Magna Terra Partner Newmont Outlines Large Epithermal Geochemical Target At Boleadora, Argentina

TORONTO, ON / ACCESSWIRE / March 26, 2024 / Magna Terra Minerals Inc. (the "Company" or "Magna Terra") (TSX-V: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 2023 exploration program undertaken to date on the Boleadora Project ("Boleadora"). In addition, Oroplata has made the third anniversary option payment of US$150,000 to Atala under the option agreement (see details below). 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).

Based on 2023 fieldwork, Newmont has identified a 10 by 8 kilometre priority target area, corresponding with previously identified zones 1, 2 and 3 along the Margaritas-Boleadoras Corridor (Figure 2). Assay results from 2023 drainage sediment and rock-chip samples show that anomalous precious metals (Au, Ag) and pathfinder elements (As, Sb, Hg, Tl, Li, Ba and Se) are associated with silica alteration, host fault zones, sinter structures and subtle hyperspectral responses that are indicative of deeper hydrothermal activity and gold mineralization at the Cerro Negro mine (Table 1). Based on the recent field work, Newmont plans further follow-up exploration activities for 2024.

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 based on 2023 geochemical sampling and hyperspectral surveying; and
• Significant ongoing financial and exploration commitment by Newmont with exploration plans for 2024.

"We are very pleased to see Newmont, using their proprietary exploration techniques and expertise, continue to refine exploration targets on the Boleadora Project with recent work outlining 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. We look forward to Newmont's continued exploration work on the property in 2024 as they advance the project towards drill testing of the highest priority targets. The US$150,000 payment will allow Magna Terra to sustain all property maintenance obligations on our Argentinian portfolio outside of Boleadora as we continue to seek strategic partners to advance these other assets."