Magna Terra Discovers New Gold Zones With Assays Up To 6.35 G/T Gold On Its Flagship Great Northern Project, Newfoundland

TORONTO, ON / ACCESSWIRE / February 28, 2024 / Magna Terra Minerals Inc. (the "Company" or "Magna Terra") (TSX-V:MTT) is pleased to announce results of an exploration program completed in fall 2023 on its 100% owned flagship Great Northern Project ("Great Northern" or the "Project"), located in western Newfoundland. The exploration program comprised a 246-line kilometre drone magnetic survey, collection of 25 rock grab samples, and 1,388 B-horizon soil samples covering unexplored areas of the Project. The program was partially funded by the Government of Newfoundland and Labrador through the Junior Mining Assistance Program (JEA).

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).

Highlights of the Exploration Program include:

• Discovery of a new zone of gold mineralization assaying up to 6.35 g/t gold from grab samples at the Taylors Pond Prospect (Figure 2) coincident with a 300-metre long soil geochemical anomaly with assays up to 273 ppb gold (see details below);
• Identification of a 2.0-kilometre long gold-in-soil anomaly known as the Loki Trend (Figure 3) with assays up to 143 ppb gold;
• Discovery of a 500-metre long gold anomaly along trend with the Road Zone mineral resource (Figure 4) and including assays up to 196 ppb gold; and
• Identification of several targets for follow-up exploration based on a suite of low-magnetic-intensity geophysical anomalies from the drone magnetic survey - features commonly associated with gold mineralization in this area.

"In the late fall of 2023 we conducted a modest exploration program that focused on key areas identified for their discovery potential based on existing information and were able to discover several new gold trends. Soil sampling and prospecting outlined new zones of gold mineralization, proximal to existing resources at the Road Zone indicating there is potential to expand the deposit an additional 500-metres southward. Soil sampling led to the discovery of the new 2.0-kilometre long Loki Trend, and the discovery of bedrock mineralization at Taylors Pond opens up new opportunities for mineralization in that area. With more than 30+ cumulative kilometres of strike potential, our Great Northern Project includes an impressive number and expanding scale of high-priority drill ready targets and underscores the potential of the Project to host multiple large gold systems."