Canterra Minerals posts Newfoundland Critical Minerals Projects end-of-year update
Canterra Minerals Corp. [TSXV: CTM; OTCQB: CTMCF] provided 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 km2 Central Newfoundland Mining District land holdings in Newfoundland and Labrador, Canada.
Q1 2024: Completed an 1,800-metre maiden drill program at the company’s resource-stage Lemarchant critical minerals project.
Highlights included 28 metres (core length) averaging 1.19 g/t Au, 67.9 g/t Ag, 0.48% Cu, 5.42% Zn, 1.33% Pb. The maiden drill program results will pave the path for additional resource growth
Q2 2024: Formation of a technical advisory committee with notable VMS experts. Reported prospecting results from its Victoria Project yielding 18.65% and 6.8% copper in grab samples highlighting the high-grade nature of this VMS prospect.
Announced the results from gravity surveys conducted on its Long Lake and Tulks East projects with future drill targets identified. Filed the mineral resource estimate for the Buchans Project; the largest and most advanced copper-zinc-lead deposit within the Central Newfoundland Mining District. Closed a $1.5M private placement.
Q3 2024: Sold the Buffalo Hills diamond project for $1.05M. Expanded the Victoria project from 11 km² to 12.75 km²; acquired an additional 4 km strike length of the Valentine Lake Shear zone thereby expanding Canterra’s landholdings in this prolific orogenic gold belt to 60 km.)
Q4 2024: Commenced an 8-hole, 1,600 m maiden drill program on the Buchans Project. Optioned the company’s Ring of Fire project to Teck Resources for gross proceeds of $275,000 and a 1.5% NSR.
Announced results of targeting work with VRIFY AI and the discovery of the Nu target. Reported first drill results from Buchans: 60 m of 2.25% Copper Equivalent (CuEq), including 26 metres of 3.17% CuEq from surface.
Reported final drill results from the Buchans Project including 105 metres of 1.53% CuEq and 78m of 2.00% CuEq. 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.
To date, Canterra has drilled 15 holes totaling more than 3,400 m in 2024 at an estimated cost of ~$700,000, with the cost of drilling averaging less than $140/m and all-in costs averaging less than $200/m.
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.”
The company granted 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 $0.10 per share for a period of five years from the grant date.
Canterra’s Newfoundland projects include six mineral deposits near 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 NI 43-101 and the CIM standards 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 remaining underexplored.