Toronto, Ontario--(Newsfile Corp. - September 4, 2025) - Magna Terra Minerals Inc. (TSXV: MTT) (the "Company" or "Magna Terra") is pleased to announce that it has completed its final option payments on two separate option agreements, the Cape Spencer and Marigold options, on the greater Cape Spencer Project located in southern New Brunswick and now owns a 100% interest in the property.
"The Cape Spencer Project represents a unique opportunity for Magna Terra shareholders to participate in the discovery upside of an emerging gold play in southern New Brunswick. The recent and ongoing work by Galway Metals to advance the nearby Clarence Stream Project highlights the significant potential of this region to host large gold deposits. We are very pleased to have secured a 100% interest in the Cape Spencer Project as it provides additional optionality within our deep project portfolio, to an exceptional gold exploration play in a premier jurisdiction in this environment of rapidly rising precious metals prices."
~ Lew Lawrick, President and CEO, Magna Terra Minerals Inc.
Cape Spencer Project Highlights
- 5,089 hectares along 15 kilometres of strike of a regional-scale gold bearing structure - the Millican Lake Fault and associated structures;
- Newly expanded Project is host to large untested gold bearing alteration systems including:
- 2.5-kilometre alteration and gold bearing Emilio Trend with drill intercepts up to 7.86 g/t gold over 7.4 metres;
- Marigold Prospect with drill intercepts up to 8.71 g/t gold over 2 metres (core length; true width unknown);
- Birches Zone with drill intercepts up to 5.23 g/t gold over 4.0 metres (core length; true width unknown);
- The Cape Spencer Deposit has an Inferred Mineral Resource Estimate of 1,720,000 tonnes at an average grade of 2.72 g/t gold for 151,000 contained ounces in two zones:
- Northeast Zone - Inferred Mineral Resource of 740,000 tonnes at an average grade of 4.07 g/t gold, for 96,000 contained ounces at a cut-off grade of 2.5 g/t gold in a conceptual underground development; and
- Pit Zone - Inferred Mineral Resource of 990,000 tonnes at an average grade of 1.71 g/t gold, for 54,000 contained ounces at a cut-off grade of 0.5 g/t gold in a conceptual open pit.
- Hosted within similar Proterozoic-aged rocks of the Avalon Zone that host multi-million ounce gold deposits such as Haile, Ridgeway and Hope Brook; and
- Two gold deposits open along strike (Northeast and Pit Zones).
Option Agreement and Payment Details
Under the terms of the Cape Spencer option agreement, the Company could earn a 100% interest in the Cape Spencer Property by paying the Optionor a total of $350,000 in cash and/or consideration shares, and $145,000 in milestone payments based on certain exploration activities in cash or consideration shares, over a seven-year period (refer to the press release dated September 15, 2022). On September 3, 2025, the Company issued 253,807 common shares of the Company and paid $25,000 in cash to settle the seventh anniversary payment totalling $50,000, and issued 964,467 common shares of the Company to settle the remaining milestone payments totalling $95,000, which completes the earn-in requirements of the option agreement. The 1,218,274 common shares issued are subject to a regulatory four month and one day hold period from their date of issuance.
Under the terms of the Marigold option agreement, the Company could earn a 100% interest in the Marigold Property (Cape Spencer Project) by paying the Optionor a total of $175,000 in cash and/or consideration shares, and 1,075,000 common shares of the Company, over a five-year period (refer to the press release dated September 27, 2023). On September 3, 2025, the Company paid $35,000 to settle the fifth anniversary payment, which completes the earn-in requirements of the option agreement.
Qualified Person and Technical Disclosure
This news release has been reviewed and approved by David A. Copeland, P.Geo., a non-independent consultant to the Company and a "Qualified Person" as defined under National Instrument 43-101 - Standard for Disclosure for Mineral Projects.
Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. All Mineral Resource Estimates were prepared in accordance with NI 43-101 and the CIM Standards (2014).
The Mineral Resource Estimate quoted in this news release regarding the Cape Spencer Project refers to the technical report: "NI 43-101 Technical Report and Mineral Resource Estimate on The Cape Spencer Gold Deposit, Saint John County, New Brunswick, Canada", (the "Cape Spencer Report") with an effective date of January 23, 2019, and authored by Michael Cullen, P.Geo. (Independent Qualified Person), and Matthew Harrington, P.Geo. (Independent Qualified Person).
Rock and core sample lengths from historic exploration programs that are reported are presented as core or sample lengths only. True widths of mineralized intervals are not known. All quoted drill core sample intervals, grades and production statistics were compiled from historic assessment reports obtained from the government of New Brunswick that are referenced in the Technical Report noted above.
About Magna Terra
Magna Terra Minerals Inc. is a precious and critical metals focused exploration company, headquartered in Toronto, Canada. Magna Terra is focused on acquiring and advancing its high-potential mineral projects in Atlantic Canada and Argentina, while generating value for shareholders and minimizing shareholder dilution through option and joint venture partnerships where appropriate; leveraging our ability to explore, grow, and transact projects. The Company is focused on exploring our 100%-owned Humber Copper-Cobalt Project in Newfoundland and Labrador; our 100% owned Rocky Brook Gold and Critical Metals Project in the historic Bathurst Mining Camp of New Brunswick; and our 100%-owned Cape Spencer Gold Project in New Brunswick. In addition, the Company has optioned the Great Northern Project in Newfoundland to Gold Hunter Resources Inc. ("Gold Hunter") for total cash and share consideration of $9.5 million over a 2-year period, and currently holds an approximate 28.9% equity interest in Gold Hunter. Further, the Company maintains a significant precious metals exploration portfolio in the province of Santa Cruz, Argentina which includes the Boleadora Project and the Luna Roja Project which are subject to a recently announced LOI with Andean Metals Corp., as well as several additional district scale drill ready projects available for purchase or option/joint venture.
Forward-Looking Statements
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statements Regarding Forward-Looking Information
This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian legislation. All statements in this news release that are not purely historical are forward-looking statements and include statements regarding beliefs, plans, expectations and orientations regarding the future including, without limitation, the ability of the Company to file a report that complies with National Instrument 43-101. Although the Company believes that such statements are reasonable and reflect expectations of future developments and other factors which management believes to be reasonable and relevant, the Company can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: "believes", "expects", "anticipates", "intends", "estimates", "plans", "may", "should", "would", "will", "potential", "scheduled" or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, and the ability of the author of the Technical Reports to finalize same.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks and other factors include the inability of the Company to execute its proposed business plans and carry out planned future activities. Other factors may also adversely affect the future results or performance of the Company, including general economic, market or business conditions, future prices of gold, changes in the financial markets and in the demand for precious metals, changes in laws, regulations and policies affecting the mineral exploration industry, and the Company's investment and operation in the mineral exploration sector, as well as the risks and uncertainties which are more fully described in the Company's annual and quarterly management's discussion and analysis and in other filings made by the Company with Canadian securities regulatory authorities under the Company's SEDAR+ profile at www.sedarplus.ca. Readers are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly, are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements.
These forward-looking statements are made as of the date of this news release and, unless required by applicable law, the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in these forward-looking statements.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Magna Terra Minerals Inc.
Lewis Lawrick
President and CEO, Director
647-478-5307
Email: info@magnaterraminerals.com
Website: www.magnaterraminerals.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/265072
SOURCE: Magna Terra Minerals Inc.
