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Canterra Minerals Corporation

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Canterra Reports Buchans Drill Results, Including 4.34% CuEq Interval at Two Level

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Announcement Summary

Canterra Minerals Corporation (TSXV:CTM) (OTCQB: CTMCF) (FSE:DXZB) reported assay results from its winter drill program at the Buchans Project.

  • The program comprised eight holes totaling 2,386 meters, completed between February and March 2026, at the Buchans Project.
  • Hole H-26-3563 intersected 1.65 meters of 4.34% CuEq at Two Level and was interpreted as a semi-massive to massive sulfide lens.
  • Hole H-26-3561 returned 57.15 meters of 0.57% CuEq, including 11 meters of 1.32% CuEq, in northeastern Lundberg mineralization.
  • The company said Hole H-26-3562 supported lateral continuity after intersecting 3.05 meters of 2.14% CuEq approximately 250 meters south.
  • Holes H-26-3559 and H-26-3560 returned 44.5 meters of 0.34% CuEq and 51 meters of 0.17% CuEq, including stated subintervals.
  • At West Clementine, two holes totaling over 1,300 meters tested anomalies; two were explained by weakly altered, mineralized rocks and a fault, while a third remains untested.

Drilling stopped short of the third target because of sudden early spring thaw; casing was left for completion under winter 2027 conditions. The company said Phase 2 drilling was about to begin.

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Canterra Minerals Corporation (TSXV:CTM) (OTCQB: CTMCF) (FSE:DXZB) reported assay results from a winter drill programme at the Buchans Project in the Central Newfoundland Mining District. The programme comprised eight holes totalling 2,386 metres, completed between February and March 2026, and focused on the Lundberg deposit, the Two Level zone and first-pass testing of geophysical anomalies at the West Clementine target area.
Hole H-26-3563 intersected 1.65m of 4.34% CuEq at the Two Level horizon, which Canterra interpreted as a semi-massive to massive sulphide lens. Hole H-26-3561 returned 57.15m of 0.57% CuEq, including 11m of 1.32% CuEq, in the northeastern Lundberg zone. Hole H-26-3562 intersected 3.05m of 2.14% CuEq. Holes H-26-3559 and H-26-3560 returned 44.5m of 0.34% CuEq and 51m of 0.17% CuEq respectively, including 22m of 0.51% CuEq and 12m of 0.49% CuEq.
Canterra said the results support lateral continuity of copper-rich mineralisation across the Lundberg footprint and continue to confirm the lateral extent of the Lundberg mineralised system. The company said the Two Level horizon remains partially open along strike and at depth, while Lundberg remains open for resource expansion and grade optimisation. These are company characterisations, and the release does not provide an updated resource estimate from this programme.
Two holes tested large-scale 3DIP chargeability and resistivity anomalies near the West Clementine stockwork sulphide prospect. Holes H-26-3556 and H-26-3557 intersected weakly altered and mineralised volcanic rocks and a large fault structure. A third anomaly remains untested because hole H-26-3558 was stopped before target depth after sudden spring thaw conditions required the drill to pull off the hole. Drill casing was left in place for possible completion at a later date, and the release states that the target will be accessible under winter ground conditions in winter 2027.
Chris Pennimpede, President and CEO of Canterra, said Phase 2 drilling was about to begin and that the company’s focus would shift to near-surface extensions of the Lundberg stockwork resource and additional priority targets. The company also referred to potential discovery and resource-growth catalysts ahead. Canterra cautioned that forward-looking statements may differ materially from actual results because of possible accidents and other mineral exploration risks, unanticipated geological factors, permitting and governmental-clearance requirements, funding risks, and political, regulatory or legal changes. The release states that readers should not place undue reliance on those statements.
Core and rock samples, including standards, blanks and duplicates, were submitted to Eastern Analytical Ltd. in Springdale, Newfoundland. NQ drill core was saw-cut, with one-half retained for reference and one-half submitted for analysis. Eastern Analytical Ltd. is described as an accredited assay laboratory conforming to ISO/IEC 17025 requirements. Canterra also routinely submits representative pulps to ALS Geochemistry’s laboratory in Moncton, New Brunswick for independent check assays. Paul Moore MSc. P.Geo. (NL), Vice President of Exploration, reviewed and approved the technical disclosure as a Qualified Person within the meaning of National Instrument 43-101.
Canterra describes itself as a diversified minerals exploration company focused on critical minerals and gold in central Newfoundland. Its projects include seven mineral deposits near the past-producing Buchans Mine and Teck Resources’ Duck Pond Mine. The release also describes gold projects located on trend of Equinox Gold’s Valentine Mine, covering a ~55 km extension of the structural corridor that hosts gold mineralisation within Equinox Gold’s mine. The company states that past drilling identified multiple occurrences of orogenic-style gold mineralisation within a land position that remains underexplored.

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