Buchans Summer Drill Program Highlights:
- Lundberg Deposit – Broad Near-Surface Stockwork Intercept: Hole H-26-3568 returned 144.0m of 0.75% CuEq from 64.0m (0.26% Cu, 1.32% Zn, 0.73% Pb, 2.6 g/t Ag and 0.04 g/t Au), including 76.0m of 1.00% CuEq and 18.0m of 1.56% CuEq (0.38% Cu, 3.21% Zn, 1.85% Pb, 5.84 g/t Ag and 0.073 g/t Au) at the top of the interval.¹² The vertical infill hole was drilled between historical holes H-0175, H-0022 and H-0072 (incomplete historical assays) and demonstrates continuity of mineralization through a broad interval of the Lundberg stockwork system.
- Lundberg Deposit – Infill and Grade Definition: Hole H-26-3564 returned 5.0m of 0.39% CuEq from 77.0m, and 12.25m of 0.28% CuEq from 126.0m, including 9.0m of 0.32% CuEq. The hole filled a near-surface gap in the deposit and tested continuity of copper mineralization intersected in historical drilling.
- Regional Exploration – Horseshoe Target Drill Tested: Two holes totalling 575 metres tested a previously undrilled, approximately 900-metre strike-length SkyTEM conductor at Horseshoe, 10.6 km southwest of the Lundberg Deposit, and returned no significant values. The geophysical response is attributed to pervasive chlorite alteration, a common and important alteration feature in VMS footwall alteration zones.
- Lundberg Mineral Resource Estimate Remains on Track: The Company continues to target delivery of a Mineral Resource Estimate (“MRE”) for the Lundberg Deposit in Q4 2026. This will be the first Lundberg MRE prepared under Canterra’s direction and the first to incorporate the Company’s 2024-2026 drilling.
- Lemarchant Deposit – Resource Expansion, Greenfields and Geophysical Targeting: Phase 2 drilling is underway at Lemarchant, the largest of Canterra’s satellite deposits in the Buchans District. Drilling is focused on extensions and infill in and around the existing mineral resource areas, while a significant portion of the program is allocated to greenfields targets and underexplored prospects. These new target areas are being advanced through updated geophysical interpretation, ground truthing and an ongoing gravity survey. Results from the gravity survey are expected in Q4 2026 and are expected to refine targets for current and upcoming drill programs.
VANCOUVER, British Columbia, Sept. 09, 2026 (GLOBE NEWSWIRE) — Canterra Minerals Corporation (TSXV: CTM) (OTCQB: CTMCF) (FSE: DXZB) (“Canterra” or the “Company”) is pleased to announce assay results from five diamond drill holes totalling 1,229 metres completed during its Phase 2 drill program at the Buchans Project in central Newfoundland. Phase 2 drilling continues, with a further 6,000 m allocated to exploration across Canterra’s Buchans copper-zinc district projects, testing several of Canterra’s satellite deposits and other high-priority copper-zinc targets.
Chris Pennimpede, President and CEO of Canterra, commented:
“This is exactly the type of result we wanted from the centre of Lundberg: 144 metres of continuous polymetallic mineralization beginning near surface, with a higher-grade core of 18 metres at 1.56% CuEq at the top of the interval. It fills an important gap between historical holes and gives us greater confidence in the continuity of the system as we advance our updated mineral resource estimate for Lundberg.
Lundberg is the anchor for our broader Buchans District strategy. We have consolidated a district with multiple known copper-zinc deposits, extensive historical data and large areas that have never been tested with modern exploration. With the Lundberg drilling complete, our drilling is now moving into Lemarchant and the broader pipeline of satellite and discovery targets. The next phase is about demonstrating scale beyond Lundberg and showing what a consolidated Buchans District can become.”
Figure 1. Buchans Project plan view and 2026 drill collar locations. EM SkyTEM with hotter colours corresponding to higher conductivity.
