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TORONTO, ONTARIO–(Marketwired – Sept. 28, 2017) – Magna Terra Minerals Inc. (“Magna Terra” or the “Company”) (TSX VENTURE:MTT)(BCS:MTTCL) is pleased to announce that historic data including rock chip samples, chip channels and Induced Polarization (IP) have been recompiled, and re-analyzed resulting in the definition of a new low sulphidation vein project which, the Company is currently evaluating for the next phase of exploration.
The Signos Project (“Signos” or the “Project”) is located in the Santa Cruz Province of Argentina, on the Northern edge of the Deseado Massif, approximately 75 km to the NW of the new Don Nicolas Mine. The Project is accessed from the Town of Fitz Roy on 80 km of unpaved roads and farm tracks (see Figure 1).
The Project is characterized by gold bearing, low sulphidation breccias and veins in rhyolitic tuffs and domes of the Chon Aike Formation as well as, in one case, andesites of the Bajo Pobre Formation. Surface work carried out to date includes 196 rock chip samples taken within the Project area, defined by the 2 by 3.5 km sky blue box outlined in figure 2a. Gold ranges from below detection up to 26.3 ppm with an average of 0.247 ppm and with 37 samples over 0.1 ppm.
The data used in this press release is technically historical and was collected by AuEx Argentina S.A. and Renaissance Gold Inc. between 2008 and 2012. Note, that the data described as rock chips, sub-crop or float were taken in situations where sample spacing is determined by availability of suitable material and so the results are not necessarily representative of the mineralization hosted on the Project.
Within the Project there are three distinct zones in which mineralization has been observed and sampled and these are:
The positions of these zones are illustrated, relative to the property boundary, in Figure 2b, with Au from rock chips over a 1:5,000 scale geological mapping
Prospecting in the Lambda zone yielded six rock chip samples with between 0.63 and 8.74 ppm Au and between 6 and 234 ppm Ag and with averages of 2.39 and 70.28 ppm Au and Ag respectively. The rock chips report a strong trace element signature including average As 2,311 ppm, Hg 0.69 ppm, Pb 54 ppm and Sb 34 ppm. A 12 meter east-west trench cut across this zone revealed a vein in the contact between felsic volcanic rock and andesite with 3 meters of 0.233 ppm Au. The andesite is probably part of the Bajo Pobre Formation (Early Jurassic) and is important in that it represents the only example, on this Project, of mineralization in the Bajo Pobre, a unit which is likely to be found underlying most of the surface geology in this district.
The Alpha zone is centered on an east-west trending rhyolite dome which hosts a zone of sub-parallel quartz veins over a 220 meters strike length. 31 rock chip and sub-crop samples were taken in brecciated silicified rhyolite. The samples reported from 20 ppb to 26.3 ppm Au with 14 samples reporting more than 0.1 ppm Au. Average Au is 0.98 ppm and Ag ranges from below detection to 26.7 ppm with an average of 4.0 ppm. The zone also has a strong trace element signature with average grades of As 228 ppm, Hg 0.315 ppm, Pb 390 ppm and Sb 8 ppm.
The Omega zone is the southernmost zone of the Signos Project and consists of a large expanse of rhyolitic tuffs, approximately 1,000 m by 600 m with sporadic points of silicification with trace gold mineralization. 43 rock chip samples were taken across the zone and reported from below detection to 0.817 ppm, averaging 0.1 ppm. There are 14 samples reporting more than 0.1 ppm. Ag ranges from below detection to 13.8 with an average of 2.4 ppm. The trace element signature in this zone includes average grades of As 517 ppm, Hg 0.1 ppm, Pb 26 ppm and Sb 34 ppm. Two N-S lines of IP constituting 3.8 line km were run across this zone and define two shallow chargeable and resistive anomalies.
Mr. Lew Lawrick, President & CEO of Magna Terra commented: “The Signos Project is early stage and has gold mineralization over a large area and in several distinct environments. We are very pleased to add it to our portfolio and our geologists are currently analysing this data to evaluate the next steps to advance this Project.”
The Project is at an early stage in which sampling has been completed in a prospecting nature and largely restricted to rock chips without formal QAQC. All samples from 2008 were placed in sealed bags and delivered by AuEx staff to Andesmar in Caleta Olivia, Santa Cruz, Argentina from where they were transported to Alex Stewart Laboratories in Mendoza, Argentina, for gold fire assay and multi element analysis. Samples from 2001 were treated in the same fashion but were sent to ALS Chemex Laboratories in Mendoza, Argentina, for gold fire assay and multi element analysis.
All technical data, as disclosed in this press release, has been verified by Richard L. Bedell Jr. who is a Qualified Person and Registered Member as defined by the Society for Mining, Metallurgy and Exploration.
Magna Terra Minerals Inc. is a Canada based, precious metals focused exploration company, with a portfolio of exploration properties in Quebec and a strategic interest in the Horn of South America. Magna Terra has recently announced the acquisition of a significant exploration portfolio in the prolific yet underexplored Province of Santa Cruz, Argentina and has assembled an experienced team to advance this highly prospective exploration portfolio in the near term. A number of these projects are available for option or joint venture, and additional information can be found on 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.
Magna Terra Minerals Inc.
President & CEO
Thu, 28 Sep 2017 13:00:00 GMT