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Canterra Files Technical Report for Pit-Constrained Mineral Resource Estimate at Buchans Project
Vancouver, British Columbia--(Newsfile Corp. - June 4, 2024) - Canterra Minerals Corporation (TS...
About this update from Canterra Minerals Corporation
[{"type":"text","content":"Canterra Files Technical Report for Pit-Constrained Mineral Resource Estimate at Buchans ProjectVancouver, British Columbia--(Newsfile Corp. - June 4, 2024) - Canterra Minerals Corporation (TSXV: CTM) (OTCQB: CTMCF) (\"Canterra\" or the \"Company\") is pleased to announce it has filed a National Instrument 43-101 (\"NI 43-101\") Technical Report (the \"Technical Report\") for a pit-constrained Mineral Resource Estimate for its Lundberg deposit located within its 100% owned Buchans Project in central Newfoundland (the \"Project\"). Filing of the Technical Report completes the requirements set by the TSX Venture Exchange in connection with Canterra's recent purchase of the project from Buchans Resources Limited. The Technical Report classifies the Lundberg deposit's Mineral Resource Estimate, effective date of February 28, 2019, (the \"MRE\") as current and provides Canterra with a foundation that will guide future exploration programs focused on expansion of in-pit resources, infill drilling, and other exploration targets at the Buchans Project. Furthermore, consistent with recommendations in the Technical Report, the Resource Estimate could form the basis for future economic analysis of the development of mining operations at the Buchans Project. Highlights:In-pit Indicated Mineral Resources total 16,790,000 tonnes at a grade of 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 In-pit Inferred Mineral Resources total 380,000 tonnes at a grade of 0.36% Cu, 2.03% Zn, 1.01% Pb, 22.35 g/t Ag and 0.31 g/t Au, containing 3.0 million pounds Cu, 17 million pounds Zn, 9 million pounds Pb, 270,000 ounces Ag, and 38,000 ounces Au Resource Estimate uses price assumptions of US$1.20/lb Zn, US$1.00/lb Pb, US$3.00/lb Cu, US$1,250/oz Au, and US$17/oz AgIn-pit Mineral Resource assigns 97.8% of resources to the Indicated category, and 2.2% to the Inferred category In-pit Mineral Resource is based on an optimized pit shell, measuring 860 m by 650 m and extending to a maximum depth of 240 m, using an NSR cut-off at US$20 per tonne and results in a strip ratio of 2.9Technical Report recommends a Preliminary Economic Assessment level economic study to assess potential economic return from an open pit mining scenario Si...