Canterra Minerals and GoldSpot Discoveries Identify Numerous Drill Targets on the Wilding Gold Project in Central Newfoundland
Canterra Minerals and GoldSpot Discoveries
Identify Numerous Drill Targets on the Wilding
Gold Project in Central Newfoundland
Vancouver, British Columbia--(Newsfile Corp. - July 14, 2021) -
Canterra Minerals Corporation
(TSXV: CTM) (OTCQB: CTMCF)
("Canterra" or the "Company") and GoldSpot Discoveries Corp
(TSXV: SPOT) (OTCQX: SPOFF) ("GoldSpot"), a leading technology services company leveraging
machine learning to transform the mineral discovery process, are pleased to report on the results of a
property-wide comprehensive data review, compilation and drill target selection on the Wilding Gold
Project ("Wilding") in Newfoundland using traditional geological and machine learning methods. The
results of this exercise identified 54 prospective areas, ranked in order of priority with 10 areas
identified as high priority drill targets.
Chris Pennimpede, CEO & President of Canterra, commented, "The Wilding Gold Project continues to
evolve with exceptional targets that have yet to be tested. Making discoveries under till cover is
challenging, and the team at Goldspot have delivered high-confidence drill targets from the robust
surface and geophysical data sets that exist at Wilding. These targets are now being ground truthed by
our field crews in preparation for drilling in the late summer - early fall. With GoldSpot's proven track
record of new discoveries, we are very excited to start drill and testing these new targets."
Denis Laviolette, Executive Chairman of GoldSpot, commented, "Our team of leading geoscientists and
data scientists continue to deliver unrivalled results for our clients through our artificial intelligence
backed services and technology portfolio. These 10 high priority drill targets are the result of an
extensive investigation and analysis of the Wilding Gold Project ranging from mapping and trenching,
structural studies, geochemistry, geophysical magnetic surveys and regional digital elevation maps. We
look forward to working with the Canterra exploration team to validate these targets and further advance
the project."
GoldSpot Target Generation
GoldSpot is a mining-focused technology company working with the leading exploration and mining
names in the industry to apply cutting-edge Artificial Intelligence ("AI") algorithms to significantly increase
the efficiency and success rate of mineral exploration. Recent successes by GoldSpot with both leading
producers and explorer/developers have demonstrated the potential to expand resources and make new
discoveries using this advanced analytical technology.
GoldSpot utilizes its proprietary 'Smart Targeting' approach to distill all available geological information
from large land packages and identify the most efficient and cost-effective way to explore, saving time,
resources, and capital.
The information used in the GoldSpot investigation at Wilding included: geological data from mapping
and trenching, structural studies; geochemical data including >13,000 soil samples and >400 rock
samples; geophysical magnetic surveys and regional digital elevation maps. Significant findings include:
Geology and Mineralization
Wilding exhibits: 1) a structurally controlled quartz + tourmaline + gold vein system with siderite +
ankerite + sericite wall-rock alteration, adjacent to the veins (Elm-Alder-Dogberry zones), and 2)
disseminated-style gold mineralization hosted by magnetite-rich feldspar porphyry.
Through the compilation and review of historic work, GoldSpot highlighted important geological
features:
Mineralization is focused, near and along the southern contact of the Rogerson Lake
Conglomerate.
Prospective units are the Rogerson Lake Conglomerate, a felsic volcanic unit, a magnetic
feldspar porphyry unit and a tonalitic intrusive from the Crippleback Intrusive Suite.
At least three generation of mineralized veins are documented. The thickest veins (<1 m)
(first generation) trend approximately ENE-WSW. The orientations of later generations of
veins are a function of the local stress-regime and may coincide with the orientation of
lineaments identified by geophysics.
Felsic volcanic rocks also host a distinct type of polymetallic Zn + Cu + Pb + Ag + Au veins.
Geophysics
Reinterpretation of magnetic field data highlighted two main sets of faults in NW-SE and N-S
orientations (Figure 1), which crosscut ENE-WSW trending along geological structures and
lineaments. The orientation of faults and lineaments and their intersections are potentially
favourable for gold.
GoldSpot also identified the same fault and lineament orientations in the East Alder Property
adjacent to Canterra's Wilding Gold Property by using publicly available geophysical data.
Areas of demagnetization that may have been caused by gold-related alteration have been
identified along and at the intersection of the fault and lineaments.
Geochemistry
Using the soil gold geochemistry, GoldSpot applied inverse distance weighting (IDW) gridding
techniques to identify that there is a strong mineralization signal in surficial samples, corroborating
known occurrences. This signal extends to the southwest and northeast, along trend. (Figure 2)
Interpretation of soil grids also highlighted additional prospective zones and trends that extend
from drilled occurrences, (purple dashed lines on Figure 2):
Interpretation of multielement ICP soil data also shows good correlation with pathfinder
elements.
Areas for further exploration selected by GoldSpot lie in favourable host units near known occurrences,
along lineaments and faults, at their intersections or in complex structural settings, and comprises
favourable soil signature (Figure 3).
Figure 1 - Interpreted lineaments, contacts and faults in Wilding and East-Alder properties, over
reduced to pole magnetics.
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/8054/90145_d6154bc0046899d9_001full.jpg
Figure 2 - Levelled gold in soils grid using IDW interpolation method. Levelling geochemical
data creates a unitless ratio, so values on the legend
do not
represent ppm, ppb, etc.
To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/8054/90145_capture_550.jpg
Figure 3 - Selected target areas for exploration by GoldSpot in the vicinity of the known vein
systems, over 1VD magnetics
To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/8054/90145_d6154bc0046899d9_004full.jpg
About Canterra Minerals
Canterra is earning a 100% interest in the Wilding and Noel Paul Gold Projects, located 50km south, by
logging road, from Millertown and directly northeast of Marathon Gold's Valentine Lake Gold Project in
Central Newfoundland. The 243km
2
property package includes 50km of the northeastern strike-
extension of the Rogerson Lake Structural Corridor, which hosts Marathon Gold's Valentine Lake
deposits, Matador Mining's Cape Ray deposit, Sokoman's Moosehead discovery and TRU Precious
Metals' Golden Rose and Twilight discoveries. A $2.75 million exploration program is underway,
focusing on drilling and surface exploration on the Wilding Gold Project.
This program will include
additional diamond drilling on the existing zones and follow up trenching and diamond drilling on
numerous targets identified from previous soil geochemistry sampling.
Canterra's team has more than
100 years of experience searching for gold and diamonds in Canada and have been involved in the
discovery of the Snap Lake diamond mine, in addition to the discovery of the Blackwater Gold deposit in
British Columbia, Canada.
The scientific and technical information and exploration data quality assurance and control contained in
this news release were prepared under the supervision of David Evans, M.Sc., P.Geo., Manager of
Exploration for Canterra. Mr. Evans is a Qualified Person as defined by National Instrument ("NI") 43-
101.
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:
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policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
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