Magna Terra Minerals Inc. (the “Company” or “Magna Terra”) (TSX-V:
MTT) (SSE: MTTCL) is pleased to announce complete assay results
from an eight hole (1,184 meter) first phase drill program on its
Luna Roja Project in Santa Cruz Province, Argentina. The drilling
began on January 12, 2019 and was completed on January 31. The
program was designed to test three target areas – Cruz Del Sur,
Orion and Estrella del Norte, which constitute a mineralized
surface footprint of approximately three kilometers by one
kilometer. Assays have been received from three holes in the Cruz
del Sur Target area, three from the Orion area and two from the
Estrella del Norte area.
Drill hole LR_DDH001 intersected 51.4 m
of 0.26 g/t Au and 9.37 g/t Ag at a depth of 44.6 to 96.0
m. Included in this intercept are 2.0 m of 1.08
g/t Au and 79.60 g/t Ag at a depth of 62.0 to 64.0 m.
Drill hole LR_DDH002 intersected 75.0 m
of 0.62 g/t Au and 5.6 g/t Ag (from 37.0 m to 112.0 m).
The deepest part of the zone, which is oxidized, included
42.0 m of 1.01 g/t Au and 4.6 g/t Ag (from 68.0 m to 110.0
m - Table 1), indicating increased grade with
depth.
Drill hole LR_DDH006 intersected 15.6 m
of 0.11 g/t Au and 0.81 g/t Ag (from 130.0 m to 145.60 m).
The 15.6 m sample is at the bottom of the hole, indicating
mineralization to be potentially open at depth.
“These results
represent the first, very successful drill campaign, on the Luna
Roja Project, where we tested a variety of target types and have
firmly illustrated the potential of this Project. Now that we know
what works we are currently planning the next phase of drilling
which will focus on structurally controlled mineralization in
faults, hanging wall recessive tuffaceous hosts, and rhyolite
stockworks with strong surface precious metal and geochemical
anomalies.” Dr. Paul David Robinson, Vice President of
Exploration
Mineralization in LR_DDH001 and LR_DDH002 is
disseminated in tuffs and in the hanging wall of the Via Lactea
Fault zone. These two holes are the only holes testing the Via
Lactea Fault zone, which is recessive and associated with surface
gold, silver and trace element anomalies along its 3 km N-NW
strike. Mineralization remains open-ended in all directions along
the Via Lactea Fault, and at depth.
Mineralization in LR_DDH006 occurs in the last
15.6 m of the hole and does not appear to be directly related to
faulting but may be strata bound.
Holes LR_DDH007 and 8 reported traces of gold
associated with silicification along their entire lengths
accompanied by anomalous arsenic, zinc and occasional antimony
whereas holes LR_DDH003, 4 and 5 reported sporadic traces of gold
with the same geochemistry. (Tables 1 and 2).
Key Characteristics of Luna
Roja
- Long, 75 meter intercept of 0.62 g/t Au, in LR_DDH002, suggests
possibility of bulk minable potential
- A 42 meter oxidized intercept of 1.01 g/t Au, in LR_DDH002,
suggests potential for low cost and high gold recovery (see Figure
1 b)
- Shallow mineralization, at Cruz del Sur, between surface and 80
meters vertical depth, offers the possibility of an open pit
operation
- A mineralized strike length of 145 meters at Cruz del Sur,
between LR_DDH001 and LR_DDH002, shows potential for continuity
along the Via Lactea structural zone, the extension of which is
evidenced in trenches and rock chips, extending through the Orion
and Estrella del Norte Zones to the north.
- Favorable tuffaceous stratigraphy, with gold anomalies in
historic trench channels to the west, hanging wall side, of the Via
Lactea Fault system, is thus far not drill tested.
- The concept of targeting disseminated gold in tuffs is a new
paradigm for the Deseado Massif, but the Luna Roja mineralization
is more analogous of Round Mountain in Nevada than it is to any of
the operating mines in Santa Cruz.
- Mineralization at the end of hole LR_DDH006 implies potential
for a strata bound deposit in the Orion Zone.
The Cruz del Sur Target
The Cruz del Sur target lies toward the southern
end of the Project, on the Via Lactea Fault, and is associated with
Au in rock chips and trench channel samples on the southwestern
edge of a major rhyolitic and tuffaceous dome complex, (see Figure
1 a).
LR_DDH001 and LR_DDH002 target structurally
controlled mineralization beneath wide Au anomalies in trenches 1
and 2. Figure 2 illustrates a west-east cross section, which
includes LR_DDH002 and LR_DDH003 where LR_DDH003 is a geophysical
target and is collared 280 meters to the east of LR_DDH002. Trench
2 reported 55 meters of 0.41 g/t Au and 13.2 g/t Ag which occurs
above the LR_DDH002 intercept and is structurally related to the
oxidized zone of 1.01 g/t Au between 47 and 78 meters vertical
depth. Mineralization appears to be controlled largely by the high
permeability of the tuffaceous units to the west of the Via Lactea
Fault, implying that the system is open in that direction.
LR_DDH003 did not return reportable Au or Ag anomalies but was
anomalous in arsenic along much of its length as well as having
traces of antimony. Despite the distance east from hole LR_DDH002,
this hole remains within the mineralized system and is potentially
close to the Au mineralization.
Trench 1 reported 25 m of 0.1 g/t Au and 7.6 g/t
Ag which occurs above the LR_DDH001 intercept and is structurally
related to the mineralized zone with 0.26 g/t Au and 9.7 g/t Ag
between 30 and 70 m vertical depth, (see Figure 3). Additionally,
Trench 1 reported three zones of anomalous gold comprising 5 m of
0.1 g/t, 5 m of 0.13 g/t and a further 5 m of 0.6 g/t and together
these anomalies support the concept of disseminated targets up to
250 meters to the west of the Via Lactea Fault.
Table 1: Drill hole collar
details
Hole |
Area |
x |
y |
z |
Azim |
Dip |
TD |
LR_DDH001 |
Cruz del Sur |
589080 |
4759260 |
236 |
90 |
45 |
203 |
LR_DDH002 |
Cruz del Sur |
589040 |
4759400 |
240 |
90 |
45 |
215 |
LR_DDH003 |
Cruz del Sur |
589320 |
4759400 |
247 |
90 |
65 |
173 |
LR_DDH004 |
Orion |
589240 |
4760050 |
270 |
90 |
75 |
139 |
LR_DDH005 |
Orion |
589100 |
4760050 |
269 |
270 |
60 |
142.5 |
LR_DDH006 |
Orion |
589100 |
4760200 |
272 |
270 |
60 |
145.6 |
LR_DDH007 |
Estrella del Norte |
588900 |
4760950 |
250 |
270 |
60 |
74 |
LR_DDH008 |
Estrella del Norte |
588700 |
4760950 |
237 |
90 |
60 |
92 |
Table 2: Drill assay results
Hole |
From (m) |
To (m) |
Length (m) |
Au (g/t) |
Ag (g/t) |
LR_DDH001 |
44.6 |
96 |
51.4 |
0.26 |
9.7 |
Including: |
62 |
64 |
2 |
1.08 |
79.6 |
LR_DDH002and: Including:Including:Including: |
22376891108 |
26112110110110 |
47542192 |
0.270.621.11.412.84 |
0.255.64.65.02.7 |
LR_DDH003 |
No Reportable Intercepts |
|
|
|
|
LR_DDH004 |
No Reportable Intercepts |
|
|
|
|
LR_DDH005 |
No Reportable Intercepts |
|
|
|
|
LR_DDH006 |
130 |
145.6 |
15.6 |
0.11 |
0.81 |
LR_DDH007 |
No Reportable Intercepts |
|
|
|
|
LR_DDH008 |
No Reportable Intercepts |
|
|
|
|
The Estrella del Norte
TargetThe Estrella del Norte target is the most northerly
of the Luna Roja targets along the Via Lactea Fault and is the site
of holes LR_DDH007 and 8. These holes do not have reportable
intercepts but both are silicified and have traces of gold with
arsenic and zinc along their lengths, implying that they are
marginal to the gold bearing system. Hole LR_DDH008 was a
geophysical target but was collared 7 meters to the south east of a
5 meter 0.5 g/t gold anomaly in trench 3 and 40 meters to the north
east of a 2 meter 5.16 g/t a gold anomaly in a surface channel.
These surface anomalies occur in a rhyolitic dome in a zone between
the Via Lactea Fault and hole LR_DDH008 and constitute high
priority targets for the next phase of drilling.
