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Magna Terra Acquires the Humber Copper-Cobalt Project in Western Newfoundland via Staking
TORONTO, ON / ACCESSWIRE / July 24, 2024 / Magna Terra Minerals Inc . (the " Company " or " Mag...
About this update from Magna Terra Minerals Inc
[{"type":"text","content":"Magna Terra Acquires the Humber Copper-Cobalt Project in Western Newfoundland via StakingTORONTO, ON / ACCESSWIRE / 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 HighlightsPotential for discovery of Cu-Co deposits;Host to regionally anomalous Cu, Co, Ag, Pb +/- Au, Mo, As, and Sb lake sediments;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;Globally, these SCC deposit types represent 20% of Cu production* and 60% of Co production^;Land package comprising 33,125 hectares;Located within the top-tier mining jurisdiction of Newfoundland and Labrador;Year-round accessibility with road access to the majority of the Project;First mover advantage in a previously unrecognized area of exploration potential; andAcquired 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 provid...