Canterra Minerals has staked another 3.6km strike length at the Valentine Lake Shear Zone (VLSZ), which hosts all the gold deposits at Calibre Mining-owned Valentine Mine in the central region of Newfoundland and Labrador.
The acquisition of 47 claims over 11.75km² further consolidates the company’s land position along the gold-bearing structural corridor.
Canterra said the acquisition brings its total coverage to almost 60km of strike length near the Valentine gold mine, which is currently under construction and located less than 18km south-west of Canterra’s property.
Previous drilling at the newly acquired claims yielded significant gold intercepts, highlighting the potential of the expanded land position.
Canterra has identified multiple gold-in-bedrock prospects within the expanded land position, as well as numerous gold-in-soil and till anomalies near structural breaks.
These findings have been supported by recent geophysical surveys.
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By GlobalData
The company is also initiating drilling on its Buchans critical minerals project, which includes the past-producing Buchans mine.
Canterra president and CEO Chris Pennimpede said: “With M&A in the gold exploration and development space around the world at all-time highs, we are pleased to have further consolidated our land position within this emerging gold mining district.
“There are numerous new mid-tier and major mining company entrants to this 200km gold bearing structural corridor, with B2Gold announcing a $3m dollar strategic investment into AuMega Metals, Eldorado Gold optioning 45km of the gold-bearing corridor for approximately $15m and Calibre Mining acquiring the next 32km segment of the corridor from Marathon Gold less than a year ago for $345m.
“Calibre have identified ~ 5moz [million ounces] and counting, and recently announced the largest exploration drilling programme in that project’s history.”
Canterra’s VLSZ Gold Projects now span 242.5km², extending over the north-eastern extension of prospective gold-bearing structures on strike of Calibre Mining’s Valentine gold mining project.
The company has progressed these projects through early exploration, including geochemical and geophysical surveys and limited diamond drilling.
