Magna Terra Minerals Inc. (TSXV: MTT) published an updated technical report and mineral resource estimate for its Thor Gold Deposit in Newfoundland.
The company said on Thursday that the Thor Deposit includes indicated mineral resources of 62,000 tonnes at an average grade of 2.98 g/t gold containing 5,900 ounces. Additionally, it includes inferred mineral resources of 23,000 tonnes at an average grade of 3.31 g/t gold containing 2,400 ounces at a cut-off grade of 2.14 g/t gold.
The company contracted mining specialists Mercator to complete an updated mineral resource estimate. Mercator also included additional drilling completed in 2016 in the estimate that was not in in prior assessments of the Thor Deposit.
The updated mineral resource is based on verified results of 162 diamond drill holes drilled between 2008 and 2016.
Viking and Great Northern Projects consist of two separate claim blocks totalling 13,775 hectares. These are located near the communities of Sops Arm, Pollard’s Point, and Jackson’s Arm, Newfoundland and Labrador.
These projects center along a 30-kilometer section of the Doucers Valley Fault, a geological control hosting several gold deposits. These include the Rattling Brook and Thor Deposits, among others.
This proven gold environment with existing mineral resources and numerous untested gold trends spans the entire 30+ kilometer strike length. Gold mineralization occurs within various rock types, including Precambrian or Ordovician granites and younger volcanic and sedimentary rocks. These are typically along splays off the Doucers Valley Fault.
This geological environment resembles Calibre Mining (TSX: CXB) (OTCQX: CXBMF) and Marathon Gold Corporation‘s (TSX: MOZ) Valentine Gold Project.
Great Northern and Viking Project. Image via Magna Terra Minerals.
Read more: Calibre Mining’s Nicaragua operations will fuel company growth on all fronts: PI Financial
Read more: Calibre Mining outshines expectations with robust Q3 gold production: BMO Capital Markets
Magna Terra identifies several drill targets
Altogether, The Great Northern and Viking Projects currently hold significant mineral resources.
The Rattling Brook Deposit contains an inferred mineral resource estimate of 5,460,000 tonnes, with an average gold grade of 1.45 g/t, and it contains 255,000 contained ounces at a cut-off grade of 1.0 g/t gold.
Additionally, the Thor Deposit boasts an updated open-pit constrained indicated mineral resource estimate of 817,000 tonnes, with an average gold grade of 1.70 g/t, totalling 45,000 ounces. It also includes open-pit constrained inferred mineral resources of 44,000 tonnes, with an average gold grade of 1.27 g/t, equating to 1,800 ounces at a cut-off grade of 0.46 g/t gold.
Underground, the Thor Deposit features indicated mineral resources of 62,000 tonnes, with an average gold grade of 2.98 g/t, containing 5,900 ounces. It also holds underground constrained inferred mineral resources of 23,000 tonnes, with an average gold grade of 3.31 g/t, and 2,400 ounces at a cut-off grade of 2.14 g/t gold.
Magna Terra has also identified several drill targets and specific opportunities to expand its mineral resource. It conducted this assessment based on recent field programs and a comprehensive review of historical and current exploration data. Both the company’s work and that of previous operators on the property have highlighted the significance of fault control on gold mineralization.
.
Calibre Mining is a sponsor of Mugglehead news coverage
.
Read More:Magna Terra Minerals latest report expands mineral resource estimates at Thor Gold Deposit
2023-12-21 20:18:13
