Canterra Minerals Stakes Prospective Critical Minerals Property in the Ring of Fire, Ontario
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Canterra Minerals Stakes Prospective Critical Minerals Property in the Ring of Fire, Ontario
Vancouver, B.C. (July 17, 2023) – Canterra Minerals Corporation ( TSXV:CTM) (OTCQB: CTMCF) (“Canterra” or the
“Company”) is pleased to announce the staking of prospective Ni-Cu-PGE mineral claims in the prolific Ring of Fire
region in Ontario, Canada. This is an opportunistic acquisition that leverages the Company’s extensive exploration
database in the region and is consistent with the Company’s broader critical mineral exploration strategy focused
on underexplored and prospective regions of Canada.
Highlights:
• The Ring of Fire Project (the “Project”) is located in the Ontario Ring of Fire region, in close proximity and
similar geological setting to Eagles Nest which is one of the largest undeveloped, high-grade nickel-copper-
platinum-palladium deposits in the world, located in the Ring of Fire region of Northern Ontario, and is 20
km from the proposed Ring of Fire Northern Road Link.
• This acquisition resulted from the Company’s strategic shift to critical minerals exploration and was
facilitated through the re-evaluation of historic data from the Company’s predecessors ’ (Diamondex
Resources Ltd.) drilling, geophysical and geological datasets in the Ring of Fire. These datasets included
several highly anomalous drill ready targets identified by previous operators of the historic projects.
• The Ring of Fire Region is host to several world class deposits and is currently in the process of a major
infrastructure push from all levels of government.
Figure 1: Location of Canterra Newly Staked Claims
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Christopher Pennimpede, CEO stated: “This staking is a result of leveraging Canterra’s extensive critical mineral
databases that it possesses for Newfoundland and Ontario. Reinterpreting this data has identified the opportunity to
stake this highly prospective Ni-Cu-PGE and VMS ground in the world class Ring of Fire region. As stated in our
previous news release, Canterra will continue to utilize its wealth of knowledge to identify these critical mineral
opportunities and execute on them . We look forward to partnering with parties to explore this nickel-rich region in
conjunction with a significant infrastructure investment from multiple levels of government.”
Ring of Fire Project Overview
The Company’s 100%-owned Ring of Fire Project comprises 3 ,011 hectares acquired through staking, 40 km SW of
the Ni -PGE Eagles Nest Deposit. The Project is located in an area considered to be highly prospective for metal
deposits, particularly nickel and platinum group elements, but remains underexplored due to a lack of bedrock
exposure in t he James Bay Lowland Region, allowing for an excellent opportunity for high grade critical mineral
discoveries ahead of infrastructure development. This area has not been drilled previously and contains several high
priority drill targets and VTEM anomalies.
The Company’s predecessors, Diamondex Resources Ltd. (“Diamondex”) previously held more than 160,000
hectares in the James Bay Lowlands Region of Ontario, and Canterra’s historical database of Diamondex exploration
includes:
• Over 12,500 line km of heli-airborne VTEM
• Seven diamond drill holes (1,700 metres) with Borehole Pulse EM
• 12 Surface Pulse EM survey lines
• Over 70 ranked geophysical VTEM anomalies
Figure 2: Area of Canterra's Ontario Data
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The newly staked claims contain several of the top anomalous geophysical targets located in geology that is
analogous to the host rocks for the Eagles Nest Deposit. Mafic to ultramafic intrusive rocks are host to many
magmatic nickel sulphide deposits and the staking targeted this geological rock type containing known EM
anomalies. These datasets also identify other prospective targets in the region, some of which remain available for
acquisition, that may be acquired in the future.
Figure 3: Canterra Minerals newly staked claims with geology and geophysical targets
Technical information disclosed in this news release has been reviewed and approved by Chris Pennimpede, P.Geo.,
CEO for Canterra Minerals Corporation, and a Qualified Person as d efined by National Instrument 43-101.
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 dep osits 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 addi tion, 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 Corporatio n
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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