Canterra Minerals Corporation (TSXV: CTM) (OTCQB: CTMCF) (FSE: DXZB) has commenced its approximately 8,000-metre Phase 2 diamond drill program in the Buchans copper-zinc district of central Newfoundland. The program is designed to demonstrate the scale of Canterra’s consolidated position in one of Canada’s premier volcanogenic massive sulfide (VMS) camps.
Phase 2 Drilling Underway
The Phase 2 program includes approximately 2,000 metres at the Lundberg deposit, the largest copper-zinc resource in the district. Drilling is focused on potential extensions southwest of recently completed drilling, including 57.15 metres grading 0.57% copper equivalent (CuEq), as reported in the Company’s June 3, 2026 news release. The program will also further delineate the high-grade Two Level zone, where previous drilling returned 5.35 metres grading 6.77% CuEq, as reported in the Company’s May 20, 2025 news release.
Maiden Resource Estimate on Track
Results from Phase 2 are expected to contribute to Canterra’s maiden mineral resource estimate for the Lundberg deposit, targeted for Q4 2026. This represents a key near-term milestone in establishing the scale of the Buchans District.
District Growth Pipeline
In addition to drilling at Lundberg, Canterra plans to complete at least 6,000 metres of exploration drilling across satellite deposits and high-priority copper-zinc targets including Lemarchant, Boomerang, Long Lake and Tulks. These targets represent multiple opportunities to add tonnes beyond Lundberg and demonstrate broader district-scale growth.
AI-Assisted Targeting
Canterra has integrated district-wide historical drilling, geophysical, geochemical and lithogeochemical data with VRIFY’s DORA AI-assisted prospectivity modelling to prioritize new drill targets around its resource-stage VMS deposits and along the same mineralized trend as the former Buchans and Duck Pond mines.
Insider and Shareholder Alignment
Canterra has received approximately $1.13 million from the exercise of warrants and options, including approximately $961,336 from the exercise of common share purchase warrants by directors, insiders and major shareholders, and a further $168,498 from option exercises by consultants and contractors.
CEO Commentary
Chris Pennimpede, President and CEO of Canterra, commented: “Phase 2 drilling in the Buchans District comes at an important time for Canterra as we work to demonstrate that Buchans is a growing critical minerals district. Lundberg is our anchor deposit, and our immediate objective is to continue adding scale and definition as we advance toward a maiden mineral resource estimate targeted for Q4 2026.”
He added: “At the same time, the broader Buchans District gives us a pipeline of satellite deposits and high-priority exploration targets that we believe can drive long-term resource growth beyond Lundberg. The historical Buchans mines produced extraordinary grades, but much of the area was explored using techniques that are now decades old. With modern geophysics, integrated historical data, AI-assisted targeting through VRIFY, and a highly experienced VMS technical team, we believe there is a significant opportunity to re-evaluate through a modern exploration lens.”
