Canterra Minerals Reports Results of IP Survey and Identifies New Drill Targets at the Lemarchant Critical Minerals Project, Newfoundland
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Canterra Minerals Reports Results of IP Survey and Identifies New Drill Targets at the
Lemarchant Critical Minerals Project, Newfoundland
Vancouver, B.C. (August 29, 2023) – Canterra Minerals Corporation ( TSXV:CTM) (OTCQB: CTMCF) (“Canterra” or
the “Company”) is pleased to announce that new drill targets have been identified from an IP survey that was
conducted over the Lemarchant Project. The Lemarchant Deposit is located in central Newfoundland approximately
50 kilometres (“km”) south of Millertown. The ground based geophysical survey identified multiple chargeability and
resistivity targets consistent with massive sulphide mineralization. Interpretation of the IP data is ongoing with
several targets now drill ready.
Key Points:
• Four high priority drill targets identified at the Lemarchant Project
• Each of these targets has a similar IP response and other coincident factors that suggest opportunities for
resource expansion and/or a new discovery
• A drill program designed to test these targets and other exploration opportunities is being planned for fall
2023
Chris Pennimpede, Canterra Minerals Director & CEO commented, “The recent high resolution IP Survey provides
new targeting information to drive our upcoming 2 ,500 metre drilling program at Lemarchant. IP geophysics is a
proven tool for targeting massive sulphide bodies and there are several targets that share similarities to known high
grade critical minerals mineralization that makes up the Lemarchant deposit . This new data strengthens our
understanding of the deposit and provides new drill targets that if successful will increase resources.”
Summary of Drill Targets:
1. Shallow IP chargeability anomalies of similar magnitude to the established deposit , located i n favourable
geology northwest of known Lemarchant mineralization, with no previous drilling
2. Shallow target anomalies that follow the fault displaced continuation of Lemarchant Deposit, coinciding
with the IP anomaly trend
3. Strong chargeability IP anomaly with p otential deep extension of Lemarchant mineralization in down
thrusted graben structure
4. IP/magnetic anomaly and EM Conductor in prospective geological horizon , with no previous drilling
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Figure 1. Plan View of Lemarchant Project with IP anomalies indicated. Drill target areas circled in blue
Figure 2. IP Section of Line 14 E. 1st priority targets (S 1-4), 2nd priority target W 1 and third priority
target P1. Priority target 1 circled.
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Figure 3. Section View of Line 16 E. Drill Target 3 circled and other targets labelled (S first priority, W
second priority, P third priority)
The Company is planning a fall 2023 drilling program consisting of 2,500m of diamond drilling. The program aims to
expand the known massive sulphide resources at Lemarchant as well as allocating substantial meterage to drill
testing new zones and anomalies on the Property with the aim to make a new massive sulphide discovery.
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. Th e 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 hosts 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 50% 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 sub ject to considerable exploration
expenditures, including a bulk sample, which has identified 38 kimberlites.
ON BEHALF OF THE BOARD OF CANTERRA MINERALS CORPORATION
Chris Pennimpede
CEO
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.
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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
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
respective SEDAR profile at www.sedar.com. Accordingly, readers should not place undue reliance on the forward -looking
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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.