Canterra Minerals Intersects 144m of 0.75% CuEq, Including 76m of 1.00% CuEq at Lundberg Deposit, Newfoundland
Canterra’s Lundberg infill drilling intersected broad low-grade intervals, confirming substantial tonnage rather than high-grade VMS bonanza zones at the project.
Canterra Minerals Corporation (CTM) released assay results from five Phase 2 diamond drill holes totaling 1,229 metres at its Buchans Project in central Newfoundland.
The headline interval comes from the Lundberg hole H-26-3568, a vertical hole that returned 144.0 metres of 0.75% CuEq from a depth of 64.0 metres. The raw grades for this interval are 0.26% Cu, 1.32% Zn, 0.73% Pb, 2.61 g/t Ag, and 0.039 g/t Au. This interval includes 76.0 metres of 1.00% CuEq from 64 metres, and within that, 18.0 metres of 1.56% CuEq from 64 metres.
The other two Lundberg holes returned weaker results. H-26-3564 returned 5.0 metres of 0.39% CuEq and a separate 12.25 metres of 0.28% CuEq. H-26-3565 returned 16.0 metres of 0.12% CuEq, including 2.0 metres of 0.45% CuEq.
Two holes drilled at Horseshoe, located 10.6 km southwest, returned no significant values. The geophysical conductor at that location is attributed to chlorite alteration rather than sulphide mineralisation.
The company stated that the Lundberg Mineral Resource Estimate remains on track for the fourth quarter of 2026. Phase 2 drilling is now moving to the Lemarchant area.
Canterra Minerals Corporation (CTM) completed infill drilling at the Lundberg property, a step designed to improve geological confidence for the Q4 2026 Mineral Resource Estimate rather than expanding the footprint or representing a discovery. The headline hole returned grades roughly in line to slightly below the resource grade over its full 144 m length, with a higher-grade core near the surface that exceeded resource grade.
The company’s stock has traded in a narrow range recently, falling from approximately C$0.23 in late 2025 to C$0.14 by early September 2026, where it has spent months hovering between C$0.12 and C$0.14.
The recent low-grade infill hit at Lundberg supports the upcoming resource estimate and confirms continuity, though it does not materially alter the scale, grade, or probability of the system. While the Horseshoe project represents a minor negative, the market had not previously priced in that asset. Analysts view this as a consistent, incremental result that may generate a modest positive share-price impact, but is unlikely to drive a move of 15% or more on its own.
Canterra Minerals Corporation (CTM) is a pre-revenue Canadian exploration company focused on the Buchans VMS district in central Newfoundland and the Wilding Gold Project, which lies along the same structural trend as Equinox Gold’s Valentine Mine.
The Buchans district contains multiple resource-stage polymetallic VMS deposits, including Lundberg, Lemarchant, Boomerang, Domino, Long Lake, Bobby’s Pond, Daniels Pond and Tulks Hill. Lundberg serves as the anchor deposit, holding an existing indicated resource of approximately 16.8 Mt at roughly 0.4% Cu, 1.5% Zn, 0.6% Pb, 5.7 g/t Ag and 0.1 g/t Au, along with a small inferred component.
At the Wilding project, previous drilling returned high-grade intercepts, including 31.5 m at 10.89 g/t Au.
The company has no revenue, no operating mine and no mineral reserves. It is an exploration-stage junior reliant on equity financing.