Canterra Minerals Receives Drill Permits for its Resource Staged Lemarchant VMS Project and Provides Exploration Update on Wilding and Noel-Paul Gold Projects
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Canterra Minerals Receives Drill Permits for its Resource Staged Lemarchant VMS Project and
Provides Exploration Update on Wilding and Noel-Paul Gold Projects
Vancouver, B.C. (September 15, 2022) – Canterra Minerals Corporation ( TSXV:CTM, OTCQB: CTMCF) (“Canterra”
or the “Company”) is pleased to announce it has received drill permits for its resource stage Lemarchant VMS Project,
acquired in November 2021 . In addition, significant ongoing exploration work has been underway at its wholly
owned Wilding and Noel-Paul Gold Projects; all projects are located in Central Newfoundland, adjacent to historically
producing zinc mines as well as Marathon Gold’s Valentine Gold Project which is currently in development.
Highlights:
• Drill permit received on resource stage Lemarchant Zinc Project where there is significant expansion
potential and numerous untested drill targets.
• Drilling is planned to commence in late Fall 2022.
• Completion of prospecting and rock sampling programs across the East Alder claims on the eastern
extension of the Wilding Project (“Wilding”) , where a total of 392 rock samples have been collected and
submitted to SGS for assay for geochemical analysis.
• Assays received for 18 drillholes from the Winter -Spring 2022 program and two holes from winter and
spring drilling at Wilding, including 1.0 g/t gold over 7.5m in hole WL-22-75 from 146.5m to 154.0m.
• Ongoing summer work program includes prospecting, trenching and sampling of the southern Noel -Paul
Property, and trenching at the East Alder Property.
Lemarchant
The Lemarchant deposit is a volcanogenic massive sulphide (“VMS”) deposit containing zinc, lead, copper, gold and
silver mineralization. This deposit is similar to other VMS deposits in the area that include the nearby Duck Pond
Deposits (mined from 2007-2015 by Teck Resources Limited (“Teck”)) and the Buchans Deposits (mined from 1926
– 1984 by Asarco Incorporated (“Asarco”)). The Project was acquired by Canterra in November 2021, in addition to
several other VMS deposits in the region.
The deposit is ho sted by a north -striking sequence of basalts and rhyolites of the Tally Pond Group , with
mineralization within a 4,000 m long and 700 m wide sequence of moderate to intensely altered rhyolite breccias,
massive rhyolite flows and lesser felsic tuffaceous horizons. The footwall to the semi -massive to massive sulphide
mineralization is characterized by a well-developed, barium-enriched base metal stringer system, with moderate to
intense quartz-sericite-chlorite to quartz-chlorite alteration.
A drill permit has been received for t he Lemarchant deposit , which contains over 2.4 million tonnes (“ MT”) of
Indicated Mineral Resources (Table 1) , w ith expansion targets along strike at both the northern and southern
margins of the deposit, as well as several untested EM, magnetic and soil geochemical anomalies. Target generation
utilising available geophysical, geochemical and drilling data is underway, and drilling is planned to commence in
late fall 2022.
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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
Table 1: Mineral Resources contained at Newfoundland VMS Projects
(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.
2022 Winter Wilding Drill Program Assays
Results from the recently completed drill program at Wilding Lake (see news release dated July 12, 2022) have been
received by the Company, where 18 diamond drill holes totaling 3,476 metres (“m”) on several distinct targets were
drilled at the Wilding Project. Of the 18 holes, 9 holes (1,671m) focused on testing continuity between the Red Ochre
and Dogberry zones, as well as along-strike expansion further to the southwest at Red Ochre (Figure 1).
Hole WL-22-75, located near the Red Ochre zone, intersected 1.0 g rams per tonne (“g/t”) gold (“Au”) over 7.5m
between 146.5m to 154.0m . Gold mineralization is associated with quartz veins , pyrite and sericit e alteration
overprinting potassic alteration in a felsic volcanic unit, similar to that observed at Red Ochre, where mineralization
has been identified over ~800m of strike.
Hole Id From (m) To (m) Width (m) Au g/t
WL-21-63 No significant intercepts
WL-21-65 No significant intercepts
WL-22-68 No significant intercepts
WL-22-69
116.12 117.5 1.38 0.84
14.70 16.75 2.05 0.39
79.5 85.5 6.0 0.94
incl 84.0 85.5 1.5 1.92
WL-22-70 No significant intercepts
WL-22-71 No significant intercepts
WL-22-72 No significant intercepts
WL-22-73 135.50 138.5 3.0 0.31
198.00 199.00 1.00 2.06
WL-22-74 No significant intercepts
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Hole Id From (m) To (m) Width (m) Au g/t
WL-22-75
25.0 25.5 0.5 0.58
121.0 122.5 1.5 0.59
146.5 154.0 7.5 1.0
WL-22-76 No significant intercepts
WL-22-77 No significant intercepts
WL-22-78 No significant intercepts
WL-22-79 60.05 61 0.95 0.34
69.0 70.0 1.0 0.61
WL-22-80 No significant intercepts
WL-22-81 No significant intercepts
WL-22-82 No significant intercepts
WL-22-83 No significant intercepts
WL-22-84 No significant intercepts
Table 2: 2022 Drill results
Figure 1: Map of 2022 and historic drillhole locations
The remaining nine holes (WL-22-76 to WL-22-84 totalling 1,805m) were focused on two previously untested targets
in the western portion of the Wilding Property, ~3 kilometres (“km”) along strike from known mineralization and
with thicker till cover than that at areas of known mineralization. These targets were based on elevated gold-in-soil
anomalies coincident with interpreted thrust structures and potentially favourable host lithologies interpreted using
airborne magnetic data. From these targets, drillhole WL-22-79 intersected 0.61 g/t Au over 1.0m.
Planned Exploration Program
The Company’s 2022 planned exploration work will continue with ground crews performing mapping, prospecting,
and sampling on the Noel-Paul property. Further work that is currently underway or planned to be completed
includes:
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• Completion of IP surveys over the Wilding and Noel -Paul properties, as well as over the Lemarchant, Long
Lake and Tulks East VMS properties.
• Assaying of the ~1,300 soil samples collected on the Carter Lake Block.
• Trenching of targets at the East Alder and Noel-Paul properties.
QA/QC
Quality Assurance -Quality Control (“QA/QC”) protocols followed at Wilding Lake include the insertion of blanks,
standards and duplicates at defined intervals in each sample batch. Drill core is cut in half with one half retained at
site, the other half tagged and taken by Canterra personnel directly to the assay laboratory. All reported core samples
are analyzed for Au by fire assay (30g) with AA finish. Assays for holes WL -22-76 to WL -22-84 were carried out at
SGS, Assays for holes WL -21-63, WL-21-65 and WL -22-68 to WL -22-75 were carried out at Eastern Analytical. All
mineralized intervals are reported as core lengths with no true thickness implied. The Canterra exploration program
is consistent with industry best practices and National Instrument 43-101.
About Canterra Minerals
Canterra is advancing its 100% owned Wilding and Noel Paul Gold Projects, as well as its resource stage base metals
projects, located 5 0km south , from Millertown and directly northeast of Marathon Gold’s Valentine Lake Gold
Project in Central Newfoundland. The 352km2 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 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 drill
program 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 Mineral ’s 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
Email: [email protected]
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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. Any
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or other factors, should change. Factors that could cause future results to differ materially from those 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 the Company may not be able to secure
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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 political 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 economic 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.sedar.com. Accordingly, readers should not place und ue 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 resu lts, whether as a result of new information,
future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.