VANCOUVER, British Columbia, July 08, 2026 (GLOBE NEWSWIRE) -- Canterra Minerals Corporation (TSXV: CTM) (OTCQB: CTMCF) (FSE: DXZB) ("Canterra" or the "Company") has commenced its approximately 8,000-metre Phase 2 diamond drill program in the Buchans copper-zinc district of central Newfoundland.
The program is designed to demonstrate the scale of Canterra's consolidated position in one of Canada's premier VMS camps. The Buchans District, controlled by Canterra, hosts a substantial and growing resource base, multiple satellite deposits, extensive historical data, established infrastructure, and a pipeline of high-priority copper-zinc targets across a historically prolific mining district.
Canterra's 2026 program is focused on advancing the Lundberg deposit as the district's anchor resource while testing satellite deposits and new targets that the Company believes can support long-term resource growth across the broader Buchans District. The Phase 2 program is expected to generate a steady flow of results through the remainder of 2026.
Highlights:
Phase 2 drilling now underway: Approximately 8,000 m of diamond drilling has commenced in the Buchans District, including approximately 2,000 m at the Lundberg deposit, the largest copper-zinc resource in the district.
Lundberg resource growth and definition: Drilling is focused on potential extensions to the Lundberg deposit southwest of recently completed drilling, including 57.15 metres grading 0.57% CuEq1,2, as reported in the Company's June 3, 2026 news release. The program will also further delineate the high-grade Two Level zone, where previous drilling returned 5.35 metres grading 6.77% CuEq1,2, as reported in the Company's May 20, 2025 news release.
Maiden resource estimate remains on track: Results from Phase 2 are expected to contribute to Canterra's maiden mineral resource estimate for the Lundberg deposit, targeted for Q4 2026, representing a key near-term milestone in establishing the scale of the Buchans District.
Minimum 6,000 m allocated to district growth pipeline: In addition to drilling at Lundberg, Canterra plans to complete at least 6,000 m of exploration drilling across satellite deposits and high-priority copper-zinc targets including Lemarchant, Boomerang, Long Lake and Tulks. These targets represent multiple opportunities to add tonnes beyond Lundberg and demonstrate broader district-scale growth.
VRIFY AI-assisted targeting across satellite deposits: Canterra has integrated district-wide historical drilling, geophysical, geochemical and lithogeochemical data with VRIFY's DORA AI-assisted prospectivity modelling to prioritize new drill targets around its resource-stage VMS deposits and along the same mineralized trend as the former Buchans and Duck Pond mines.