Canterra Minerals: Unveiling Newfoundland's Critical Minerals Potential
Monday, Dec 30, 2024 7:09 am ET
3min read Canterra Minerals Corporation (TSXV: CTM) (OTCQB: CTMCF) has provided a comprehensive summary of its significant achievements in 2024, highlighting the company's progress in exploring and expanding its critical minerals projects within the Central Newfoundland Mining District. With a strong cash position and a dominant land position in the region, Canterra is well-positioned to continue its exploration success and unlock the full potential of its projects.
In 2024, Canterra completed an 1,800 m maiden drill program at the Lemarchant critical minerals project, intersecting 28 m (core length) averaging 1.19 g/t Au, 67.9 g/t Ag, 0.48% Cu, 5.42% Zn, and 1.33% Pb. These results demonstrate the high-grade nature of the deposit and pave the way for additional resource growth. The company also executed an 8-hole, 1,600 m maiden drill program at the Buchans Project, yielding impressive results including 60 m of 2.25% Copper Equivalent ("CuEq"), with 26 m of 3.17% CuEq from surface, and final drill results including 105 m of 1.53% CuEq and 78m of 2.00% CuEq. These results expand the known mineralization at depth and laterally, and will be included in updates to the resource estimate at the Lundberg deposit.
Canterra's exploration efforts in 2024 have not only resulted in significant findings but also monetized parts of its project pipeline while maintaining exposure to the future exploration upside. The company raised capital through two private placements totaling $6.1M and sold the Buffalo Hills diamond project for $1.05M. Additionally, Canterra optioned its Ring of Fire project to Teck Resources for gross proceeds of $275,000 and a 1.5% NSR.
The company's strong cash position and dominant land position in the central Newfoundland critical minerals belt have enabled it to invest in exploration activities and pursue new discoveries. Canterra's exploration success in 2024, coupled with its strategic acquisitions and monetization of non-core assets, positions the company well for continued growth and value creation in the coming years.
In conclusion, Canterra Minerals' end-of-year update highlights the company's significant achievements in exploring and expanding its critical minerals projects within the Central Newfoundland Mining District. With a strong cash position, dominant land position, and a track record of exploration success, Canterra is well-positioned to continue unlocking the full potential of its projects and delivering value to shareholders. As the company looks ahead to 2025, investors can expect Canterra to build on its momentum and continue to make significant strides in the critical minerals space.
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