Canterra Minerals Completes Acquisition of Strategic Land Position in Central Newfoundland
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Canterra Minerals Completes Acquisition of Strategic Land Position in Central Newfoundland
Vancouver, B.C. (November 15, 2021) – Canterra Minerals Corporation ( TSXV:CTM) (OTCQB: CTMCF) (“Canterra”
or the “Company”) is pleased to announce that it has completed the previously announced acquisition of mineral
rights to four resource staged projects in central Newfoundland, adding 67km2 to Canterra’s property position. The
projects were acquired from NorZinc Ltd. (“NorZinc”) and its affiliate NorZinc -Newfoundland Ltd. , arm’s length
parties to the Company , for $ 250,000 in cash and 6,625,000 common shares (the “ Consideration Shares”) of
Canterra, representing an approximate 9. 1% ownership interest, together representing a total consideration value
of approximately $2,237,500 based on a deemed price of $0.30 per share.
Following the completion of this transaction, t he Company’s total property position in the central Newfoundland
gold belt is approximately 352km2, allowing for expansion of exploration efforts across th is new gold district. The
Company will begin targeting work on the properties following completion of the Fall 2021 drilling program, which
is currently underway at the Company’s Wilding Gold Property, which is contiguous with Marathon Gold’s Valentine
Lake Project.
Highlights:
• Underexplored property package in prolific volcanogenic massive sulfide (“VMS”) district, which hosts the
past producing Duck Pond Mine (Teck Resources) and Buchans Mine (ASARCO)
• Strong average gold grades greater than 1.0 g/t at the Lemarchant and Boomerang deposits
• VMS systems defined on all projects with significant expansion potential and numerous untested targets
Mineral Resource Estimates at Various Effective Dates
Deposit Category Tonnes Au (g/t) Ag (g/t) Zn (%) Pb (%) Cu (%)
Lemarchant(1) Indicated 2,420,000 1.22 64.00 6.15 1.60 0.68
Inferred 560,000 1.06 44.70 4.68 1.08 0.45
Boomerang(2) Indicated 1,364,600 1.66 110.43 7.09 3.00 0.51
Inferred 278,100 1.29 96.53 6.72 2.88 0.44
Domino(2) Inferred 411,200 0.60 94.00 6.30 2.80 0.40
Long Lake(3) Indicated 407,000 0.57 49.00 7.82 1.58 0.97
Inferred 78,000 0.48 34.00 5.77 1.24 0.70
Au (K oz) Ag (M oz) Zn (M lbs) Pb (M lbs) Cu (M lbs)
Total Indicated 175 10 611 189 60
Total Inferred 40 2 166 58 13
(1) Based on a 4.0% ZnEq Cutoff from the technical report entitled “NI 43-101 Technical Report and Updated Mineral Resource Estimate on the
Lemarchant Deposit South Tally Pond Property, Central Newfoundland, Canada” prepared for NorZinc Ltd., Report Date: October 22, 2018,
Effective Date: September 20, 2018, as prepared by Michael Cullen, P.Geo., Matthew Harrington, P.Geo. and Michael J. Vande Guchte,
P.Geo. All figures have been rounded to reflect the relative accuracy of the estimates.
(2) Based on a 1.0% Zn Cutoff from the technical report entitled “Messina Minerals Inc.: Tulks South Property, Central Newfoundland, Canada
Technical Report” prepared for Messina Minerals Inc., Report Date: August, 2007, as prepared by Snowden. All figures have been rounded
to reflect the relative accuracy of the estimates.
(3) Based on a 7.0% ZnEq Cutoff from the technical report entitled “Independent Technical Report for the Main Zone of the Long Lake 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.
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Chris Pennimpede, CEO & President of Canterra, commented “ Canterra’s goal is to find mineral depos its in central
Newfoundland. These four assets will bolster our mineral rights position in the central Newfoundland corridor and
will provide further opportunity to make a major discovery in the belt. Our current property position around the
former Duck Pond Mine has provided us with VMS exploration opportunities in addition to our already established
orogenic gold deposit opportunities. These new acquisitions further that VMS exploration potential. As the age -old
industry saying goes, “the best place to look for deposits/mines is next to deposits/mines” ; Canterra will now be
positioned next to Marathon’s Valentine Lake Deposits, Teck’s Duck Pond Mine and will have a suite of deposits with
significant exploration upside. With $4.0M in cash, and a 352km2 land position covering mineral rights encompassing
existing deposits, we expect to be well positioned to make the next mineral discovery in central Newfoundland.”
The four properties acquired are the South Tally Pond property (h osting the Lemarchant deposit), the Tulks South
property (hosting the Boomerang -Domino and Tulks East deposits), the Long Lake property (hosting the Long Lake
“Main Zone” deposit) and the Victoria Mine property (host to a historical copper mine) (collectively, the
“Properties”). The location of the Properties are shown on the map below:
Location of the Properties
The Consideration Shares are subject to contractual lock -up requirements pursuant to which, except in certain
circumstances, 3,000,000 Consideration Shares may not be transferred until the date that is six months following
closing (May 15, 2022), and the remaining 3,625,000 Consideration Shares may not be transferred until the date that
is 12 months following closing (November 15, 2022). The Consideration Shares are also be subject to a statutory hold
period expiring four months and one day from the closing (March 16, 2022).
Corporate Update
The Company also announces the retirement of Director John McDonald from the Board on November 3, 2021. The
Board would like to thank Dr. McDonald for his years of dedication to the Company and wishes him all the best in
retirement.
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 285km2 property package includes 50km of the northeastern strike-extension of the Rogerson Lake Structural
Corridor, which hosts Marathon Gold’s Valentine L ake deposits, Matador Mining’s Cape Ray deposit, Sokoman’s
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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 has been involved in the discovery of the Snap Lake diamond mine,
in addition to the discovery of the Blackwater Gold deposit in B ritish Columbia, Canada.
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.
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 news release contains statements that constitute “forward-looking information” (collectively, “forward-looking statements”)
within the meaning of the applicable Canadian securities legislation . 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, and
include statements with respect to the Company’s expansion of exploration efforts across the gold district in central
Newfoundland, the Company beginning targeting work on the acquired properties following completion of the Fall 2021 drilling
program, the estimates of mineral resources on the acquired properties, statements with respect to the Company having a suite
of deposits with significant exploration upside and statements with respect to the Company’s expectation to be well positioned to
make that 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, beliefs, plans, projections, objectives, assumptions, 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 variations of such words and phrases or stating t hat
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 those anticipated in these forward -looking statements
include possible accidents and other risks 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 governmenta l
clearances necessary to carry out the Company’s ex ploration 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 or legal changes that might int erfere
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 economic circumstances due to the COVID-19 pandemic, as well as those
risks and uncertainties identified and reported in th e Company's public filings under its SEDAR profile at www.sedar.com.
Accordingly, readers should not place undue reliance on the forward -looking statements and information contained in this news
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 result of new information, future events, changes in
assumptions, changes in factors affecting such forward-looking statements or otherwise.