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Magna Terra Increases Land Position and Initiates Exploration at Great Northern and Viking Projects
TORONTO, ON / ACCESSWIRE / August 20, 2020 / Magna Terra Minerals Inc. (the "Company" or "Ma...
About this update from Magna Terra Minerals Inc
[{"type":"text","content":"Magna Terra Increases Land Position and Initiates Exploration at Great Northern and Viking ProjectsTORONTO, ON / ACCESSWIRE / August 20, 2020 / Magna Terra Minerals Inc. (the \"Company\" or \"Magna Terra\") (TSXV:MTT) is pleased to announce that it has expanded the Great Northern (\"Great Northern\") and Viking (\"Viking\") Projects, located in Western Newfoundland via a combination of staking and an option agreement. The acquisition of these 5 mineral licences expands the property size by 2,900 hectares (30%) and adds additional strategic exploration targets in areas of known gold potential (Exhibit A). The Company has also initiated a systematic exploration program at the Great Northern Project that comprises prospecting, geological mapping, soil sampling and geophysical surveying in anticipation of a fall drilling program.Project Highlights12,675 hectares along 20 kilometres of strike of a regional-scale gold bearing structure - the Doucer's Valley Fault;Newly Expanded Project is 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;3+ kilometre long by up to 40 metre wide deformation and alteration zone at the Viking Trend;Host to existing Mineral Resources including:An Inferred Mineral Resource Estimate of 5,460,000 tonnes at an average grade of 1.45 grams per tonne (\"g/t\") gold containing 255,000 contained ounces at a cut-off grade of 1.0 g/t gold at the Rattling Brook Deposit; andAn Historical Indicated Mineral Resource of 937,000 tonnes at an average grade of 2.09 g/t gold containing 63,000 ounces of gold plus an Historical Inferred Mineral Resource of 350,000 tonnes at an average grade of 1.79 g/t gold containing 20,000 ounces of gold at a cut-off grade of 1.0 g/t gold at the Thor Deposit.Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. All Mineral Resource Estimates were prepared in accordance with NI 43-101 and the CIM Standards (2014). Please refer to the NI 43-101 Technical Report with effective date January 23, 2019 by Harrington and Cullen (2019) as detailed below for the Great Northern Project and the NI 43-101 Technical Report with effective date August 29, 2016 by Copeland et al. (2016) as detailed below for the Viking Project. An Independent Qualified Pers...