Phase 1 Drilling Program Initiated at the Buchans Critical Minerals Project, Newfoundland
Canterra Minerals (OTCQB: CTMCF) has initiated a Phase 1 drilling program at its Buchans Critical Minerals Project in Newfoundland. The company plans up to 10,000 meters of diamond drilling in 2025, focusing on the Pumphouse and Lundberg targets.
The Pumphouse prospect represents an underexplored fault repeat of the Oriental mine horizon, located 500m northwest from the former Oriental orebody. The Lundberg target aims to expand the current 16.8 Mt resource laterally and at depth, with grades including 0.42% Cu, 1.53% Zn, 0.64% Pb, 5.69 g/t Ag & 0.07 g/t Au in the Indicated category.
The project covers 87.5 square kilometres near the historic Buchans Mine, which produced 16.2 Mt of high-grade ore averaging 14.5% Zn, 7.6% Pb, 1.3% Cu, 1.37 g/t Au & 126 g/t Ag across five orebodies between 1928 and 1984.
Canterra Minerals (OTCQB: CTMCF) ha avviato un programma di perforazione di Fase 1 presso il suo Progetto Minerali Critici di Buchans in Newfoundland. L'azienda prevede fino a 10.000 metri di perforazioni a diamante nel 2025, concentrandosi sugli obiettivi Pumphouse e Lundberg.
Il sito di Pumphouse rappresenta una ripetizione di faglia poco esplorata dell'orizzonte della miniera Oriental, situata a 500 metri a nord-ovest dal precedente corpo minerario Oriental. L'obiettivo di Lundberg mira ad espandere lateralmente e in profondità l'attuale risorsa di 16,8 Mt, con gradi che includono 0,42% Cu, 1,53% Zn, 0,64% Pb, 5,69 g/t Ag e 0,07 g/t Au nella categoria Indicated.
Il progetto copre 87,5 chilometri quadrati vicino alla storica Miniera di Buchans, che ha prodotto 16,2 Mt di minerale ad alta legge con una media del 14,5% Zn, 7,6% Pb, 1,3% Cu, 1,37 g/t Au e 126 g/t Ag attraverso cinque corpi minerari tra il 1928 e il 1984.
Canterra Minerals (OTCQB: CTMCF) ha iniciado un programa de perforación de Fase 1 en su Proyecto de Minerales Críticos de Buchans en Newfoundland. La empresa planea hasta 10,000 metros de perforación con diamante en 2025, enfocándose en los objetivos Pumphouse y Lundberg.
El prospecto de Pumphouse representa una repetición de falla poco explorada del horizonte de la mina Oriental, ubicada a 500 metros al noroeste del antiguo cuerpo mineral Oriental. El objetivo de Lundberg tiene como meta expandir la actual recurso de 16.8 Mt lateral y en profundidad, con grados que incluyen 0.42% Cu, 1.53% Zn, 0.64% Pb, 5.69 g/t Ag y 0.07 g/t Au en la categoría Indicada.
El proyecto cubre 87.5 kilómetros cuadrados cerca de la histórica Mina de Buchans, que produjo 16.2 Mt de mineral de alta ley con un promedio del 14.5% Zn, 7.6% Pb, 1.3% Cu, 1.37 g/t Au y 126 g/t Ag a través de cinco cuerpos minerales entre 1928 y 1984.
Canterra Minerals (OTCQB: CTMCF)는 뉴펀들랜드에 있는 부칸스 크리티컬 미네랄 프로젝트에서 1단계 드릴링 프로그램을 시작했습니다. 이 회사는 2025년에 10,000미터의 다이아몬드 드릴링을 계획하고 있으며, 펌프하우스와 룬드버그 목표에 집중하고 있습니다.
펌프하우스 전망은 구 동양 광산 지대에서 북서쪽으로 500미터 떨어진 곳에 위치한 탐사가 부족한 단층 반복을 나타냅니다. 룬드버그 목표는 현재의 16.8 Mt 자원을 수평 및 깊이로 확장하는 것을 목표로 하며, 포함된 등급은 0.42% Cu, 1.53% Zn, 0.64% Pb, 5.69 g/t Ag 및 0.07 g/t Au입니다(지정 카테고리).
이 프로젝트는 역사적인 부칸스 광산 근처에 있는 87.5 평방킬로미터를 커버하며, 이 광산은 1928년부터 1984년까지 16.2 Mt의 고급 광석을 생산했으며, 평균 14.5% Zn, 7.6% Pb, 1.3% Cu, 1.37 g/t Au 및 126 g/t Ag를 포함하고 있습니다.
Canterra Minerals (OTCQB: CTMCF) a lancé un programme de forage de Phase 1 pour son Projet de Minéraux Critiques de Buchans à Terre-Neuve. L'entreprise prévoit jusqu'à 10 000 mètres de forage au diamant en 2025, en se concentrant sur les cibles Pumphouse et Lundberg.
Le prospect Pumphouse représente une répétition de faille peu explorée de l'horizon de la mine Oriental, située à 500 mètres au nord-ouest de l'ancien corps minier Oriental. L'objectif de Lundberg vise à élargir la ressource actuelle de 16,8 Mt latéralement et en profondeur, avec des teneurs incluant 0,42% Cu, 1,53% Zn, 0,64% Pb, 5,69 g/t Ag et 0,07 g/t Au dans la catégorie Indiquée.
