Canterra Minerals (CTM.V) has released the assay results of hole H-25-3538, and this is the third hole of the current drill campaign the company has reported on. The drill bit intersected 60.7 meters containing 0.85% CuEq of which 0.39% was effectively copper and the 1.55% ZnPb and 2.5 g/t silver make up the rest of the copper-equivalent grade. It’s very interesting to see the mineralization started at a downhole depth of just over 15 meters, and the first 4.7 meters of the hole actually returned a grade of 2.29% copper-equivalent of which 1.19% effectively was copper.
As this hole also confirms the presence of pretty strong copper values, the drill program continues to add value to the project as the drill results were encountered outside the existing resource area. The current resource estimate on the Lundberg deposit consists of almost 17 million tonnes in the indicated resource category at an average grade of 0.42% copper, 2.17% ZnPb and 5.69 g/t silver (and 0.07 g/t gold). The consistency of the mineralization and the grade – as shown in the first three drill holes – is a key element to further increase the tonnage at Lundberg.
Keep in mind only 20% of the planned drill program has been reported on as Canterra still needs to report on the assay results of an additional 8,000 meters of drilling.
Disclosure: The author has a long position in Canterra Minerals. Canterra is a sponsor of the website. This post is for educational purposes only; be mindful investing in junior mining stocks is risky and you may lose your entire investment if things go wrong. Please read the disclaimer.
