Canterra Minerals stakes more claims at Valentine Lake, Newfoundland
Canterra Minerals Corp. [TSXV-CTM; OTCQB-CTMCF] has staked an additional 3.6-km segment of the Valentine Lake shear zone (VLSZ), Newfoundland. With the addition of this property, Canterra has further consolidated its land position to cover approximately 60 km of strike along the gold-bearing structural corridor (Valentine Lake/Cape Ray shear zone) that hosts Calibre Mining’s Valentine gold mine that is currently under construction, located less than 18 km southwest of Canterra’s property.
The new claims are located less than five km on strike from a number of Canterra’s gold in bedrock prospects where previous drilling returned intercepts of 10.0 g/t gold over a 5.35-metre core length, including 49.9 g/t gold over 0.98 metres and 0.57 g/t gold over a 42-metre core length. The additional property comprises 47 claims covering 11.75 km2 (1,175 hectares) that is contiguous to Canterra’s existing land position.
Highlights: Canterra’s expanded land position covers approximately 60 km of the northeast extension of the gold-bearing structural corridor that hosts Calibre’s Valentine gold mine approximately 18 km southwest of Canterra’s property.
Previous work undertaken by Canterra and past operators have identified multiple gold-in-bedrock prospects within the expanded land position, as well as numerous gold-in-soil and till anomalies, located proximal to structural breaks highlighted by recent geophysical surveys.
Given the recent increased profile of central Newfoundland’s gold potential with the entry of multiple gold production companies, including Calibre Mining at the Valentine mine, B2Gold as shareholder of AuMega Metals at its Cape Ray deposit and Eldorado Gold through its option with TRU Precious Metals at Golden Rose, Canterra is well positioned with a district-scale property position covering a key portion of this prolific gold bearing structural corridor that is not yet controlled by a major miner.
Canterra is initiating drilling on its high-profile Buchans critical minerals project acquired by the company in December, 2023. This project hosts the past producing Buchans mine, one of the world’s highest-grade volcanogenic massive sulphide mines.
Chris Pennimpede, president and CEO of Canterra, commented: “With M&A in the gold exploration and development space around the world at all-time highs, we are pleased to have further consolidated our land position within this emerging gold mining district. There are numerous new mid-tier and major mining company entrants to this 200-kilometre gold-bearing structural corridor, with B2Gold announcing a $3-million strategic investment into AuMega Metals2, Eldorado Gold optioning 45 km of the gold-bearing corridor for approximately $15-million and Calibre Mining acquiring the next 32-km segment of the corridor from Marathon Gold less than a year ago for $345-million. Calibre have identified approximately five Moz and counting and recently announced the largest exploration drilling program in that project’s history. Canterra is in a very exciting position as it owns the next 60 km of this prolific gold corridor extending northeast and along strike of Calibre.”
Canterra’s new claims cover ground that has undergone recent exploration that identified several gold-in-soil anomalies that remain untested by diamond drilling, including multi-station anomalies ranging up to 200 metres in length and returning values up to 317 parts per billion (ppb) gold.
Calibre recently announced that it expects to achieve gold production from its deposits located 18 km southwest of Canterra’s properties during the second quarter of 2025 and additionally announced a 100,000-metre resource expansion and discovery drill program within its adjacent property. Calibre’s land position covers an approximately 32-kilometre segment of the same structural corridor and hosts a substantial gold endowment including 2.7 Moz of reserves, 3.96 Moz of measured and indicated resources, and 1.10 Moz of inferred resources.
Canterra’s VLSZ gold projects cover 242.5 km2 extending over the northeastern extension of prospective gold-bearing structures on strike of Calibre Mining’s Valentine gold mining project currently under construction. To date, Canterra has advanced these projects through early exploration initiatives mostly comprising property- and regional-scale geochemical and geophysical surveys and limited diamond drilling of several gold-in-bedrock discoveries. Canterra’s consolidated land position is held 100% by Canterra and the company believes this consolidated land position hosts excellent potential for new gold discoveries akin to those at Calibre’s Valentine project.