Magna Terra Minerals Acquires Humber Project in Newfoundland
Canadian company Magna Terra Minerals has made a significant move in the mining industry by acquiring the Humber copper-cobalt project in western Newfoundland, Canada. This exploration project, consisting of 1,325 claims across ten mineral licenses spanning 33,125 hectares, is focused on critical minerals and metals.
The project is situated in an area accessible via a network of gravel and logging roads that connect to provincial highways. Underlain by rocks from the sedimentary Humber Arm Allochthon, the project boasts anomalous values of antimony, arsenic, cobalt, copper, gold, lead, molybdenum, and silver in lake sediments.
Paul McNeill and David Copeland staked the licenses on behalf of Magna Terra Minerals, emphasizing the exploration potential supported by nearby base metal deposits like the York Harbour and Daniels Harbour Deposits.
CEO of Magna Terra, Lew Lawrick, expressed excitement about the acquisition, stating, “The Humber project was acquired at very little cost through staking and will continue to leverage Magna Terra’s expertise in Atlantic Canada.” This move provides shareholders with exposure to multiple commodities and the potential for a discovery-stage project.
In a related development, Gold Hunter Resources entered a definitive option agreement with Magna Terra to acquire the Great Northern and Viking projects in Newfoundland and Labrador earlier this year. The mining industry in Newfoundland and Labrador continues to show promise with these strategic acquisitions.
