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Magna Terra Completes Earn-In at the Great Northern Project, Newfoundland
TORONTO, ON / ACCESSWIRE / February 23, 2023 / Magna Terra Minerals Inc. (the "Company" or "Magn...
About this update from Magna Terra Minerals Inc
[{"type":"text","content":"Magna Terra Completes Earn-In at the Great Northern Project, NewfoundlandTORONTO, ON / ACCESSWIRE / February 23, 2023 / Magna Terra Minerals Inc. (the \"Company\" or \"Magna Terra\") (TSXV:MTT) is pleased to announce that it has earned a 100% interest in its flagship Great Northern Project (\"Great Northern\" or the \"Project\"), located in western Newfoundland, having recently renegotiated final payment terms with Spruce Ridge Resources Ltd. (\"Spruce Ridge\") on the Viking and Kramer Property option agreements (the \"Agreements\"). In addition to renegotiating the Agreements to reduce certain cash payments in favour of equity, Magna Terra and Spruce Ridge have agreed to retire the 2.0% and 0.5% Net Smelter Return Royalties (\"NSR\") in favour of Spruce Ridge under the Agreements, as further detailed below.Great Northern is a proven gold environment with existing Mineral Resources and numerous untested gold trends over a cumulative 30+ kilometre strike with the potential to host multi-million-ounce gold deposits. Through the Company's exploration programs over the last two years, our team has successfully identified multiple new, high-tenor, exploration targets for follow-up exploration work to ultimately define drill targets (Figure 1). Our exploration team is actively interpreting project data, refining targets and preparing for the 2023 field season with a focus on prioritizing work on the highest-potential areas.\"We are very pleased to have successfully negotiated final payment terms with Spruce Ridge on the Viking and Kramer option agreements reducing the Company's cash obligations in the near term in favour of equity, and in the process making Spruce Ridge a meaningful shareholder. Now that we have earned a 100% interest in the Great Northern Project, having satisfied terms of all underlying option agreements, we are well-positioned to further advance the project in a more cost-effective manner. The retirement of the 2.0% and 0.5% NSRs on the Kramer and Viking Properties respectively, places the project in a more favourable position going forward under a future production scenario. Our geological team is currently in the process of interpreting all project data and will be refining targets for testing in 2023. Our work completed on the project to date continues to support the potential of the project to host large gold d...