Magna Terra Minerals Inc. Expands Portfolio with Acquisition of Humber Copper-Cobalt Project
Magna Terra Minerals Inc. has recently expanded its portfolio by acquiring the Humber Copper-Cobalt Project located in western Newfoundland. This acquisition was made through staking and includes 1325 claims in 10 mineral licences, covering a total area of 33,125 hectares.
The Humber Project is focused on critical minerals and metals, with geological indicators suggesting the presence of sediment-hosted stratiform copper (SSC) deposits. These deposits are significant global producers of copper and cobalt, with potential by-products including rare and precious metals.
Lew Lawrick, President and CEO of Magna Terra Minerals Inc., expressed excitement about the acquisition, calling the project a rare opportunity for the company and its shareholders. He highlighted the low-risk and high potential return associated with the project, as well as the strategic value it adds to the company’s exploration efforts in Atlantic Canada.
Lawrick also emphasized the importance of leveraging the expertise of Magna Terra’s geological team in identifying and prioritizing the Humber Project for acquisition. The company’s focus on critical minerals aligns with the current global economic transition towards sustainable energy sources, positioning Magna Terra for future success in the mining industry.
Overall, the acquisition of the Humber Copper-Cobalt Project represents a strategic move by Magna Terra Minerals Inc. to diversify its portfolio and capitalize on the exploration potential of Newfoundland and Labrador. With a focus on critical minerals and metals, the company is well-positioned to contribute to the growing demand for these resources in the global economy.
