Canterra Minerals Corporation Advances Buchans Project with New 3‑D IP Targets and Phase 3 Drilling

Canterra Minerals Corporation (TSXV: CTM) announced today that its property‑wide, deep‑penetrating 3‑D induced polarization (IP) survey at the Buchans Project in central Newfoundland has identified multiple large‑scale, high‑priority anomalies. The anomalies lie along the same geological corridor that historically hosted the world‑renowned, high‑grade Buchans Mine, and they occur at depths below those previously tested by historic shallow drilling.

3‑D IP Survey Breakthroughs

The 3‑D IP survey, which covered the entirety of the Buchans Project, was designed to map subsurface mineralization with greater resolution and depth penetration than conventional geophysical techniques. By measuring the electrical conductivity of the ground, the survey was able to highlight conductive zones that may correspond to sulphide mineralization. Canterra’s analysis indicates that these zones are not only extensive but also aligned with the structural features that historically defined the mine’s high‑grade deposits.

The discovery of multiple large‑scale anomalies is significant for several reasons:

  1. Depth and Extent – The anomalies extend deeper than previous shallow drill targets, suggesting that undiscovered mineralization may exist at greater depths.
  2. Alignment with Proven Mineralization – Their alignment with the Buchans Mine’s historic corridor lends geological credibility to the potential for new discoveries.
  3. High‑Priority Targets – The survey produced a prioritization framework that ranks anomalies by size, depth, and proximity to known mineralization, enabling the company to focus resources on the most promising prospects.

Immediate Move to Phase 3 Drilling

Capitalizing on the survey results, Canterra has immediately commenced Phase 3 of its fully funded 10 000‑metre drill program. Phase 3 focuses on the highest‑priority IP anomalies and will involve 6 000 metres of drilling. This rapid transition from survey to drilling demonstrates the company’s commitment to accelerating the project’s development timeline.

Phase 3 will build on the successes of earlier phases, which included:

  • Phase 1 (2018–2019) – Initial trenching, sampling, and shallow drilling that confirmed the presence of sulphide minerals in the area.
  • Phase 2 (2021–2022) – Deeper drilling that extended the known mineralization to greater depths and established the feasibility of a larger, more extensive deposit.

By directing 6 000 metres of new drilling into the most promising anomalies, Canterra aims to:

  • Validate the presence of significant sulphide mineralization at depth.
  • Refine the deposit’s geometry and grade distribution.
  • Generate data that will inform a preliminary resource estimate and potential feasibility study.

Market Context

Canterra’s market cap of approximately CAD 37.8 million places it in the mid‑size tier among Canadian mining companies. Its share price, closing at CAD 0.11 on 2025‑09‑02, has fluctuated modestly, ranging from CAD 0.04 to CAD 0.16 over the past 52 weeks. The company’s operations span the Northwest Territories, Nunavut, Quebec, and Alberta, but the Buchans Project remains a flagship asset due to its historical production record and the recent geophysical breakthroughs.

Strategic Implications

The 3‑D IP survey and subsequent Phase 3 drilling position Canterra to potentially unlock new mineralization that could add significant value to the Buchans Project. Success in this phase would:

  • Increase the company’s asset portfolio, enhancing its attractiveness to strategic partners and investors.
  • Provide a clearer picture of the deposit’s economics, paving the way for a feasibility study and, ultimately, mine development.
  • Strengthen Canterra’s standing in the competitive Canadian mining landscape, especially among companies focused on nickel, cobalt, and other base metals.

In summary, Canterra Minerals Corporation’s latest geophysical survey results and the rapid commencement of Phase 3 drilling represent a pivotal advancement in its quest to uncover new, high‑grade mineralization at the Buchans Project. The company’s ability to translate scientific data into actionable drilling plans underscores its disciplined approach to resource development and its commitment to delivering value to shareholders.