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Magna Terra Announces Resource Estimates for Rattling Brook and Cape Spencer Gold Projects

Mining News - Published on Wed, 11 Dec 2019

Image Source: Magna Terra Minerals
Magna Terra Minerals Inc announced it has completed updated Nl 43-101 Technical Reports and Mineral Resource Estimates for the Rattling Brook Deposit of the Great Northern Project in Newfoundland and Labrador and for the Cape Spencer Project in New Brunswick. Cape Spencer and Great Northern, together make up the advanced exploration assets that Magna Terra is acquiring from Anaconda Mining Inc. Magna Terra Minerals President and CEO Mr Lew Lawrick said “We are very pleased to have the opportunity to position ourselves through the acquisition of ExploreCo in the world class mining jurisdictions of Newfoundland and Labrador and New Brunswick. With the closing of the SPA, Magna Terra will own two district-scale projects with immediate exploration upside that includes 151,000 ounces of inferred Mineral Resources at the Cape Spencer Project and 255,000 ounces of Inferred Mineral Resources at the Rattling Brook Deposit. Good potential to define future Mineral Resources exists at the Thor Deposit, described later in this press release. We have acquired these projects in highly prospective areas with sizeable, district scale land packages that provide significant exploration upside to the Mineral Resources already defined."

Mineral Resource Estimate Highlights

Great Northern Project - The Rattling Brook Deposit has an Inferred Mineral Resource Estimate of 5,460,000 tonnes at an average grade of 1.45 grams per tonne gold for 255,000 contained ounces at a cut-off grade of 1.0 g/t gold.

Cape Spencer Project - The Cape Spencer Deposit has an Inferred Mineral Resource Estimate of 1,720,000 tonnes at an average grade of 2.72 g/t gold for 151,000 contained ounces in two zone
Northeast Zone - Inferred Mineral Resource of 740,000 tonnes at an average grade of 4.07 g/t gold, for 96,000 contained ounces at a cut-off grade of 2.5 g/t gold in a conceptual underground development
Pit Zone - Inferred Mineral Resource of 990,000 tonnes at an average grade of 1.71 g/t gold, for 54,000 contained ounces at a cut-off grade of 0.5 g/t gold in a conceptual open-pit.

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Posted By : Yogender Pancholi on Wed, 11 Dec 2019
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