Canterra Minerals Provides End-of-Year Update on its Newfoundland Critical Minerals Projects
Canterra Minerals (CTMCF) has reported significant achievements in 2024 across its VMS projects in the Central Newfoundland Mining District. Key highlights include completing an 1,800m maiden drill program at Lemarchant with notable results of 28m averaging 1.19 g/t Au and 5.42% Zn, and executing an 8-hole, 1,600m maiden drill program at Buchans yielding impressive results including 60m of 2.25% CuEq and 105m of 1.53% CuEq.
The company successfully raised capital through two private placements totaling $6.1M and monetized non-core assets by selling the Buffalo Hills diamond project for $1.05M and optioning the Ring of Fire project to Teck Resources. In total, Canterra drilled 15 holes across 3,400m in 2024 at an average drilling cost below $140/m.
Canterra Minerals (CTMCF) ha riportato risultati significativi nel 2024 nei suoi progetti VMS nel Distretto Minerario Centrale di Newfoundland. I punti salienti includono il completamento di un programma di perforazione inaugurale di 1.800 m a Lemarchant con risultati notevoli di 28 m che mediamente contengono 1,19 g/t Au e 5,42% Zn, e l'esecuzione di un programma di perforazione inaugurale di 8 fori e 1.600 m a Buchans, che ha fornito risultati impressionanti, tra cui 60 m con 2,25% CuEq e 105 m con 1,53% CuEq.
L’azienda ha raccolto con successo capitali attraverso due collocamenti privati per un totale di 6,1 milioni di dollari e ha monetizzato asset non core vendendo il progetto diamantifero Buffalo Hills per 1,05 milioni di dollari e cedendo in opzione il progetto Ring of Fire a Teck Resources. In totale, Canterra ha perforato 15 fori per 3.400 m nel 2024 a un costo medio di perforazione inferiore a 140 $/m.
Canterra Minerals (CTMCF) ha reportado logros significativos en 2024 en sus proyectos VMS en el Distrito Minero Central de Newfoundland. Los aspectos destacados incluyen la finalización de un programa de perforación inaugural de 1,800 m en Lemarchant con resultados notables de 28 m promediando 1.19 g/t Au y 5.42% Zn, así como la ejecución de un programa de perforación inaugural de 8 agujeros y 1,600 m en Buchans, que yieldó resultados impresionantes que incluyen 60 m de 2.25% CuEq y 105 m de 1.53% CuEq.
La compañía recaudó capital con éxito a través de dos colocaciones privadas por un total de 6.1 millones de dólares y monetizó activos no principales vendiendo el proyecto de diamantes Buffalo Hills por 1.05 millones de dólares y cediendo en opción el proyecto Ring of Fire a Teck Resources. En total, Canterra perforó 15 agujeros en 3,400 m en 2024 a un costo de perforación promedio inferior a 140 $/m.
칸테라 미네랄스 (CTMCF)는 2024년 중앙 뉴펀들랜드 광산 지구에서 VMS 프로젝트를 통해 중요한 성과를 보고했습니다. 주요 내용으로는 1,800m의 첫 번째 시추 프로그램 완료와 주목할 만한 결과인 28m에서 평균 1.19 g/t의 금(Au)과 5.42%의 아연(Zn) 발견, 그리고 부칸에서 8개의 구멍과 1,600m의 첫 번째 시추 프로그램을 수행하여 60m에서 2.25% CuEq와 105m에서 1.53% CuEq를 포함하는 인상적인 결과를 얻었습니다.
회사는 610만 달러에 달하는 두 개의 사모 배급을 통해 자본을 성공적으로 모금하였고, 비핵심 자산을 매각하여 105만 달러에 버팔로 힐스 다이아몬드 프로젝트를 판매하였으며, 링 오브 파이어 프로젝트를 테크 리소스에 옵션으로 제공하였습니다. 총체적으로 캔테라는 2024년에 3,400m에 걸쳐 15개의 구멍을 시추하면서 평균 시추 비용이 140달러/m 이하였습니다.
Canterra Minerals (CTMCF) a rapporté des réalisations significatives en 2024 dans ses projets VMS dans le district minier central de Terre-Neuve. Les points forts incluent l'achèvement d'un premier programme de forage de 1 800 m à Lemarchant avec des résultats notables de 28 m en moyenne de 1,19 g/t Au et 5,42 % Zn, ainsi que la réalisation d'un programme de forage inaugural de 8 trous et 1 600 m à Buchans, produisant des résultats impressionnants, dont 60 m avec 2,25 % CuEq et 105 m avec 1,53 % CuEq.
