Author: Atrium Research August 20, 2026
Nicholas Cortellucci, CFA | Equity Research Analyst | [email protected] | 647-391-3314
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What you need to know:
- MTT reported prospecting results at Prospect Or’s Dream, returning grab samples up to 1.97 g/t Au and 34.7 g/t Ag, identified new epithermal quartz vein trends and prompted the staking of an additional 2,875ha.
- Next steps include 1,000 B-horizon soil samples and a 1,042-line km airborne geophysical survey with work ongoing into the fall.
- Since our last note, MTT also reported Luna Roja drill results (partner Lunex), the start of a 10,000m drill program at Great Northern (partner Gold Hunter), and Phase 1 programs at Humber and Shellbird.
This morning, Magna Terra Minerals (MTT:TSXV, BRIOF:OTCPK) reported initial results from its early prospecting and geological mapping program at the Prospect Or’s Dream epithermal gold project in northern New Brunswick. The program returned grab samples assaying up to 1.97 g/t Au and 34.7 g/t Ag, identified additional zones of epithermal quartz veins, and prompted the staking of an additional 2,875ha, expanding the Project to 18,798ha. The results reinforce the presence of a district-scale, low-sulphidation epithermal gold-silver system along the 30km Moose Lake Fault Zone. We are maintaining our BUY rating and target price of $0.30/share on Magna Terra Minerals.
As a reminder, MTT acquired Prospect Or’s Dream through an option agreement in January (read our note here), adding a new early-stage epithermal gold discovery to its Atlantic Canada portfolio. The Project sits along the Moose Lake Fault Zone and is centred on a 2025 discovery of low-sulphidation epithermal gold-bearing quartz veins hosted in rhyolite, andesite, and granite over a minimum 7.2km strike length. The Phase 1 prospecting and geological mapping program, completed in June and July, returned assays for 264 of 310 rock grab samples collected, with 15 samples grading above 0.1 g/t Au and 23 above 1.0 g/t Ag across the Donner Trend, Blitzen, and Pringle Brook areas.
The balance of the Phase 1 program comprises 1,000 B-horizon soil samples and a 1,042-line km airborne magnetic and electromagnetic survey planned into the fall, with ongoing work designed to vector toward the potentially higher-grade portions of the system.
Other Recent Updates
Since our last note on June 4th (read it here), MTT has delivered a steady stream of news across its portfolio: 1) partner Lunex Metals released initial drill results from the optioned Luna Roja Gold Project in Santa Cruz, Argentina, confirming a largescale, structurally controlled epithermal gold-silver system; 2) partner Gold Hunter Resources commenced a 10,000m diamond drill program at the Great Northern Project in Newfoundland, in which MTT holds a ~19% interest; 3) MTT commenced its Phase 1 2026 exploration programs at the Humber Copper-Cobalt and Shellbird Gold Projects in Newfoundland; and 4) MTT promoted David Copeland to VP, Exploration and Tanya Tettelaar to Chief Geologist. We detail each of these below.
Our Take
Today’s results stem from a new gold discovery made in 2025, where lowsulphidation epithermal gold-bearing veins were identified over at least 7.2km of strike. The Phase 1 2026 field program was designed to generate additional exploration targets for follow-up later this year and into 2027, and we view the results as a successful step forward. Higher-grade mineralization has now been identified through prospecting, while the program has helped generate valuable geological information to help vector toward potentially higher-grade portions of the system. We look forward to the next phase of exploration.
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