Canterra Minerals Announces Gravity Targets, Initiates Review of Property-wide Exploration Data at its Long Lake Project in Central Newfoundland
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Canterra Minerals Announces Gravity Targets, Initiates Review of Property-wide Exploration
Data at its Long Lake Project in Central Newfoundland
Vancouver, B.C. (April 29, 2024) – Canterra Minerals Corporation (TSXV:CTM) (OTCQB: CTMCF) (“Canterra” or the
“Company”) is pleased to announce results from a recently completed ground gravity survey over its Long Lake
Project in central Newfoundland, Canada. The gravity survey returned p romising results, including detection of
positive gravity anomalies, in underexplored areas proximal to Canterra’s Long Lake deposit.
Highlights:
• Long Lake Main Zone horizon detected as an open -ended, 2 kilometre (“km”) long gravity anomaly and
remains underexplored at depth
• Multiple positive gravity anomalies detected in underexplored areas, including several anomalies coincident
with recommended drill targets by Abitibi Geophysics, who operated the gravity survey
• Based on the initial results of the gravity survey, the Company has commenced a review of the gravity
results in conjunction with other available datasets, including IP surveys completed by Canterra in 2022 (see
June 13, 2023 press release). This review will assess the targets generated by Abitibi Geophysics as well as
identify deeper drilling targets associated with the known Long Lake mineralized horizons .
“Long Lake has tremendous exploration potential and was identified as such when going through the due diligence
process in 2021 prior to acquisition. The project contains a small historical resource based on very limited drilling and
also has a patchwork of geophysical survey coverage, suggesting that there were extensions to not only the deposit,
but potentially new massive sulfide lenses to be found. We are pleased with these gravity results as they continue to
support that thesis. Therefore, Long Lake is a priority exploration opportunity within our central Newfoundland
Mining District portfolio. We now look forward to advancing this and our other central Newfoundland projects for
further testing by drilling” stated Chris Pennimpede, President & CEO of Canterra.
The Long Lake deposit hosts potential for expansion at depth in addition to hosting additional mineralized horizons
considered prospective for new high -grade VMS discoveries. Previous drill highlights from the Long Lake Zone
include drilled intercepts of 7.5 m averaging 1.4% Cu, 2.9% Pb, 6.7% Zn, 67.6g/t Ag, and 0.56g/t Au as well as 7.3 m
averaging 1.0% Cu, 2.8% Pb, 16.9% Zn, 85.3 g/t Ag, and 0.68g/t Au (see June 13, 2023 press release).
Additional details:
• The gravity survey fills geophysical gaps and extends an airborne gravity survey that was completed by
previous operators (see Figure 2).
• The new gravity survey involved the collection of ground gravity measurements at 100 m intervals along
200 m spaced lines, extending coverage over an area of 6.2 square kilometres (“km2”).
• Gravity surveys were selected to assist exploration targeting as the massive sulfide mineralization at Long
Lake is known to host sphalerite-rich (i.e., Zn-rich) massive sulphides mineralization and stockwork sulphide
mineralization (i.e., Zn,Cu,Pb,Au,Ag mineralization) that may not be readily detected as strong conductive
geophysical anomalies.
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Figure 1. 2024 Gravity survey locations - Canterra’s Central Newfoundland Mining District projects.
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Figure 2. Residual Bouguer anomaly map (Abitibi Geophysics Inc.) derived from Canterra 2024 gravity survey data and previous
airborne gravity gradiometry survey data. Gravity anomalies (blue dashed outlines) are identified as being associated with
mineralization within the Long Lake Main Zone , the on -strike extension of the mineralized horizon, and other locations
elsewhere on the property . Targets warranting further follow -up and possibly diamond drilling indicated as proposed drill
holes. Labeled drill highlights are from work completed by previous operators.
Long Lake Project
The L ong Lake Project hosts one of seven deposits located within Canterra’s 684 km 2 landholdings in central
Newfoundland. The Project is located 50 km southwest of Teck Resources former Duck Pond mine (90 km by road)
and covers 40 km2, immediately north of Calibre Mining’s Valentine Gold Mine.
The Project is underlain by volcanic rocks of the Long Lake Group (Victoria Lake supergroup) that contain the Long
Lake “Main Zone” volcanogenic massive sulphides ( VMS) deposit. This deposit hosts a historical mineral resource
estimate (the “Long Lake Estimate”) comprised of Indicated resources totaling 0.41 million tonnes averaging 7.8%
Zn, 1.6% Pb, 1.0% Cu, 49 g/t Ag, and 0.57 g/t Au as well as Inferred resources totaling 0.08 million tonnes averaging
5.8% Zn, 1.2% Pb, 0.7% Cu, 34 g/t Ag, and 0.48 g/t Au . Canterra is not treating the Long Lake Estimate as current
Mineral Resources and a Qualified Person has not done sufficient work to classify the historical resource estimates
as current Mineral Resources. References for the historical Long Lake Estimate and its associated Technical Report
can be found on Canterra's website.
Qualified Person
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.
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About Canterra Minerals
Canterra Minerals is a diversified minerals exploration company with a focus on critical and precious metals within
the C entral Newfoundland Mining District . Canterra’s projects in the district include seven mineral deposits ,
including the prolific, past producing Buchans mine , which produced copper, zinc, lead, silver and gold . Canterra
also host a commanding land position that includes several exploration-stage gold projects covering 60 km of strike
of the regional gold-bearing Rogerson Lake structural corridor that hosts Calibre Mining Corporation’s development-
stage Valentine Gold Mine. Canterra’s Newfoundland gold projects have been subject to four drilling campaigns,
demonstrating many gold occurrences warranting further exploration.
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 resources , 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 mineralization,
the Company anticipating being strongly positioned to unvei l the next mineral discovery in central Newfoundland,
the filing of the Technical Report, and the future exchange of the Consideration Warrants. 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, beliefs, plans,
projections, objectives, assumptio ns, future events or performance (often but not always using phrases such as
“expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”,
“forecasts”, “estimates”, “believes” or “intends” or variat ions of such words and phrases or stating that certain
actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not
statements of historical fact and may be forward-looking statements. Consequently, there can be no assurances 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
Venture Exchange, the Company undertakes no obligation to update these forward -looking statements if
management’s beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results
to differ materially from thos e anticipated in these forward -looking statements include risks associated possible
accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter
unanticipated geological factors, the possibility that th e 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 p olitical uncertainties and regulatory
or legal changes that might interfere with the Company’s business and prospects.; the business and operations of the
Company; unprecedented market and economic risks associated with current unprecedented market and eco nomic
circumstances due to the COVID-19 pandemic, as well as those risks and uncertainties identified and reported in the
Company's public filings under its SEDAR+ profile at www.sedarplus.ca. Accordingly, readers should not place undue
reliance on the forward -looking statements and information contained in this press release. Except as required by
law, the Company disclaims any intention and assumes no obligation to update or revise any forward -looking
statements to reflect actual results, whether as a res ult of new information, future events, changes in assumptions,
changes in factors affecting such forward-looking statements or otherwise.