Canterra Minerals Corporation (TSXV: CTM) (OTCQB: CTMCF) returned promising results from its gravity survey, including finding positive gravity anomalies, in both underexplored areas next to Canterra’s Long Lake deposit.
The company announced on Friday that the Long Lake deposit had strong potential for expansion at depth in addition to additional mineralized horizons. These are considered prospective for new high-grade discoveries.
These new discoveries continue a trend a polymetallic discoveries at the site. These include drilled intercepts of 7.5 m averaging 1.4 per cent Cu, 2.9 per cent Pb, 6.7 per cent Zn, 67.6g/t Ag, and 0.56g/t Au as well as 7.3 m averaging 1.0 per cent Cu, 2.8 per cent Pb, 16.9 per cent Zn, 85.3 g/t Ag, and 0.68g/t Au.
“Long Lake has tremendous exploration potential and was identified as such when going through the due diligence process in 2021 prior to acquisition,” said Chris Pennimpede, president and CEO of Canterra.
The Long Lake deposit also hosts additional mineralized horizons considered prospective for new high-grade volcanogenic massive sulphide discoveries.
Operators previously completed an airborne gravity survey, which the current gravity survey extends and fills geophysical gaps.
Canterra’s gravity survey map. Image via Canterra Minerals.
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Exploration teams selected gravity surveys
The recent gravity survey collected ground gravity measurements at 100 m intervals along lines spaced 200 m apart. This covers an area of 6.2 square kilometers.
Exploration teams selected gravity surveys to aid in targeting because the massive sulfide mineralization at Long Lake, known for hosting sphalerite-rich massive sulphides and stockwork sulphide mineralization, may not produce strong conductive geophysical anomalies.
The Long Lake Project hosts one of seven deposits located within Canterra’s 684 square kilometer landholdings in central Newfoundland. The project is located 50 km southwest of Teck Resources (TSX: TECK.A and TECK.B) (NYSE: TECK) former Duck Pond mine and covers 40 km square kilometers, immediately north of Calibre Mining‘s (TSX: CXB) (OTCQX: CXBMF) Valentine Gold Mine.
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