Magna Terra Announces Hawkins Love Option Agreement Amendment and Provides Project Update

TORONTO, ON / ACCESSWIRE / December 22, 2022 / Magna Terra Minerals Inc. (the "Company" or "Magna Terra") (TSXV:MTT) is pleased to announce that it has amended the option agreement (the "Amendment Agreement") on its 100%-controlled Hawkins Love Gold Project ("Hawkins Love" or "Project"), located in Southern New Brunswick (Exhibit A). The Amendment Agreement allows the Company to lower near-term cash and share issuance obligations while we continue to assess the potential for the Property to host gold mineralization. The Company is also pleased to provide an update on exploration activities from its 2022 prospecting and mapping program that assessed five (5) new gold targets identified through soil geochemistry over an 8-kilometre strike (see news release dated February 17, 2022). Preliminary exploration on the five gold targets has resulted in the discovery of zones of quartz-sulphide veining with anomalous gold (grab samples* up to 38 ppb gold) at the Jake Lee gold target and strong carbonate-sericite alteration at the Love gold target (see further details below).

Project Highlights

• Quartz vein boulders* with visible gold assaying up to 302.5 g/t gold;
• Soil samples assaying up to 10.0 g/t gold including 276 soil samples >10 ppb gold and 21 samples >50 ppb gold;
• Five (5) gold targets recently identified on geophysics and gold-in-soil trends discovered along the Back Bay Fault (Exhibits B and C);
• 8-kilometre trend of anomalous gold in soil anomalies and grab samples from five (5) gold targets situated along the Back Bay Fault;
• New gold targets at Hawkins Love share a similar geological environment to the nearby Clarence Stream Deposit - deformed sediments and volcanics adjacent to the St. George granite;
• Quartz-sulphide veins identified at the Jake Lee gold target (Exhibit D); and
• 9,155 hectares of prospective mineral lands along a 10-kilometre extent of a regional-scale gold bearing structure - the Back Bay Fault.

*Note: "grab and float samples" are selected samples and are not necessarily indicative of mineralization that may be hosted on the property.

"We are pleased to have negotiated amended terms to the Hawkins Love agreement that will defer cash and share payments due in 2022 and reduce payments in 2023 and 2024. This restructured agreement will assist the Company in managing its current cash balance and minimize share dilution while we navigate recent unsettled markets for junior gold issuers. Our recently completed exploration program, following-up on the five gold targets identified through work in 2021, has demonstrated that the Project is host to orogenic-style quartz-sulphide veining and alteration that are indicative of potential for the Project to host gold deposits. While we remain focussed on our flagship Great Northern Project in Newfoundland, we continue to believe in the exploration potential of Hawkins Love, as it hosts a similar geological environment to Galway's nearby, multi-million ounce Clarence Stream Project."