Canterra Minerals Step-out Drilling Hits High-Grade Zone of 6.77% CuEq over 5.35m Beyond Current Buchans
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Canterra Minerals Step-out Drilling Hits High-Grade Zone of 6.77% CuEq over 5.35m Beyond Current Buchans
Resource, Newfoundland
Vancouver, B.C. (May 20, 2025) – Canterra Minerals Corporation (TSXV:CTM) (OTCQB: CTMCF) (FSE:DXZB)
(“Canterra” or the “Company”) is pleased to announce the first drill hole from its ongoing 10,000 metre (“m”) drill
program at its 100% owned Buchans Project in the Central Newfoundland Mining District, located 50 kilometres
(“km”) north of Equinox Gold’s Valentine Gold Mine and 34 km northwest of Teck’s past producing Duck Pond Mine
(Figures 1 & 3).
Drill Result from the Buchans Project(1&2):
• Drill hole H-25-3539 targeting the Two Level Horizon steps out 100m in plan and 70 m in section beyond
the high-grade mineralization intersected in 2024 (December 2, 2024 news release)
• 6.77% copper equivalent (“CuEq”) over 5.35 m (1.05% Cu, 7.17% Zn, 4.63% Pb, 140.04 g/t Ag & 0.88 g/t
Au) from 146 m (approximately 130 m below surface);
o including 8.88% CuEq over 2.00 m (1.43% Cu, 10.91% Zn, 6.58% Pb, 151.00 g/t Ag & 0.97 g/t Au)
• and 1.07% CuEq over 18.00 m (0.52% Cu, 1.13% Zn, 0.78% Pb, 4.47 g/t Ag & 0.04 g/t Au) from 225 m
(approximately 200 m below surface)
• The first mineralized interval expands the High Grade Two Level Horizon which remains open in multiple
directions
• The second mineralized interval extends stockwork mineralization below the extent of the current pit shell
Chris Pennimpede, President and CEO of Canterra commented: “I’m extremely proud of the team in taking our 2024
maiden drill discovery of 105m @ 1.53% copper equivalent and stepping out 100 m and discovering new high-grade
mineralization extending the high-grade copper horizon outside the limits of the current resource. We are very
encouraged by the intersection of high-grade Two Level mineralization outside the current resource indicating
potential to discover additional high-grade resources. Future work will focus on expanding this high-grade horizon.”
Canterra anticipates assigning additional drilling to testing for extensions to the Two Level mineralization intersected
in hole H-25-3539 as part of its ongoing 2025 ~10,000 m drilling campaign. Canterra is currently conducting Deep
3DIP geophysical surveys over the Buchans Project and plans to undertake additional drilling to test targets derived
from these surveys once data has been received and interpreted.
Drilling – Key Points:
• New high-grade mineralization intersected on the Two Level horizon, an extension of the high-grade
massive sulfide mineralization intersected in 2024
• Two Level Horizon mineralization remains open down dip at shallow depths in multiple directions where
potential exists to delineate additional higher-grade resources
• Mineralization intersected from 225 m to 235 m extends known mineralization ~50 metres below the
current resource
• Future work will drill test the down plunge extension of the high-grade semi-massive sulphide
mineralization that accounts for approximately 52% of the ore previously mined at Buchans
• Results pending from the Pumphouse Target, another area of higher-grade mineralization within Canterra’s
Buchans Project that does not host a resource and is approximately 1 km from the Buchans Lundberg
Resource.
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Table 1. Assay Highlights. Copper Equivalents (CuEq%) as per metal prices of April 11, 2025 (see notes 1 & 2)
Hole From (m) To (m)
Width
(m) Cu % Zn % Pb % Ag g/t Au g/t *CuEq (%) Comments
H-25-3539 145.95 151.30 5.35 1.05 7.17 4.63 140.0 0.88 6.77 Two Level
incl. 146.95 148.95 2.00 1.43 10.91 6.58 151.0 0.97 8.88 " "
and 225.00 243.00 18.00 0.52 1.13 0.63 3.7 0.04 1.07 Lundberg
incl. 229.00 237.00 8.00 0.67 1.31 0.78 4.7 0.04 1.31 " "
Figure 1. Buchans 2025 drilling collars and assay highlights.
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Figure 2. Cross Section along H-25-3359 (looking west)
Buchans Project
The Buchans Project is an advanced critical minerals project that hosts a significant undeveloped mineral resource
adjacent to the past producing Buchans Mine. This brownfield project covers 92.24 square kilometres near the town
of Buchans and includes the past producing Buchans Mine operated by Asarco from 1928 to 1984. The project’s
undeveloped Lundberg resource is a volcanogenic massive sulphide-related (“VMS”) stockwork sulphide deposit
comprising a large, near-surface resource located beneath and adjacent to workings of the previously mine. Historic
mining pre-stripped a significant portion of the Lundberg Resource. The Resource includes In-pit Indicated Mineral
Resources totaling 16.8 million tonnes containing 156 million pounds Cu, 566 million pounds Zn, 237 million pounds
Pb, 3.1 million ounces Ag, & 37,000 ounces Au as well as In-pit Inferred Mineral Resources totaling 380,000 tonnes
containing 3.0 million pounds Cu, 17 million pounds Zn, 9 million pounds Pb, 270,000 ounces Ag, & 38,000 ounces
Au and assigns 97.8% of the In-Pit resources to the Indicated category3.
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Figure 3. Canterra’s Central Newfoundland Mining District properties.
Notes:
(1) True widths estimated to be a ~90% of reported core lengths. Copper equivalents (CuEq) based on total contained
copper, zinc, lead, silver and gold and metal prices as of April 11, 2025 (Cu - US$4.06/lb, Zn - US$1.19/lb, Pb - US$0.85/lb,
Ag - US$32.23/oz and Au - US$3,236.00/oz).
