The latest drill results from Canterra Minerals Corp. (TSX-V: CTM) (OTCQB: CTMCF) suggests the Lundberg system at Buchans is not just intact at depth, it may be materially larger than previously defined. An 86-metre intercept grading 0.91% copper equivalent (CuEq) below the current resource shell confirms depth extensions and validates multiple drill targets identified by 3DIP surveys across the district.
For investors, this shifts the narrative from incremental drilling to potential resource growth within one of Canada’s most historically productive Volcanogenic massive sulfide (VMS) camps.
Chris Pennimpede, Canterra President and CEO commented:
“The extension of Lundberg confirms that mineralization remains open at depth within this world-renowned, high-grade mining camp. Importantly, these results validate our 3DIP targeting approach and provide clear vectors for follow-up drilling.”
#Depth Continuity Strengthens Expansion Thesis at Buchans
The company intersected 86.0 metres grading 0.91% CuEq, extending mineralization 75–100 metres below the previously defined resource limit.
Within that broad interval were higher-grade sections, including:
- 6.0 metres at 3.43% CuEq
- 22.0 metres at 1.21% CuEq
Importantly, the upper portion of the same hole had already returned 4.45 m at 7.73% CuEq from the Two Level horizon, confirming stacked mineralized zones.
Drilling a step-out hole 50 metres north (down dip), intersected 7.0 m at 0.47% CuEq, modest grade but critical confirmation of lateral continuity.
Elsewhere on the property:
- At Clementine, drilling confirmed mineralization continues down plunge.
- At Sandfill, mineralization was intersected along a 1.5 km geophysical anomaly that remains largely untested.
- At the Nu Target, the company expanded its land position by 13.5 km² after identifying favourable geology along a new structural trend.
Chris Pennimpede, continued:
“With our fully funded 2026 program underway, we are prioritizing capital toward high-conviction targets that can meaningfully expand resources or lead to new discoveries, all while maintaining a disciplined approach to exploration spending.”
The Buchans Project sits within the prolific Central Newfoundland Mining District, near the past-producing Buchans and Duck Pond mines, providing infrastructure advantages that enhance capital efficiency per metre drilled.
Learn more about Canterra Minerals’ exploration activities →
#Strategic Takeaways for Investors
For experienced retail investors focused on small-cap discovery stories, this release delivers several signals:
- Potential Resource Growth
An 86-metre intercept below the existing resource boundary increases the probability that the deposit’s current size understates its true extent. If continuity holds, tonnage could grow.
- Multiple Growth Areas
The company is not reliant on a single zone. Depth expansion, lateral extensions, and new district-scale targets provide several opportunities for discovery.
- Targeting Method Appears Effective
The alignment between drilling results and geophysical anomalies suggests the company’s targeting model is working — a positive signal for upcoming exploration.
- Catalyst-Rich 2026
With winter drilling underway and multiple targets in play (Lundberg depth, Two Level, Clementine, Sandfill, Nu), news flow risk is diversified across several vectors.
- Infrastructure Advantage
Buchans sits within a historic mining district, meaning access, roads, and regional knowledge are already established — often lowering exploration costs compared with remote projects.
#About Canterra Minerals
Canterra Minerals has consolidated 100% ownership of a district-scale portfolio of copper and gold deposits in central Newfoundland, excluding the adjacent Valentine Mine. Management believes this unified land position provides strategic leverage in a historically prolific but previously fragmented mining camp.
Map of Canterra Newfoundland Central Mining District Projects
Its projects are located near historic mines that produced copper, zinc, lead, silver, and gold. Its gold assets lie along a 55 km gold-bearing corridor connected to Equinox Gold’s Valentine Mine, which is expected to become Newfoundland's largest gold mine and one of Canada's top gold producers. Canterra’s position in this emerging district places it early in the exploration cycle, as Newfoundland experiences renewed interest driven by recent high-grade gold discoveries.
Recent highlights include impressive drilling results from Canterra’s Wilding Gold Project and high-grade copper results from its Phase 3 discovery drilling program at Buchans.
With active drill programs, multiple emerging targets, and discoveries that continue to validate its exploration model, Canterra is well positioned to advance a portfolio of highly prospective copper and gold assets in central Newfoundland. The combination of high-grade results, expanding target footprints, and a consolidated district-scale land position sets the stage for continued news flow in the months ahead.
Explore the Canterra Minerals stock report now.
#FAQs for Retail Investors
Why is the 86.0 m at 0.91% CuEq interval important?
It demonstrates continuity below the existing resource envelope, increasing the probability of future resource expansion and potentially improving long-term mine economics.
How meaningful are the high-grade sub-intervals?
Intervals like 6.0 m at 3.43% CuEq can materially enhance blended grades if continuity is established, especially in VMS systems known for grade clustering.
What does validation of 3DIP targets imply?
It confirms the effectiveness of the geophysical targeting model. When early holes intersect mineralization along large chargeability anomalies, confidence in untested portions increases.
How does the land expansion at Nu change the story?
Adding 13.5 km² along a newly defined structural trend expands exploration optionality and suggests management sees broader camp-scale potential.