TORONTO, ON / ACCESS Newswire / February 27, 2025 / Magna Terra Minerals Inc. (the "Company" or "Magna Terra") (TSXV:MTT) is pleased to announce that it has optioned a large strategic exploration land package; the Restigouche Property ("Restigouche" or the "Property") adding significant additional scale and exploration upside to its Rocky Brook Project ("Rocky Brook" or the "Project"), located in the prolific Bathurst Mining Camp of northern New Brunswick. Restigouche comprises approximately 6,605 hectares in 24 mineral claims, located adjacent to and along strike from the Murray Brook Deposit; the largest undeveloped VMS project in New Brunswick owned by Canadian Copper Inc. The acquisition of Restigouche brings the total land package of the greater Rocky Brook Project now owned 100% by Magna Terra to 17,104 hectares in 57 mineral claims, making the Company one of the single largest strategic landholders in this historic mining camp (Figure 1).
Restigouche Property Highlights
The Property covers a 40-kilometre extent of favourable California Lake felsic volcanic and sedimentary rocks that are host to the nearby Restigouche, Murray Brook, and Caribou Deposits;
The Property covers the C-4 and C-5 footwall Cu-rich "feeder" zones;
Previous historical drilling at the C-4 zone in hole C-4 that intersected 4.36 m grading 0.2% Cu, 1.6% Pb and 6.74% Zn (from 17.3 to 21.6 m). The best intersection in the C-5 area was reported in hole C-5 that intersected 2.06% Cu and 0.57% Zn over 4.5 m (from 51.9 to 56.4 metres);
Located within the prolific Bathurst Mining Camp and top-tier mining jurisdiction of New Brunswick; and
Year-round accessibility with road access to the majority of the Property.
"We are very excited to make another strategic acquisition in the prolific Bathurst Mining Camp in northern New Brunswick. Restigouche adds significant further scale and exploration upside to the greater Rocky Brook Project at a very reasonable overall cost. The large land package that now makes up the Rocky Brook Project gives the Company and its shareholders further exposure to a world-class base - critical metals camp, as well as high grade precious metals exploration upside. With Canadian Copper Inc. advancing development of the Murray Brook VMS deposit along with its bid to acquire the historic Caribou Mine and Mill infrastructure, there is renewed interest in this historic yet underexplored mining camp. The recent discovery of high-grade gold at the Lynx Zone by Puma and subsequent recent strategic investment by Kinross to advance the Williams Brook Project, highlights the growing importance of this area for gold prospectivity as well. This further acquisition dovetails well with our forward-looking strategy and our technical expertise in Atlantic Canada. We will continue to look at all opportunities to add value and optionality for Magna Terra shareholders and enhance our portfolio of quality, low-cost exploration assets. We look forward in 2025 to completing a full data compilation on the Rocky Brook Project and undertaking initial 'boots on the ground' exploration activities to advance the numerous opportunities we see for significant discovery potential."
~ Lew Lawrick, President and CEO, Magna Terra Minerals Inc.
Restigouche Property
The Restigouche Property covers approximately 40 kilometres of prospective strike length following the contact between felsic volcanic and sedimentary rocks of the Ordovician Mount Brittain Formation (California Lake Group). This horizon is host to the nearby stratiform volcanogenic zinc-lead-silver-copper, past-producing, Restigouche deposit and its underlying Cu-rich footwall stringer (feeder) C-4 and C-5 zones. A total of 755,978 tonnes of ore grading 6.45% Zn, 4.87% Pb, and 107 g/t Ag was mined from Restigouche in the late 1990s and 2008 by Breakwater Resource and Blue Note Mining (Armstrong, 2021*). An historical measured and indicated mineral resource comprising 1.08 million tonnes grading 5.00% Zn, 3.30% Pb, 0.22% Cu, 46.30 g/t Ag, and 0.52 g/t Au and an historical inferred mineral resource comprising 0.58 million tonnes grading 6.10% Zn, 4.30% Pb, 0.28% Cu, 67.83 g/t Ag, and 0.81 g/t Au were estimated by Trevali Mining in 2021 (Armstrong, 2021*).
