Gold Hunter Consolidates Large Gold District in Newfoundland

Vancouver, British Columbia–(Newsfile Corp. – May 29, 2024) – GOLD HUNTER RESOURCES INC. (CSE: HUNT) (OTC Pink: GHREF) (the “Company” or “Gold Hunter“) a Canadian exploration company focused on the acquisition, exploration, and development of precious & base metal projects, is pleased to announce that, on May 29, 2024, it entered into a definitive option agreement (the “Option Agreement“) with Magna Terra Minerals Inc. (TSXV: MTT) (“Magna Terra”), an arm’s length party, pursuant to which it has acquired an option (the “Option“) to earn a 100% undivided interest in Magna Terra’s Great Northern and Viking Projects, located in the province of Newfoundland and Labrador (the “Transaction“). Closing of the Transaction (the “Closing“) remains subject to, without limitation, receiving all necessary consents and approvals, including the approval of the Canadian Securities Exchange (“CSE“), as well as the satisfaction of customary closing conditions. Gold Hunter expects to complete the Transaction in the coming weeks.

Figure 1: Map of the Great Northern and Viking Projects, along with the consolidated mineral claims being acquired by Gold Hunter, Newfoundland

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8550/210931_d87429e314152806_002full.jpg

These developments mark a milestone expansion for Gold Hunter as the areas at the Great Northern & Viking Projects are host to the Thor Deposit current Mineral Resource, the Rattling Brook Deposit historical estimate, and several additional exploration targets:

• Thor Deposit:

  • An open-pit constrained Indicated Mineral Resource of 817,000 tonnes at an average grade of 1.70 g/t gold for 45,000 ounces.

  • An open-pit constrained Inferred Mineral Resource of 44,000 tonnes at an average grade of 1.27 g/t gold for 1,800 ounces at a cut-off grade of 0.46 g/t gold.

  • An underground constrained Indicated Mineral Resource of 62,000 tonnes at an average grade of 2.98 g/t gold, containing 5,900 ounces.

  • An underground constrained Inferred Mineral Resource of 23,000 tonnes at an average grade of 3.31 g/t gold, containing 2,400 ounces at a cut-off grade of 2.14 g/t gold.

• Rattling Brook Deposit:

  • Located approximately 14km NNE of the Thor Deposit.

  • Key mineralization occurs in 3 zones: Apsy, Beaver Dam and Road zones.

  • 2 styles of mineralization: Low-grade gold in intrusive rocks and higher-grade mineralization in sedimentary units.

  • Historical estimate prepared for the Rattling Brook Deposit is inclusive of the 3 noted zones.

Story continues

With one successful roll-up strategy and sale already completed this year, Gold Hunter is excited to shift its focus to consolidating, exploring, and advancing another highly prospective region of Newfoundland. The acquisition expands the original Viking and Great Northern Projects from 13,775 hectares to 23,059.75 Ha.

About the Great Northern and Viking Projects:

The Viking and Great Northern Projects are located near the communities of Sops Arm, Pollard’s Point, and Jackson’s Arm, Newfoundland and Labrador.

The Projects are centered along a 30 km section of the Doucers Valley Fault, a known geological control and host to several gold occurrences, including the Thor and Rattling Brook Deposits. Additional known gold mineralization on the Projects includes the Incinerator, Furnace, Jacksons Arm, Viking, Kramer, Viking North, and Little Davis Pond mineralized trends. This proven gold environment with the Thor Deposit Mineral Resource and numerous untested gold trends occurs over a cumulative 30+ km strike length. Gold mineralization is hosted within a variety of rock types that include Precambrian or Ordovician granites to granodiorites, as well as younger volcanic and sedimentary rocks, typically along splays off the Doucers Valley Fault. Alteration consists of mesothermal style quartz ± iron carbonate ± sulfide veins and stockworks with 2 to 5% total sulfides consisting of pyrite, arsenopyrite, galena, chalcopyrite, or sphalerite. These mineralized veins can also contain trace amounts of visible gold.

Thor Deposit Mineral Resource Estimate: Effective Date October 24^th. 2023

• The Thor Deposit Mineral Resource was originally prepared for Magna Terra and presented in “NI 43-101 Technical Report and Mineral Resource Estimate on the Thor Gold Deposit, Viking Project, White Bay Area, Newfoundland, Canada” dated December 20, 2023, with an effective date of October 24, 2023.

• The QP for the Mineral Resource Estimate is Mr. Matthew Harrington, P. Geo., who is an employee of…