Announcement Date: 2022-05-16
Announcement Type: Deposit Estimation
Announcement Code: NI43-101
Company name: Magna Terra Minerals Inc.
Project name: Cape Spencer
Location: Canada
Commodities: Gold
Highlight: Updated Resource Estimate for Project
Resources: only available to subscribers
CP/QP: only available to subscribers
Announcement summary: Mercator Geological Services Limited (Mercator) was retained by Magna Terra Minerals Inc. (Magna Terra) in September of 2019 to prepare this Technical Report (“Technical Report” or the “Report”) in accordance with National Instrument 43-101 (NI 43-101) and the Canadian Institute of Mining, Metallurgy and Petroleum Standards on Mineral Resources and Reserves Definitions and Guidelines (the CIM Standards-2014). The purpose of the Report is to provide scientific and technical information related to the Cape Spencer Project (the “Project”) and specifically documents a Mineral Resource Estimate prepared for the Cape Spencer Gold Deposit. This Technical Report was originally disclosed with a report date of November 19, 2019. After examination of the document in February of 2022 as part of a continuous disclosure review of Magna Terra by Autorité Des Marchés Financiers (AMF) it was determined that the Technical Report required amendment, particularly with respect to NI43-101 Form F1 Item 12 (Data Verification), inclusive of completion of a new site visit by an author. All amendments, including details of a new site visit carried out by author Cullen on April 5th and 6th of 2022, appear in the current Technical Report, which has an Amended Report Date of April 29, 2022. The Effective Date of the Mineral Resource Estimate supported by this Technical Report has not changed.
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