Canterra Minerals Corp (TSXV: CTM) (OTCQB: CTMCF) has planned a 2,000 meter drilling program in the central Newfoundland Mining District, looking for high-grade sulfide mineralization. It intends on starting later this summer.
The company said on Tuesday that its goal was to extend known mineralization and explore the higher grades nearby. Drilling will focus on and around the Lundberg deposit to expand and enhance this large open-pit resource. The Lundberg deposit is the existing deposit in the brownfields of Buchans.
The initiative’s approach is spurred on by an improved outlook for critical base metal prices, including copper, which is part of the Lundberg deposit.
Geologists will also review and sample archived drill cores from multiple deposits containing historical resource estimates. These include Lemarchant, Long Lake, Boomerang, Tulks Hill, Daniels Pond, and Bobbys Pond.
This summer’s programs will build on recently announced results, focusing on targets identified at Lemarchant and conducting gravity surveys at the Long Lake and Tulks East projects. Furthermore, the strategic goals involve considering projects and deposits with the potential for higher copper grades and increased metal inventory, as well as following up on Canterra’s high-grade copper samples from the Victoria Project.
Canterra has secured full funding for this summer’s exploration, which includes drilling at Buchans. Field reviews will accompany the company’s ongoing data compilation, with technical contributions from qualified consultants such as Mercator Geological Services and Alan King, P.Geo., who have been engaged in this initiative.
Canterra’s Buchans Property, a brownfields project encompassing 82.5 km² near the town of Buchans, hosts the past-producing Buchans mine, which Asarco operated between 1928 and 1984. Volcano-sedimentary rocks of the Buchans Group underlie the property.
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Buchans property includes undeveloped Lundberg deposit
Canterra Minerals is a diversified minerals exploration company focusing on critical minerals in central Newfoundland. Canterra’s projects include six mineral deposits located near the past-producing Buchans mine and Teck Resources Limited’s (TSX: TECK.A) (TSX: TECK.B) (NYSE: TECK) former Duck Pond mine, which produced copper, zinc, lead, silver, and gold.
Several of Canterra’s deposits have historical Mineral Resource Estimates prepared in accordance with NI 43-101. Canterra also considers these estimates to be historical because they predate the company’s acquisition of the property. However, Canterra is not treating these historical resource estimates as current mineral resources.
Additionally, the Buchans property hosts the undeveloped Lundberg deposit. This is a VMS stockwork deposit with a large, near-surface resource located immediately beneath the workings of the previously mined high-grade Lucky Strike massive sulphide orebody.
Also, Canterra holds exploration-stage gold properties that cover 70 km of strike of the regional gold-bearing Rogerson Lake structural corridor, which hosts Calibre Mining Corp’s (TSX: CXB) (OTCQX: CXBMF) development-stage Valentine Gold Mine. Canterra’s Newfoundland gold projects have undergone four drilling campaigns, revealing many gold occurrences that warrant further exploration.
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