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Canterra Minerals Completes Acquisition of the Past Producing Buchans Mine, and Other Critical and Precious Metals Projects in Newfoundland and Completes $1.5 Million Financing
Vancouver, British Columbia--(Newsfile Corp. - December 20, 2023) - Canterra Minerals Corporatio...
About this update from Canterra Minerals Corporation
[{"type":"text","content":"Canterra Minerals Completes Acquisition of the Past Producing Buchans Mine, and Other Critical and Precious Metals Projects in Newfoundland and Completes $1.5 Million FinancingVancouver, British Columbia--(Newsfile Corp. - December 20, 2023) - Canterra Minerals Corporation (TSXV: CTM) (OTCQB: CTMCF) (\"Canterra\" or the \"Company\") is pleased to announce, further to its news release issued on November 22, 2023, that it has completed the previously announced acquisition of five critical and precious metals projects in central Newfoundland (the \"Properties\"), adding 316 km2 to Canterra's property position. The acquisition was completed with Buchans Resources Limited (\"BRL\"), an arms-length non-listed Reporting Issuer, and its subsidiary Buchans Minerals Corporation.In addition, the Company has closed its oversubscribed, previously announced non-brokered private placement financing (the \"Offering\") (see news releases dated November 29, 2023, December 12, 2023 and December 18, 2023) for gross proceeds of $1,538,598.95.Canterra's total property position in the central Newfoundland critical minerals and gold belts is now approximately 684 km2, allowing for expansion of exploration efforts across these highly prospective districts. The Company will begin targeting work on the properties immediately with drilling scheduled on its Lemarchant Project anticipated in the first quarter of 2024. Acquisition Highlights: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 siteSynergistic 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 massive sulfide targets Addition of Michael Power, currently a director...