Magna Terra Minerals Announces the Discovery of a Significant Shallow Disseminated Gold and Silver System With First Drill Hole on the Luna Roja Project
TSX VENTURE: MTT
TORONTO, March 03, 2019 (GLOBE NEWSWIRE) -- Magna Terra Minerals Inc. (the “Company” or “Magna Terra”) (TSX-V: MTT) (SSE: MTTCL) is pleased to announce assay results from the first hole of an 8 hole (1,184 meter) first phase drill program on its Luna Roja Project in Santa Cruz Province, Argentina announced on January 14, 2019 and completed on January 31, 2019. The program was designed to test 3 target areas – Cruz Del Sur, Orion, and Estrella del Norte covering an approximate strike length of 1.8 km. This hole tested the Cruz del Sur target zone at the southern end of a 3 km long structural corridor. Assays are pending for the further 7 holes drilled in this program.
Drill hole LR_DDH001 intersected 51.4 m of 0.26 grams per tonne (“g/t”) Au and 9.37 g/t Ag at a depth of 44.6 to 96.0 m. Included in this intercept are 2.0 m of 1.08 g/t Au and 79.60 g/t Ag at a depth of 62.0 to 64.0 m. The gold and silver mineralization is associated with disseminated sulphides in hydrothermally altered felsic to intermediate volcanics. Visual assessment of the core from the remaining seven drill-holes indicate wide intercepts of sulphides in altered volcanic rocks, which may have the potential to carry significant precious metal values.
The Luna Roja Project is situated in the Santa Cruz Province of Argentina on the northern edge of the Deseado Massif. The project is composed of three main zones, Cruz del Sur, Orion, and Estrella del Norte, which between them constitute a NNW striking, 3-km-long structural corridor of semi-continuous low-sulphidation Au and Ag mineralization. On the surface, as intersected in trench channels, mineralization occurs in veinlets and breccias. Trenches 1 and 2 reported 25 meters of 0.1 g/t Au with 7.6 g/t Ag and 55 meters of 0.41 g/t Au and 13.2 g/t Ag respectively. This surface mineralization overlies and occurs adjacent to large chargeable and resistive anomalies at depth, indicating the potential for a large disseminated mineralized body. The Cruz del Sur target occurs at the southern end of these geophysical anomalies and the LR_DDH001 is the first of 3 holes in this target area.
The Cruz del Sur Target
The Cruz del Sur target lies toward the southern end of the project, on the Via Lactea fault, and is associated with Au soil anomalies on the southwestern edge of a major chargeable IP anomaly. (see Figure 1a). On the surface, the target is associated with Acanthite bearing multi-phase breccias, (see Figure 1b), and with a 25 m 0.1 g/t Au and 7.6 g/t Ag trench channel anomaly. The target concept is further illustrated in Figure 2 where the trace of the hole cuts weak resistivity associated with the Via Lactea Fault and ends in chargeability, which we now understand to be related to disseminated sulphides in a dacitic dome.
The hole collared in ash tuff and encountered variable silicification with pyrite, arsenopyrite and galena from 44 meters depth continuing to the end of the hole despite lithological changes. Figure 3 shows that the main Au/Ag bearing intercept starts within a felsic ash tuff and continues through volcanic breccia and into a crystal lithic rhyolitic tuff. Sporadic low grade Au anomalies continue however, within the underlying dacite dome and brecciated crystal lithic tuff. Collar data for the program are included in Table 1 - assays for LR_DDH002 through LR_DDH008 are pending. Assay results, over the 0.2 g/t cut off for Au, in LR_DDH001 are tabulated in Table 2.
As results arrive for the remaining 7 holes we will be looking out for zones of brecciation with potential for high grade mineralization, which may supplement the disseminated mineralization.
Drill hole collar details
|LR_DDH001||Cruz del Sur||589080||4759260||236||90||45||203|
|LR_DDH002||Cruz del Sur||589040||4759400||240||90||45||215|
|LR_DDH003||Cruz del Sur||589320||4759400||247||90||65||173|
|LR_DDH007||Estrella del Norte||588900||4760950||250||270||60||74|
|LR_DDH008||Estrella del Norte||588700||4760950||237||90||60||92|
Drill assay results for DDH_001
|Hole||From||To||Length (m)||Au (g/t)||Ag (g/t)|
Dr. Paul David Robinson, Vice President of Exploration, Commented, “This first of eight holes on a property that has never been drilled before is highly encouraging. We have barely scratched the surface of a very large hydrothermal system and have already shown the existence of Au and Ag disseminations within the tuffs. As the program progresses, we will be looking to combine these disseminations with potential zones of high grade in hydrothermal breccias.”
Sampling was carried out with core being cut by angle grinder and half of the core retained for logging and potential re-analysis. Blind standards, blanks, and duplicates were inserted into the sample chain accounting for 10 % of samples. Samples were then delivered, by Magna Terra staff, to Andesmar in Caleta Olivia, Santa Cruz, Argentina from where they were transported to ALS Chemex Laboratories in Mendoza, Argentina, for gold fire assay and multi element analysis.
All technical data disclosed in this press release has been verified by Magna Terra’s Qualified Person, Paul D. Robinson Ph.D. and Certified Professional Geologist as recognized by the Association of Professional Geoscientists of Ontario (APGO).
Magna Terra Minerals Inc. is a precious metals focused exploration company, headquartered in Toronto, Canada. Magna Terra (MTT) has a significant interest in the province of Santa Cruz, Argentina within the prolific Deseado Massif in southern Patagonia. With five district scale drill ready projects, and a highly experienced management and exploration team, MTT is positioned to deliver significant shareholder value through the potential for precious metals discovery(s) on its extensive portfolio. For detailed information regarding our projects, please visit the Company’s website at: www.magnaterraminerals.com
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Cautionary Statements Regarding Forward Looking Information
Some statements in this release may contain forward-looking information. All statements, other than of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding potential mineralization) are forward-looking statements. Forward-looking statements are generally identifiable by use of the words “may”, “will”, “should”, “continue”, “expect”, “anticipate”, “estimate”, “believe”, “intend”, “plan” or “project” or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company’s ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation, failure by the parties to complete the Transaction, failure to establish estimated mineral resources, the possibility that future exploration results will not be consistent with the Company's expectations, changes in world gold markets or markets for other commodities, and other risks disclosed in the Company’s public disclosure record on file with the relevant securities regulatory authorities. Any forward-looking statement speaks only as of the date on which it is made and except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement.