Magna Terra acquires the Humber Copper-Cobalt Project

The project is underlain by rocks of the sedimentary Humber Arm Allochthon, which are host to coincident anomalous copper (Cu), cobalt (Co), lead (Pb), silver (Ag), molybdenum (Mo), gold (Au), arsenic (As), and antimony (Sb) lake sediment values. This metal signature and geological environment is supportive of the area being host to sediment-hosted stratiform copper (SSC) deposits. SSC deposits host 60% of global cobalt production and 20% of global copper production in deposits such as the Central African Copper Belt, which is thought to be analogous to the geological setting of the Humber Copper-Cobalt Project. The exploration potential is also underscored by the presence of base metal deposits nearby including the York Harbour and Daniels Harbour Deposits located at lower stratigraphic levels of the region.

Lew Lawrick, President and CEO, Magna Terra Minerals Inc., comments:

“We are very excited to acquire this early-stage project focused on critical metals on Newfoundland. This previously unrecognised environment for polymetallic copper-cobalt deposits provides Magna Terra shareholders with exposure to multiple commodities and the upside of a discovery-stage project. These deposit types are significant global producers of copper (20%) and cobalt (60%) with significant by-products including rare and precious metals (e.g. Mo, Ag, Au, U, REE, and PGE). The Humber Project was acquired at very little cost through staking and will continue to leverage Magna Terra’s expertise in Atlantic Canada and provide exposure to a top-tier exploration and mining jurisdiction in Newfoundland and Labrador. What is most gratifying about this acquisition is that it provides a low risk, and thus high potential return for Magna Terra and its shareholders. Through the great work of our geological team, this opportunity was identified and prioritised for acquisition. We have put together a significant land package covering the highest priority areas identified from our research, creating a rare, first mover, district-scale project opportunity.

“With the recent option of our Great Northern Project to Gold Hunter Resources Inc., the company maintains significant upside exposure to the precious metals discovery potential of the expanded Great Northern Project, and continues to find creative avenues to generate shareholder value while managing dilution during difficult equity markets for junior exploration companies. The Humber Project gives us low risk exposure to momentous upside for critical minerals discovery, and participation in the very bullish macro-economic outlook for critical minerals that are integral to the long cycle energy transition that is ongoing in the global economy.”

Read the article online at: https://www.globalminingreview.com/mining/29072024/magna-terra-acquires-the-humber-copper-cobalt-project/