Vancouver, B.C. (July 30, 2024) – Canterra Minerals Corporation (TSXV:CTM) (OTCQB: CTMCF) (“Canterra” or the
“Company”) is pleased to announce the commencement of summer field programs on its volcanic massive sulphide
(VMS) projects within the central Newfoundland Mining District (see Figure 1). These programs are designed to
identify and evaluate exploration targets across the Company’s highly prospective project portfolio that include
multiple base metal deposits in the district, with a drill program expected to begin later this summer.
Highlights:
• Planned 2,000 m drilling program at Buchans to explore for new discoveries of Buchans style classic highgrade massive sulfide mineralization
• Drilling will also be focused in and around the Lundberg deposit (the existing deposit within the brownfields
of Buchans) to further expand and enhance this large open-pit resource by extending known mineralization
and exploring for additional higher-grade mineralization nearby that may complement Lundberg’s
development; this initiative is motivated by an improved outlook for critical base metal prices, particularly
copper, a significant component of the Lundberg deposit (see news release dated June 4, 2024)
• Geological investigations to include review and sampling of archived drill core from multiple deposits
containing historical resource estimates; deposits to be evaluated include Lemarchant, Long Lake,
Boomerang, Tulks Hill, Daniels Pond and Bobbys Pond (see the website for historic resource estimates)
• Summer programs will build on previously announced recent results including targets identified at
Lemarchant (see news release dated April 16, 2024) and gravity surveys at the Long Lake (see news release
dated April 29, 2024) and Tulks East projects (see news release dated May 6, 2024)
• Strategic goals include increased consideration of projects and deposits with potential for enhancement or
discovery of resources with higher copper grades and metal inventory and include follow-up work on
Canterra’s recently announced high-grade copper samples from the Victoria Project (see news release
dated April 22, 2024)
• Canterra is fully funded for this summer’s exploration, including drilling at Buchans
Field reviews will be undertaken in conjunction with the Company’s ongoing data compilation and include technical
contributions from qualified consultants including geophysical, resource modelling and exploration targeting.
Among consultants that have been engaged in this initiative are Mercator Geological Services and Mr. Alan King
P.Geo. Mercator has been involved with previous resource modelling at Lundberg while Mr. King has been engaged
on several of Canterra’s central Newfoundland projects since 2018 through his consultancy, Geoscience North. Mr.
King is a widely respected geophysical consultant that has supported exploration and resource development in
Canada and globally and has been instrumental in Canterra’s assessment of the Buchans Project. In addition, the
Company intends to further engage members of its Technical Advisory Committee, including renowned VMS
geological experts Dr. Rodney Allen and Dr. Stephen Piercey as part of its target evaluation process(see news release
dated March 18, 2024).
Buchans Property
Canterra’s Buchans Property is a brownfields project that encompasses 82.5 square kilometres (“km2
”) near the
town of Buchans. The property hosts the world-renowned past-producing Buchans mine operated by Asarco
between 1928 and 1984 and is underlain by volcano-sedimentary rocks of the Buchans Group. The property also
hosts the undeveloped Lundberg deposit, a VMS stockwork deposit that comprises a large, near-surface resource
located immediately beneath workings of the previously mined, high-grade Lucky Strike massive sulphide orebody.
At Lucky Strike, Asarco mined 5.6 million tonnes of high-grade ore averaging 18.4% Zn, 8.6% Pb, 1.6% Cu, 112 g/t
Ag & 1.7 g/t Au, essentially pre-stripping a large portion of the Lundberg resource. The total ore mined over the life see & read more on
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