Magna Terra Stock Price, News & Analysis

Magna Terra Minerals has amended its option agreement for the Hawkins Love Gold Project in New Brunswick, reducing cash and share obligations, thereby minimizing shareholder dilution. The company reported on promising exploration results from its 2022 program, with notable findings including quartz-sulphide veins and various gold assays, indicating potential for gold deposits. The amendment extends the agreement until 2025, allowing for a more manageable payment schedule. The project remains comparable to nearby significant gold resources, enhancing investor interest.

Magna Terra Minerals has launched an exploration program at its 100%-owned Great Northern Project in Newfoundland, targeting gold resources over a 25+ km strike. The initiative involves soil sampling, prospecting, and mapping to extend known gold trends and define drill targets. The project has significant mineral resources, including an inferred resource of 5.46 million tonnes at 1.45 g/t gold, equating to 255,000 ounces of gold. The exploration aims to enhance discovery potential and may lead to significant resource growth in the area.

Magna Terra Minerals has amended its Cape Spencer Project agreement, allowing a 100% property interest by increasing total payments to $350,000 and extending the timeframe to 2025. The company has made several milestone payments and has paid $12,500 in cash, alongside issuing 181,159 common shares. Magna Terra continues to focus on projects in Atlantic Canada, including interests in the Great Northern and Rattling Brook properties. Additionally, the company has received a $50,000 payment under the Noyell option agreement.

Magna Terra Minerals has successfully closed a non-brokered private placement raising $858,000. This includes the issuance of 4,450,000 Premium Flow-Through Units at $0.14 each and 2,350,000 Hard Dollar Units at $0.10 each. Proceeds from the offering will support exploration expenses in New Brunswick and Newfoundland, as well as general working capital. An insider acquired 1,400,000 Hard Dollar Units, categorized as a related party transaction. A four-month hold period applies to all securities issued.

Magna Terra Minerals Inc. has initiated exploration at its Hawkins Love Gold Project in Southern New Brunswick. This project is centered around five newly identified gold targets based on soil geochemistry along an 8-kilometre strike. Highlights include quartz vein boulders with gold concentrations up to 302.5 g/t and soil samples with values up to 10.0 g/t. The area, characterized by a geological environment similar to the nearby Clarence Stream Deposit, spans 9,155 hectares along a 10-km gold-bearing structure.