Magna Terra controls a 100% interest in three camp-scale gold projects in Atlantic Canada, the Cape Spencer and Hawkins Love Projects in New Brunswick and the Great Northern and Viking Projects in Newfoundland and Labrador.
The projects boast existing resources with multiple additional drill ready targets that will be the focus of Magna Terra’s exploration work in 2022. Magna Terra is looking to make additional significant gold discoveries the resurgent Atlantic Canadian gold district as exemplified by recent high profile gold projects such as Galway Metals, Clarence Stream Project in New Brunswick, St. Barbara’s Moose River Project in Nova Scotia and Marathon Gold’s Valentine Lake Project in Newfoundland.
The Cape Spencer, Great Northern and Hawkins Love Projects cover 15, 20 and 10 kilometre sections, respectively, of large scale fault systems that cut favourable host rocks and are known to be significant controls on gold mineralization. The existing gold deposits at Cape Spencer and Great Northern are hosted within sheared contacts between older Precambrian and Ordovician granites, and adjacent younger sedimentary and volcanic sequences. At Cape Spencer a 5.0 kilometre long zone of alteration and gold mineralization at the Emilio Trend represents an immediate opportunity for further discovery. At Great Northern multiple targets associated with major and secondary faults remain to be drill tested at Apsy Feeder, Incinerator, Furnace, Jacksons Arm Trends and represent an opportunity to rapidly grow the resource base. The Hawkins Love Project is an early-stage exploration project where 5 significant exploration targets have been identified over an 8 kilometre section of the Back Bay Fault.