2022-06-23 | TSXV: CTM | Press release

Vancouver, British Columbia–(Newsfile Corp. – June 23, 2022) – Canterra Minerals Corporation (TSXV: CTM) (OTCQB: CTMCF) (“Canterra” or the “Company”) is pleased to announce that it has increased its land holdings in central Newfoundland. This increase in land position includes significant claims along the Rogerson Lake structural corridor on the new Clipper Brook property where the Company is targeting gold mineralization similar to that found at Wilding, and additional claims adjacent to the Boomerang project, a volcanogenic massive sulphides.

“We are excited to expand our property coverage over a significant portion of the Rogerson Lake Structural Corridor and the Valentine Lake Shear Zone with this new acquisition at Clipper Brook,” said company president Cooper. Quinn. “This geological setting is home to many significant gold deposits in Newfoundland, including Marathon Gold’s Valentine Gold Project deposits, and with the new staking, Canterra now controls approximately 65 kilometers (‘km’) in strike length of this structure. . Additionally, the acquisition of adjacent licenses at Boomerang adds to the blue skies and exploration potential of this massive sulphide asset, where Canterra has acquired significant gold, silver, zinc and lead resources. grade as part of a strategic suite of NorZinc VMS projects (see Press release from November 15, 2021). We look forward to the technical team generating new drill targets in the future as the past results from this property are spectacular.”

Clipper Creek Property

The Clipper Brook property comprises 5 mining licenses totaling 122.5 square kilometers (“km2“) along the northeast extent of the Rogerson Lake structural corridor, with approximately 15 additional km of this unit staked. Additionally, the Clipper Brook permits include the Crippleback Lake quartz monzonite contact, which the believed to be a Neoproterozoic granitoid unit similar to the Valentine Lake intrusive suite, which hosts Marathon Gold’s Valentine gold project The similarity of the underlying geology of the Clipper Brook property to that underlying the Wilding project of the company and the Valentine gold project suggests the high potential for gold discoveries in this area.

Figure 1. Map of Clipper Brook permits staked along the Rogerson Lake structural corridor, northeast of the Company’s Noel-Paul project.

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Boomerang property expansion

Two new permits totaling 7.25 km2 were staked adjacent to the Company’s Boomerang property, which contains significant volcanogenic massive sulphide (VMS) resources at the Boomerang and Domino deposits, which are described in the table below. Boomerang also has further expansion potential, with several untested geophysical (both gravity and magnetic) and ground geochemical anomalies.

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Figure 2. Additional permits staked by Canterra adjacent to the Boomerang property.



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TO PAY CATEGORY TONS AU HER ZN BP CPU
(G/T) (G/T) (%) (%) (%)
Boomerang(2) Noted 1,364,600 1.66 110.4 7.09 3 0.51
Inferred 278 100 1.29 96.53 6.72 2.88 0.44
Dominos(2) Inferred 411,200 0.6 94 6.3 2.8 0.4
Lemarchant(1) Noted 2,420,000 1.22 64 6.15 1.6 0.68
Inferred 560,000 1.06 44.7 4.68 1.08 0.45
Long Lake(3) Noted 407,000 0.57 49 7.82 1.58 0.97
Inferred 78,000 0.48 34 5.77 1.24 0.7
At AG Zn bp Cu
(K ounces) (M ounces) (M lbs) (M lbs) (M lbs)
Total indicated 175 ten 611 189 60
Inferred total 40 2 166 58 13


(1) Based on a cut-off threshold of 4.0% ZnEq from the technical report entitled “NI 43-101 Technical Report and Updated Mineral Resource Estimate on the South Tally Pond Property of the Lemarchant Deposit, Central Newfoundland, Canada” Prepared for NorZinc Ltd., Report Date: October 22, 2018, Effective Date: September 20, 2018, as prepared by Michael Cullen, P.Geo., Matthew Harrington, P.Geo. and Michael J. Vande Guchte, geo. All figures have been rounded to reflect the relative accuracy of estimates.

(2) Based on a threshold of 1.0% Zn from the technical report entitled “Messina Minerals Inc.: South Tulks Property, Central Newfoundland, Canada Technical Reportprepared for Messina Minerals Inc., Report Date: August 2007, as prepared by Snowden. All figures have been rounded to reflect the relative accuracy of estimates.

(3) Based on a ZnEq cutoff of 7.0% from the technical report titled “Independent Technical Report for the Main Zone of the Long Lake Volcanic Massive Sulphide Project, Newfoundland and Labrador, Canada” Prepared for Messina Minerals Inc., Report Date: April 16, 2012, Effective Date: March 13, 2012, as prepared by SRK Consulting (Canada) Inc. All figures have been rounded to reflect the relative accuracy of estimates.

About Canterra Minerals

Canterra is advancing its 100% owned Wilding and Noel Paul gold projects, as well as its resource-stage base metal projects, located 50 km south of Millertown and directly northeast of Marathon’s Valentine Lake gold project Gold in central Newfoundland. The 482km2 The property package includes 65 km of the northeast lateral 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 the Golden Rose and Twilight from TRU Precious Metals. The Canterra team has over 100 years of experience searching for gold and diamonds in Canada and was involved in the discovery of the Snap Lake Diamond Mine, in addition to the discovery of the Blackwater Gold deposit in Colombia. -British, Canada.

The Company would like to thank the Government of Newfoundland and Labrador for its financial support of exploration programs through the Junior Exploration Assistance Program.

The scientific and technical content and interpretations contained in this press release have been reviewed, verified and approved by Dr. Luke Longridge, Vice President of Exploration of Canterra Minerals, PhD, P.Geo., a qualified person such as defined by National Instrument 43-101. .

ON BEHALF OF THE BOARD OF DIRECTORS OF CANTERRA MINERALS CORPORATION

Cooper Quinn

President

Additional information about the Company is available at www.canterraminerals.com

For more information, please contact: +1 (604) 687-6644

Email: [email protected]

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Caution Regarding Forward-Looking Information

This press release contains statements that constitute “forward-looking information” (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities laws, including statements regarding the expected duration of Mr. Pennimpede’s leave and the planned resumption of exploration at Wilding Lake in February. All statements, other than statements of historical facts, are forward-looking statements and are based on expectations, estimates and projections as of the date of this press release. Any statement that discusses future predictions, expectations, beliefs, plans, projections, goals, assumptions, events or performance (often, but not always, using expressions such as “s’ expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “expected”, “expects”, “estimates”, “believes” or “intends” or variations of these words and phrases or indicating that certain actions, events or results “may” or “might”, “would”, “might” or “will” be assumed to occur or be realized) are not statements of historical fact and may be forward-looking statements. Accordingly, there can be no assurance that such statements will prove to be accurate and that 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 the beliefs, estimates or opinions of management, or Other factors were to change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include the risks associated with possible accidents and other risks associated with mining exploration operations, the risk that the Company encounters unforeseen geological factors , the possibility that the Company may not be able to obtain permits and other government approvals necessary to carry out the Company’s exploration plans, the risk that the Company may 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 could interfere with the Company’s business and prospects; the business and operations of the Company; the unprecedented market and economic risks associated with the current unprecedented market and economic circumstances due to the COVID-19 pandemic, as well as the risks and uncertainties identified and disclosed in the public documents filed by the Company under its SEDAR profile at the address www.sedar.com. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Except as required by law, the Company disclaims any intention and undertakes 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 these forward-looking statements. – statements seeking or otherwise.

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Luisa D. Fuller