district in southern New Brunswick in a similar geological environment to Galway Metals' Clarence Stream Project (Exhibit A).Project HighlightsSimilar geological environment to the nearby Clarence Stream Deposit - deformed sediments and volcanics adjacent to the St. George granite;6,907 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 with minor visible gold 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; and44 soil samples > 10 ppb gold and 11 samples > 50 ppb gold.\"The acquisition of the Hawkins Love 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. The Property is well positioned in a district that has shown recent staking and consolidation by other junior explorers, including Brunswick Exploration Inc.'s recent acquisition of the Fundy Gold Project to the immediate south and west of Hawkins Love, and Magna Terra's own Cape Spencer Project. The Hawkins Love Project is underlain by similar rocks as those hosting the Clarence Stream Deposit and boasts a largely untested 8 kilometre strike extent of anomalous gold bearing soils, high grade boulders and alteration intersected in drill core all coincident with the Back Bay Fault.\"~ Lew Lawrick, Pres...