Magna Terra Commences Exploration Program on Its Flagship Great Northern Project, Newfoundland

TORONTO, ON / ACCESSWIRE / November 30, 2023 / Magna Terra Minerals Inc. (the "Company" or "Magna Terra") (TSXV:MTT) is pleased to announce that it has commenced an exploration program on its 100% owned Great Northern Project ("Great Northern" or the "Project"), located in western Newfoundland. Great Northern is a proven gold environment with existing Mineral Resources and numerous untested gold trends over a cumulative 30+ kilometre strike with the potential to host multi-million-ounce gold deposits (Figure 1). The exploration program will comprise an approximate 300-line kilometre drone magnetic survey and collection of approximately 1,250 B-horizon soil samples covering poorly explored areas of the Project. The magnetic survey and a limited soil grid will be focused on a region of the Project area adjacent to the Rattling Brook Deposit, where previous geophysical and geochemical coverage is limited, that offers immediate opportunity for resource expansion. The exploration program is partially funded by the Government of Newfoundland and Labrador through the Junior Mining Assistance Program (JEA).

"We are continuing to advance our flagship Great Northern Project in a fiscally prudent manner despite the difficult current market environment for gold explorers, and we would like to thank the Government of Newfoundland and Labrador for partial support through the JEA Program. Along with the recently announced Mineral Resource Update on the Thor Deposit, this current exploration program will efficiently advance the Project providing valuable data to both refine current and develop additional targets for follow-up drilling. The exploration program is designed to follow-up on several poorly-tested and untested zones of gold mineralization in the immediate vicinity of the Rattling Brook Deposit, where we are completing the first ever high-resolution magnetic survey over the Deposit area. Simultaneously, geochemical surveys are testing for potential expansions of mineralization at Rattling Brook and the Kramer Trend while also continuing to assess important fault structures and geological contacts adjacent to the Doucers Valley Fault; an important host to and control on gold mineralization through the region. With more than 30+ cumulative kilometres of strike potential, our Great Northern Project is a district of known gold endowment, possessing an impressive number and scale of high priority gold targets, which underscores the potential of the Project to host multiple large gold systems."