Latest news with #MagnaTerraMineralsInc
Associated Press
6 days ago
- Business
- Associated Press
Magna Terra Announces Inaugural Exploration Program And Initiates Airborne Geophysical Survey At The Humber Copper-Cobalt Project In Newfoundland
TORONTO, ON / ACCESS Newswire / June 3, 2025 / Magna Terra Minerals Inc. ('Magna Terra' or the 'Company') (TSXV:MTT) is pleased to announce that it has commenced its inaugural exploration program at its 40,675-hectare, 100% owned Humber Copper-Cobalt Project (the 'Humber Project' or the 'Project') located in western Newfoundland (Figure 1). The Company has initiated a 2,377 line-kilometre ('km') airborne geophysical survey. The helicopter-borne survey will comprise a systematic, property-wide, time-domain electromagnetic ('VTEM™ Plus') and horizontal magnetic gradiometer survey and will provide the baseline geophysical data to guide geological mapping and focus exploration efforts to discover Copper-Cobalt deposits. This is the first geophysical survey of this type in the area. The Company is interested in areas of geophysical anomalies coincident with anomalous copper ('Cu'), cobalt ('Co'), lead ('Pb'), silver ('Ag'), molybdenum ('Mo'), gold ('Au'), arsenic ('As'), and antimony ('Sb') lake sediment values (Figures 1 and 2) found throughout the Project area including the Hughes Lake Trend where an 8 km long anomalous zone of copper and cobalt in soil samples is coincident with mafic volcanic rocks of the Hughes Lake Complex and associated magnetic rocks (Figures 3 and 4). Humber Project Highlights 'Initiation of the airborne geophysical survey marks our inaugural exploration program at the Humber Project. This greenfields exploration project is host to numerous critical metal anomalies and has the geological environment consistent with the potential to host Sediment-hosted Stratiform Copper Deposits, which are globally significant producers of copper and cobalt with considerable by-products including rare and precious metals such as Mo, Ag, Au, U, REE, and PGEs. This geophysical survey is the first of its kind for this area and will provide the data to identify geophysical anomalies consistent with Stratiform Copper Deposits and will focus our field efforts on areas of coincident geophysical and geochemical anomalies. Building on the geophysical program, we anticipate commencing field work in the coming weeks as geophysical data begins to roll in with initial focus along the Hughes Lake Trend - an 8-km zone of copper-cobalt-in-soil anomalies adjacent to anomalous regional lake sediments. At the Humber Copper-Cobalt Project, we have assembled a rare, first-mover, district-scale project opportunity, that will continue to leverage our expertise. We are eager to demonstrate the Project's prospectivity focused on critical metal discovery and the value we believe this Project brings to our investors.' ~ Lew Lawrick, President and CEO, Magna Terra Minerals Inc. About the Geophysical Survey The helicopter-borne survey is being completed by Geotech Ltd. and comprises a Versatile Time-Domain Electromagnetic (VTEM™ Plus) and horizontal magnetic gradiometer survey. The survey will be flown at 200 m spacing in a northwest trend across the strike of the underlying geology with perpendicular tie lines flown at 2 km spacing. Lake Sediment Geochemistry and Global Analogues The Project is underlain by rocks of the sedimentary Humber Arm Allochthon and adjacent plutonic and volcanic Hughes Lake Complex, which is centred on a series of anomalous lake sediment samples (Davenport et al., 1996) that show regionally elevated levels of Co (up to 160 ppm), Ag (up to 0.6 ppm), Pb (up to 84 ppm), Cu (up to 185 ppm), As (up to 142 ppm), Mo (up to 15 ppm), and Au (up to 10 ppb). An analysis of the lake sediment geochemical data via Principal Component Analysis has indicated that the metal suite present within the Project area is likely related to a black shale source, as many of the anomalous lake sediments have low-Ni values which precludes association with the nearby ophiolite complexes to the immediate west. This metal signature (Cu, Co, Ag, Pb +/- Au, Mo, As, Sb) and geological environment is supportive of the area being host to SSC Deposits. SSC Deposits host 60% of global Cobalt production^ and 20% of global Copper production* in deposits such as the Central African Copper Belt, which is thought to be analogous to the geological setting of the Humber Copper-Cobalt Project. SSC Deposits are often laterally continuous along bedding and contain consistent grades (1.2 to 5% Cu)* and large resources of by-product Au, U, platinum-group, and rare-earth elements. The exploration potential is also underscored by the presence of base metal deposits nearby including the York Harbour and Daniels Harbour Deposits located at lower stratigraphic levels of the region. Figure 1: A map showing the Humber Project with underlying geology of the Humber Arm Allochthon, coincident anomalous Cu (ppm) lake sediment samples and location of the recently staked Hughes Lake Block. Figure 2: A map showing the Humber Project with underlying geology of the Humber Arm Allochthon, coincident anomalous Co (ppm) lake sediment