Magna Terra Minerals Inc. announced that it has completed an Updated Mineral Resource Estimate on the Thor Deposit on its 100% owned Great Northern - Viking Project ("Viking" or the "Project"), located in western Newfoundland. The Great Northern - Viking Project area is a proven gold environment with existing Mineral Resources and numerous untested gold trends over a cumulative 30+ kilometre strike with the potential to host multi-million-ounce gold deposits. The Mineral Resource Update modernizes the Thor Deposit Mineral Resource in keeping with the latest CIM Guidelines as well as facilitating a full remodelling of the Deposit geometry and grade distribution/trends.

The Company contracted Mercator Geological Services Limited to complete an Updated Mineral Resource Estimate. The Updated Mineral Resource Estimate was completed in order to include additional drilling completed in 2016 that was not included in prior assessments of the Deposit and also to bring the historical estimate into accordance with the CIM MRMR Best Practice Guidelines that were issued in November 2019. The Updated Mineral Resource is based on verified results of 162 diamond drill holes (23,775 m), including 10 drill holes (575 m) completed in 2008, 35 drill holes (3,613 m) completed in 2009, 59 drill holes (9,735 m) completed in 2010, 25 drill holes (4,698 m) completed in 2011 by Northern Abitibi Mining Corp.

(now CANEX Metals Inc.), and 33 drill holes (5,154 m) completed in 2016 by Anaconda Mining Inc. (now Signal Gold Inc.). The Updated Mineral Resource Estimate for the Thor Deposit comprises open-pit constrained Indicated Mineral Resources of 817,000 tonnes at an average grade of 1.70 g/t gold for 45,000 ounces and open-pit constrained Inferred Mineral Resources of 44,000 tonnes at an averagegrade of 1.27 g/t gold for 1,800 ounces at a cut-off grade of 0.46 g/t gold. Magna Terra is not treating the historical estimate as current Mineral Resources and it is superseded by the Updated Mineral Resource presented in this press release.

Results of the 2016 Thor Deposit historical estimate are 937,000 tonnes Indicated with an average grade of 2.09 g/t gold and 350,000 tonnes Inferred with an average grade of 1.79 g/t gold. The combined new Open Pit - Underground Mineral Resource Estimate represents a 6% decrease in tonnes, a 14% decrease in grade and a 20% decrease in contained ounces for Indicated Mineral Resources and an 81% decrease in tonnes, 10% increase in grade and 79% decrease in contained ounces for Inferred Mineral Resources compared to the 2016 historical estimate.