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• MTT extended copper mineralization at the Humbers Hughes Lake Trend by another 1.7km, bringing the total potential strike length to 3.9km.
• Rock sampling returned up to 0.545% Cu, with ~30% of the samples >500 ppm Cu, supporting a broad copper footprint at Hughes Lake.
• The expanded soil and rock dataset builds on earlier work and highlights a new SW copper target along the now 8km+ Trend.
• We recently initiated research coverage on Magna Terra; read here.
This morning, Magna Terra Minerals (MTT:TSXV, BRIOF:OTCPK) released new soil and rock geochemical results from the Hughes Lake Trend at its 100% owned Humber Copper Cobalt Project in western Newfoundland, further strengthening the definition and scale of the recently discovered mineralized copper zone. The soil sampling program, which consisted of 837 samples, returned copper values ranging from 500 ppm Cu. The grid was designed using 100-200m line spacing with 25m intervals between each other.
The new dataset continues to outline the 2.2km mineralized corridor and indicates a potential 1.7km SW extension, where elevated historic copper in soils aligns with a magnetic low, which would extend the possible strike length to 3.9km. The consistency of anomalous copper across both the main zone and the broader mafic volcanic unit reinforces the presence of mineralization along the trend and provides a clear set of targets to guide the next phase of surface work. We are maintaining our BUY rating and target price of $0.30/share on Magna Terra Minerals.
Rock sampling has further supported the surface work at the property. Assays from 57 grab samples returned copper grades between 5 ppm and 5,452 ppm Cu (0.545%), with nearly 30% (17 of the 57 samples) grading >500 ppm Cu. Mineralization is hosted in dolomitized limestone containing visible chalcopyrite, bornite, and malachite, and the spatial distribution of the samples continue to outline the 2.2km trend. Together, the soil and rock datasets (Figures 1 & 2) further define the surface footprint.
We remind readers that in our last note (here), we reported the expansion of the Hughes Lake mineralized zone to 2.2km based on MTT’s fall prospecting program. Today’s soil and rock results build directly on that work by providing a larger geochemical dataset that confirms prospectivity across the corridor and outlines a target over 1.7km of strike to the SW, bringing the total trend to 8km+.
MTT: Soil Sampling Extends Hughes Lake 1.7km
What you need to know:• MTT extended copper mineralization at the Humbers Hughes Lake Trend by another 1.7km, bringing the total potential strike length to 3.9km.
• Rock sampling returned up to 0.545% Cu, with ~30% of the samples >500 ppm Cu, supporting a broad copper footprint at Hughes Lake.
• The expanded soil and rock dataset builds on earlier work and highlights a new SW copper target along the now 8km+ Trend.
• We recently initiated research coverage on Magna Terra; read here.
This morning, Magna Terra Minerals (MTT:TSXV, BRIOF:OTCPK) released new soil and rock geochemical results from the Hughes Lake Trend at its 100% owned Humber Copper Cobalt Project in western Newfoundland, further strengthening the definition and scale of the recently discovered mineralized copper zone. The soil sampling program, which consisted of 837 samples, returned copper values ranging from 500 ppm Cu. The grid was designed using 100-200m line spacing with 25m intervals between each other.
The new dataset continues to outline the 2.2km mineralized corridor and indicates a potential 1.7km SW extension, where elevated historic copper in soils aligns with a magnetic low, which would extend the possible strike length to 3.9km. The consistency of anomalous copper across both the main zone and the broader mafic volcanic unit reinforces the presence of mineralization along the trend and provides a clear set of targets to guide the next phase of surface work. We are maintaining our BUY rating and target price of $0.30/share on Magna Terra Minerals.
Rock sampling has further supported the surface work at the property. Assays from 57 grab samples returned copper grades between 5 ppm and 5,452 ppm Cu (0.545%), with nearly 30% (17 of the 57 samples) grading >500 ppm Cu. Mineralization is hosted in dolomitized limestone containing visible chalcopyrite, bornite, and malachite, and the spatial distribution of the samples continue to outline the 2.2km trend. Together, the soil and rock datasets (Figures 1 & 2) further define the surface footprint.
We remind readers that in our last note (here), we reported the expansion of the Hughes Lake mineralized zone to 2.2km based on MTT’s fall prospecting program. Today’s soil and rock results build directly on that work by providing a larger geochemical dataset that confirms prospectivity across the corridor and outlines a target over 1.7km of strike to the SW, bringing the total trend to 8km+.
Underlying
MAGNA TERRA MINERALS INC
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Atrium Research Corporation
Atrium Research provides institutional quality issuer paid research on North American public equities using deep fundamental analysis. Our research reports are disseminated through Bloomberg, FactSet, Capital IQ, Reuters and many more, as well as through our social media and email distribution lists.
Ben Pirie
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