samples and location of the recently staked Hughes Lake Block. Figure 3: A map showing the geology, lake sediment samples (Cu-ppm) and reconnaissance soil samples (Cu-ppm) outlining an 8-kilometre long trend along the Hughes Lake mafic volcanics, Humber Project. Figure 4: A map showing the geology, lake sediment samples (Co-ppm) and reconnaissance soil samples (Co-ppm) outlining an 8-kilometre long trend along the Hughes Lake mafic volcanics, Humber Project. * ^Petavratzi, E, Gunn, G, Kresse, C. (2019). Commodity review: Cobalt. British Geological Survey. Qualified Person This news release has been reviewed and approved by David A. Copeland, a 'Qualified Person', under National Instrument 43-101 - Standard for Disclosure for Mineral Projects. All quoted soil and lake sediment samples results were compiled from historic assessment and government reports obtained from the government of Newfoundland and Labrador. The Qualified Person has not completed sufficient work to validate these historic results. About Magna Terra Magna Terra Minerals Inc. is a precious and critical metals focused exploration company, headquartered in Toronto, Canada. Magna Terra is focused on acquiring and advancing its high-potential mineral projects in Atlantic Canada and Argentina while generating value for shareholders and minimizing shareholder dilution through option and joint venture partnerships where appropriate; leveraging our ability to explore, grow, and transact projects. The Company is focused on exploring our 100%-owned Humber Copper-Cobalt Project in Newfoundland and Labrador; our 100% owned Rocky Brook Gold and Critical Metals Project in the historic Bathurst Mining Camp of New Brunswick; and our 100%-owned Cape Spencer Gold Project in New Brunswick. In addition, the Company has optioned the Great Northern Project in Newfoundland to Gold Hunter Resources Inc. for total cash and share consideration of $9.5 million over a 2-year period. Further, the Company maintains a significant exploration portfolio in the province of Santa Cruz, Argentina which includes its 100% owned Boleadora Project recently retained from Newmont Corp.; and a precious metals discovery on its Luna Roja Project proximal to Cerrado Gold's operating Don Nicholas Project infrastructure, as well as several additional district scale drill ready projects available for purchase or option/joint venture. Forward Looking Statements Neither the 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 This news release contains forward-looking statements and forward-looking information (collectively, 'forward-looking statements') within the meaning of applicable Canadian legislation. All statements in this news release that are not purely historical are forward-looking statements and include statements regarding beliefs, plans, expectations and orientations regarding the future including, without limitation, the ability of the Company to file a report that complies with National Instrument 43-101. Although the Company believes that such statements are reasonable and reflect expectations of future developments and other factors which management believes to be reasonable and relevant, the Company can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: 'believes', 'expects', 'anticipates', 'intends', 'estimates', 'plans', 'may', 'should', 'would', 'will', 'potential', 'scheduled' or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, and the ability of the author of the Technical Reports to finalize same. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks and other factors include the inability of the Company to execute its proposed business plans and carry out planned future activities. Other factors may also adversely affect the future results or performance of the Company, including general economic, market or business conditions, future prices of gold, changes in the financial markets and in the demand for precious metals, changes in laws, regulations and policies affecting the mineral exploration industry, and the Company's investment and operation in the mineral exploration sector, as well as the risks and uncertainties which are more fully described in the Company's annual and quarterly management's discussion and analysis and in other filings made by the Company with Canadian securities regulatory authorities under the Company's SEDAR+ profile at Readers are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly, are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. These forward-looking statements are made as of the date of this news release and, unless required by applicable law, the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in these forward-looking statements. FOR FURTHER INFORMATION PLEASE CONTACT: Magna Terra Minerals Inc. Lewis Lawrick President and CEO, Director 647-478-5307 Email: [email protected] Website: SOURCE: Magna Terra Minerals Inc. press release
Associated Press
13-02-2025
- Business
- Associated Press
Magna Terra Announces Initial Closing Of Flow-Through Private Placement
