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Michael Gentile has announced filing an early warning report regarding his acquisition of 13,955,000 common shares of Magna Terra Minerals in a private transaction. Prior to the acquisition, Gentile owned 2,660,000 shares (approximately 3.20% of the company). Following the transaction, his total ownership increased to 16,615,000 shares, representing approximately 19.99% of the company's issued and outstanding shares on both undiluted and partially diluted basis.
The shares were acquired for investment purposes, with Gentile maintaining a long-term investment view. He may acquire additional securities or sell current holdings in the future depending on market conditions and other factors.
Gold Hunter Resources announced the acquisition of an option to earn a 100% interest in the Great Northern and Viking Projects in Newfoundland and Labrador. The option was obtained through an agreement with Magna Terra Minerals, involving the issuance of 7,042,253 common shares at $0.142 per share and a $300,000 cash payment. To maintain the option, Gold Hunter must issue shares worth $2,750,000 and make a $450,000 payment by June 2025. Additionally, Gold Hunter acquired 195 mineral claims and Long Range Exploration, issuing 9,000,000 shares and a $50,000 cash payment. The projects will remain subject to existing royalties.
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Magna Terra Minerals has achieved a 100% interest in its Great Northern Project in Newfoundland, following the renegotiation of final payment terms with Spruce Ridge. The amended agreements reduce cash obligations by substituting payments with equity, thus making Spruce Ridge a significant shareholder. The Great Northern Project, spanning over 30 kilometers with existing mineral resources, displays potential for multi-million-ounce gold deposits. The company is preparing for an active 2023 field season to refine exploration targets. The project benefits from the retirement of specific Net Smelter Return Royalties, enhancing its future production potential.
Magna Terra Minerals Inc. announced the resignation of Denis Hall from its Board of Directors, with Gernot Wober appointed as his replacement. Wober, a seasoned geologist with over 32 years of international experience, previously served as VP Exploration at Discovery Silver Corp., where he identified the Cordero silver deposit. He has held significant roles in various mining projects across Latin America and North America. The company also issued 2,965,000 stock options to officers and consultants at an exercise price of $0.055 per share for five years. This leadership change is expected to enhance the company's exploration efforts, reflecting its focus on precious metals in Canada and Argentina.
Magna Terra Minerals Inc. (TSX-V: MTT) announced that all resolutions proposed at its recent annual and special meeting were approved by shareholders. All nominees were elected as directors with high support, including Lewis Lawrick at 99.09%, Michael Byron at 99.46%, Denis Hall at 99.62%, and Patricia Kajda at 99.63%. Additionally, McGovern Hurley LLP was reappointed as auditors, the stock option plan was ratified, and past actions by directors and an amendment to By-Law No. 1 were approved. Magna Terra focuses on gold exploration with projects in New Brunswick, Newfoundland, and Santa Cruz, Argentina.
Magna Terra Minerals has announced progress from its 100% owned Argentine subsidiary, Atala Resources S.A., regarding the Boleadora Project in Santa Cruz, Argentina. Newmont Corporation's subsidiary, Oroplata, has completed an exploration program covering approximately 55,000 hectares, identifying potential low-sulphidation epithermal gold mineralization. Newmont geologists discovered two new target areas and collected various samples with analytical results expected in Q1 2023. Magna Terra's agreement with Oroplata includes a $1 million payment and a 2% NSR royalty, which can be reduced to 1% for $2.5 million.
Magna Terra Minerals Inc. announced significant results from a gold geochemical sampling program at its Great Northern Project in Newfoundland, revealing multiple new exploration targets. The program identified an 8-kilometre anomalous gold zone along the Viking North Trend and extended the Viking Trend by 900 metres. Soil samples showed values up to 203 ppb gold with more than 15 samples exceeding 50 ppb gold. The project benefits from existing mineral resources totaling approximately 255,000 ounces of gold, indicating potential for large-scale deposits across its 30+ kilometre strike.
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