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Canterra Minerals Corp (2)
Symbol CTM
Shares Issued 148,815,125
Close 2024-02-28 C$ 0.065
Market Cap C$ 9,672,983
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Canterra Minerals begins drilling at Lemarchant

2024-02-29 13:23 ET - News Release

Mr. Chris Pennimpede reports

CANTERRA MINERALS ANNOUNCES COMMENCEMENT OF DRILLING ON THE LEMARCHANT CRITICAL MINERALS PROJECT, NEWFOUNDLAND

Subsequent to defining new targets on Canterra Minerals Corp.'s Lemarchant project (see Aug. 29, 2023, news release), Canterra Minerals has commenced drilling with a drill mobilized to the Lemarchant project. The Lemarchant Project is located in central Newfoundland approximately 50 kilometres ("km") south of Millertown. The drill program is taking advantage of the winter drilling window, which is typically January through to March.

Key Points:

Canterra's maiden drill program on the resource-stage Lemarchant project since acquisition of the project in 2021 (see November 15, 2021 news release)

2,000 m of drilling is planned over 7 drill holes

Drilling will test targets defined by the Company's 2022 IP survey as well as test underexplored areas within and adjacent to the existing Lemarchant deposit. The deposit area drill holes were designed to potentially add resources on the margins of the deposit as well as improve the Company's confidence within the deposit's 2018 mineral Resource Estimate (see Canterra Technical Report dated September 7, 2023).

Exploration of new targets located several hundreds of metres on strike of the deposit where the Lemarchant deposit horizon remains untested by previous drilling and possess anomalous IP responses that are associated with mineralization at the Lemarchant deposit.

Chris Pennimpede, Canterra Minerals Director & CEO commented, "For the last 3 years, Canterra has been systematically consolidating its land position within central Newfoundland's Buchans mining district located within the Buchans and Victoria Lake VMS camps. This culminated with the acquisition of Buchans Resources Limited's Buchans Mine and VMS deposits at the end of 2023. Canterra is now Newfoundland's largest critical minerals explorer with an expansive land position covering almost all known VMS deposits within the greater Buchans district in central Newfoundland. Having spent 3 years targeting and modelling historic data, we are now deploying to the field to explore these deposits and to make new discoveries in this world-renowned VMS district, including the Buchans Camp that is widely acknowledged as having been one of the richest VMS camps in the world."

Summary of Drill Targets:

  • Shallow IP chargeability anomalies of similar magnitude to the established deposit, located in favourable geology northwest of known Lemarchant mineralization, with no previous drilling
  • Shallow target anomalies that follow the fault displaced continuation of Lemarchant Deposit, coinciding with the IP anomaly trend Strong chargeability IP anomaly with potential deep extension of Lemarchant mineralization in down thrusted graben structure
  • IP/magnetic anomaly and EM Conductor in prospective geological horizon, with no previous drilling
  • Drilling within the deposit's eastern portion near the transition of Indicated and Inferred category resources. Drilling is designed to determine if the core of the deposit may be expanded on its eastern margins in an area hosting some of the deposit's largest thicknesses and highest grades

Newfoundland and Labrador Junior Exploration AssistanceCanterra would like to acknowledge financial support it may receive from the Junior Exploration Assistance Program from the government of Newfoundland and Labrador related to the completion of this drilling program.

About Canterra Minerals

Canterra Minerals is a diversified minerals exploration company with a focus on critical minerals in central Newfoundland. Canterra's projects include seven mineral deposits located in close proximity to Teck Resources' past producing Duck Pond mine and the former, past producing ASARCO Buchans Mine. These mines produced copper, zinc, lead, silver and gold. Each of Canterra's deposits supports a historical Mineral Resource Estimate prepared in accordance with National Instrument 43-101 ("NI 43-101") and the Canadian Institute of Mining, Metallurgy, and Petroleum ("CIM") Definition Standards for Mineral Resources and Mineral Reserves current at their respective effective dates (collectively the "Historical Resource Estimates"). All of the Historical Resource Estimates were prepared prior to Canterra acquiring the properties that contain the associated mineral deposit. The Historical Resource Estimates are relevant, as they demonstrate the geological character and three-dimensional continuity of each deposit, all of which contain in part, semi-massive to massive sulphide mineralization, and highlight each deposit area's considerable exploration potential.

Canterra is not treating the Historical Resource Estimates as current Mineral Resources and a Qualified Person has not done sufficient work to classify the Historical Resource Estimates as current Mineral Resources. References for each historical Mineral Resource Estimate that comprise Canterra's Historical Resource Estimates and their associated Technical Reports can be found on Canterra's website.

In addition, Canterra holds exploration-stage gold properties that cover 80 km of strike length of the regional gold bearing Rogerson Lake structural corridor that hosts Calibre Mining Corporation's development stage Valentine Lake Gold Project. Canterra's Newfoundland gold projects have been subject to four drilling campaigns, demonstrating many gold occurrences and warranting further exploration. In Alberta, Canada, Canterra also holds a 50% interest and is operator of the Buffalo Hills diamond project, with Star Diamond Corporation holding the remaining interest. The Buffalo Hills diamond project has been subject to considerable exploration expenditures, including a bulk sample, which has identified 38 kimberlites.

The scientific and technical information contained in this news release was reviewed and approved by Paul Moore, P.Geo., Vice President Exploration of Canterra. Mr. Moore is a Qualified Person as defined by NI 43-101.

We seek Safe Harbor.

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