Canterra Minerals Intersects 60.7 Metres of 0.85% Copper Equivalent at the Buchans Project, Newfoundland

Core Insights - Canterra Minerals Corporation has reported promising drill results from its Buchans Project, indicating significant copper-rich mineralization outside the existing resource area, which is expected to enhance the Lundberg deposit [3][6][7] - The ongoing drill program consists of 10,000 metres, with 8,000 metres remaining for the summer and fall, suggesting potential for further discoveries [3][6] - The recent results reflect a strong copper market, with the existing resource based on a conservative copper price of US$3.00/lb, significantly lower than current market prices [3][15] Drill Results - Drillhole H-25-3538 intersected 60.7 metres grading 0.85% copper equivalent, starting from just 15.3 metres below the surface, marking one of the longest continuous mineralized intervals drilled to date [6][7] - The mineralization includes a notable 4.7 metres of 2.29% copper equivalent, indicating robust near-surface potential for open-pit development [6][7] - The results from drillhole H-25-3537 previously reported a 68-metre interval of 1.0% copper equivalent from surface, reinforcing the consistent pattern of high-grade mineralization near the surface [7] Project Overview - The Buchans Project spans 95 km² and is located in a historically significant mining district, near the past-producing Buchans Mine and the undeveloped Lundberg deposit [11][20] - The Lundberg deposit is characterized by near-surface stockwork sulphide mineralization, making it well-suited for open-pit development [11][20] - The project is positioned in a proven mining district, just 50 km north of Equinox Gold's Valentine Gold Mine and 34 km northwest of Teck's Duck Pond Mine [1][11]