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Magna Terra Announces NI 43-101 Technical Reports and Updated Mineral Resource Estimates for The Rattling Brook and Cape Spencer Gold Exploration Projects
TORONTO, Dec. 03, 2019 (GLOBE NEWSWIRE) -- Magna Terra Minerals Inc. (the “Company” or “Magna Terra”) (TSX-V: MTT) is pleased to announce it has completed updat
About this update from Magna Terra Minerals Inc
[{"type":"text","content":" TORONTO, Dec. 03, 2019 (GLOBE NEWSWIRE) -- Magna Terra Minerals Inc. (the “Company” or “Magna Terra”) (TSX-V: MTT) is pleased to announce it has completed updated NI 43-101 Technical Reports and Mineral Resource Estimates for the Rattling Brook Deposit (“Rattling Brook”) of the Great Northern Project (“Great Northern”) in Newfoundland and Labrador and for the Cape Spencer Project (“Cape Spencer”) in New Brunswick. Cape Spencer and Great Northern, together make up the advanced exploration assets that Magna Terra is acquiring from Anaconda Mining Inc. (“Anaconda”) as previously announced (see news release dated October 15, 2019 for more details). Magna Terra and Anaconda have entered into a share purchase agreement (the “SPA”) whereby Magna Terra proposes to acquire all of the issued and outstanding common shares of 2647102 Ontario Inc. (“ExploreCo”) from Anaconda (the “Acquisition”). ExploreCo owns a 100% interest in the Cape Spencer Project situated in New Brunswick and the Great Northern and Viking Projects (the “ExploreCo Assets”) situated in Newfoundland and Labrador (more details on each project provided below). Mineral Resource Estimate Highlights Great Northern Project - The Rattling Brook Deposit has an Inferred Mineral Resource Estimate of 5,460,000 tonnes at an average grade of 1.45 grams per tonne (“g/t”) gold for 255,000 contained ounces at a cut-off grade of 1.0 g/t gold. Cape Spencer Project - The Cape Spencer Deposit has an Inferred Mineral Resource Estimate of 1,720,000 tonnes at an average grade of 2.72 g/t gold for 151,000 contained ounces in two zone: Northeast Zone - Inferred Mineral Resource of 740,000 tonnes at an average grade of 4.07 g/t gold, for 96,000 contained ounces at a cut-off grade of 2.5 g/t gold in a conceptual underground development; and *Pit Zone - Inferred Mineral Resource of 990,000 tonnes at an average grade of 1.71 g/t gold, for 54,000 contained ounces at a cut-off grade of 0.5 g/t gold in a conceptual open-pit. The Mineral Resource Estimates are presented below in Tables 1 and 2. *The term “Pit Zone” reflects previously established deposit nomenclature that has been retained by Magna Terra. It does not denote application of an optimized pit shell or envelope for definition of Mineral Resources presented in Table 2 below. “We are very pleased to have the opportunity to position ourselves ...