The C-4 and C-5 zones sit on the Property immediately to the northwest of the Restigouche deposit and are significant in that these zones represent the copper-rich footwall to the Restigouche deposit that have not been the focus of previous mining nor extensive drill testing.
The best intersection in the C-4 area was reported in hole C-4 that intersected 4.36 m grading 0.2% Cu, 1.6% Pb and 6.74% Zn (from 17.3 to 21.6 m). The best intersections in the C-5 area were reported in hole C-5 that intersected 2.06% Cu and 0.57% Zn over 4.5 m (from 51.9 to 56.4 metres) and in hole C-84 that intersected 1.3 m grading 1.4% Cu (from 26.3 to 27.6 m) (Hamilton, 2015^^).
There are several other mineral occurrences on the Property that have not been tested by significant advanced exploration and include the Tower Brook, Upsalquitch Lake, and Cook Savoie occurrences.
The Restigouche Property sits immediately southwest along strike from the nearby Murray Brook Deposit and Caribou Mines in an area that has not received as much exploration as these more developed deposits. The Murray Brook Deposit hosts a Measured & Indicated mineral resource of21.1 Mt grading 2.49% Zn, 0.45 % Cu, 0.91 % Pb, 0.56 g/t Au, and 38.6 g/t Ag (1.41% CuEq or 4.77% ZnEq)(NI43-101 technical report by Stone et al., 2023^). The nearby Caribou Mine and Mill has been in production intermittently since its discovery, with the most recent mining by Trevali Mining Corporation from 2015 to 2022 and is currently on care and maintenance. The Caribou Complex currently hosts a 3,000 tonne per day SAG (semi-autogenous grinding) mill. Canadian Copper Inc. is currently in the process of acquiring the Caribou Complex with plans to mine and process the ore from their 100% owned Murray Brook Deposit at Caribou.
The Bathurst Mining Camp
The Bathurst Mining Camp is one of the world's oldest base metal (lead, zinc, copper, gold and silver) mining districts hosting one of Canada's largest volcanogenic massive sulphide (VMS) deposits, with the past-producing Brunswick No. 12 Mine having operated for 49 years. The Bathurst Mining Camp is host to over 46 mineral deposits, several of which have been mined, including the Brunswick No. 6, Heath Steele, Wedge, Stratmat, Half Mile Lake, Caribou and Murray Brook. A total of 136,643,367 tonnes of ore grading 3.44% Pb, 8.74% Zn, 0.37% Cu, and 102.2 g/t Ag were mined from the Bathurst Mining Camp (McCutcheon and Walker, 2020**).
Figure 1: Mineral claims, mineral occurrences and geology of the Restigouche Property. The Property covers an approximate 40-kilometre strike extent of the contact between felsic volcanic (yellow) and sedimentary rocks (blue) of the Mount Brittain Formation (California Lake Group).
Option Agreement Terms
The Company has acquired the Restigouche Property (covering 24 mineral claims) from Prospect Or Corp., ("Prospect Or"), under an option agreement dated February 26, 2025. The Company can earn a 100% interest in the Rocky Brook Project by issuing 266,000 common shares on signing; with $50,000 in cash and $110,000 in cash and/or consideration shares payable over a four-year period ending February 26, 2029 for the agreement. Prospect Or retains a 2% Net Smelter Return Royalty ("NSR") with 1% of the NSR purchasable at anytime by Magna Terra for $1,000,000. Magna Terra has a Right of First Refusal on the remaining 1% NSR.
All share issuances will be based on the greater of $0.05 per share or the 10-day volume weighted average price on the date a payment is due, and the Company elects to make such payment in common shares. As such, the maximum number of common shares issuable by the Company with respect to the potential share consideration payable for the agreement is 2,466,000 common shares.
The common shares which may be issued under the agreements will be subject to a regulatory four month and one day hold period from their date of issuance and are subject to approval by the TSX Venture Exchange.