Table 1. Full Drill Results Table (see Notes).
| Hole | From (m) | To (m) | Width (m) | Cu% | Zn% | Pb% | Ag (g/t) | Au (g/t) | CuEq% | Comments / Zone |
| H-26-3568 | 64.00 | 208.00 | 144.00 | 0.26 | 1.32 | 0.73 | 2.61 | 0.039 | 0.75 | Lundberg |
| incl. | 64.00 | 140.00 | 76.00 | 0.26 | 2.01 | 1.15 | 3.37 | 0.048 | 1.00 | Lundberg |
| incl. | 64.00 | 82.00 | 18.00 | 0.38 | 3.21 | 1.85 | 5.84 | 0.073 | 1.56 | Lundberg |
| H-26-3564 | 77.00 | 82.00 | 5.00 | 0.14 | 0.28 | 0.14 | 6.46 | 0.159 | 0.39 | Lundberg |
| also | 126.00 | 138.25 | 12.25 | 0.13 | 0.48 | 0.11 | 0.98 | 0.013 | 0.28 | Lundberg |
| incl. | 128.00 | 137.00 | 9.00 | 0.13 | 0.58 | 0.13 | 1.12 | 0.011 | 0.32 | Lundberg |
| H-26-3565 | 129.00 | 145.00 | 16.00 | 0.02 | 0.14 | 0.05 | 2.61 | 0.044 | 0.12 | Lundberg |
| incl. | 131.00 | 133.00 | 2.00 | 0.07 | 0.84 | 0.29 | 6.75 | 0.085 | 0.45 | Lundberg |
| H-26-3566 | No significant values – Horseshoe | |||||||||
| H-26-3567 | No significant values – Horseshoe | |||||||||
Exploration Discussion
Lundberg Deposit: Broad Near-Surface Stockwork Mineralization
The summer program completed three holes totalling 654 metres at Lundberg, primarily designed to improve geological definition and test continuity within and immediately adjacent to the central stockwork system. H-26-3564 and H-26-3568 were infill holes, while H-26-3565 tested a down-dip extension of mineralization identified in historical drilling.
Figure 2. Lundberg cross section through H-26-3568 showing the broad central stockwork intercept and adjacent historical drilling. Historic drilling is shown on the section.
Regional Exploration: Horseshoe
Canterra also completed two diamond drill holes totalling 575 metres at the Horseshoe target, approximately 10.6 km southwest of the Lundberg Deposit. Hole H-26-3566 (319 metres) tested an approximately 900-metre strike-length, double-peaked early-time SkyTEM EM anomaly that had not previously been drill tested. Hole H-26-3567 (256 metres) was drilled as a scissor hole to test the associated resistivity low.
Both holes intersected thick sequences of variably amygdaloidal basalt breccia and fragmental mafic volcanic rocks with weak chlorite and carbonate alteration. No significant sulphide mineralization was observed, and the response was explained by pervasive chlorite alteration, a common and important alteration feature in VMS footwall alteration zones. The Company is reviewing the geophysical response and drilling results before determining whether additional work is warranted at the target.
Next Steps & Current Drilling
An updated Mineral Resource Estimate for the Lundberg Deposit, the first to be prepared under Canterra’s direction, remains on track for delivery in Q4 2026. Canterra is continuing to refine the Lundberg geological model and evaluate follow-up drilling priorities using the 2024-2026 drill dataset. The results reported in this release will also be used in planning subsequent work at Lundberg and across the broader Buchans district.
Current Drilling: Lemarchant Deposit and Property-Wide Targets
Phase 2 drilling is underway at Lemarchant, the largest of the Company’s satellite deposits in the Buchans District, as part of the Company’s 6,000 m district exploration allocation. The current program combines extension and infill drilling in and around the existing mineral resource with a significant allocation of metres to greenfields targets and underexplored prospects elsewhere on the property. This approach is designed to test opportunities for resource growth around known mineralization while also advancing new discovery opportunities beyond the current resource footprint.
