Canadian company Magna Terra Minerals has acquired the Humber copper-cobalt project in western Newfoundland, Canada, through staking.

The Humber project is an early-stage exploration project focused on critical minerals and metals featuring 1,325 claims across ten mineral licences spanning 33,125ha.

It is accessible via a network of gravel and logging roads that connect to provincial highways.

The licences are registered to Paul McNeill and David Copeland, who staked them on behalf of Magna Terra Minerals.

The project is underlain by rocks from the sedimentary Humber Arm Allochthon, which hosts coinciding anomalous values of antimony (Sb), arsenic (As), cobalt (Co), copper (Cu), gold (Au), lead (Pb), molybdenum (Mo) and silver (Ag) in lake sediments.

Magna Terra highlighted that the exploration potential is further supported by the presence of nearby base metal deposits such as the York Harbour and Daniels Harbour Deposits in the region’s lower stratigraphic levels.

Magna Terra Lew Lawrick said: “We are very excited to acquire this early-stage project focused on critical metals on Newfoundland. This previously unrecognised environment for polymetallic copper-cobalt deposits provides Magna Terra shareholders with exposure to multiple commodities and the upside of a discovery-stage project.

“The Humber project was acquired at very little cost through staking and will continue to leverage Magna Terra's expertise in Atlantic Canada and provide exposure to a top-tier exploration and mining jurisdiction in Newfoundland and Labrador.”

In May this year, Gold Hunter Resources entered a definitive option agreement with Magna Terra to acquire the Great Northern and Viking projects in Newfoundland and Labrador.