Canterra Minerals

Canterra Intersects 18.75 m of 5.35% CuEq, Including 5.15 m of 8.83% CuEq, at the Lemarchant Deposit

Canterra Intersects 18.75 m of 5.35% CuEq, Including 5.15 m of 8.83% CuEq, at the Lemarchant Deposit
TSXV: CTM

Overview

Canterra Minerals Corporation announced assay results from seven diamond drill holes at the Lemarchant Deposit, including 18.75 m of 5.35% copper equivalent ("CuEq") in hole LM-26-172, according to the company. Lemarchant is described by the company as the largest known satellite deposit within Canterra's Buchans District portfolio in central Newfoundland and hosts a 2018 historical mineral resource estimate of 2.42 million tonnes Indicated at 4.89% CuEq and 0.56 million tonnes Inferred at 3.66% CuEq.

The company stated that, following the recently announced 55% increase in Indicated Mineral Resource tonnage at its Lundberg Deposit to 26.1 Mt (announced in an October 6, 2026 news release), Canterra is advancing the next stage of its district strategy, which the company describes as demonstrating the potential for additional high-grade mineralization across its surrounding satellite deposits to contribute to the scale and value of the broader Buchans District. Lemarchant is located approximately 20 km southwest of Teck Resources' former Duck Pond VMS Mine, according to the company.

Key Highlights

  • Hole LM-26-172 intersected 18.75 m of mineralization from 238.00 m, averaging 0.61% Cu, 6.00% Zn, 1.45% Pb, 77.2 g/t Ag and 1.72 g/t Au, grading 5.35% CuEq, at a vertical depth of approximately 180 m.
  • Within that interval, 5.15 m from 240.85 m graded 8.83% CuEq, including 1.03% Cu, 7.89% Zn, 2.65% Pb, 165.4 g/t Ag and 2.98 g/t Au.
  • A separate deeper interval in the same hole, from 275.00 to 284.00 m, graded 0.66% CuEq over 9.00 m.
  • Hole LM-26-176 intersected 13.10 m of 1.21% CuEq from 190.90 m, including 2.10 m grading 3.86% CuEq (0.61% Cu, 3.61% Zn, 0.44% Pb, 26.2 g/t Ag and 1.72 g/t Au), approximately 40 m from the nearest historical intercept.
  • Hole LM-26-171, drilled up-dip and west of the Main Zone to a depth of 196.0 m, intersected two zones of zinc-copper mineralization, including 3.00 m of 1.03% CuEq from 61.00 m.
  • Holes LM-26-173 and LM-26-175 returned only low-grade intervals, the best being 1.00 m of 1.03% CuEq from 144.60 m in LM-26-175, where the company states the Lemarchant Horizon contains only minor sulphides.
  • Hole LM-26-174 and the extension of historical hole LM-11-049 (LM-11-049EXT), which the company states was deepened to test a deep IP anomaly down plunge of the Lemarchant Northwest Zone, returned no significant assays.
  • Results reported cover seven holes (2,064 m) of the 14-hole (5,240 m) 2026 Lemarchant program; assays are pending for the remaining seven holes (LM-26-177 to LM-26-183), including step-outs at the Northwest Zone and tests of deeper geophysical and newly identified exploration targets, according to the company.

Strategic/Operational Context

According to the company, the results confirm the continuity of polymetallic massive sulphide mineralization at Lemarchant while further highlighting the prospective host horizon that remains open along strike and at depth beyond the limits of past deposit-focused drilling. The company states its focus is on building scale around an established resource base while demonstrating the high-grade potential of the surrounding deposits.

Chris Pennimpede, President and CEO of Canterra, commented: "Our investment thesis at Buchans has always been about more than one deposit. We have now grown the Indicated resource at Lundberg by 55%, and these first results from Lemarchant demonstrate the high grades that make our surrounding satellite deposits so compelling. Nearly 19 metres exceeding 5% copper equivalent, including more than 5 metres approaching 9% copper equivalent, reinforces why we believe Lemarchant could become an important contributor to the broader Buchans District opportunity. With additional assays pending from step-outs and new exploration targets, we have more opportunities ahead. Our focus is on building scale around an established resource base while demonstrating the high-grade potential of the surrounding deposits. That's how we intend to unlock the broader value of the district for shareholders."

Resources and Financials

  • Lemarchant 2018 historical mineral resource estimate: 2.42 million tonnes Indicated at 4.89% CuEq and 0.56 million tonnes Inferred at 3.66% CuEq, according to the company.
  • Lundberg Deposit Indicated Mineral Resource tonnage: increased 55% to 26.1 Mt, as previously announced by the company in its October 6, 2026 news release.
  • 2026 Lemarchant drill program: 14 holes totaling 5,240 m planned; results reported today cover seven holes totaling 2,064 m.

What to Watch Next

  • Assay results pending for the remaining seven holes of the 2026 Lemarchant program (LM-26-177 to LM-26-183), according to the company.
  • Step-out drilling at the Northwest Zone, as referenced by the company.
  • Tests of deeper geophysical and newly identified exploration targets, as referenced by the company.

About Canterra Minerals Corporation

According to the company, Canterra Minerals Corporation (TSXV: CTM) (OTCQB: CTMCF) is advancing its Buchans District portfolio in central Newfoundland, which the company describes as including the Lundberg, Lemarchant, Bobbys Pond, Daniels Pond, Long Lake, Tulks Hill and Boomerang-Domino deposits, along with the past-producing Buchans and Duck Pond mines located within the district. The company also states it holds the Wilding gold project, located relative to Equinox Gold's Valentine Gold Mine along the Valentine Lake Shear Zone.

Read full press release here.

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