TORONTO, ON / ACCESS Newswire / April 29, 2025 / Magna Terra Minerals Inc. (the "Company" or "Magna Terra") (TSXV:MTT) announces through its 100% owned Argentine subsidiary Atala Resources S.A. ("Atala"), that it has retained the large Boleadora Project ("Boleadora") from Oroplata S.A. ("Oroplata"), a subsidiary of Newmont Corporation ("Newmont"). Boleadora encompasses ~55,000 hectares in 12 exploration licenses located 17 kilometres southeast along strike from Newmont's Cerro Negro mine along the Margaritas-Boleadoras Corridor, the host to both projects located in Santa Cruz Province, Argentina (Figure 1).
Oroplata has provided Atala with a formal notice of termination of the underlying Option to Purchase Agreement thereby returning control of Boleadora to the Company (refer to the Company's press releases dated March 26, 2024 and June 9, 2020 for details of the agreement).
"We would like to thank the Newmont exploration team at Cerro Negro for the detailed exploration work completed at Boleadora. Work completed by Newmont to date at Boleadora has outlined a large 10 by 8 kilometre zone of anomalous precious-metal and pathfinder elements. This work supports the potential existence of a low-sulphidation epithermal environment associated with the Margaritas-Boleadoras Corridor along strike from the Cerro Negro mine. The very recent lifting of the currency control regime (April 14, 2025) announced by the Argentine government has removed a significant barrier for exploration capital to enter the country and has resulted in Magna Terra receiving significant incoming inquiry regarding our large and very prospective precious metals exploration portfolio in Santa Cruz Province which includes Boleadora. We are very confident that this event along with the surging gold price will bring renewed investor and corporate interest to mineral exploration in Argentina and specifically Santa Cruz as the pre-eminent ‘Gold Province' in the near term. As such, we will continue to seek strategic partners to advance our large portfolio of well-located precious metals exploration projects in this highly prospective geological domain."
~ Lew Lawrick, President and CEO, Magna Terra Minerals Inc.
Boleadora Project Highlights
Large land package comprising ~55,000 hectares;
17 kilometres along strike from Newmont's Cerro Negro Mine and associated with the Margaritas-Boleadoras Corridor;
Located in a geological environment that is host to large low-sulphidation epithermal gold deposits like Cerro Negro as well as other large precious metals deposits in the prolific yet underexplored Deseado Massif region of Santa Cruz Province;
Recognition of a large 10 by 8 km exploration target area, corresponding with previously identified zones 1, 2, and 3 along the Margaritas-Boleadoras Corridor (Figure 2), based on 2023 geochemical sampling and hyperspectral surveying.
2023 Exploration Results
As detailed in a Technical Exploration Project report, prepared by Newmont geological staff and presented to the Company in March 2024; Boleadora is underlain by extensive Jurassic volcanic sequences that include welded pumice crystal-rich rhyolitic ignimbrites cut by bimodal subvolcanic domes. Main structural trends include northwest, north-northwest, and east-west corridors with chalcedonic and opaline silica veins with massive textures up to one-metre wide, and silica sinter in up to 50 metre by 50 metre exposures that might correspond to shallower levels of a low-sulphidation epithermal system (Figure 2). This geology is favourable for hosting low-sulphidation epithermal gold mineralization similar in style to the nearby Cerro Negro and Cerro Vanguardia deposits.
Since first assessing the project in 2019, Newmont subsidiary Oroplata collected 233 rock-chip samples (surface float and outcrop), 134 drainage sediment samples for analysis via Bulk Leach Extractable Gold ("BLEG"), 526 Terrain Mapping Geochemistry (‘TMG') soil samples and completed a hyperspectral survey covering the main geological areas of interest. This includes 526 TMG samples and 35 rock-chip samples collected in 2023 that have further refined and supported the exploration targets identified on the property to date.
Figure 1: Location of Magna Terra exploration projects in Santa Cruz Province, Argentina including the Boleadora Project outlined in red in the northwest of the map near the San Jose and Cerro Negro mines.
Figure 2: Boleadora generalized geology, gold from sediment samples and with structural interpretation at district scale (courtesy Newmont).
Qualified Person
This news release has been reviewed and approved by David A. Copeland, P. Geo., a "Qualified Person", under National Instrument 43-101 - Standard for Disclosure for Mineral Projects.
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
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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 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.
