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Canterra Minerals Corporation
- FSE:DXZB
- OTCQB:CTMCF
- TSXV:CTM
Canterra Minerals Commences Phase 2 Drilling at Buchans, Newfoundland
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Announcement Summary
Canterra Minerals Corporation (TSXV: CTM) (OTCQB: CTMCF) (FSE: DXZB) has commenced a Phase 2 diamond drill program in Newfoundland’s Buchans District.
- Approximately 8,000 meters of drilling has commenced in the Buchans copper-zinc district as of July 8, 2026.
- Approximately 2,000 meters is planned at the Lundberg deposit, including extensions southwest of recently completed drilling.
- At least 6,000 meters is planned across Lemarchant, Boomerang, Long Lake and Tulks satellite deposits and targets.
- Results from Phase 2 are expected to contribute to a maiden Lundberg mineral resource estimate targeted for Q4 2026.
- The company has used historical geological, geophysical, geochemical and lithogeochemical data with VRIFY’s DORA AI-assisted modelling to prioritize targets.
Since September 2025, Canterra received $1,129,834.51 in gross proceeds from warrant and option exercises. Of this, $961,336.25 came from warrants and $168,498.26 from options.
Investor FAQs
Canterra Minerals Corporation (TSXV: CTM) (OTCQB: CTMCF) (FSE: DXZB) has commenced its approximately 8,000-metre Phase 2 diamond drill program in the Buchans copper-zinc district of central Newfoundland. The company says the programme is intended to advance the Lundberg deposit, satellite deposits and other copper-zinc targets.
Approximately 2,000 m is allocated to the Lundberg deposit, which Canterra describes as the largest copper-zinc resource in the district. The company plans to complete at least 6,000 m of exploration drilling across satellite deposits and high-priority targets including Lemarchant, Boomerang, Long Lake and Tulks. The source states that these plans are forward-looking and may not be achieved.
Results from Phase 2 are expected to contribute to Canterra's maiden mineral resource estimate for the Lundberg deposit, targeted for Q4 2026. The company describes this as a target rather than a completed estimate, and its cautionary statement says actual results and future events could differ materially from those anticipated.
The release refers to recently completed drilling that returned 57.15 metres grading 0.57% CuEq1,2, and previous drilling in the Two Level zone that returned 5.35 metres grading 6.77% CuEq1,2. The source estimates true widths at ~80-90% of reported core lengths. It defines Copper Equivalent % using copper, lead, zinc, silver and gold grades, recoveries and metal prices, with the stated prices dated May 6, 2026.
Canterra says it has integrated historical drilling, geological, geophysical, geochemical and lithogeochemical data into a district-wide exploration platform. In collaboration with Hard Rock Geophysics and technical advisors, it has combined this dataset with VRIFY's DORA AI-assisted prospectivity modelling to prioritise drill targets around satellite deposits and along the same mineralised trend as the former Buchans and Duck Pond mines. The source does not establish that this approach will produce new discoveries or resource growth.
Since September 2025, the company says it has received total gross proceeds of $1,129,834.51 from common share purchase warrant and stock option exercises. This consists of $961,336.25 from warrant exercises, including exercises by directors, insiders and major shareholders, and $168,498.26 from option exercises by consultants and contractors. Canterra says the proceeds provide additional flexibility for its exploration and development programmes, but the source also identifies the anticipated use of proceeds as forward-looking information.
The release identifies risks associated with possible accidents and other mineral exploration operations; unanticipated geological factors; an inability to secure permitting and other governmental clearances; insufficient funds to carry out business plans; and political uncertainties or regulatory or legal changes. It states that there can be no assurances that forward-looking statements will prove accurate, that actual results and future events could differ materially, and that readers should not place undue reliance on them.
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