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Canterra Minerals Acquires the Past Producing Buchans Mine, Lundberg Deposit and Other Critical and Precious Metals Projects in Newfoundland
Vancouver, British Columbia--(Newsfile Corp. - November 22, 2023) - Canterra Minerals Corporatio...
About this update from Canterra Minerals Corporation
[{"type":"text","content":"Canterra Minerals Acquires the Past Producing Buchans Mine, Lundberg Deposit and Other Critical and Precious Metals Projects in NewfoundlandVancouver, British Columbia--(Newsfile Corp. - November 22, 2023) - Canterra Minerals Corporation (TSXV: CTM) (OTCQB: CTMCF) (\"Canterra\" or the \"Company\") is pleased to announce that it has entered into an asset purchase agreement (the \"Agreement\") with Buchans Resources Limited (\"BRL\"), an arms-length non-listed Reporting Issuer, and its subsidiary Buchans Minerals Corporation, to acquire the mineral rights to several critical and precious metals projects in central Newfoundland (the \"Properties\"). The Properties will add 316 square kilometres (\"km2\") to Canterra's already substantial property position in central Newfoundland. BRL's Central Newfoundland property portfolio includes the past producing Buchans Mine, a prolific polymetallic massive sulfide mine that was operated by Asarco (and others) for over 50 years producing zinc and copper concentrate from high grade ore. The project contains a mineral resource estimate, which contemplates a potential open pit development, while also hosting significant exploration potential for new high-grade discoveries.Key Points:Creates a district scale portfolio consisting of 7 resource stage critical minerals projectsConsolidated indicated mineral resource of 1.4 billion pounds contained zinc and inferred mineral resource of 317 million pounds contained zinc(1)(2)(3)(4)(5)(6)(7)Consolidated indicated mineral resource includes 251 million pounds of contained copper and significant gold and silver credits(1)(2)(3)(4)(5)(6)(7)Adds a large bulk tonnage mineral resource at the Buchans Mine (Lundberg deposit) (4) with substantial opportunity for new high-grade Zn-Cu VMS discoveries within the brownfields siteDemonstrated economic potential through the Stantec internal scoping study (2019) at the Lundberg deposit and the historical scoping study and metallurgical test program evaluating a centralized milling of the deposits consolidated in this acquisition (2015 to 2017)Synergistic acquisition that consolidates critical and precious metals properties (total size of 684 km2) in the Buchans Camp, Victoria Lake Camp and Valentine Lake Shear Zone Canterra emerges with two drill ready projects both with prospective advanced stage high-grade Cu-Zn mas...