L'entreprise a réussi à lever des fonds par le biais de deux placements privés totalisant 6,1 millions de dollars et à monétiser des actifs non essentiels en vendant le projet de diamants de Buffalo Hills pour 1,05 million de dollars et en optionnant le projet Ring of Fire à Teck Resources. Au total, Canterra a foré 15 trous sur 3 400 m en 2024 à un coût de forage moyen inférieur à 140 $/m.
Canterra Minerals (CTMCF) hat im Jahr 2024 bedeutende Erfolge in seinen VMS-Projekten im Central Newfoundland Mining District erzielt. Zu den wichtigsten Höhepunkten gehört die Durchführung eines 1.800 m umfassenden ersten Bohrprogramms in Lemarchant mit bemerkenswerten Ergebnissen von 28 m mit einem Durchschnitt von 1,19 g/t Au und 5,42% Zn, sowie die Durchführung eines ersten Bohrprogramms mit 8 Löchern und 1.600 m in Buchans, das beeindruckende Ergebnisse lieferte, darunter 60 m mit 2,25% CuEq und 105 m mit 1,53% CuEq.
Das Unternehmen hat erfolgreich Kapital durch zwei private Platzierungen in Höhe von insgesamt 6,1 Millionen Dollar beschafft und nicht zum Kerngeschäft gehörende Vermögenswerte monetarisiert, indem es das Projekt Buffalo Hills für 1,05 Millionen Dollar verkauft und das Projekt Ring of Fire an Teck Resources veräußert hat. Insgesamt hat Canterra im Jahr 2024 15 Bohrlöcher über 3.400 m mit durchschnittlichen Bohrkosten von unter 140 $/m gebohrt.
- Successful drill results at Buchans showing 60m of 2.25% CuEq and 105m of 1.53% CuEq
- Strong fundraising with $6.1M raised through private placements
- Asset monetization generating $1.05M from Buffalo Hills sale
- Efficient drilling costs averaging below $140/m
- Expansion of Victoria project and Valentine Lake Shear zone holdings
- None.
Vancouver, British Columbia--(Newsfile Corp. - December 30, 2024) - Canterra Minerals Corporation (TSXV: CTM) (OTCQB: CTMCF) ("Canterra" or the "Company") is pleased to provide a comprehensive summary of significant achievements in 2024 for the Company's VMS projects within the Central Newfoundland Mining District. Excluding the Lundberg deposit, these projects contain six additional satellite deposits, each of which host historical mineral resource estimates with significant potential for the discovery of additional resources at depth as well as elsewhere within the Company's ~518 square kilometre ("km2") Central Newfoundland Mining District land holdings (Figure 1) in Newfoundland and Labrador, Canada.
Q1 2024
- Completed an 1,800 m maiden drill program at the Company's resource-stage Lemarchant critical minerals project (February 29, 2024 news release)
- Highlights included 28 m (core length) averaging 1.19 g/t Au, 67.9 g/t Ag,
0.48% Cu,5.42% Zn,1.33% Pb. (April 16, 2024 news release) - The maiden drill program results will pave the path for additional resource growth
- Highlights included 28 m (core length) averaging 1.19 g/t Au, 67.9 g/t Ag,
Q2 2024
- Formation of a technical advisory committee with notable VMS experts (March 18, 2024 news release)
- Reported prospecting results from its Victoria Project yielding
18.65% and6.8% copper in grab samples highlighting the high-grade nature of this VMS prospect (April 22, 2024 news release) - Announced the results from gravity surveys conducted on its Long Lake and Tulks East projects with future drill targets identified ( April 29, 2024 news release)
- Filed the mineral resource estimate for the Buchans Project; the largest and most advanced copper-zinc-lead deposit within the Central Newfoundland Mining District (June 4, 2024 news release)
- Closed a
$1.5M private placement (June 27, 2024 news release)
Q3 2024
- Sold the Buffalo Hills diamond project for
$1.05M (July 15, 2024 news release) - Expanded the Victoria project from 11 km² to 12.75 km² (August 7, 2024 news release)
- Acquired an additional 4 kilometre ("km") strike length of the Valentine Lake Shear zone thereby expanding Canterra's landholdings in this prolific orogenic gold belt to 60 km (August 15, 2024 news release)
Q4 2024
- Commenced an 8-hole, 1,600 m maiden drill program on the Buchans Project (August 29, 2024 news release)
- Optioned the Company's Ring of Fire project to Teck Resources for gross proceeds of
$275,000 and a1.5% NSR (October 1, 2024 news release) - Announced results of targeting work with VRIFY AI and the discovery of the Nu target (October 10, 2024 news release)
- Reported first drill results from Buchans: 60 m of
2.25% Copper Equivalent ("CuEq"), including 26 m3.17% CuEq from surface (November 13, 2024 news release) - Reported final drill results from the Buchans Project including 105 m of