The Orion TargetThe Orion
target is in the center of the Luna Roja area, between the Cruz del
Sur and Estrella del Norte targets. This target was based
principally on Induced Polarization as surface outcrop and
mineralization are sparse. Holes LR_DDH004, 5 and 6 were drilled in
chargeable and resistive anomalies to the east of the Via Lactea
Fault. LR_DDH006 reported 15.6 m of 0.11 g/t Au and 0.81 g/t Ag
(from 130.0 m to 145.60 m). The 15.6 meter sample is the bottom of
the hole, indicating mineralization to be potentially open at depth
but it is also significant that the mineralization is hosted in
fine tuffs without any indication of fracturing or faulting (see
Figure 4). This mineralization, which occurs 220 meters to the east
of the Via Lactea Fault and may constitute strata bound
mineralization in a fluid trap created by an earlier stage of
silicification. This intercept occurs 950 meters to the north of
LR_DDH001.
LR_DDH004 and 5 do not have reportable intercepts but are
silicified with occasional traces of gold and have anomalous
arsenic and zinc.
Second Phase PlanningThe Company is currently
planning the second phase of diamond drilling and associated
exploration activities on the Project in which we envisage the
following:
- Ground magnetic survey for the Luna Roja and Signos Projects
covering 10,000 hectares of highly prospective ground.
- Trench program of between 3 and 4 line kilometers, more than
doubling the length of trenches currently on the Project.
- A drill program comprising not less than 3,000 meters, which
will be focused on high grade targets in the Via Lactea Fault and
cross cutting N-E striking faults as well as disseminated targets
in the hanging wall of the Via Lactea Fault and in parallel faults
to the west.
The 3,000 meters of diamond drilling are based
upon our current knowledge of the mineralized footprint and are
independent of any new targets that may arise from the magnetic
survey and trenching programs. Nor does this include the Cae el Sol
Zone of the Luna Roja Project or any targets on the adjacent Signos
Project which are also currently under evaluation.
QAQCSampling was carried out
with core being cut by angle grinder and half of the core retained
for logging and potential re-analysis. Blind standards, blanks, and
duplicates were inserted into the sample chain accounting for 10%
of samples. Samples were then delivered, by Magna Terra staff, to
Andesmar in Caleta Olivia, Santa Cruz, Argentina from where they
were transported to ALS Chemex Laboratories in Mendoza, Argentina,
for gold fire assay and multi element analysis.
Qualified PersonAll technical
data disclosed in this press release has been verified by Magna
Terra’s Qualified Person, Paul D. Robinson Ph.D. and Certified
Professional Geologist as recognized by the Association of
Professional Geoscientists of Ontario (APGO).
About UsMagna Terra Minerals Inc. is a precious
metals focused exploration company, headquartered in Toronto,
Canada. Magna Terra (MTT) has a significant interest in the
province of Santa Cruz, Argentina within the prolific Deseado
Massif in southern Patagonia. With a recent precious metals
discovery on its Luna Roja Project, and an extensive portfolio of
district scale drill ready projects, along with a highly
experienced management and exploration team, MTT is positioned to
deliver significant shareholder value. For detailed information
regarding our projects, please visit the Company’s website at:
www.magnaterraminerals.com
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Cautionary Statements Regarding Forward Looking
Information
Some statements in this release may contain
forward-looking information. All statements, other than of
historical fact, that address activities, events or developments
that the Company believes, expects or anticipates will or may occur
in the future (including, without limitation, statements regarding
potential mineralization) are forward-looking statements.
Forward-looking statements are generally identifiable by use of the
words “may”, “will”, “should”, “continue”, “expect”, “anticipate”,
“estimate”, “believe”, “intend”, “plan” or “project” or the
negative of these words or other variations on these words or
comparable terminology. Forward-looking statements are subject to a
number of risks and uncertainties, many of which are beyond the
Company’s ability to control or predict, that may cause the actual
results of the Company to differ materially from those discussed in
the forward-looking statements. Factors that could cause actual
results or events to differ materially from current expectations
include, among other things, without limitation, failure by the
parties to complete the Transaction, failure to establish estimated
mineral resources, the possibility that future exploration results
will not be consistent with the Company's expectations, changes in
world gold markets or markets for other commodities, and other
risks disclosed in the Company’s public disclosure record on file
with the relevant securities regulatory authorities. Any
forward-looking statement speaks only as of the date on which it is
made and except as may be required by applicable securities laws,
the Company disclaims any intent or obligation to update any
forward-looking statement.
Photos accompanying this announcement are available
at:
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FOR FURTHER INFORMATION PLEASE CONTACT:
Magna Terra Minerals Inc.
Lewis Lawrick, President & CEO: 647-478-5307
Email: info@magnaterraminerals.com
Website: www.magnaterraminerals.com
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