Magna Terra Provides Update On Recent Exploration Results By Partner Newmont At Boleadora

TORONTO, ON / ACCESSWIRE / June 13, 2023 / Magna Terra Minerals Inc. (the "Company" or "Magna Terra") (TSXV:MTT) is pleased to announce through its 100% owned Argentine subsidiary Atala Resources S.A. ("Atala"), that Oroplata S.A. ("Oroplata"), a subsidiary of Newmont Corporation ("Newmont"), has provided a detailed summary report of its initial exploration program undertaken to date on the Boleadora Project. In addition, Oroplata has made the third anniversary option payment of US$100,000 to Atala under the option agreement (see details below). The Boleadora Project ("Boleadora") is a large greenfields exploration land package (~55,000 hectares) encompassing 12 exploration licenses situated 17 kilometres southeast of Newmont's Cerro Negro mine area in Santa Cruz Province, Argentina (Figure 1).

According to Newmont geologists, 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 up to 50 metre by 50 metre exposures that might correspond to shallower levels of 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 has collected 198 rock-chip samples (surface float and outcrop) and 134 drainage sediment samples for analysis via Bulk Leach Extractable Gold ("BLEG") and completed a hyperspectral survey covering the main geological areas of interest.

Based on fieldwork conducted to date and review of existing exploration data, Newmont geologists, have identified 10 exploration targets on the property. Each of these target areas demonstrate anomalous precious metal (Au, Ag) and pathfinder elements (As, Sb, Bi, Hg, Tl, and Mo) that are associated with silica alteration, host fault zones and sinter that could relate to deeper hydrothermal activity. These areas have subtle favorable hyperspectral responses; indicative of zones of gold-associated hydrothermal alteration.