Business
Canterra Minerals Completes Acquisition of Strategic Land Position in Central Newfoundland
Vancouver, British Columbia--(Newsfile Corp. - November 15, 2021) - Canterra Minerals Corpora...
About this update from Canterra Minerals Corporation
[{"type":"text","content":"Canterra Minerals Completes Acquisition of Strategic Land Position in Central NewfoundlandVancouver, British Columbia--(Newsfile Corp. - November 15, 2021) - Canterra Minerals Corporation (TSXV: CTM) (OTCQB: CTMCF) (\"Canterra\" or the \"Company\") is pleased to announce that it has completed the previously announced acquisition of mineral rights to four resource staged projects in central Newfoundland, adding 67km2 to Canterra's property position. The projects were acquired from NorZinc Ltd. (\"NorZinc\") and its affiliate NorZinc-Newfoundland Ltd., arm's length parties to the Company, for $250,000 in cash and 6,625,000 common shares (the \"Consideration Shares\") of Canterra, representing an approximate 9.1% ownership interest, together representing a total consideration value of approximately $2,237,500 based on a deemed price of $0.30 per share.Following the completion of this transaction, the Company's total property position in the central Newfoundland gold belt is approximately 352km2, allowing for expansion of exploration efforts across this new gold district. The Company will begin targeting work on the properties following completion of the Fall 2021 drilling program, which is currently underway at the Company's Wilding Gold Property, which is contiguous with Marathon Gold's Valentine Lake Project.Highlights:Underexplored property package in prolific volcanogenic massive sulfide (\"VMS\") district, which hosts the past producing Duck Pond Mine (Teck Resources) and Buchans Mine (ASARCO)Strong average gold grades greater than 1.0 g/t at the Lemarchant and Boomerang depositsVMS systems defined on all projects with significant expansion potential and numerous untested targetsMineral Resource Estimates at Various Effective DatesDepositCategoryTonnesAu (g/t)Ag (g/t)Zn (%)Pb (%)Cu (%)Lemarchant(1)Indicated2,420,0001.2264.006.151.600.68Inferred560,0001.0644.704.681.080.45Boomerang(2)Indicated1,364,6001.66110.437.093.000.51Inferred278,1001.2996.536.722.880.44Domino(2)Inferred411,2000.6094.006.302.800.40Long Lake(3)Indicated407,0000.5749.007.821.580.97Inferred78,0000.4834.005.771.240.70Au (K oz)Ag (M oz)Zn (M lbs)Pb (M lbs)Cu (M lbs)Total Indicated1751061118960Total Inferred4021665813 Based on a 4.0% ZnEq Cutoff from the technical report entitled \"NI 43-101 Technical Report and Updated Mineral Resource Estimate on the Lema...