Canterra Minerals acquires additional 3.6 km strike length of the Valentine Lake Shear Zone which hosts all the Gold Deposits at Calibre Mining’s Valentine Mine
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Canterra Minerals acquires additional 3.6 km strike length of the Valentine Lake Shear Zone
which hosts all the Gold Deposits at Calibre Mining’s Valentine Mine
Vancouver, B.C. (August 15, 2024) – Canterra Minerals Corporation ( TSXV:CTM) (OTCQB: CTMCF) (“Canterra” or
the “Company”) is pleased to announce staking of an additional 3.6 kilometre (“km”) segment of the Valentine Lake
Shear Zone (“VLSZ”). 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 5 km on strike from a number of Canterra’s gold in bedrock prospects where
previous drilling returned intercepts of 10.0 grams per tonne (“g/t”) Au over 5.35 metre (“m”) core length, including
49.9 g/t Au over 0.98 m (Antler Gold Inc. news release dated December 13, 2017) and 0.57 g/t Au over 42.0 m core
length (see news release dated April 19, 2022). The additional property comprises 47 claims covering 11.75 square
kilometres (“km2”) (1,175 ha) that is contiguous to Canterra’s existing land position.
Highlights:
• Canterra’s expanded land position covers ~60 km of the northeast extension of the gold-bearing structural
corridor that hosts Calibre’s Valentine gold mine ~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 isn’t yet controlled by a major miner.
• Canterra is initiating drilling on its high-profile Buchans critical minerals project acquired by the Company
in December of 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 km
gold bearing structural corridor, with B2Gold announcing a $3M dollar strategic investment into AuMega Metals2 ,
Eldorado Gold optioning 45 km of the gold-bearing corridor for approximately $15M3, and Calibre Mining acquiring
the next 32 km segment of the corridor from Marathon Gold less than a year ago for $345M1. Calibre have identified
~ 5 Moz 1 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 Valentine Lake Shear Zone Gold Project
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 m in length
and returning values up to 317 ppb Au (Buchans Resources December 14, 2018 news release). 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 their adjacent property (Calibre July 15, 2024 news release). Calibre’s land position
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covers a ~32 km 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 Resources1.
Canterra’s VLSZ Gold Projects
Canterra’s VLSZ Gold Projects cover 242.5 square kilometres extending over the northeastern extension of
prospective gold -bearing structures on strike of Calibre Mining’s Valentine gold mining project currently under
construction (Figures 1 & 2 ). To date, Canterra ha s advanced these projects through e arly exploration initiatives
mostly comprised of 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.
Figure 1. Canterra’s Central Newfoundland Mining District critical mineral and gold projects.
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Figure 2. Newfoundland Valentine Lake Shear Zone Projects. Canterra’s Central Newfoundland projects in Blue with newly
staked claims in Gold.
Notes:
(1) Refers to the Calibre Mining News Release dated November 13, 2023 and Mineral Resource and Reserve
Statements found on the Calibre’s website at www.calibremining.com.
(2) refers to the AuMega Metals News Release dated October 26 2022
(3) refers to the TRU Precious Metals news release dated July 30, 2024
Newfoundland and Labrador Junior Exploration Assistance
Canterra would like to acknowledge the financial support it may receive from the Junior Exploration Assistance
Program from the government of Newfoundland and Labrador related to the completion of its summer exploration
and drilling programs.
About Canterra Minerals
Canterra Minerals is a diversified minerals exploration company with a focus on critical minerals in central
Newfoundland. Canterra’s projects include s ix mineral deposits located in close proximity to the world -renowned,
past producing Buchans mine and Teck Resources’ former past producing Duck Pond mine that produced copper,
zinc, lead, silver and gold. Several of Canterra’s deposits support historical Mineral Resource Estimates prepared in
accordance with National Instrument 43 -101 and the Canadian Institute of Mining, Metallurgy, and Petroleum
Definition Standards for Mineral Resources and Mineral Reserves curr ent at their respective effective dates
(collectively the “Historical Resource Estimates”). All of Canterra’s Historical Resource Estimates are deemed
historical as they were prepared prior to their acquisition by Canterra.
Qualified Person
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Paul Moore MSc. P.Geo. (NL), Vice President of Exploration for Canterra Minerals Corporation, a Qualified Person
within the meaning of National Instrument 43 -101, has reviewed the technical disclosure in this news release for
accuracy and either prepared or supervised its preparation.
ON BEHALF OF THE BOARD OF CANTERRA MINERALS CORPORATION
Chris Pennimpede
President & CEO
Additional information about the Company is available at www.canterraminerals.com
For further information, please contact: +1 (604) 687-6644
Email: [email protected]
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Information
This press release contains statements that constitute “forward -looking information” (collectively, “forward-looking
statements”) within the meaning of the applicable Canadian securities legislation, including statements with respect
to estimated mineral r esources, the opening of avenues for substantial discoveries within the belt, the Buchans
Project being ripe for a modern approach with significant exploration potential for high grade VMS mineralizatio n,
the Company anticipating being strongly positioned to unveil the next mineral discovery in central Newfoundland. All
statements, other than statements of historical fact, are forward-looking statements and are based on expectations,
estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations,
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that such statements will prove to be accurate and actual results and future events could differ materially from those
anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX
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management’s beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results
to differ materially from those anticipated in these forward -looking statements include risks associated possible
accidents and other ris ks associated with mineral exploration operations, the risk that the Company will encounter
unanticipated geological factors, the possibility that the Company may not be able to secure permitting and other
governmental clearances necessary to carry out the Company’s exploration plans, the risk that the Company will not
be able to raise sufficient funds to carry out its business plans, and the risk of political uncertainties and regulatory
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update or revise any forward -looking statements to reflect actual results, whether as a result of new information,
future events, changes in assumptions, changes in factors affecting such forward -looking statements or otherwise.