Canterra Minerals Commences Phase 2 Drill Program to Advance District-Scale Copper-Zinc Growth Strategy at Buchans, Newfoundland

Canterra Minerals Corporation (CTM) has initiated its approximately 8,000-metre Phase 2 diamond drill program at the Buchans copper-zinc district in Newfoundland. The program centers on the Lundberg deposit as the anchor resource, with the objective of defining extensions and supporting a maiden mineral resource estimate targeted for the fourth quarter of 2026.

The drilling plan allocates roughly 2,000 metres to Lundberg, while at least 6,000 metres are dedicated to satellite targets, including Lemarchant, Boomerang, Long Lake, and Tulks. To prioritize these targets, the company employed VRIFY’s DORA AI-assisted prospectivity modelling.

Financially, since September 2025, the company has received approximately $1.13 million from warrant and option exercises. The company also acknowledged government support from the Newfoundland and Labrador Junior Exploration Assistance Program.

Canterra Minerals Corporation (CTM) has begun Phase 2 drilling, an expected incremental step following its successful Phase 1 winter program conducted in February and March 2026. That initial program expanded the Lundberg footprint and confirmed high-grade lenses. The market was already aware of the Phase 2 schedule and the target for a maiden resource in the fourth quarter of 2026. Consequently, the announcement is considered routine and does not contain genuinely new, market-moving information. The use of AI-assisted targeting represents a procedural enhancement rather than a fundamental shift in exploration strategy. No immediate price impact is anticipated as the company remains in the exploration phase with no near-term production or resource definition catalysts until the fourth quarter of 2026.

Canterra Minerals Corporation (CTM) is a Canadian exploration company focused on critical minerals and gold in Newfoundland. Its flagship asset is the Buchans Project, a historic volcanogenic massive sulfide (VMS) district encompassing a 106 km² land package. The Lundberg deposit serves as the near-surface anchor target, while satellite prospects such as Lemarchant and Boomerang form part of a district-scale growth strategy.

The company also holds the Wilding Gold Project, located along the 55 km Valentine Lake gold corridor adjacent to Equinox Gold's producing Valentine Mine. Recent high-grade gold intercepts and grab samples have validated the district potential at this secondary project.

Canterra Minerals is currently in the exploration stage with no production. A maiden resource for the Lundberg deposit is targeted for release in the fourth quarter of 2026.