Canterra Minerals Completes First Phase of Drilling in 2022 on its Wilding Gold Project, Newfoundland
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Canterra Minerals Completes First Phase of Drilling in 2022 on its Wilding Gold Project,
Newfoundland
Vancouver, B.C. (July 12, 2022) – Canterra Minerals Corporation (TSXV:CTM , OTCQB: CTMCF) (“Canterra” or the
“Company”) is pleased to provide an update to its recently completed drill program at its wholly owned Wilding Lake
Gold Project (“Wilding”) in Central Newfoundland, Canada . A total of 18 diamond drill holes totaling 3,476 metres
were drilled across several new targets in the first phase of 2022 drilling. Assay results are pending for all drill holes.
Highlights:
• 3,476 metres completed in 18 drill holes at Wilding;
• 9 holes totaling 1 ,805 metres on two previously untested targets in the western portion of the Wilding
Property, ~3 kilometres along strike from known mineralization;
• Two holes totaling 382 metres testing continuity of Red Ochre mineralization ~800 metres to the southwest;
• Four holes totaling 797 metres testing continuity between Red Oche and Dogberry, both significant known
zones of gold mineralization; and
• Three holes totaling 492 metres of additional drilling at Dogberry, where previous drilling intersected 11.0
g/t Au over 0.3m in hole WL-21-45.
Cooper Quinn, President of Canterra, commented “We’re pleased to complete this drilling, which targeted several
areas on the previously unexplored western portion of the Wilding property. This area was almost completely
unexplored until a 2021 soil geochemistry program generated several anomalies along the known structures that
host mineralization. Additionally, the Red Ochre Zone has produced broad intervals of near surface gold
mineralization, and the recently completed drilling has stepped out along strike to the southwest from this zone .
Working to connect th e important Red Ochre Z one to the drill intercepts at Dogberry , ~2 kilometres away along
strike to the northeast , is exciting and I’m looking forward to seeing results from this, along with the rest of the
drilling. Over the summer, Canterra is also moving ahead wi th regional scale work at Noel Paul and the recently
acquired ground, where there is great opportunity for new discoveries.”
Drilling Update
The completed 2022 drilling program was aimed at testing several new targets on the previously unexplored western
portion of the property, where multiple target areas were identified based on elevated gold-in-soil anomalies. These
anomalies are coincident with interpreted thrust structures and potentially favorable host lithologies based on
airborne magnetic data.
In addition, along-strike expansion of the Red Ochre Zone (“Red Ochre”) has been drill tested. Red Ochre is located
in felsic volcanic rocks in the hanging wall of a thrust fault inferred to be a splay of the V alentine Lake Shear Zone
(“VLSZ” or “Red Ochre Thrust”) located along the southern contact of the Rogerson Lake Conglomerate . The 2022
drill program tested continuity between mineralization at Red Ochre which previously intersected 11.0 g/t Au over
0.3m in hole WL-21-45 at the Dogberry Zone, as well testing strike extents one kilometre (“km”) to the southwest of
Red Ochre.
Previous drilling at Red Ochre intersected disseminated gold mineralization along 700m of drill-tested strike (assay
results returned 42.0 m at grade of 0.57 g/t Au in hole WL -21-56 and 17m at 1.0 g/t Au in hole WL -17-12).
Mineralization occurs in association with pyrite , quartz veins and sericitic alteration within Silurian -age felsic
volcanics. While these volcanic units differ from the granitoids and mafic dykes that host mineralization at Marathon
Gold’s (TSX: MOZ) Valentine Lake Deposits (and which have been intersected in recent drilling along the northern
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edge of the Wilding Property), mi neralization at Red Ochre does appear to share a similar structural style and
association with pyrite.
Figure 1 – Map of currently completed drill holes (green).
Canterra is undertaking prospecting work over the East Alder and Noel Paul properties through the summer of
2022, with work including mapping, soil and rock sampling, trenching and Induced Polarization (IP) surveys, aiming
to identify additional targets along the approximately 65 km of Rogerson Lake Structural Corridor controlled by
Canterra. This structure hosts Marathon Gold’s Valentine Project, and several other known gold deposits.
About Canterra Minerals
Canterra is advancing its 100% owned Wilding and Noel Paul Gold Projects, as well as its resource staged base metals
projects, located 5 0km south , from Millertown and directly northeast of Marathon Gold’s Valentine Lake Gold
Project in Central Newfoundland. The 482km2 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.
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 British Columbia, Canada.
The Company would like to thank the Government of Newfoundland and Labrador for financial support of the
exploration programs through the Junior Exploration Assistance Program.
The scientific and technical content and interpretations contained in this news release have been reviewed, verified
and approved by Dr. Luke Longridge , Canterra Minerals’ Vice President of Exploration , PhD, P.Geo., a Qualified
Person as defined by NI 43-101.
ON BEHALF OF THE BOARD OF CANTERRA MINERALS CORPORATION
Cooper Quinn
President
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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within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are
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include statements with respect to the anticipated timing for closing of the Acquisition, statements with respect to the estimates
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deposits with significant exploration upside and statements with respect to the Company’s expectation to be well positioned to
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Company will not be able to raise sufficient funds to carry out its business plans, and the risk of political uncertainties a nd
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