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Canterra Minerals Corporation

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Canterra Reports 60.70-Metre Copper-Equivalent Intercept at Buchans Project

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Announcement Summary

Canterra Minerals Corporation (TSXV:CTM) (OTCQB: CTMCF) (FSE:DXZB) reported new drill results from the Buchans Project in Newfoundland.

  • Drillhole H-25-3538 returned 60.70 metres grading 0.85% CuEq from 15.3 metres to 76 metres below surface.
  • The interval included 4.7 metres grading 2.29% CuEq, with 1.19% Cu, 2.25% Zn, 1.27% Pb, 9.3 g/t Ag and 0.06 g/t Au.
  • The 60.70-metre interval graded 0.39% Cu, 1.00% Zn, 0.55% Pb, 2.5 g/t Ag and 0.03 g/t Au.
  • Canterra said broad sulphide stockwork mineralization extends below the current resource, suggesting potential for a larger open-pit mineral resource.
  • The ongoing 10,000 metre program covers the 100% owned project; the company said 8,000 metres remain this summer and fall.
  • The project is located in Newfoundland’s Central Mining District, near the town of Buchans.

Canterra estimates true widths at about 90% of reported core lengths. The resource estimate effective February 28, 2019 includes 16,790,000 tonnes Indicated and 380,000 tonnes Inferred. The company warns exploration may depend on permitting, governmental clearances or sufficient funds.

Investor FAQs

The company reports that drillhole H-25-3538 intersected 60.70 metres grading 0.85% CuEq from 15.3 m to 76 m below surface, including 4.7 metres of 2.29% CuEq. The reported interval included copper, zinc, lead, silver and gold mineralisation. The release states that broad sulphide stockwork mineralisation extends below the current resource, while noting that these results are exploration results and do not establish a mineral resource beyond the resource information disclosed.
Canterra describes an ongoing 10,000 metre drill programme at its 100% owned Buchans Project. The company’s President and CEO stated that 8,000 metres of drilling remained to come during the summer and fall. The release does not provide a revised timetable or confirm the final outcome of the programme.
The release gives a Lundberg Mineral Resource Estimate with an effective date of February 28, 2019. It reports In-pit Indicated Mineral Resources of 16,790,000 tonnes grading 0.42% Cu, 1.53% Zn, 0.64% Pb, 5.69 g/t Ag and 0.07 g/t Au, and In-pit Inferred Mineral Resources of 380,000 tonnes grading 0.36% Cu, 2.03% Zn, 1.01% Pb, 22.35 g/t Ag and 0.31 g/t Au. The release states that the drill results are outside the existing resource area, but does not state that the resource estimate has been updated.
The release states that CuEq values were based on total contained copper, zinc, lead, silver and gold using metal prices as of April 11, 2025: Cu - US$4.06/lb, Zn - US$1.19/lb, Pb - US$0.85/lb, Ag - US$32.23/oz and Au - US$3,236.00/oz. It also states that metal recoveries were assumed to be 100% (Rec.). The release provides the calculation formula and notes that true widths were estimated to be a ~90% of reported core lengths.
The company states that exploration results and forward-looking information may differ materially from expectations. Identified risks include possible accidents and other risks associated with mineral exploration operations, unanticipated geological factors, the company’s ability to secure permitting and other governmental clearances, its ability to raise sufficient funds to carry out its business plans, and political uncertainties or regulatory or legal changes. The release also states that readers should not place undue reliance on its forward-looking statements.
The release states that saw-cut NQ drill core was split, with one-half retained and one-half submitted for analysis. Samples were delivered to SGS Canada, with batches including control standards, blanks and duplicates. SGS used the procedures described in the release for multi-element assays and overlimit assays, and its laboratories operate under a Quality Management System complying with ISO/IEC 17025. Canterra also submits representative pulps to ALS Geochemistry’s laboratory in Moncton, New Brunswick for additional independent check assays.
The release identifies Canterra Minerals Corporation as listed on the TSXV:CTM, OTCQB: CTMCF and FSE:DXZB. It describes Canterra as a diversified minerals exploration company focused on critical minerals and gold in central Newfoundland. Its projects include six mineral deposits near the Buchans Mine and Teck Resources’ Duck Pond Mine. The release does not provide information on valuation, future share-price performance or an investment recommendation.

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