(2) Copper Equivalent % = Cu% + ((Pb% * 22.046 * Pb Rec.* Pb price) + (Zn% * 22.046 * Zn Rec. * Zn price) + (Ag g/t/31.10348
* Ag Rec. * Ag price) + (Au g/t/31.10348 * Au Rec. * Au Price))/(Cu Price * 22.046 * Cu Rec.). Metal recoveries are
assumed to be 100% (Rec.)
(3) Lundberg’s 2019 Resource Estimate (effective date of February 28, 2019) see news release dated June 4, 2024 and
associated Technical Report for additional details).
Table 2. Drill collar locations.
Hole Length (m) Azimuth Dip Northing (UTM
NAD83 Zone 21)
Easting (UTM
NAD83 Zone 21)
H-25-3539 247 180 -62 5,408,145 509,725
Newfoundland and Labrador Junior Exploration Assistance
Canterra would like to acknowledge financial support it may receive from the government of Newfoundland and
Labrador’s Junior Exploration Assistance Program related to completion of its 2025 exploration programs at Buchans.
Investor Relations Campaign
Canterra Minerals Corporation ("Canterra" or the "Company") announces that it has engaged Digitonic Ltd.
("Digitonic"), an investor marketing firm based in Glasgow, Scotland, to provide content marketing services focused
on enhancing the Company's visibility within the institutional and retail investment community. Under the terms of
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the agreement dated May 14, 2025 (the "Agreement"), Digitonic will deliver an Investor Content Marketing Project.
All content will be hosted on Digitonic's property ValueTheMarkets.com for a 10-day period.
Pursuant to the Agreement, the Company has allocated a budget of US$10,000 for these services. The campaign is
expected to begin immediately following content approval by the Company. Digitonic has agreed to comply with all
applicable securities laws and the policies of the TSX Venture Exchange in providing its services.
Digitonic is arm's length to the Company and currently does not own, directly or indirectly, any securities of the
Company, nor does it have any right or intent to acquire such an interest. The Agreement is subject to TSX Venture
Exchange approval.
About Canterra Minerals
Canterra is a diversified minerals exploration company focused on critical minerals and gold in central
Newfoundland. The Company’s projects include six mineral deposits located in close proximity to the world -
renowned, past producing Buchans Mine and Teck Resources’ Duck Pond Mine, which collectively produced copper,
zinc, lead, silver and gold. Several of Canterra’s deposits support current and historical Mineral Resource Estimates
prepared in accordance with National Instrument 43-101 and the Canadian Institute of Mining, Metallurgy, and
Petroleum Definition Standards for Mineral Resources and Mineral Reserves current at their respective effective
dates. Canterra’s gold projects are located on-trend of Equinox Gold’s Valentine mine currently under construction
and cover a ~60 km extension of the same structural corridor that hosts mineralization within Equinox Gold’s mine
project. Past drilling by Canterra and others within the Company’s gold projects intersected multiple occurrences of
orogenic-style gold mineralization within a large land position that remains underexplored.
QA/QC Protocols
Samples consist of saw-cut (NQ drill core) with one-half retained for reference and one-half submitted for analyses.
Samples were submitted in sealed plastic bags delivered by Canterra personnel to SGS Canada’s preparatory facility
in Grand Falls-Windsor, Newfoundland. Sample batches consisted of core samples, control standards, blanks and
duplicates. Once prepared, pulps (SGS procedure code PRP89) were shipped to SGS Canada's laboratory in Burnaby,
BC to be homogenized and subsequently analyzed for multi-element assays (including Cu, Pb, Zn, Ag and Au) using
sodium peroxide fusion with ICP-OES finish (codes GE_ICP90A50 for Cu, Pb, Zn, Ag, GE_AAS22E50 for Ag by-2-acid
digestion by AAS, and GE_FAA30V5 for Au by 30g Fire Assay by AAS). Overlimit assays were completed as necessary
by pyrosulphate fusion/XRF for Cu, Pb, Zn (code GO_XRF70V) and Ag by 30g Fire Assay, gravimetric (code
GO_FAG37V). SGS Natural Resources analytical laboratories operate under a Quality Management System that
complies with ISO/IEC 17025. SGS CANADA’s minerals laboratory in Burnaby is accredited by the Standards Council
of Canada (SCC) for specific mineral tests listed on the scope of accreditation to the ISO/IEC 17025 standard. Further
details regarding SGS procedures are available at SGS Analytical Methods. Canterra also submits representative
pulps to ALS Geochemistry’s laboratory in Moncton New Brunswick for additional independent check assays.
Qualified Person
Paul Moore MSc. P.Geo. (NL), Vice President of Exploration for Canterra Minerals Corporation, a Qualified Person
within the meaning of National Instrument 43-101, has reviewed and approved the technical disclosure in this news
release.
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.
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Cautionary Note Regarding Forward-Looking Information
This press release contains statements that constitute “forward-looking information” (collectively, “forward-looking statements”)
within the meaning of the applicable Canadian securities legislation, including statements with respect to estimated mineral
resources, the opening of avenues for substantial discoveries within the belt, the Buchans Project being ripe for a modern approach
with significant exploration potential for high grade VMS mineralization, the Company anticipating being strongly positioned to
unveil the 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 that
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 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.; as well as those risks and uncertainties identified and reported
in the Company's public filings under its SEDAR+ profile at www.sedarplus.ca. Accordingly, readers should not place undue reliance
on the forward-looking statements and information contained in this press 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.