AUS
NZ
UK
CA
USA
IND
Highlights:
- Canterra Minerals Corporation reports promising initial results from its maiden drilling program at the 100% owned Buchans Project.
- Significant intersections include 2.25% CuEq over 60.25 meters, expanding the Lundberg deposit and testing the Two Level target area.
- The low all-in drill cost of approximately CAD 200 per meter enhances the program’s economic efficiency, with further assays pending for higher-grade mineralization zones.
Canterra Minerals Corporation (CTM: TSXV) has announced the initial results from its maiden drilling program at the 100% owned Buchans Project, located in the Central Newfoundland Mining District. The Buchans Project, with its substantial infrastructure and historical mining operations, presents an exciting opportunity for future development. Canterra holds Newfoundland’s second-largest combined critical minerals inventory, with seven resource-stage deposits, underscoring the project’s strategic importance within the growing mining region.
The drilling program, which consisted of eight drill holes, aimed to expand the Lundberg deposit and test the Two Level target area, situated approximately 50 meters northwest of Lundberg. Initial results from the first six holes have returned promising intersections, demonstrating strong mineralization and suggesting the potential for future resource growth.
One of the most significant results from the maiden program was reported in hole H-24-3531, which intersected 2.25% copper equivalent (CuEq) over 60.25 meters, including 3.17% CuEq over 26 meters. This intersection included 0.74% copper, 3.92% zinc, 1.16% lead, 11.5 g/t silver, and 0.16 g/t gold. These results underscore the potential for further expansion of the Lundberg deposit, which is already the largest and most advanced copper-zinc-lead deposit in the Central Newfoundland Mining District.
In addition, hole H-24-3527 returned a result of 0.90% CuEq over 121.45 meters, further indicating the continuity of mineralization within the Lundberg deposit and extending its strike length. The intersections from the maiden drilling program demonstrate significant grades of copper, zinc, lead, and silver, which are expected to enhance the current resource estimates for Lundberg.
The drill program’s cost efficiency was another positive aspect, with an all-in drill cost of approximately CAD 200 per meter across the 1,600-meter program. This represents a low-cost exploration model, maximizing the value of the project’s exploration budget while generating meaningful results.
The results from this initial drill program will be incorporated into Canterra’s ongoing exploration and resource estimation efforts. As the largest known copper-zinc-lead deposit within the region, Lundberg remains a key focus for the company’s growth strategy. The new results should augment and enhance future resource estimate updates, which will be used to guide further exploration and development.
Canterra is also leveraging innovative AI-powered predictive modeling through VRIFY to identify and target mineralization elsewhere on the property. This approach allows for more effective targeting of high-potential areas, further improving the efficiency of exploration at Buchans.
Additional assays are pending for the remaining two holes of the program, which targeted higher-grade mineralization intersected in previous drill hole H-12-3531. These results are expected to provide further insight into the mineralization potential at Lundberg, with ongoing efforts to extend the deposit both at depth below the 2019 pit shell and to the north, where the potential to expand the resource remains.
