Explorer Drills Into New Gold Targets Near Valentine Mine

By Kirsteen Mackay

Nov 03, 2025

5 min read

Junior Miner kicks off drilling at targeting high-grade gold veins near Equinox Gold’s producing Valentine Mine.

Canterra Minerals Corp. (TSX-V: CTM) (OTCQB: CTMCF) has just announced that drilling has kicked off at its Wilding gold project, with a drill now mobilized on site. This development follows the identification of new high-grade targets at the Company’s Wilding Gold Project during its summer 2025 prospecting work, which returned record gold samples of up to 535 g/t Au. Together with recent public data releases, these results have led to new geological understanding and greater confidence in these targets.

Located in central Newfoundland, the Wilding Gold Project extends 55 km along the gold-bearing corridor that hosts Equinox Gold’s producing Valentine Mine, immediately adjacent to Canterra’s property.

Chris Pennimpede, President and CEO of Canterra, commented:

Over the past four years, Canterra has been systematically consolidating resources and expanding its land position within the central Newfoundland Mining District. New, detailed geological understanding, building on our 2021 work and historical gold exploration data at Wilding, has positioned the Project for 2024 and 2025.

Grade-control drilling and development stripping of pits at Valentine Mine have provided new geological insights to support target development and advancement of known and new zones at Wilding, which is hosted along the same structural corridor and shares many geological characteristics.

With gold markets strengthening, this program provides an opportunity to unlock new high-grade discoveries along one of Atlantic Canada’s most prospective gold corridors.

Learn more about Canterra Minerals’ exploration activities →

Campaign Highlights Include:

  • 1,200 m of large diameter (HQ) core drilling is planned across 15 drill holes.

  • Drilling will target new areas of gold-bearing quartz veins along known structures that have not been tested by previous drilling.

  • The targets have been defined by summer 2025 field work and prospecting results as well as targets derived from newly re-interpreted IP geophysics and historical work.

  • The Company now believes the highest-grade gold lies in veins running parallel to earlier drill holes, revealing a new structural model for the project.

  • Advanced imaging and detailed mapping, including new downhole camera surveys and drone-based photos, have refined Canterra’s understanding of the geology and strengthened confidence in its targets.

Summary of Drill Targets:

  1. Elm, Alder, and Cedar Zones: Historical trenching and drilling in these areas (Antler Gold, 2016–2017; Canterra, 2021) found good gold grades. New analysis suggests the best gold is likely in smaller, angled veins that cut across the main fault zones.

  2. Geophysical Anomalies: New survey data highlights electrical signals matching known gold veins and reveals several new spots that could host more gold veins.

  3. High-Precision Mapping: Careful mapping of the rock structures has helped the team pinpoint the best places to drill next.

  4. Drilling Orientation: This round of drilling will be done from a different angle to reach stacked, high-grade gold veins similar to those seen at the nearby Valentine Mine.

  5. Downhole Data Integration: After drilling, special imaging tools will be used inside the drill holes to confirm the direction of gold veins and improve future 3D models for targeting.

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Figure 1. Canterra and previous operators drilling with prospecting highlights and 2025 proposed drill holes targeting extensional vein sets.

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Figure 2. Drill rig moving onto first drill site at Wilding Gold Project, October 2025.

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Figure 3. Canterra’s Central Newfoundland Mining District properties.

#About Canterra Minerals

Canterra Minerals has consolidated 100% of the copper-gold deposits (excluding the adjacent Valentine mine) in central Newfoundland, a first in the district’s history. Management believes this gives the company leverage over future discoveries in a historically prolific but fragmented mining camp.

Its projects are located near historic mines that produced copper, zinc, lead, silver, and gold. Its gold assets lie along a 55 km trend 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 record gold samples of up to 535 g/t Au, with expanded mineralization, at Canterra’s Wilding Gold Project on September 8, 2025, and the identification of large new drill targets with the start of Phase 3 discovery drilling at the Buchans Project on September 3, 2025.

With active drill programs, multiple new targets, and discoveries that continue to validate its exploration model, Canterra is positioned to advance some of Newfoundland’s most prospective copper-gold assets. The combination of high-grade results, large-scale anomalies, and district-wide consolidation sets the stage for strong news flow in the months ahead.

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#FAQs for Retail Investors

What makes the Wilding Gold Project a focus for Canterra?

Wilding sits along the same gold-bearing corridor as Equinox Gold’s producing Valentine Mine, Newfoundland’s largest gold operation. The project covers 55 km of highly prospective ground where Canterra has mapped multiple high-grade zones with geological similarities to Valentine, including similar structural trends and host rocks.

How significant are the new high-grade targets identified in 2025?

Prospecting in summer 2025 identified new gold-bearing quartz veins, known as extensional veins, that returned grades of up to 535 g/t Au in grab samples. These are veins that branch off larger fault structures and often host higher gold concentrations. The discoveries define new drill-ready targets interpreted to represent high-grade systems similar to those found in other productive deposits in the region.

Why target extensional veins instead of the main shear zones?

Data modeling shows that most of the gold occurs in these extensional veins—gold-bearing quartz veins branching off the main shear zones—while the shear zones act as feeder structures. These extensional veins have now been mapped into three distinct types, each with potential for stacked high-grade zones, a geological setup also seen at Valentine.

How does the new drill orientation improve discovery potential?

Drilling southward at shallower angles will allow Canterra to intersect multiple stacked extensional veins at depth. This approach is designed to test for repeated, high-grade shoots rather than isolated zones, an efficient, discovery-focused strategy.

How does the 1,200m drill program fit into Canterra’s broader exploration plan?

This program marks the start of a larger, multi-phase effort to define the full scale of mineralization at Wilding. Results from this campaign will guide additional step-out drilling and resource modeling expected to follow in 2026.

What’s the value of consolidating 100% of central Newfoundland’s copper-gold assets?

Canterra now controls every significant gold and copper-gold property in the district outside the Valentine Mine. This strategic consolidation provides strong exposure to any regional discovery and enhances Canterra’s strategic position for future partnerships or potential transactions as Newfoundland’s mining cycle advances.

How does proximity to Equinox Gold’s Valentine Mine strengthen Canterra’s position?

Wilding shares the same structural corridor as Valentine, placing Canterra within one of Canada’s most active gold camps. Although proximity and geology are similar, this does not guarantee comparable results. The nearby infrastructure and permitting framework provide clear advantages for exploration.

Is Canterra funded for its 2025 exploration programs?

Yes. The company has budgeted for its current drilling and ongoing prospecting campaigns. Management remains focused on efficient, results-driven exploration with capital discipline while evaluating additional financing options tied to discovery milestones.

When can investors expect results?

Drilling is underway with initial assays expected in late Q4 2025. Results will be released as batches are received and verified, providing a steady stream of exploration updates through early 2026.

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