Canterra Options Northern Ontario Ring of Fire Property to Major Mining Company
Suite 580, 625 Howe Street
Vancouver, British Columbia
V6C 2T6 Canada
p: +1 (604) 687-6644
w: canterraminerals.com
1
Canterra Options Northern Ontario Ring of Fire Property to Major Mining Company
Vancouver, B.C. ( October 1 , 2024) – Canterra Minerals Corporation (TSXV:CTM) (OTCQB: CTMCF)
(“Canterra” or the “Company”) is pleased to announce that it has entered into a n Option Agreement with an
Effective Date of September 17, 2024 (the "Agreement") with Teck Resources Limited ("Teck"), granting Teck
the option to acquire a 100% interest in Canterra’s Ring of Fire property (the “Project”) in northeastern Ontario,
Canada, subject to a 1.5% Net Smelter Royalty to be retained by Canterra.
Chris Pennimpede, President and CEO of Canterra commented, “We are very pleased to monetize this recently
staked property within our portfolio. Given Teck' s expertise and commitment to mineral exploration, we are
confident they are well -positioned to unlock the full potential of the Ring of Fire Project. This sale allows
Canterra to sharpen its focus on advancing our other critical mineral and gold, resource and exploration stage
projects in the Central Newfoundland Mining District. We look forward to following Teck’s progress on the
Project, where we hope additional value will be created for our shareholders through our retained royalty that
provides continued exposure to future success in this prolific critical minerals district.”
Agreement Terms
In accordance with the terms of the Agreement, Canterra will option 100% of the Project to Teck for gross
proceeds of $275,000 and retain a 1.5% Net Smelter Returns royalty (the “Royalty”) in the Project. The Royalty
can be reduced to 0.5% upon the exercise of a buy-back right by Teck paying a further $2,000,000 to Canterra.
On or Before Payment Amount (CDN $)
Two Business Days following the Effective Date $50,000 (Paid)
Two Business Days following the Permit Date $125,000
30 Business Days following the earliest to occur of the Drill Program
Completion Date and the date that is 24 months following the Effective Date $100,000
Total $275,000
About the Ring of Fire Property
Canterra’s Ring of Fire Property is a 3,011 hectare (“ha”) land package acquired through staking in 2023 and is
located 40 k ilometres (“km”) southwest of the Eagle's Nest Ni-PGE deposit. This underexplored area of the
James Bay Lowlands is highly prospective for critical metals including nickel and platinum group elements
(PGE) and remains largely unexplored due to limited bedrock exposure. The lack of previous drilling presents
a unique opportunity for high -grade mineral discoveries ahead of infrastructure development as the Property
is host to several strong VTEM (Versatile Time Domain Electromagnetic) anomalies identified as high-priority
drill targets.
2
Figure 1. Location of Teck Ring of Fire Claims (Canterra Option) in relation to the Ring of Fire Mining District in
Northern Ontario.
Historically, the Company’s predecessor, Diamondex Resources Ltd., held over 160,000 ha in the James Bay
Lowlands and conducted widespread exploration comprising a significant data archive retained by Canterra
including:
• 12,500 line kilometres of heli-airborne VTEM geophysical surveys
• Limited diamond drilling (7 holes totaling 1,700 m) surveyed by Borehole EM geophysical surveys
• Surface Time Domain EM geophysical surveys
• Identification of more than 70 prioritized VTEM anomalies
The Property covers several high -priority geophysical targets within bedrock units, that based upon their
geophysical attributes, are inferred to be similar to host rocks to the Eagle's Nest deposit , including mafic to
ultramafic intrusive rocks prospective for magmatic nickel sulphide deposits. The Eagle’s Nest deposit is
located approximately 40 km northeast of the Property and is reported to host mineral resource estimates
comprising Proven and Probable reserves of 11.1 million tonnes grading 1.68% Ni, 0.87% Cu, 0.89 g/t platinum
and 3.09 g /t palladium, as well as I nferred resources of 9.0 million tonnes grading 1.10% Ni, 1.14% Cu, 1.16
g/t platinum and 3.49 g/t palladium (details available in Technical Report prepared for Noront Resources Ltd.
(Feasibility Study) dated October 19, 2012 - available on SEDAR+).
Qualified Person
Konrad Chrzastowsk MSc. P.Geo., Project Geologist and Paul Moore MSc. P.Geo., Vice President of
Exploration for Canterra Minerals Corporation, Qualified Person s within the meaning of National Instrument
43-101, ha ve reviewed the technical disclosure in this news release for accuracy and either prepared or
supervised its preparation.
About Canterra Minerals
Canterra Minerals is a diversified minerals exploration company focus ed on critical minerals exploration in
central Newfoundland. Canterra’s projects include s ix mineral deposits located within the Central
3
Newfoundland Mining District that includes the world -renowned, past producing Buchans mine and Teck
Resources’ former Duck Pond mine that produced copper, zinc, lead, silver and gold. Canterra’s deposits host
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. The historical estimates, while prepared in compliance with prevailing standards at their
respective effective dates, are deemed historical as they were prepared prior to their acquisition by Canterra.
References for each of Canterra’s current and historical mineral resource estimates and their associated
Technical Reports can be found on Canterra's website. Canterra also holds exploration-stage gold properties
that cover 70 km of strike of the regional gold -bearing Rogerson Lake structural corridor that hosts Calibre
Mining Corporation’s Valentine Gold Mine. Canterra’s Newf oundland gold projects have been subject to four
exploratory drilling campaigns that demonstrate the potential of this project that hosts multiple gold
occurrences warranting further exploration.
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.
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 unvei l the next mineral
discovery in central Newfoundland, the filing of the Technical Report, and the future exchange of the
Consideration Warrants. 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 ab le 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; 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.