TORONTO, ON / ACCESS Newswire / February 13, 2025 / Magna Terra Minerals Inc. (the 'Company' or 'Magna Terra') (TSXV:MTT) is pleased to announce that it has completed an initial closing of its flow-through financing (refer to the news release dated February 10, 2025) of gross proceeds totaling $227,000. The full private placement of total gross proceeds of up to $500,000 (the 'Offering') will consist of an issuance of up to $325,000 of premium flow-through common shares of the Company at a price of $0.09 per share for an issuance of up to 3,611,111 premium flow-through common shares; and an issuance of up to $175,000 of flow-through common shares of the Company at a price of $0.08 per share for an issuance of up to 2,187,500 flow-through common shares. The gross proceeds from the issuance of the premium flow-through and flow-through common shares will be used to incur 'Canadian exploration expenses' that qualify as 'flow-through critical mineral mining expenditures' (as such terms are defined in the Income Tax Act (Canada)) related to the Company's mineral exploration projects, primarily for preliminary exploration programs at the Company's recently acquired Humber Project in western Newfoundland and Rocky Brook Project in northern New Brunswick. In this initial closing, the Company has issued 2,166,667 premium flow-through common shares at a price of $0.09 per share and 400,000 flow-through common shares at a price of $0.08 per share. Michael Gentile, an Insider of the Company, participated in this initial closing by acquiring 1,000,000 premium flow-through common shares at a price of $0.09 per share. Immediately after this initial closing of the Offering, Mr. Gentile holds, directly and indirectly, 17,615,000 common shares of the Company, representing 19.96% of the current outstanding common shares of the Company. Mr. Gentile is considered a 'related party' and an 'insider' of the Company for the purposes of applicable securities laws and stock exchange rules. The subscription and issuance of common shares to Mr. Gentile constitutes a related party transaction, but is exempt from the formal valuation and minority approval requirements of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ('MI 61-101") as (i) the Company's securities are not listed on any stock exchange identified in Section 5.7(b) of MI 61-101; (ii) neither the fair market value of the common shares to be distributed in the Offering nor the consideration to be received by the Company for the common shares, insofar as insider participation is concerned, exceeds $2,500,000; and (iii) the Company has received the approval of the Offering from at least two-thirds of its independent directors in respect of the Offering. In connection with the Offering, the Company may pay finder's fees in cash or securities or a combination of both, as permitted by the policies of the TSX Venture Exchange. All securities issued pursuant to the Offering will be subject to a regulatory four month and one day hold period. A second and final closing of the Offering is anticipated to occur on or before February 28, 2025. The Offering is subject to approval by the TSX Venture Exchange. About Magna Terra Magna Terra Minerals Inc. is a precious and critical metals focused exploration company, headquartered in Toronto, Canada. Magna Terra is focused on acquiring and advancing its high-potential mineral projects in Atlantic Canada and Argentina while generating value for shareholders and minimizing shareholder dilution through option and joint venture partnerships where appropriate; leveraging our ability to explore, grow, and transact projects. The Company is focused on exploring our 100%-owned Humber Copper-Cobalt Project in Newfoundland and Labrador, our 100% owned Rocky Brook Project in northern New Brunswick, as well as our 100%-owned Cape Spencer Gold Project in southern New Brunswick. In addition, the Company has recently optioned the Great Northern Project in Newfoundland to Gold Hunter Resources Inc. for total cash and share consideration of $9.5 million over a 2-year period. Further, the Company maintains a significant exploration portfolio in the province of Santa Cruz, Argentina which includes its Boleadora Project being advanced by Newmont Corporation under an option to purchase agreement valued at US$1 million in cash over a 6-year period and including a 2% NSR capped at US$20 million; a precious metals discovery on its Luna Roja Project proximal to Cerrado Gold's operating Don Nicholas Project infrastructure, as well as several additional district scale drill ready projects available for purchase or option/joint venture. Forward Looking Statements Neither the 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 This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the '1933 Act') or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available. This news release includes certain forward-looking statements concerning the use of proceeds of the Offering, the future performance of our business, its operations and its financial performance and condition, as well as management's objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as 'may', 'will', 'plan', 'expect', 'anticipate', 'estimate', 'intend' and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law. Magna Terra Minerals Inc. Lewis Lawrick