Le projet couvre 87,5 kilomètres carrés près de l'historique Mine de Buchans, qui a produit 16,2 Mt de minerai de haute qualité avec une moyenne de 14,5% Zn, 7,6% Pb, 1,3% Cu, 1,37 g/t Au et 126 g/t Ag à travers cinq corps miniers entre 1928 et 1984.
Canterra Minerals (OTCQB: CTMCF) hat ein Bohrprogramm der Phase 1 für sein Buchans Critical Minerals Project in Neufundland gestartet. Das Unternehmen plant bis zu 10.000 Meter Diamantbohrungen im Jahr 2025, mit Fokus auf die Ziele Pumphouse und Lundberg.
Das Pumphouse-Vorkommen stellt eine wenig erkundete Störungswiederholung des Horizonts der Oriental-Mine dar, die 500 Meter nordwestlich des ehemaligen Oriental-Erzkörpers liegt. Das Ziel von Lundberg zielt darauf ab, die aktuelle Ressource von 16,8 Mt seitlich und in der Tiefe zu erweitern, mit Gehalten von 0,42% Cu, 1,53% Zn, 0,64% Pb, 5,69 g/t Ag und 0,07 g/t Au in der angegebenen Kategorie.
Das Projekt erstreckt sich über 87,5 Quadratkilometer in der Nähe der historischen Buchans-Mine, die zwischen 1928 und 1984 16,2 Mt hochgradiges Erz mit einem Durchschnitt von 14,5% Zn, 7,6% Pb, 1,3% Cu, 1,37 g/t Au und 126 g/t Ag aus fünf Erzkörpern produziert hat.
- Large current resource base of 16.8 Mt with significant metal content
- Project located in established mining district near past-producing mines
- Potential government financial support through Junior Exploration Assistance Program
- Historical high-grade production in the area indicates strong mineralization potential
- Current resource grades significantly lower than historical mining grades
- Exploration success dependent on unproven geological interpretations
- Additional capital likely needed to complete full 10,000m drilling program
Vancouver, British Columbia--(Newsfile Corp. - March 25, 2025) - Canterra Minerals Corporation (TSXV: CTM) (OTCQB: CTMCF) (FSE: DXZB) ("Canterra" or the "Company") is pleased to announce commencement of drilling and outlines its 2025 drill program at the Buchans Project in the Central Newfoundland Mining District, 50 kms north of Calibre Mining's Valentine Gold Mine and 34 km from Teck Resources' past producing Duck Pond Mine (Figure 2).
Key Points:
- Up to 10,000 m of diamond drilling at Buchans in a phased approach to coincide with the results from the previously announced IP survey (see February 19, 2025 news release)
- Phase 1 focused on drill targets at Pumphouse and Lundberg to continue advancing near resource expansion opportunities started in the 2024 Buchans drill program
Chris Pennimpede, President and CEO of Canterra commented: "We are excited to begin Canterra's 2025 drilling program, which we believe, together with results from the Company's ongoing deep-seeking geophysical surveys, has the potential to yield transformational results for Canterra and the Buchans Project. We are optimistic this work may uncover new discoveries below depths explored by past operators at one of the world's highest-grade past producing VMS mines."
Drill Targets in Order of Priority:
Pumphouse: This prospect represents an underexplored fault repeat of the Oriental mine horizon located 500 m northwest from the former Oriental orebody and 1.5 km northeast of the former Lucky Strike orebody (Lundberg deposit area). Former mine operators, Asarco, are reported to have mined 3.3 Mt1 averaging
Lundberg: The program includes drilling to expand the current 16.8 Mt resource2 laterally and at depth, including north of higher grade stockwork mineralization intersected by Canterra's 2024 drilling and provide further information relating to the underlying Lundberg stockwork footwall mineralization which had not been the focus of previous operators.
Figure 1. Buchans drilling targets and limits of Lundberg Resource estimate projected vertically to surface. 2025 drill targets in white circles.
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Buchans Project
The Buchans Project is an advanced critical minerals project that hosts a significant undeveloped mineral resource adjacent to the past producing Buchans Mine. This brownfield project covers 87.5 square kilometres near the town of Buchans and includes the past producing Buchans Mine operated by Asarco from 1928 to 1984. The project's undeveloped Lundberg resource is a volcanogenic massive sulphide-related ("VMS") stockwork sulphide deposit comprising a large, near-surface resource located beneath and adjacent to workings of the previously mined, high-grade Lucky Strike massive sulphide orebody. At Buchans, Asarco is reported to have mined high-grade ore totaling 16.2 Mt1 at an average grade of
Figure 2. Canterra's Central Newfoundland Mining District properties.
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Notes:
(1) Past production figures from Kirkham, R.V., ed., 1987, Buchans Geology, Newfoundland. Geological Survey of Canada, Paper 86-24, 288 p.
(2) Lundberg's 2019 Resource Estimate (effective date of February 28, 2019) includes In-pit Indicated Mineral Resources 16,790,000 tonnes grading of
Newfoundland and Labrador Junior Exploration Assistance
Canterra would like to acknowledge the financial support it may receive from the Junior Exploration Assistance Program from the government of Newfoundland and Labrador related to the completion of its 2025 exploration programs at Buchans.
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.
Qualified Person
Paul Moore MSc. P.Geo. (NL), Vice President of Exploration 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.
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 (604) 687-6644
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.
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