Canterra Minerals drills 7.73% Copper Equivalent over 4.45 metres at Buchans Project, Newfoundland
Canterra Minerals Corp. [TSXV: CTM; OTCQB: CTMCF; FSE: DXZB] reported step-out drilling results, including 7.73% Copper Equivalent (CuEq) over 4.45 metres at its 100%-owned Buchans Project in the Central Newfoundland Mining District. The Buchans Project is located at the site of the world-renowned past-producing Buchans Mine, approximately 50 km north of Equinox Gold’s Valentine Gold Mine and 34 km northwest of Teck’s past producing Duck Pond Mine.
In May 2025, Canterra intersected 5.97% CuEq over 5.35 metres in hole H-25-3539. This latest drilling was completed in three holes at approximately 50-metre step-outs, which have successfully extended the Two Level Zone located outside the Lundberg resource. These results indicate high-grade mineralization remains open down plunge to the north.
Drilling Highlights: 7.73% CuEq over 4.45 metres (1.11% Cu, 11.38% Zn, 7.02% Pb, 125.5 g/t Ag & 1.24 g/t Au); 1.85% CuEq over 26.0 metres (0.84% Cu, 2.13% Zn, 1.30% Pb, 8.2 g/t Ag & 0.08 g/t Au), extending the Lundberg stockwork zone 80 metres beyond the current Lundberg Resource.
At depth, the hole returned mineralization of 1.72% CuEq over 6 m (0.28% Cu, 3.36% Zn, 1.55% Pb, 8.6 g/t Ag & 0.12 g/t Au); two Level Zone mineralized footprint has now expanded to approximately 200 m x 50 m.
“These drilling results confirm that Buchans has the potential to host a much larger and higher-grade system than previously defined,” stated Chris Pennimpede, President and CEO of Canterra. “Intersecting high-grade copper mineralization with gold mineralization in step-out drilling well outside the existing resource, demonstrates both the strength and continuity of mineralization. With the Two Level Zone expanding and the Lundberg stockwork zone extending, we are seeing clear evidence that Buchans remains one of Canada’s most prospective VMS districts. These results strongly support our strategy to unlock significant new value through continued drilling and resource growth in one of the premier mining jurisdictions of Canada.”
The ongoing program is systematically stepping out to extend mineralization and test new targets across one of Canada’s highest-grade historic VMS camps.
Drilling has now expanded the Two Level Zone mineralized footprint to approximately 200 m x 50 m. This zone hosts high-grade, transported, breccia-hosted sulphide mineralization similar in style to the historic high-grade ore mined at Buchans.
Below the Two Level Zone, drilling has consistently intersected stockwork sulphide mineralization equivalent to that of the Lundberg Resource. These results indicate that the stockwork zone remains open and continues to expand at depth toward the northwest.
With these successful results, Canterra is planning follow-up drilling to test the continuity and extent of mineralization at the Two Level Zone. The company’s ongoing 8,000-metre drill program at Buchans will also continue to test other high-priority targets across the wider Buchans Project.
Canterra’s Buchans Project hosts the world-renowned, past producing Buchans Mine as well as the undeveloped Lundberg open pit resource. This brownfield project covers 95 km2 near the town of Buchans where Asarco operated the Buchans Mine from 1928 to 1984.
Canterra is a diversified minerals exploration company focused on critical minerals and gold in central Newfoundland. The company’s projects include seven mineral deposits located in close proximity to the past producing Buchans Mine and Teck Resources’ Duck Pond Mine, which collectively produced copper, zinc, lead, silver and gold.
Several of Canterra’s deposits support current and historical Mineral Resource Estimates prepared in accordance with NI 43-101 standards. Canterra’s gold projects are located on-trend of Equinox Gold’s Valentine mine currently under construction and cover a ~55 km extension of the same structural corridor that hosts mineralization within Equinox Gold’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.
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