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Canterra Minerals to Acquire Wilding Lake Gold Project and Announces $3.25 Million Financing
VANCOUVER, British Columbia, Nov. 09, 2020 (GLOBE NEWSWIRE) -- Canterra Minerals Corporation (CTM-TSX.V) (“Canterra” or the “Company”) is pleased to announce th
About this update from Canterra Minerals Corporation
[{"type":"text","content":" VANCOUVER, British Columbia, Nov. 09, 2020 (GLOBE NEWSWIRE) -- Canterra Minerals Corporation (CTM-TSX.V) (“Canterra” or the “Company”) is pleased to announce that it has entered into a binding share exchange agreement (the “Agreement”) pursuant to which, subject to receipt of all applicable regulatory approvals, the Company has agreed to acquire (the “Acquisition”) all of the issued and outstanding securities of Teton Opportunities Inc. (“Teton”). Teton is a private, arm’s‐length British Columbia company led by a team of geologists which holds an option with a subsidiary of Altius Minerals Corp. (together with the subsidiary, “Altius”) (ALS:TSX) to acquire the Wilding Lake Project located in central Newfoundland, Canada. Wilding Lake Project Highlights: Property package encompassing approximately 104 km2 of highly prospective geology coincident with 30 km of strike along the Rogerson Lake structural corridor in Newfoundland Located on strike with Marathon Gold’s Valentine Lake project as well as the Cape Ray gold deposit owned by Matador Mining Five zones of gold mineralization identified through a 30 hole drill campaign in 2017, including: 10.01 g/t gold over 5.3m Low cost of exploration with all projects road accessible The Wilding Lake Project is comprised of the Wilding Lake, Noel Paul, Crystal Lake and Intersection gold properties, totaling approximately 104 km2, and includes 30 km of the Rogerson Lake structural corridor which runs for 200 kilometres diagonally across Newfoundland. The Rogerson Lake corridor hosts Marathon Gold’s Valentine Lake project as well as the Cape Ray gold deposit owned by Matador Mining. New gold discoveries on the Wilding Lake Project and continued success at Marathon Gold’s Valentine Lake project, directly southwest of Wilding Lake, indicate that the Rogerson Lake corridor is only recently emerging as a major area of gold endowment. Gold was first discovered at the Wilding Lake Project through forestry activity in 2016. Five zones of gold mineralization were identified by a previous operator through an initial 30 hole drill campaign in 2017, with highlights including: 10.01 g/t Au over 5.3m in hole WL-17-24 40.85 g/t Au over 0.5m in hole WL-17-01 0.98 g/t Au over 17.0m in hole WL-17-12 1.44 g/t Au over 5.1m in hole WL-17-08 11.14 g/t Au over 0.5m in hole WL-17-03 0.54 g/t Au over 12.7m in hole ...