In parallel, Canterra is advancing several new geophysical target areas at Lemarchant following updated interpretation of existing geophysical datasets and field ground truthing. A detailed gravity survey has been commissioned and is currently underway across priority areas of the property with results expected in Q4 2026. The new gravity data will be integrated with updated geophysical interpretations, geological information and field observations to refine and prioritize drill targets within the current and subsequent Lemarchant drill programs.
Figure 3. Lemarchant Project target areas, combining geophysics, drilling and AI. Base layer is Airborne EM with higher conductivity shown as hotter colours.
Figure 4. Canterra’s Buchans District properties
| Notes: |
||
| (1) | True widths estimated to be more than 90% of reported core lengths. | |
| (2) | Copper Equivalent % =Cu% + ((Pb% × 22.046 × Pb Rec.× Pb price) + (Zn% × 22.046 × Zn Rec.× Zn price) + (Ag g/t ÷ 31.10348 × Ag Rec. × Ag price) + (Au g/t ÷ 31.10348 × Au Rec. × Au price)) ÷ (Cu Price × 22.046 × Cu Rec.). Metal recoveries (Rec.) to concentrate are 90.41% Zn, 91.32% Pb, 93.14% Cu, 32.12% Au and 72.87% Ag, based on “Centralized Milling of Newfoundland Base Metal Deposits – Bench Scale DMS and Flotation Test Program” (Thibault & Associates Inc., 2017). Metal prices used: Cu US$6.0183/lb, Pb US$0.8951/lb, Zn US$1.5403/lb, Ag US$76.75/oz, Au US$4,680.90/oz, as of May 6, 2026. | |
| (3) | Assumed total metal recoveries to concentrate are 93.14% Cu, 90.41% Zn, 91.32% Pb, 72.87% Ag and 32.12% Au, based on “Centralized Milling of Newfoundland Base Metal Deposits – Bench Scale DMS and Flotation Test Program” (Thibault & Associates Inc., 2017) and further described in the technical report titled “NI 43-101 Technical Report and Mineral Resource Estimate on the Lundberg Deposit, Buchans Area, Newfoundland and Labrador, Canada”, dated May 16, 2024 with an effective date of March 12, 2024. | |
| (4) | All assays are uncut. Net smelter returns and payability factors have not been applied. | |
Table 2. Drill Collar Locations (Phase 2 2026 summer program).
| Hole | Length (m) | Azimuth | Dip | Northing (UTM NAD83 Z21N) | Easting (UTM NAD83 Z21N) | Elevation (m) | Zone |
| H-26-3564 | 190 | 180 | -70 | 5,407,918 | 509,651 | 293 | Lundberg |
| H-26-3565 | 199 | 0 | -90 | 5,407,941 | 509,532 | 290 | Lundberg |
| H-26-3566 | 319 | 298 | -55 | 5,399,750 | 503,197 | 306 | Horseshoe |
| H-26-3567 | 256 | 118 | -45 | 5,399,905 | 502,920 | 306 | Horseshoe |
| H-26-3568 | 265 | 0 | -90 | 5,407,970 | 509,750 | 293 | Lundberg |
*Coordinates reported in NAD83 / UTM Zone 21N. All holes were drilled at NQ core diameter by Springdale Forest Resources.
Investor Relations Agreement
Canterra announces that, effective August 17, 2026, it engaged IRP Holdings Corporation dba IRPub (“IRPub”) to provide digital marketing and investor awareness services through December 31, 2026, for an aggregate cash fee of US$70,000, paid upon signing. No securities are being issued as compensation, and the engagement is subject to TSX Venture Exchange approval.
New Corporate Website
Canterra has launched a redesigned corporate website at canterraminerals.com, featuring updated project information, technical content and investor resources.
