- Canterra Minerals (TSXV:CTM) has begun a 2,000 metre drilling program at its Buchans Project in Newfoundland
- The program intends to test several new priority targets
- The project is host to the past-producing Buchans mine next to the town of Buchans
- Shares of Canterra Minerals are unchanged at C$0.045
Canterra Minerals (TSXV:CTM) revealed Thursday that it has begun a 2,000-metre drilling program at its Buchans Project in Newfoundland.
The company stated in a news release that the goal of the program is to test several new priority targets including the Lundberg deposit.
Notably, the Buchans Project is host to the past-producing Buchans mine next to the town of Buchans and consists of several volcanogenic massive sulfide (VMS) deposits previously mined by Asarco over a period of almost 60 years.
Previous production has included 16.2 milliontons of ore at an average grade of 14.5 per cent zinc, 7.6 per cent lead, 1.3 per cent copper, 1.37 grams per ton gold and 126 gram per ton silver.
“We are excited to begin Canterra’s maiden drilling program at this former tier one critical minerals mine, internationally renowned as one of the world’s highest grade VMS mines,” Chris Pennimpede, CEO of Canterra Minerals, said in a statement. “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.”
As Canterra Minerals ramps up drilling, the company will be targeting Lundberg, an open-pit mine, by investigating areas of high-grade mineralization that remain undeveloped by past underground mining.
The company will also be 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.
Canterra Minerals is an exploration company with a focus on critical minerals and gold in central Newfoundland.
The company’s projects include six mineral deposits 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.
Shares of Canterra Minerals Corp. (TSXV:CTM) are unchanged at C$0.045.
Join the discussion: Find out what everybody’s saying about this stock on the Canterra Minerals Corp. Bullboard investor discussion forum, and check out the rest of Stockhouse’s stock forums and message boards.
The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.
(Top photo of rock and stone drilling: Adobe Stock)