Canterra Minerals (CTM.V) has announced it has started its 8,000 meter Phase 2 diamond drill program on its flagship Buchans critical minerals project in Newfoundland.
Of the 8,000 planned meters, 2,000 meters are earmarked for the Lundberg deposit, with a specific focus on further defining potential extensions to the southwest of recently completed drilling. The 2,000 meter allocation will also be helpful to further define the Two Level zone, the high-grade area where drilling last year encountered 5.35 meters of 6.77% copper-equivalent.
The remaining 6,000 meters will be allocated to the greater Buchans district. The company plans to drill some of its higher priority copper-zinc targets including the Tulks, Long Lake, Boomerand and Lemarchant targets. This further lends credibility to the company’s exploration and investment thesis that the Buchans district should be seen as a true district rather than a collection of standalone past-producing deposits.
This drill program will be important for the company’s future plans, as Canterra Minerals expects to complete a maiden resource calculation at Buchans, which will help to underpin the company’s valuation. It goes without saying we expect the news flow to be strong in the second half of this year.
Disclosure: The author has no 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.
