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Canterra Minerals Signs Definitive Asset Purchase Agreement to Acquire a Strategic Land Position in Central Newfoundland That Includes VMS Deposits Hosting 175,000 Indicated and 40,000 Inferred Gold Ounces
Vancouver, British Columbia--(Newsfile Corp. - October 4, 2021) - Canterra Minerals Corporati...
About this update from Canterra Minerals Corporation
[{"type":"text","content":"Canterra Minerals Signs Definitive Asset Purchase Agreement to Acquire a Strategic Land Position in Central Newfoundland That Includes VMS Deposits Hosting 175,000 Indicated and 40,000 Inferred Gold OuncesVancouver, British Columbia--(Newsfile Corp. - October 4, 2021) - 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 NorZinc Ltd. (\"NorZinc\") and its affiliate NorZinc-Newfoundland Ltd. to acquire the mineral rights to four projects in central Newfoundland, adding 127km2 to Canterra's central Newfoundland property position.Of these four projects, three contain mineral resource estimates prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects (\"NI 43-101\"), and two contain grades greater than 1.0 grams per tonne (\"g/t\") gold (\"Au\"). Following the completion of this transaction, the Company's total property position in the central Newfoundland gold belt will be approximately 412km2, allowing for expansion of exploration efforts across the central Newfoundland 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 Property.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 targetsTable 1 - Mineral 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 (1) Based on a 4.0% ZnEq Cutoff from the technical report entitled \"NI 43-101 Technical Report and Upd...