Canterra Minerals (CTM.V) has released assay results for five holes that were drilled on its Buchans critical minerals project. While two of the five holes were drilled at Horseshoe came up empty, the three holes completed at Lundberg returned interesting results.
As the table below shows, the headline result of 144 meters containing 0.75% copper-equivalent (of which 0.26% was copper) was encountered in hole H-26-3568, at a depth of just 64 meters downhole. The initial 76 meters of that mineralized interval even contained an average grade of 1.00% copper-equivalent (still containing ‘just’ 0.26% in pure copper, the CuEq grade was boosted by higher zinc, lead, silver and gold values) which is good by most standards. The location of the hole is also important as it fills a gap between historical holes, and is an additional testament to the continuity of the mineralized system at Lundberg.
The remaining two holes at Lundberg delivered a mixed bag. Yes, there is mineralization present and that mineralization could be mined and processed if a certain cutoff grade (to be determined in the economy study phase) can be exceeded, but hole 3568 rightfully got all the attention.
Canterra remains on track to publish the first resource calculation under its own direction at Lundberg in the final quarter of the year. The updated resource will include all drill data since 2024.
Meanwhile, the company certainly isn’t going into hibernation mode as it has kicked off its drill program at Lemarchant, which is one of the largest satellite deposits in the Buchans district. This drill program is focusing on drill-testing potential extensions while also completing a few infill holes in and around the existing resource areas. Additionally, a significant portion of the program is earmarked for greenfields targets and underexplored prospects on the Lemarchant land package. Additionally, a gravity survey is ongoing and the results (expected in Q4) will help the company to refine its drill targets.
Disclosure: The author currently 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.
