Earlier this week, Canterra Minerals (CTM.V) released the assay results from 7 of the 14 holes drilled at Lemarchant this year. As a reminder: Lemarchant is the biggest satellite deposit in the company’s Buchans District in Newfoundland, about 20 kilometers southwest of Teck’s old Duck Pond mine. This project hosts a historical resource estimate (completed in 2018) with 2.42 million tonnes in the indicated resource category at an average grade of 4.89% CuEq with an additional 560,000 tonnes in the inferred resource category at an average grade of 3.66% copper-equivalent.
The assay results of these seven holes cover 2,064 m of a planned 5,240 m program. Hole LM-26-172 contained the headline result with 18.75 meters of 5.35% copper-equivalent (including a higher grade interval of 5.15 meters containing 8.83% copper-equivalent), consisting of 0.61% copper, 6% zinc, 1.45% lead, 77 g/t silver and 1.72 g/t gold.
While that clearly was the best home, some of the other holes were also quite interesting (as shown in the table above) while two holes came up empty. Assay results are still pending for the last seven holes (holes LM-26-177 to 183). These include step-outs at the Northwest Zone and tests of deeper and newer targets. Once those assays are published, we will catch up with CEO Chris Pennimpede to discuss the near-term plans for the Buchans District.
Disclosure: The author currently has no position in Canterra Minerals but may initiate a long position in the near future. Canterra Minerals 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.