Qualified Person and Technical Notes
This news release has been reviewed and approved by David A. Copeland, P.Geo., a "Qualified Person", under National Instrument 43-101 - Standard for Disclosure for Mineral Projects.
All quoted drill core results and references to historical resources or mine production quantities and grades were compiled from historic assessment and government reports obtained from the government of New Brunswick. The Qualified Person has not completed sufficient work to validate these historic results.
*Armstrong, B., 2021: Report Of Work Ground Gravity And Pulse Em Surveys - Restigouche Trevali Mining (New Brunswick) Ltd. On: Restigouche Mineral Claim 7403. Mineral Assessment Report for Trevali Mining (New Brunswick) Ltd.
^^Hamilton, A., 2015: Report of Diamond Drill Hole Compilation on the Restigouche Property (Claim no. 1802), NTS Sheet 21 O/07 & 21 O/10, New Brunswick. Mineral Assessment Report for Wolfden Resource Corp.
^"Technical Report and Updated Mineral Resource Estimate of the Murray Brook ZN-PB-CU-AG Project New Brunswick Canada" (effective October 3, 2023) prepared by P&E Mining Consultants Inc. for Canadian Copper, and filed on www.sedarplus.ca
**McCutcheon, S. R., & Walker, J. A. (2020). Great Mining Camps of Canada 8. The Bathurst Mining Camp, New Brunswick, Part 2: Mining History and Contributions to Society.?Geoscience Canada,?47(3), 143-166
About Magna Terra
Magna Terra Minerals Inc. is a precious and critical metals focused exploration company, headquartered in Toronto, Canada. Magna Terra is focused on acquiring and advancing its high-potential mineral projects in Atlantic Canada and Argentina while generating value for shareholders and minimizing shareholder dilution through option and joint venture partnerships where appropriate; leveraging our ability to explore, grow, and transact projects. The Company is focused on exploring our 100%-owned Humber Copper-Cobalt Project in Newfoundland and Labrador and our 100%-owned Cape Spencer Gold Project in New Brunswick. In addition, the Company has optioned the Great Northern Project in Newfoundland to Gold Hunter Resources Inc. for total cash and share consideration of $9.5 million over a 2-year period. Further, the Company maintains a significant exploration portfolio in the province of Santa Cruz, Argentina which includes its Boleadora Project being advanced by Newmont Corp. under an option to purchase agreement valued at US$1 million in cash over a 6-year period and including a 2% NSR capped at US$20 million; a precious metals discovery on its Luna Roja Project proximal to Cerrado Gold's operating Don Nicholas Project infrastructure, as well as several additional district scale drill ready projects available for purchase or option/joint venture.
Forward Looking Statements
Neither the 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
This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian legislation. All statements in this news release that are not purely historical are forward-looking statements and include statements regarding beliefs, plans, expectations and orientations regarding the future including, without limitation, the ability of the Company to file a report that complies with Regulation 43-101. Although the Company believes that such statements are reasonable and reflect expectations of future developments and other factors which management believes to be reasonable and relevant, the Company can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: "believes", "expects", "anticipates", "intends", "estimates", "plans", "may", "should", "would", "will", "potential", "scheduled" or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, and the ability of the author of the Technical Reports to finalize same.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks and other factors include the inability of the Company to execute its proposed business plans and carry out planned future activities. Other factors may also adversely affect the future results or performance of the Company, including general economic, market or business conditions, future prices of gold, changes in the financial markets and in the demand for precious metals, changes in laws, regulations and policies affecting the mineral exploration industry, and the Company's investment and operation in the mineral exploration sector, as well as the risks and uncertainties which are more fully described in the Company's annual and quarterly management's discussion and analysis and in other filings made by the Company with Canadian securities regulatory authorities under the Company's profile at www.sedar.com. Readers are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly, are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements.
These forward-looking statements are made as of the date of this news release and, unless required by applicable law, the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in these forward-looking statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
Magna Terra Minerals Inc.
Lewis Lawrick
President and CEO, Director
Email: info@magnaterraminerals.com
Website: www.magnaterraminerals.com
SOURCE: Magna Terra Minerals Inc.
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