1.53% CuEq and 78m of2.00% CuEq (December 2, 2024 news release). These results expand the known mineralization at depth and laterally and will be included in updates to the resource estimate at the Lundberg deposit, the largest and most advanced copper-zinc-lead deposit within the Central Newfoundland Mining District. - Closed an oversubscribed
$4.6M private placement (December 23, 2024 news release)
To date, Canterra has drilled 15 holes totaling more than 3,400 m in 2024 at an estimated cost of ~
Chris Pennimpede, President and CEO of Canterra commented: "2024 was a transformative year for Canterra. Not only did we have success at the drill bit on 2 different advanced-stage copper projects, but we also monetized parts of our project pipeline while maintaining exposure to the future exploration upside in both cases. As a result of our exploration success Canterra shareholders have benefited from tremendous gains over the course of 2024. I'm incredibly proud of our team and everything that we've achieved in 2024 and looking forward to an even bigger and more successful year ahead in 2025."
Figure 1. Canterra's Central Newfoundland Mining District properties.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8054/235465_6f8df3b864fabb35_001full.jpg
Stock Option and DSU Grant
The Company announces that it has granted a total of 390,000 stock options and 600,000 DSUs to various employees, executives, directors and consultants pursuant to the terms of the Company's omnibus incentive plan and subject to regulatory approval. The stock options are exercisable at a price of
Newfoundland and Labrador Junior Exploration Assistance
Canterra gratefully acknowledges the financial support it may receive from the Junior Exploration Assistance Program in relation to the Company's Buchans drilling program.
Qualified Person
Christopher Pennimpede BSc. P.Geo. (BC), Chief Executive Officer for Canterra Minerals Corporation, a Qualified Person within the meaning of National Instrument 43-101, has reviewed the technical disclosure in this news release for accuracy and either prepared or supervised its preparation.
About Canterra Minerals
Canterra is a diversified minerals exploration company focused on critical minerals and gold in central Newfoundland. The Company's projects include six mineral deposits located in close proximity to the world-renowned, past producing Buchans mine and Teck Resources' Duck Pond mine that collectively produced copper, zinc, lead, silver and gold. Several of Canterra's deposits support current and historical Mineral Resource Estimates prepared in accordance with National Instrument 43-101 and the Canadian Institute of Mining, Metallurgy, and Petroleum Definition Standards for Mineral Resources and Mineral Reserves current at their respective effective dates. Canterra's gold projects are located on-trend of Calibre Mining's Valentine mine currently under construction and cover a ~60 km extension of the same structural corridor that hosts mineralization within Calibre's mine project. Past drilling by Canterra and others within the Company's gold projects intersected multiple occurrences of orogenic style gold mineralization within a large land position that remains underexplored.
ON BEHALF OF THE BOARD OF CANTERRA MINERALS CORPORATION
Chris Pennimpede
President & CEO
Additional information about the Company is available at www.canterraminerals.com
For further information, please contact: +1 (514) 953-4669
Email: info@canterraminerals.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Information
This press release contains statements that constitute "forward-looking information" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation, including statements with respect to estimated mineral resources, the opening of avenues for substantial discoveries within the belt, the Buchans Project being ripe for a modern approach with significant exploration potential for high grade VMS mineralization, the Company anticipating being strongly positioned to unveil the next mineral discovery in central Newfoundland. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include risks associated possible accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company's exploration plans, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company's business and prospects.; as well as those risks and uncertainties identified and reported in the Company's public filings under its SEDAR+ profile at www.sedarplus.ca. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/235465
FAQ
What were Canterra Minerals' (CTMCF) key drilling results at Buchans in 2024?
How much capital did CTMCF raise through private placements in 2024?
What was the sale price of CTMCF's Buffalo Hills diamond project in 2024?
What were the drilling costs for CTMCF's 2024 exploration program?
What was the extent of CTMCF's Lemarchant project drill results in 2024?
