Author: Atrium Research October 16, 2026
Ben Pirie| Equity Research Analyst | [email protected] | 647-688-9661
Nicholas Cortellucci, CFA | Equity Research Analyst | [email protected] | 647-391-3314
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What you need to know:
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MTT’s summer 2026 prospecting program extended surface copper-silver mineralization at the Birch Zone to 4.4km of strike, double the 2.2km discovered in 2025.
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Grab samples returned up to 2.20% Cu, 35.3 g/t Ag, and 129 ppb Au from a new quartz vein-hosted style of mineralization along the southwest extension.
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Copper was also identified a further 2.7km southwest at Little North Pond along the same magnetic low, pointing to additional strike potential.
This morning, Magna Terra Minerals (MTT:TSXV, BRIOF:OTCPK) announced results from its summer prospecting program, completed at the Birch Zone of its Humber Copper Project in Newfoundland. The program extended the dolomite-hosted copper-silver mineralization 0.5km to the NE and identified new quartz vein-hosted and disseminated mineralization 1.7km SW, effectively doubling Birch Zone’s footprint from 2.2km to 4.4km. Further 2.7km SW along the same magnetic low, sampling identified anomalous copper near Little North Pond, pointing to additional strike potential. We are maintaining our BUY rating and our target price of $0.55/share.
Birch Zone doubled along strike, now in two host rocks. MTT collected 246 rock grab samples across Humber, 148 (60%) of which came from the Birch Zone and Hughes Lake Trends. Assays returned copper values of up to 2.20% Cu and 44 samples (17.9%) graded above 500 ppm Cu. Additionally, 169 regional stream sediments were collected from remote areas not covered in 2025, along with a property-wide LiDAR survey to identify structural trends. Three key highlights emerged from this survey:
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Northeast extension (0.5km; dolomite-hosted): Assays of up to 1.60% Cu and 1.7 g/t Ag extended the primary dolomite-hosted mineralization from 2.2km to 2.7km.
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Southwest extension (1.7km; quartz-hosted): Results included 2.20% Cu, 35.3 g/t Ag, 129 ppb Au; and 1.28% Cu and 15.0 g/t Ag, over a 1.7km strike in mafic volcanic and intrusive clastic sedimentary rocks.
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Further SW extension potential near Little North Pond: Assays graded up to 0.26% Cu and 2.1 g/t Ag in outcrop sandstone along the same magnetic low, 2.7km further SW, providing future extension potential.
IP survey planned to develop new targets. Management has planned a 20 line-km Induced Polarization geophysical survey across the Birch Zone, which along with a LiDAR survey and pending soil and stream sediment samples, should help identify new target areas for future drilling.
Our Take The doubling of Birch Zone’s mineralized footprint in a single field season underscores the underlying exploration potential at the Humber Project. Disseminated and vein-hosted copper and silver mineralization in a second host rock widens the range of targets and is indicative of a dynamic, structurally controlled mineralizing environment, which we believe sets MTT up for its first drill program at Humber, with multiple prospective targets emerging. We look forward to the results of the ongoing work program and deriving priority drill targets.
Catalysts
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Exploration Programs at Humber & Rocky Brook Projects – Ongoing
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Cash & Share Payments from Option Agreements – Ongoing
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