MTI(US:MTX) Newsfile·2025-07-09 11:00Core Insights - Canterra Minerals Corporation has reported high-grade drill results from its Buchans Project in Newfoundland, confirming the area's potential for multiple high-grade mineralized zones [1][4][5] - The company has commenced Phase II of its drilling program, targeting new high-priority geophysical anomalies identified by a recent 3D IP survey [3][10] - The Buchans Project includes the historic Buchans Mine and the undeveloped Lundberg deposit, which are situated in a region known for high-grade VMS (volcanogenic massive sulfide) deposits [11][19] Drilling Results - Recent drill holes at the Pumphouse target returned significant copper and base metal mineralization, with notable intercepts including 4.07% CuEq over 4.20 meters and 6.66% CuEq over 2.35 meters [7][4] - All three drill holes at the Pumphouse target confirmed high-grade Buchans-style massive sulfide mineralization, supporting its potential for near-term resource expansion [4][9] Phase II Drilling Program - The Phase II drilling program will focus on approximately 8,000 meters of drilling dedicated to testing new 3D IP targets across the project area [10] - Two new drill targets have been generated from the initial results of the 3D IP surveys, with further results pending [10] Project Overview - The Buchans Project spans 95 km² and is located near the town of Buchans, hosting both the historic Buchans Mine and the Lundberg deposit [11][19] - The historic Buchans Mine was one of the world's highest-grade VMS base metal mines, operated from 1928 to 1984, while the Lundberg deposit represents a significant undeveloped resource [11][19] Future Prospects - The company is optimistic about further high-grade discoveries in Phase II, leveraging its large land position in a prominent VMS district [5][19] - The Pumphouse target remains open and untested down plunge to the northwest, indicating potential for future drilling [9]