Canterra Minerals Announces Staking of Highly Prospective Critical Metals Mineral Claims and Identifies New Zinc-Copper Massive Sulphide Targets in Newfoundland
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Canterra Minerals Announces Staking of Highly Prospective Critical Metals Mineral Claims
and Identifies New Zinc-Copper Massive Sulphide Targets in Newfoundland
Vancouver, B.C. (June 13, 2023) – Canterra Minerals Corporation (TSXV:CTM) (OTCQB: CTMCF) (“Canterra” or the
“Company”) has expanded the land position of its 100% owned Long Lake critical minerals massive-sulphide project
(the “Long Lake Project”), located in central Newfoundland through staking. The staking involved the addition of 15
claims over 374 hectares.
Key Points:
• The new claims cover the strike extensions of the Long Lake massive-sulphide mineralization and
encompasses drilling by past operators
• Results from the 2022 IP survey have revealed several high priority drill targets located outside of the
current mineral resource
• Mineralization open for extension and expansion to the southwest and northeast along strike
• Previous drill highlights include:
o 7.5m of 14.07% zinc equivalent (“ZnEq”) (1.4% Cu, 2.9% Pb, 6.7% Zn, 67.6g/t Ag, 0.56g/t Au);
and,
o 7.3m of 24.16% ZnEq (1.0% Cu, 2.8% Pb, 16.9% Zn, 85.3 g/t Ag, 0.68g/t Au)(1)
“Although Long Lake has an established mineral resource, Long Lake is very much an exploration opportunity in the
heart of past critical minerals production camp in central Newfoundland . Recent IP results indicate there are
significant chargeability anomalies that exist outside of the known resource that coincide with other gravity
anomalies and favourable geology, which makes for compelling drill targets. In staking these new claims, we now
own the most prospective exploration targets on this highly prospective critical minera ls project,” stated Chris
Pennimpede, President & CEO of Canterra. “We look forward to the start of exploration on our resource-stage critical
minerals projects In Newfoundland.”
Long Lake Project
The Long Lake Project is located 50 kilometres (“km”) southwest of the Duck Pond mine (90 km by road) and covers
40km2, located immediately to the north of Marathon Gold’s Victory Deposit. The Long Lake Project is underlain by
the volcanic Tulks Hill Group (Victoria Lake Supergroup) and contains the Long Lake “Main Zone” VMS deposit, which
is hosted on the limb of an isoclinal syncline. The results of a 2012 Mineral Resource Estimate (“MRE”) for the Main
Zone are shown below (Table 1).Mineralization was extended by drilling in 2014 by previous operators (not included
in the MRE).
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Figure 1: New claims staked by Canterra expanding the Long Lake Project
Table 1: 2012 NI 43-101 Compliant Long Lake Deposit Mineral Resource Estimate
Deposit Category Tonnes Au (g/t) Ag (g/t) Zn (%) Pb (%) Cu (%) ZnEq (%)
Long Lake(1) Indicated 407,000 0.57 49.00 7.82 1.58 0.97 12.41
Inferred 78,000 0.48 34.00 5.77 1.24 0.70 9.15
(1) Based on a 7.0% ZnEq Cutoff from the technical report entitled “Independent Technical Report for the Main Zone of the Long La ke
Volcanic Massive Sulphide Project, Newfoundland and Labrador, Canada” prepared for Messina Minerals Inc., Report Date: April 16,
2012, Effective Date: March 13, 2012, as prepared by SRK Consulting (Canada) Inc. All figures have been rounded to reflect the relative
accuracy of the estimates.
2022 IP Survey Results
In summer 2022 Canterra engaged Simcoe Geoscience to perform high resolution Alpha -IP over the Long Lake
Project to help identify new drill targets. Two IP lines (18E, 19E) were performed over the Long Lake Project and
identified two anomalous zones and three first priority VMS targets with a southwest-northeast trend. One of these
chargeability trends confirms known massive sulphide mineralization and reinforces the application of this method
for the other targets , which are parallel to mineralization and along prospective geological horizons. No previous
drilling has been conducted on the southern and northern targets.
The known mineralization is infer red to be on a limb of an isoclinal fold that correlates well with the newly
interpreted IP data , and t he new targets align well with the concept of further fold repetition and are future high
priority exploration targets.
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Figure 2: IP chargeability anomalies identifying the knowing massive -sulphide mineralization at long Lake and possible
extensions of the known mineralization to the north and south. Historic gravity survey map shown with gravity highs in purple.
The scientific and technical information contained in this news release was reviewed and approved by Christopher
Pennimpede, P.Geo., President & CEO of Canterra. Mr. Pennimpede is a Qualified Person as defined by NI 43 -101.
Notes:
1.Price assumptions used were in USD $1.10/lb Zn, $1.0/lb Pb, $3.7/lb Cu, $1800/oz Au, and $23/oz Ag
2. Metal recoveries used were 80% Zn, 70% Pb, 40% Cu, 85% Au and 50% Ag
3. Zinc Equivalent % = Zn% + ((Pb% * 22.046 *Pb recovery*$Pb/lb) + (Cu% * 22.046 * Cu recovery * $Cu/lb) + (Ag g/t/31.10348 *
Ag recovery * $Ag/oz) + (Au g/t/31.10348 * Au recovery * $Au/oz))/($Zn/lb * 22.046 *Zn recovery)
About Canterra Minerals
Canterra Minerals is a diversified minerals exploration company with a focus on critical minerals ( zinc and copper)
in central Newfoundland. Canterra’s critical metals projects include four deposits which host compliant resources
with considerable exploration potential. The deposits are located in close proximity to Teck Resources ’ past
producing Duck Pond mine and the past producing Buchans Mine. The deposits host a combined complaint resource
of 4.1 million tonnes of Indicated Resources and 1.2 million tonnes of Inferred Resources. See the NI 43 -101
Technical Report “Lemarchant and South Tally Project, Technical Report and Updated Mineral Resource Estimate”
effective September 20, 2018. In addition, Canterra holds exploration stage gold properties that cover 80 km of
strike length of the regional gold bearing Rogerson Lake structural corridor which host s Marathon Gold
Corporation’s feasibility stage Valentine Lake Gold Project. The gold projects have been subject to four drilling
campaigns, demonstrating many gold occurrences and warranting further exploration. In Alberta, Canada, Canterra
also holds a 5 0% interest and is operator of the Buffalo Hills diamond project, with Star Diamond Corporation
holding the remaining interest. The Buffalo Hills diamond project has been subject to considerable exploration
expenditures, including a bulk sample, which has identified 38 kimberlites.
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
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Email: [email protected]
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Exchange) accepts responsibility for the adequacy or accuracy of this release.
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