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Canterra Minerals begins drilling program at Buchans
2024-08-29 14:42 ET - News Release
Mr. Chris Pennimpede reports
CANTERRA ANNOUNCES INITIATION OF DRILLING AT THE BUCHANS CRITICAL MINERALS PROJECT, NEWFOUNDLAND
Canterra Minerals Corp. has commended a 2,000-metre (m) maiden drilling program to test several new priority targets at the company's Buchans project in the central Newfoundland mining district.
The Buchans project is host to the past-producing Buchans mine adjacent the town of Buchans, and is accessible by a provincially maintained paved highway extending from the Trans-Canada and from Grand Falls, which is a distance of 100 kilometres (km) by highway. The project has ready access to power, water and other infrastructure, and is located 50 km north of Calibre Mining's Valentine gold mine, currently under construction.
The Buchans mine consisted of several volcanogenic massive sulphide (VMS) deposits mined by Asarco over a period of almost 60 years that produced approximately 16.2 million tonnes (t) of ore at an average grade of 14.5 per cent zinc (Zn), 7.6 per cent lead (Pb), 1.3 per cent copper (Cu), 1.37 grams per tonne (g/t) gold (Au) and 126 g/t silver (Ag). The property also hosts the undeveloped Lundberg deposit, a stockwork VMS deposit comprising a large, near-surface resource located immediately beneath and adjacent to workings of the previously mined, high-grade Lucky Strike massive sulphide orebody.
Highlights:
- Building on a substantial metal inventory at Lundberg -- an in-pit indicated mineral resource estimate -- 16.79 million t 0.42 per cent Cu, 1.53 per cent Zn, 0.64 per cent Pb, 5.69 g/t Ag and 0.07 g/t Au, containing 156 million pounds Cu, 566 million pounds Zn, 237 million pounds Pb, 3.1 million ounces Ag and 37,000 ounces Au;
- Lundberg drilling will investigate areas of high-grade mineralization that remain undeveloped by past underground mining immediately above and adjacent to Lundberg, as well as test for extensions to the main stockwork resource;
- Canterra is excited to undertake drilling with the aim of expanding and enhancing the Lundberg open-pit resource. This resource represents the largest and most advanced critical minerals deposit in central Newfoundland and is favourably situated on a brownfields site with excellent infrastructure;
- Canterra is also excited about drilling at the Two Level and Pumphouse targets, which will test for high-grade massive sulphides that could be developed as new high-grade deposits or contribute to Lundberg's existing development.
Chris Pennimpede, president and chief executive officer of Canterra, commented: "We are excited to begin Canterra's maiden drilling program at this former Tier 1 critical minerals mine, internationally renowned as one of the world's highest-grade VMS mines. We also look forward to results that could further advance Lundberg toward development under more favourable critical mineral market conditions than existed when the project was last drilled in 2018."
Drill targets in order of priority
Lundberg: The program includes drilling to expand the 16 million t resource laterally and at depth, as well as investigate and expand higher-grade mineralization within the resource that may increase the deposit's metal inventory.
Historical drill holes of note include*:
- Higher-grade mineralization comprised 23.8 m averaging 9.11 per cent combined base metals (CBM) as 5.75 per cent Zn, 3.01 perp cent Pb and 0.35 per cent Cu, with 94.0 g/t Ag and 1.00 g/t Au, including 8.0 m averaging 20.38 per cent CBM as 12.88 per cent Zn, 6.81 per cent Pb and 0.69 per cent Cu, with 159.9 g/t Ag and 1.25 g/t Au, in hole H-18-3515;
- Stockwork mineralization comprised 117.0 m averaging 3.45 per cent CBM as 2.06 per cent Zn, 1.05 per cent Pb and 0.34 per cent Cu, with 5.09 g/t Ag and 0.04 g/t Au, including 16.0 m averaging 10.30 per cent CBM as 6.64 per cent Zn, 3.01 per cent Pb and 0.65 per cent Cu, with 15.06 g/t Ag and 0.11 g/t Au, in hole H-08-3396.
Two Level: stepping out from previous operator drilling that intersected Buchans high-grade breccia mineralization 70 m from historic underground mine workings, where the company believes the potential exists for fault-displaced extensions to the historically mined adjacent high-grade ore bodies.
Historical drill holes of note include*:
- 1.0 m at 14.83 per cent CBM as 1.26 per cent Cu, 4.87 per cent Pb and 8.70 per cent Zn, with 133.2 g/t Ag and 0.47 g/t Au, in hole H-3524.
Pumphouse: The Pumphouse prospect represents a poorly tested fault repeat of the Oriental mine horizon, 500 m northwest from the former Oriental orebody and 1.5 km northeast of the former Lucky Strike orebody. Asarco is reported to have mined 3.3 million t averaging 14.18 per cent Zn, 7.90 per cent Pb, 1.47 per cent Cu, 154.0 g/t Ag and 1.96 g/t Au at Oriental between 1935 and 1983.
The drill plan includes drilling adjacent to previous operator drill holes that intersected classic Buchans high-grade massive sulphide mineralization. Canterra's drilling will further test the continuity of this zone and provide additional information that may assist future drilling to explore for extensions of the zone where Canterra believes mineralization may remain open downplunge.
Historical drill holes of note include*:
- 2.74 m at 23.7 per cent Zn, 9.0 per cent Pb, 2.6 per cent Cu, 147.4 g/t Ag and 3.4 g/t Au in hole H-885;
- 2.38 m at 24.85 per cent Zn, 10.75 per cent Pb, 2.65 per cent Cu, 212.9 g/t Ag and 1.48 g/t Au in hole H-1030;
- 2.10 m at 15.52 per cent Zn, 7.61 per cent Pb, 0.92 per cent Cu, 148.9 g/t Ag and 1.15 g/t Au in hole H-3416.
* Core lengths reported (true widths estimated to be 90 per cent or reported core length).
Buchans property
Canterra's Buchans property is a brownfields project covering 82.5 square km near the town of Buchans and hosts the former Buchans mine previously operated by Asarco between 1928 and 1984. The property also hosts the undeveloped Lundberg deposit, a stockwork VMS deposit comprising in-pit indicated resources of more than 16 million t grading of 0.42 per cent Cu, 1.53 per cent Zn, 0.64 per cent Pb, 5.69 g/t Ag and 0.07 g/t Au. Lundberg is located immediately beneath and adjacent to workings of the previously mined, high-grade Lucky Strike massive sulphide orebody, where Asarco is reported to have mined 5.6 million t of high-grade ore averaging 18.4 per cent Zn, 8.6 per cent Pb, 1.6 per cent Cu, 112 g/t Ag and 1.7 g/t Au. Historic mining at Lucky Strike prestripped a significant portion of the Lundberg Resource.
Newfoundland and Labrador junior exploration assistance
Canterra would like to acknowledge the financial support it may receive from the junior exploration assistance program from the government of Newfoundland and Labrador related to the completion of its 2024 drilling programs, including drilling at Buchans.
About Canterra Minerals Corp.
Canterra Minerals is a diversified minerals exploration company with a focus on critical minerals and gold in central Newfoundland. Canterra's projects include six mineral deposits located in close proximity to Calibre Mining's new Valentine gold mine, as well as the world-renowned, past-producing Buchans mine and Teck Resources' former Duck Pond mine, primarily former producers of copper, zinc, lead, silver and gold. Several of Canterra's deposits support 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 historical resource estimates are deemed historical as they were prepared prior to their acquisition by Canterra.
Qualified person
Paul Moore, MSc, PGeo (Newfoundland), vice-president of exploration for Canterra Minerals, 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.
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