Newfoundland and Labrador Junior Exploration Assistance
Canterra would like to acknowledge financial support it received from the Government of Newfoundland and Labrador’s Junior Exploration Assistance Program related to completion of its 2025 programs and may receive in support of its 2026 exploration programs in the Buchans District.
About Canterra Minerals
Canterra is a diversified minerals exploration company focused on critical minerals and gold in central Newfoundland. The Company’s projects include seven mineral deposits located in close proximity to the world-renowned, past-producing Buchans Mine and Teck Resources’ Duck Pond Mine, which collectively produced copper, zinc, lead, silver and gold. Several of Canterra’s deposits support current and historical Mineral Resource Estimates prepared in accordance with National Instrument 43-101 and the Canadian Institute of Mining, Metallurgy, and Petroleum Definition Standards for Mineral Resources and Mineral Reserves. Canterra’s gold projects are located on trend with Equinox Gold’s Valentine Mine and cover a ~55 km extension of the same structural corridor that hosts the gold mineralization within Equinox Gold’s mine. Past drilling by Canterra and others within the Company’s gold projects intersected multiple occurrences of orogenic-style gold mineralization within a large land position that remains underexplored.
QA/QC Protocols
Core and rock samples, including standards, blanks and duplicates, were submitted to Eastern Analytical Ltd. in Springdale, Newfoundland, for preparation and analyses. All samples were acquired by saw-cut (NQ drill core) with one-half retained for reference and one-half submitted for analyses. Samples were submitted in sealed plastic bags delivered by Canterra personnel to Eastern’s assay laboratory, an accredited assay lab conforming to ISO/IEC 17025 requirements. Samples were analyzed using the Au (Fire assay) 30 g + ICP-34 method utilizing a 200 mg subsample dissolved in four acids and analyzed by the ICP-OES analytical technique. Over-limits for Cu, Pb, Zn and Ag were analyzed using the atomic absorption method where a 0.200 g to 2.00 g sub-sample was digested with three acids. Eastern Analytical Ltd. achieved ISO 17025 accreditation in February 2014. Canterra also routinely submits representative pulps prepared by Eastern to ALS Geochemistry’s laboratory in Moncton, New Brunswick, as additional independent check assays.
Qualified Person
Paul Moore, MSc., P.Geo. (NL), Vice President of Exploration for Canterra Minerals Corporation, a Qualified Person within the meaning of National Instrument 43-101, has reviewed and approved the technical disclosure in this news release.
ON BEHALF OF THE BOARD OF CANTERRA MINERALS CORPORATION
Chris Pennimpede
President & CEO
Additional information about the Company is available at www.canterraminerals.com
For further information, please contact: +1 (604) 687-6644
Email: [email protected]
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Information
This press release contains statements that constitute “forward-looking information” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation, including statements with respect to the planned scope, timing and results of the Company’s Phase 2 diamond drill program at the Buchans Project, the completion and expected timing of an updated mineral resource estimate for the Lundberg Deposit, the timing, scope and results of the current Lemarchant drill program and the testing of other satellite deposits and exploration targets at Buchans, the expected timing of results from the ongoing gravity survey and updated geophysical interpretations, the potential for new discoveries and district-scale resource growth, the receipt of TSX Venture Exchange acceptance of the IRPub engagement, and the receipt of funding under the Newfoundland and Labrador Junior Exploration Assistance Program in respect of the Company’s 2026 exploration programs. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include risks associated with possible accidents and other risks associated with mineral exploration operations, the risk that assay, geophysical or metallurgical results will not support the Company’s interpretations or continued exploration, the risk that the updated mineral resource estimate for the Lundberg Deposit is delayed or differs materially from expectations, volatility in copper, zinc, lead, silver and gold prices, the risk that the Company will encounter unanticipated geological factors, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company’s exploration plans, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company’s business and prospects, as well as those risks and uncertainties identified and reported in the Company’s public filings under its SEDAR+ profile at www.sedarplus.ca. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
Infographics accompanying this announcement are available at
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