11:15:43 EDT Fri 17 May 2024
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Canter Resources Corp
Symbol CRC
Shares Issued 50,988,401
Close 2024-03-19 C$ 0.49
Market Cap C$ 24,984,316
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Canter Resources completes 3-D model for Columbus

2024-03-20 10:13 ET - News Release

Mr. Joness Lang reports

CANTER OUTLINES SIGNIFICANT SUBSURFACE BRINE TARGET WITH UPDATED 3D MODELING

Canter Resources Corp. has completed a comprehensive 3-D model that incorporates all of the recently reinterpreted geophysical data and third party data sets. The new 3-D model has further refined the understanding of subsurface structures and potential lithium-bearing brine formations covering an expanded five-by-10-kilometre target area outlined within the central part of the Columbus lithium-boron project.

Hybrid-source audio-magnetotelluric (HSAMT) geophysical data provide an important guide for targeting conductive bodies, with low-resistivity values indicating the presence of highly conductive material interpreted to represent brine fluids within aquifers and pore spaces. There are numerous examples of lithium-brines correlating to HSAMT resistivity values of less than one ohm-metre and the company views the less-than-0.5-ohm-metre resistivity as particularly favourable for potential lithium (Li) concentrations.

"Our new detailed 3-D work integrates our structural and stratigraphic interpretations and provides us with a predictive exploration model that leverages historical drilling and 15 years of reprocessed geophysical data," stated Joness Lang, chief executive officer of Canter. "Most importantly, the 3-D rendering of HSAMT resistivity shells shows a very compelling brine target that our team is excited to begin testing with Geoprobe and exploration well drilling during our phase I program."

The HSAMT ground-based geophysical method has enabled the mapping of subsurface resistivity through detailed 3-D modelling, indicating several resistivity-defined shells spanning a volume extending five km wide by 10 km long and down to depths of approximately 600 metres. These highly conductive shells, indicative of brine solutions, are the focus of the company's lithium-enriched targeting efforts. Supporting the HSAMT data, historical surface sampling and prior drilling in less conductive areas, considered less prospective, have yielded lithium values up to 1,600 parts per million and boron levels exceeding 10,000 ppm, revealing a multitiered aquifer system.

To the company's knowledge, the coming drilling will represent the first drilling within the Columbus basin that tests zones with resistivity values indicating this degree of conductivity. The priority target area is well within the company's 23,000-acre Columbus property package and expanding HSAMT coverage will be considered later this year.

It is pertinent to acknowledge certain limitations associated with HSAMT data interpretation, specifically regarding the attenuation of electromagnetic signals as they traverse highly conductive layers. This can result in an underestimation of the true depth and lateral extent of conductive zones. Nonetheless, corroborative geological data from historic drilling, demonstrating notable lithium concentrations at depths extending below the company's modelled one-ohm-metre shell, suggest that conductive brine reservoirs may indeed extend deeper than initially interpreted from HSAMT data alone.

Further supporting the potential for significant depth extension of these brine-bearing formations is the structurally closed nature of the Columbus basin, coupled with the presence of a profound gravity low -- evidencing a depth to basement rocks of approximately four km. This structural configuration and geophysical anomaly provide compelling additional lines of evidence for the potential existence of extensive, deep-seated brine reservoirs within the basin.

Qualified person

The technical information contained in this news release was reviewed and approved by Eric Saderholm, PGeo, director and technical adviser of Canter Resources, a qualified person (QP) as defined under National Instrument 43- 101 -- Standards of Disclosure for Mineral Projects.

About Canter Resources Corp.

Canter Resources is a Canadian junior mineral exploration company advancing the Columbus lithium-boron project in Nevada, United States, the Beaver Creek lithium property in Montana, U.S., and the Puzzle Lake property in Saskatchewan, Canada. The company is preparing for a phase I drill campaign at Columbus to test a highly prospective lithium-brine target and plans to leverage the company's critical metals targeting database to generate a portfolio of high-quality projects with the aim of defining mineral resources that support the domestic clean energy supply chain in North America.

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