Canterra Minerals Corp. [TSXV-CTM; OTCQB-CTMCF] reported commencement of a 2,000-metre maiden drilling program to test several new priority targets at the company’s Buchans Project in the Central Newfoundland Mining District.
The Buchans Project is host to the past producing Buchans mine adjacent the town of Buchans and is accessible by a provincially maintained paved highway extending from the Trans-Canada and from Grand Falls which is a distance of 100 km by highway. The project has ready access to power, water and other infrastructure and is located 50 km north of Calibre Mining’s Valentine Gold Mine currently under construction.
The Buchans Mine consisted of several volcanogenic massive sulfide (VMS) deposits mined by Asarco over a period of almost 60 years that produced approximately 16.2 million tonnes averaging 14.5% Zn, 7.6% Pb, 1.3% Cu, 1.37 g/t Au and 126 g/t Ag. The property also hosts the undeveloped Lundberg deposit, a stockwork VMS deposit comprising a large, near-surface resource located immediately beneath and adjacent to workings of the previously mined, high-grade Lucky Strike massive sulphide orebody.
Highlights: Building on a substantial metal inventory at Lundberg – an In-pit Indicated Mineral Resource estimate – 16.79Mt 0.42% Cu, 1.53% Zn, 0.64% Pb, 5.69 g/t Ag and 0.07 g/t Au, containing 156 million pounds Cu, 566 million pounds Zn, 237 million pounds Pb, 3.1 million ounces Ag, and 37,000 ounces Au.
Lundberg drilling will investigate areas of high-grade mineralization that remain undeveloped by past underground mining immediately above and adjacent to Lundberg, as well as test for extensions to the main stockwork resource.
Canterra’s aim is expanding and enhancing the Lundberg open pit resource. This resource represents the largest and most advanced critical minerals deposit in Central Newfoundland and is favorably situated on a brownfields site with excellent infrastructure.
Canterra is also excited about drilling at the Two Level and Pumphouse targets, which will test for high-grade massive sulphides that could be developed as new high-grade deposits or contribute to Lundberg’s existing development.
Chris Pennimpede, President and CEO, commented: “We are excited to begin Canterra’s maiden drilling program at this former tier one critical minerals mine, one of the world’s highest grade VMS mines. We also look forward to results that could further advance Lundberg toward development under more favourable critical mineral market conditions than existed when the project was last drilled in 2018.”
Lundberg: the program includes drilling to expand the 16 Mt2 resource laterally and at depth, as well as investigate and expand higher-grade mineralization within the resource that may increase the deposit’s metal inventory.
Historical drill holes of note include higher-grade mineralization comprised of 23.8 m averaging 9.11% combined base metals (CBM) as 5.75% Zn, 3.01% Pb, 0.35% Cu, with 94.0 g/t Ag and 1.00 g/t Au, including 8.0 m averaging 20.38% CBM as12.88% Zn, 6.81% Pb, 0.69% Cu, with 159.9 g/t Ag and 1.25 g/t Au in hole H-18-3515; stockwork mineralization comprised of 117.0 metres averaging 3.45% CBM as 2.06% Zn, 1.05% Pb, 0.34% Cu, with 5.09 g/t Ag and 0.04 g/t Au, including 16.0 metres averaging 10.30% CBM as 6.64% Zn, 3.01% Pb, 0.65% Cu, with 15.06 g/t Ag and 0.11 g/t Au in hole H-08-3396.
Two Level: stepping out from previous operator drilling that intersected Buchans high-grade breccia mineralization 70 metres from historic underground mine workings, where the company believes the potential exists for fault-displaced extensions to the historically mined adjacent high-grade ore bodies.
Historical drill holes of note include 1.0 metre of14.83% CBM as 1.26% Cu, 4.87% Pb, 8.70% Zn, with 133.2 g/t Ag & 0.47 g/t Au in hole H-3524.
Pumphouse: The Pumphouse prospect represents a poorly tested fault repeat of the Oriental mine horizon, 500 m northwest from the former Oriental orebody and 1.5 km northeast of the former Lucky Strike orebody. Asarco is reported to have mined 3.3 Mt averaging 14.18% Zn, 7.90% Pb, 1.47% Cu, 154.0 g/t Ag and 1.96 g/t Au at Oriental between 1935 and 1983.
The drill plan includes drilling adjacent to previous operator drill holes that intersected classic Buchans high-grade massive sulphide mineralization. Canterra’s drilling will further test the continuity of this zone and provide additional information that may assist future drilling to explore for extensions of the zone where Canterra believes mineralization may remain open down plunge.
Historical drill holes of note include 2.74 m at 23.7% Zn, 9.0% Pb, 2.6% Cu, 147.4 g/t Ag & 3.4 g/t Au in hole H-885; 2.38 m at 24.85% Zn, 10.75% Pb, 2.65% Cu, 212.9 g/t Ag & 1.48 g/t Au in hole H-1030 and 2.10 m at 15.52% Zn, 7.61% Pb, 0.92% Cu, 148.9 g/t Ag & 1.15 g/t Au in hole H-3416.
Buchans Property: Canterra’s Buchans Property is a brownfields project covering 82.5 km2 near the town of Buchans and hosts the former Buchans Mine previously operated by Asarco between 1928 and 1984. The property also hosts the undeveloped Lundberg deposit, a stockwork VMS deposit comprising In-pit Indicated Resources of more than 16Mt grading of 0.42% Cu, 1.53% Zn, 0.64% Pb, 5.69 g/t Ag and 0.07 g/t Au.
Lundberg is located immediately beneath and adjacent to workings of the previously mined, high-grade Lucky Strike massive sulphide orebody where Asarco is reported to have mined 5.6 Mt of high-grade ore averaging 18.4% Zn, 8.6% Pb, 1.6% Cu, 112 g/t Ag and 1.7 g/t Au. Historic mining at Lucky Strike pre-stripped a significant portion of the Lundberg Resource.
Canterra Minerals is focused on critical minerals and gold in central Newfoundland. Canterra’s projects include six mineral deposits located near Calibre Mining’s new Valentine gold mine, as well as the world-renowned, past producing Buchans mine and Teck Resources’ former Duck Pond mine, primarily former producers of copper, zinc, lead, silver and gold.
