Vancouver, B.C. (February 8, 2022) – Canterra Minerals Corporation (TSXV:CTM, OTCQB: CTMCF) (“Canterra” or the “Company”) is pleased to provide an update on its ongoing gold exploration work at its wholly owned Wilding and Noel-Paul projects, located in central Newfoundland, Canada.
- Assays from 19 drill holes completed at Wilding in 2021 still pending
- Fully funded, fully permitted, 4,000 meter drill program at Wilding Lake to commence in February
- Airborne geophysics and soil sampling at Noel Paul to commence shortly
In December 2021, the Company completed 19 diamond drill holes totaling 4,195 meters on several distinct targets at the Wilding Project; a more complete summary of this work can be found in the Company’s news release from December 21, 2021.
“Turnaround time for our analytical results is currently quite long. We’re fortunate to be in a position to move ahead with our next phase of drilling based on the visual interpretation of mineralization and alteration from the last program. There are also several new targets on the western portion of the Wilding Project generated from the summer geochemical programs that are quite exciting. Apart from the recent soil geochemistry, the western portion of Wilding has had no previous exploration and is where our claims abut Marathon Gold’s Valentine Project,” stated Company President Cooper Quinn.
Assays will be released in due course.
Wilding Drill Program
The Company will be commencing its next phase of drilling during February; this program is fully funded and permitted. Primary targets include significant expansion of strike length at Red Ochre, as well as the continuation of drilling along the Valentine Lake Shear Zone (“VLSZ”) on the northern portion of the Wilding property where several holes were drilled in the fall 2021 program. Additionally, several targets will be tested in the western portion of the project where significant gold-in-soil anomalies were generated in 2021, and where no drilling has yet been carried out. Fall drilling at Red Ochre has revealed a major northward directed thrust (the Red Ochre Thrust), with stacked quartz veins associated with gold mineralization in the feldspar porphyry hanging wall of the thrust.
Noel Paul Exploration Program
The Company’s 2022 exploration work has commenced with ground crews performing an extensive reconnaissance soil sampling program on the Noel Paul property. This program expands on areas covered by a regional scale program completed in 2021 on the southwestern portion of the Noel Paul block and the Carter Lake block, where several gold anomalies were identified. More detailed follow-up soil sampling on the Carter Lake and southwestern Noel Paul claims is expected to be carried out in summer 2022.
In addition to this soil sampling work, Canterra has contracted RPM Aerial Services to complete an airborne magnetometer survey covering the Carter Lake claims and portions of the Noel Paul claims, to infill areas with incomplete coverage of high-resolution magnetic data to date. This work will include 1,892 line kilometres of helicopter-mounted magnetometer survey at 50m line-spacing, and is expected to begin in March 2022.
About Canterra Minerals
Canterra is advancing its 100% owned Wilding and Noel Paul Gold Projects, as well as its resource stage base metals projects, located 50km south, from Millertown and directly northeast of Marathon Gold’s Valentine Lake Gold Project in Central Newfoundland. The 352km2 property package includes 50km of the northeastern strike-extension of the Rogerson Lake Structural Corridor, which hosts Marathon Gold’s Valentine Lake deposits, Matador Mining’s Cape Ray deposit, Sokoman’s Moosehead discovery and TRU Precious Metals’ Golden Rose and Twilight discoveries. Canterra’s team has more than 100 years of experience searching for gold and diamonds in Canada and has been involved in the discovery of the Snap Lake diamond mine, in addition to the discovery of the Blackwater Gold deposit in British Columbia, Canada.
The Company would like to thank the Government of Newfoundland and Labrador for financial support of the drill program through the Junior Exploration Assistance Program.
The scientific and technical content and interpretations contained in this news release have been reviewed, verified and approved by Dr. Luke Longridge, Canterra Minerals’ Vice President of Exploration, PhD, P.Geo., a Qualified Person as defined by NI 43-101.
ON BEHALF OF THE BOARD OF CANTERRA MINERALS CORPORATION
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 news release contains statements that constitute “forward-looking information” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. 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, and include statements with respect to the anticipated timing for closing of the Acquisition, statements with respect to the estimates of mineral resources on the properties to be acquired by the Company, statements with respect to the Company having a suite of deposits with significant exploration upside and statements with respect to the Company’s expectation to be well positioned to make that next mineral discovery in central Newfoundland. 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 with the failure to complete the terms of the Agreement, 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.; the business and operations of the Company; unprecedented market and economic risks associated with current unprecedented market and economic circumstances due to the COVID-19 pandemic, as well as those risks and uncertainties identified and reported in the Company's public filings under its SEDAR profile at www.sedar.com. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news 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.