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Magna Terra Announces Amended Option Agreements for the Viking and Kramer Properties
TORONTO, ON / ACCESSWIRE / September 15, 2020 / Magna Terra Minerals Inc. (the "Company" or...
About this update from Magna Terra Minerals Inc
[{"type":"text","content":"Magna Terra Announces Amended Option Agreements for the Viking and Kramer PropertiesTORONTO, ON / ACCESSWIRE / September 15, 2020 / Magna Terra Minerals Inc. (the \"Company\" or \"Magna Terra\") (TSXV:MTT) is pleased to announce that effective September 8, 2020 it has entered into Amended Option Agreements (the \"Agreements\") with Spruce Ridge Resources Ltd. (\"Spruce Ridge\") for both the Viking and Kramer Properties (\"Viking\", \"Kramer\" or the \"Properties\") situated near the communities of Pollard's Point and Sop's Arm in White Bay, Newfoundland and Labrador. The original Option Agreements for the Properties were entered into on February 5, 2016 between Spruce Ridge and Anaconda Mining Inc. (\"Anaconda\") (See Anaconda Press Release dated February 10, 2016). On December 5, 2019 Anaconda assigned its interest in and to the Agreements to a wholly owned subsidiary company - 2647102 Ontario Inc. On August 12, 2020, Magna Terra completed the acquisition of 2647102 Ontario Inc. from Anaconda, and thus took over ownership of the Agreements.The Viking and Kramer Properties form part of the larger Viking and Great Northern Projects. The Company has recently initiated a systematic exploration program at Viking and Great Northern focussed on expanding zones of known gold mineralization, as well as testing several previously untested high profile targets that could deliver new discovery opportunities.\"We are pleased to restructure these option agreements that favour both Magna Terra and Spruce Ridge. The previous option agreements were structured around a near-term production scenario for the Thor Deposit and the amended agreements are more in line with the exploratory nature of the Viking and Great Northern Projects. Both projects boast significant current and historic mineral resources that have potential for expansion in addition to the excellent exploration potential at the Jacksons Arm, Viking and Little Davis Pond Trends.\"~ Lew Lawrick, President and CEO, Magna Terra MineralsHighlights of the Viking And Great Northern Projects12,675 hectares along 20 kilometres of strike of a regional-scale gold bearing structure - the Doucer's Valley Fault;Projects are host to large untested gold bearing alteration systems:1.7 kilometre zone at the Jacksons Arm Trend;1.4 kilometre long geochemical anomaly at Little Davis Pond Trend; and3+ k...