Canterra's Latest Copper Drill Expands Newfoundland Resource

By Kirsteen Mackay

Nov 19, 2025

5 min read

Canterra expands high-grade copper-rich zones at Buchans as drilling extends mineralization and confirms open stockwork growth, more targets set for testing.

Canterra Minerals Corp. (TSX-V: CTM) (OTCQB: CTMCF) has released promising high-grade results from its 2025 drill program at its 100 % owned Buchans Project in the Central Newfoundland district. These step‑out holes are delivering both length and grade beyond existing boundaries, reinforcing the upside potential of the Lundberg deposit and adjacent targets. The Buchans Project is located 50 kilometres north of Equinox Gold’s Valentine Gold Mine and 34 km northwest of Teck’s past producing Duck Pond Mine.

Step-out drilling was undertaken in 3 holes at approximately 50 m step-outs resulting in 7.73% CuEq (copper equivalent) over 4.45 metres and 1.85% CuEq over 26.0 metres. This extends the Lundberg stockwork zone 80 metres beyond the limits of the current Lundberg Resource.

Chris Pennimpede, President and CEO of Canterra commented:

“These drilling results confirm that Buchans has the potential to host a much larger and higher-grade system than previously defined,”

“Intersecting high-grade copper mineralization with gold mineralization in step-out drilling, well outside the existing resource, demonstrates both the strength and continuity of mineralization. With the Two Level Zone expanding and the Lundberg stockwork zone extending, we are seeing clear evidence that Buchans remains one of Canada’s most prospective VMS districts.”

“These results strongly support our strategy to unlock significant new value through continued drilling and resource growth in one of the premier mining jurisdictions of Canada.”

Learn more about Canterra Minerals’ exploration activities →

Lundberg Resource Initial Highlights Include:

  • 7.73% CuEq over 4.45 metres (1.11% Cu, 11.38% Zn, 7.02% Pb, 125.5 g/t Ag & 1.24 g/t Au)

  • 1.85% CuEq over 26.0 metres (0.84% Cu, 2.13% Zn, 1.30% Pb, 8.2 g/t Ag & 0.08 g/t Au), extending the Lundberg stockwork zone 80m beyond the current Lundberg Resource. At depth, the hole reached mineralization of 1.72% CuEq over 6m (0.28% Cu, 3.36% Zn, 1.55% Pb, 8.6 g/t Ag & 0.12 g/t Au)

  • Two Level Zone mineralized footprint now expanded to approximately 200m x 50m

Canterra Thermal Imaging

Figure 1. Cross Section along H-25-3542 (looking west)

#Drill Results Strengthen Expansion Case

Canterra’s recent drilling continues to define a broader mineralized system across a historically productive VMS (volcanogenic massive sulphide) district in Canada.

Work at the Two Level Zone has pushed the known footprint to roughly 200 m by 50 m, with high grade breccia style sulphides that mirror the material once mined at Buchans.

Drilling beneath this zone has repeatedly hit stockwork sulphides consistent with the Lundberg resource. These intercepts show that the stockwork system remains open and is advancing to the northwest at depth, signaling room for additional growth as the program steps out.

Canterra Properties

Figure 2. Two Level target Plan view and Lundberg mineralization projected to surface.

#What Comes Next

The company plans targeted follow up drilling to better understand the continuity and scale of the Two Level Zone. Its broader 8,000 metre program will keep testing priority targets across the wider Buchans Project to build a clearer picture of system architecture and potential tonnage.

Canterra Map

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

#Project Context

The Buchans Project covers 95 km2 and includes the historic Buchans Mine, a past producer operated from 1928 to 1984, along with the undeveloped Lundberg open pit resource. This brownfield setting gives the ongoing work a strong geological framework while still leaving meaningful exploration upside.

#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 drilling commencement at Canterra’s Wilding Gold Project on November 3, 2025, high-grade copper intersects at Clementine near Buchans on September 23, record gold samples of up to 535 g/t Au, with expanded mineralization at Wilding on September 8, and the identification of large new drill targets with the start of Phase 3 discovery drilling at the Buchans Project on September 3.

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.

Explore the Canterra Minerals stock report now.

#FAQs for Retail Investors

Why do these new results matter right now?

The step outs delivered 7.73% CuEq over 4.45 metres and 1.85% CuEq over 26 metres, proving the system extends beyond current limits. For investors this strengthens the case that Buchans hosts more scale than reflected in today’s resource base.

How do these hits impact the outlook for the Lundberg resource?

The 26 metre interval expands the Lundberg stockwork zone by roughly 80 metres. Continued growth along this trend could translate into future resource additions as drilling tightens spacing.

What does the expansion of the Two Level Zone signal?

The footprint now spans about 200 metres by 50 metres with high grade breccia style sulphides. This alignment with historic Buchans ore style raises confidence that the zone can deliver meaningful high value tonnes if continuity holds.

Is the mineralization open for further discovery?

Yes. Both the breccia hosted and stockwork zones remain open, with drilling showing consistent strength toward the northwest at depth. This openness is a key driver of upside in VMS systems.

Why is district scale consolidation important?

Canterra now controls all copper gold deposits in the region excluding the adjacent Valentine mine. This consolidation gives the company strategic leverage over future discoveries and simplifies long term development pathways.

What role does the historic Buchans Mine play in today’s exploration?

Decades of past production provide strong geological context. Large scale VMS camps often contain multiple lenses, so the historic data helps guide targeting while still leaving substantial room for new discovery.

What is the key takeaway for investors following this release?

The system is growing in both grade and scale through step outs that continue to hit. With mineralization open in multiple directions and active drilling across several targets, Canterra is positioned for sustained news flow and potential resource expansion.

Uncover the Canterra Minerals stock story.

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