Vancouver, British Columbia--(Newsfile Corp. - March 18, 2025) - Canterra Minerals Corporation (TSXV: CTM) (OTCQB: CTMCF) (FSE: DXZB) ("Canterra" or the "Company") is pleased to announce the strategic staking of 19 mineral claims (5km2) covering the Seal Pond Volcanogenic Massive Sulfide (VMS) prospect in central Newfoundland. The newly acquired claims are located 20 kilometres ("km") east of the Company's Buchans project, a world renowned, historic, high-grade volcanogenic massive sulphide ("VMS") critical metal mining camp.
Highlights:
Seal Pond prospect is hosted by volcanic rocks of the Mary March Group that correlate with productive rocks of the Buchans Group and host several high-grade VMS occurrences with similarities to the Buchans orebodies.
Adds more of the prospective rocks to our broader regional exploration approach to make a new discovery in this prolific massive sulphide camp
further expands Canterra's Newfoundland critical minerals project portfolio within the Central Newfoundland Mining District where Canterra's current land position is the largest in the district and is host to 7 known undeveloped deposits with current and or historic mineral resource estimates prepared in compliance with National Instrument 43-101 at the time of their estimation (see Canterra Website for details).
Drill highlights include intervals grading 2.84% Zn and 1.22% Cu, within the favourable Buchans Group rocks and associated alteration and mineralization signatures. Drilling has not taken place on the Seal Pond property since 2006 and has been limited in scope.
"Canterra's acquisition of these claims underscores its commitment to expanding its exploration footprint in proven mining jurisdictions. This staking represents further consolidation the Buchans group rocks to secure the regional potential in this belt to make a new high-grade critical minerals discovery," said Chris Pennimpede, President & CEO of Canterra Minerals. "We believe the Seal Pond prospect has significant potential and look forward to applying modern exploration techniques to unlock new discoveries in this well-endowed district."
Figure 1. Map of the Critical Mineral Bearing Buchans Group Rocks. Seal Pond, Little Sandy and Buchans Projects are largely or entirely contained within the Buchans group which hosts the past producing Buchans Mine.
Historical exploration has identified favorable lithologies and alteration signatures indicative of VMS mineralization. Historic drill results from this prospect include:
From
To
Cu (%)
Pb (%)
Zn (%)
Au (ppb)
51.55
51.75
0.54
0.04
2.84
80
100.3
100.5
1.22
-
0.08
70
Table 1. Historic drill assay results from Drillhole SP-95-1. Taken from NL report geofile 12A/15/730. *Assays are historical in nature having been collected by previous operators other than Canterra.
Next Steps
Canterra has initiated a comprehensive review of historical exploration data and will consider follow-up field programs once this review is complete. The objective of this review and subsequent field work will be to identify drill targets and ultimately advance the Seal Pond prospect toward discovery of significant new deposits.
Newfoundland and Labrador Junior Exploration Assistance & Town of Buchans
Canterra gratefully acknowledges the financial support it may receive from the Junior Exploration Assistance Program in relation to the Company's Buchans 2025 exploration program.
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 the technical disclosure in this news release for accuracy and either prepared or supervised its preparation.
Corporate Update
Further to the Company's news release dated February 21, 2025, the Company confirms that Spark Newswire was granted $311,210 worth of stock options and will be granted additional stock options to meet the $340,000 worth of stock options owing under its marketing consulting and investor relations services (the "Agreement"). The Company will issue a news release when the additional options are granted, and all options will be granted pursuant to TSX Venture Exchange policies at the time of grant. The Company also confirms that, aside from stock options, Spark Newswire and its authorized person do not hold any securities in the Company, and that the Agreement is for a three-month term, with no renewal.
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 that 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 Calibre Mining's Valentine mine currently under construction and cover a ~60 km extension of the same structural corridor that hosts mineralization within Calibre'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.
ON BEHALF OF THE BOARD OF CANTERRA MINERALS CORPORATION Chris Pennimpede President & CEO
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 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.
