TORONTO, ON / ACCESS Newswire / January 21, 2025 / Magna Terra Minerals Inc. (the "Company" or "Magna Terra") (TSXV:MTT) is pleased to provide a recap of the Company's activities and significant achievements from 2024 and a look forward to numerous catalysts upcoming in 2025 across its deep and varied project portfolio.
"2024 was a transformative year for Magna Terra and its shareholders. We have put ourselves in position to benefit significantly from advanced exploration activities on multiple projects in our diversified portfolio. We look forward to Newmont making further exploration advancements following up on the exciting discoveries they have made on our Boleadora Project in Argentina; to Gold Hunter advancing our Great Northern Project in western Newfoundland with the first large scale comprehensive diamond drill program ever undertaken on the enlarged property package; as well as the detailed exploration work we will plan and undertake on our own 100%-owned gold and critical minerals projects in the premier jurisdictions of Newfoundland and New Brunswick. This is further enhanced with the knowledge that we do not need to undertake any significant financing as we anticipate the receipt of CDN$3.4 million in cash and share payments by mid-year from our project option agreements. The recent investment by Mr. Michael Gentile in Magna Terra is indicative of the value proposition that Magna Terra currently represents."
Lew Lawrick - President, CEO, and Director
Significant achievements in 2024 included:
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The identification of several new gold trends with new geochemical and geophysical anomalies, expanding the scale and number of high priority targets for follow-up at the Great Northern Project in western Newfoundland.
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Project partner Newmont Corporation ("Newmont"), identified a large 8 by 10 kilometre anomalous precious metals target on the Company's Boleadora Project in Santa Cruz Province, Argentina. Boleadora is a large property contiguous to Newmont's large operating Cerro Negro mining complex, where Newmont is earning in under a 100% purchase option, subject to certain underlying payment obligations.
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Receipt of a CDN$200,000 payment from Opus One Gold Corp. under the option agreement regarding the sale of the Company's Noyell Project in Quebec. This was the final payment related to this option agreement.
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Signing of a Definitive Purchase Agreement with Gold Hunter Resources Inc. ("Gold Hunter") for the option to purchase the Company's Great Northern Gold Project in western Newfoundland for gross proceeds of $9.5 million payable in cash and Gold Hunter shares over a period of 2 years from signing. CDN$1.375 million in cash and Gold Hunter shares was received upon signing.
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Acquisition of the large district-scale Humber Cu-Co Project in western Newfoundland via staking, giving the Company a large and strategic regional scale land position with the potential to host a significant critical minerals discovery, at a very low acquisition cost.
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Acquisition by staking of the 8-kilometre long Hughes Lake Cu-Co trend, increasing our Humber Project area by 23%.
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Project partner Gold Hunter, completed a detailed data compilation on the Company's Great Northern Project and initiated a property wide airborne VTEM geophysical survey as well as a systematic prospecting and mapping program over the enlarged project area.
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Renowned junior mining and exploration investor Mr. Michael Gentile's acquisition of a 19.99% share ownership in the Company via an open market purchase of shares.
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Signing of Definitive Option Agreements to acquire the Rocky Brook Project in northern New Brunswick in the heart of the historically prolific Bathurst Mining Camp. Rocky Brook is a large district-scale land package located adjacent to and along strike to the high-grade Williams Brook gold discovery owned by Kinross Gold Corp. and Puma Exploration Inc. Rocky Brook is in the heart of an emerging gold district as well as a world class base metals camp.
Outlook and anticipated catalysts for 2025 include:
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Receipt of an exploration summary update from Newmont on their exploration activities in 2024 on the Company's Boleadora Project, as well as their exploration plans for 2025 which is anticipated to include a maiden drilling program on the priority target areas identified to date.
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Receipt of CDN$3.4 million in cash and marketable securities for the underlying option payments due from Newmont on the Boleadora Project, and Gold Hunter on the Great Northern Project. Payments are due by mid-June 2025.
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Completion of the VTEM geophysical survey at the enhanced Great Northern Project by Gold Hunter, which will further underpin planning and execution of a large diamond drill program to be undertaken on the project in the spring. Multiple first order targets will be tested for additional discovery potential, as well as further resource definition on strike to existing deposits.
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Completion of a detailed data compilation and a preliminary prospecting program on the recently acquired Rocky Brook Project.
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Completion of an airborne geophysical survey over the district scale Humber Co-Cu Project and undertake preliminary prospecting and geochemical surveys, and mapping.
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Undertake prospecting and geochemical surveys at the Cape Spencer Gold Project in southern New Brunswick.
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Review opportunities to monetize the Company's large project portfolio in the prolific precious metals environment of Santa Cruz Province, Argentina. With the recent change in government, there is renewed and significant corporate interest in this prolific yet underexplored region.
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 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 Regulation 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 profile at www.sedarplus.ca. 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
Phone: (905) 301-9983
Email: info@magnaterraminerals.com
Website: www.magnaterraminerals.com
SOURCE: Magna Terra Minerals Inc.
