- Canterra Minerals (CTMCF, Financial) reports a significant 60.7m drill interval at 0.85% copper equivalent from its Buchans Project.
- The drill program is part of a 10,000-meter plan, with 8,000 meters still to be completed in 2025.
- Current copper prices exceed the US$3.00/lb used in resource estimates, boosting project economics.
Canterra Minerals Corporation has announced promising results from its ongoing drill program at the Buchans Project located in Newfoundland's Central Mining District. The highlight includes drill hole H-25-3538, which intersected 60.7 meters of mineralization grading 0.85% copper equivalent (CuEq). This significant intersection starts just 15.3 meters below the surface, featuring a higher-grade section of 4.7 meters at 2.29% CuEq.
These results are part of a comprehensive 10,000-meter drilling initiative, which still has 8,000 meters to be drilled during the upcoming summer and fall seasons. The Buchans Project covers an extensive area of 95 square kilometers and comprises both the historical Buchans Mine and the undeveloped Lundberg deposit. The Lundberg deposit holds an Indicated Resource of 16.79 million tonnes, with grades of 0.42% copper, 1.53% zinc, 0.64% lead, 5.69 grams per ton silver, and 0.07 grams per ton gold.
The current market conditions are favorable, as copper prices are significantly higher than the conservative US$3.00/lb assumed in the existing resource estimates, which could enhance the project's economic prospects. Canterra is optimistic about the potential to expand the open-pit resources at Buchans, given the robust mineralization evidenced by the recent drill results.
