The “new” frontier in critical minerals...

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The “New” Frontier In Critical Minerals

While Newfoundland is a hot destination today for its gold potential, critical minerals like copper and zinc originally put it on the map as a mining district.
 

Now, one tiny company, Canterra Minerals (CTM.V; CTMCF.OTC) has quietly consolidated all the critical minerals deposits in the central part of the province.
 

With drill results on the way from one of those deposits and high-potential work getting done on its flagship deposit, now is the time to begin taking a closer look at Canterra Minerals.

Long before the gold discovery at the Keats zone set off a Newfoundland gold rush in the late 2010s, the province stood tall as a critical minerals district.

Indeed, Central Newfoundland’s Buchans Mine was one of the higher-grade copper-zinc mines in Canada, and produced tons of those metals over its mine life.

Today, Canterra Minerals (CTM.V; CTMCF.OTC) has consolidated Central Newfoundland’s critical minerals deposits — including Buchans.

As you’re about to see, because of this consolidation, the company’s global critical minerals resource already stands at 23 million tonnes across all seven of its deposits.
 

Not only does this global resource make it quite undervalued versus peers at current levels...it also makes it one of the largest landholders in Newfoundland.

And the best news? We’re just days away from drilling results from its Lemarchant project that promise to be high-grade and potentially market-moving.

Longer term, the company has its sights set on expanding the known resource at Buchans and potentially finding more of that high-grade mineralization that made it legendary.

A Short-Term Drill Hole Play

Like other deposits in Canterra’s portfolio, Lemarchant has seen significant exploration work over its project life, including more than 50,000 meters in 165 holes of drilling.
 

That historic work includes some truly remarkable highlight results, including 16 meters of 1.5% copper, 3.6% lead, 15.4% zinc, 84 g/t silver and 1.7 g/t gold...9.7 meters of 2.2% copper, 7.5% lead, 20.9% zinc, 106 g/t silver...and 1.1 g/t gold and 7.1 meters of 2.7% copper, 3.9% lead and 20.9% zinc.

As noted, those are extraordinary results. But here’s the important part: Canterra has identified zones of alteration that suggest Lemarchant can be extended to both the north and south.

The company is taking advantage of the winter drilling window to test Lemarchant with 2,000 meters planned over seven drill holes.
 

The drilling is testing targets defined by Canterra’s 2022 IP survey and other underexplored areas within and adjacent to the Lemarchant deposit.

The company has confidence that this program will produce some high-grade results, and assays are due out in the next couple of weeks.

Breathing New Life Into Buchans

The Buchans project, meanwhile, provides long-term upside as Canterra’s flagship project in the province.

The mine operated for years as a high-grade copper, lead and zinc producer. In fact, the Lundberg resource — with 583.3 million pounds of zinc and 158.5 million pounds of copper — still remains.

Notably, Lundberg has an entire section down-dip from the main resource that was excluded from the resource. Depending on metals prices and other factors, it could be a significant resource addition for Lundberg.
 

The deposit contains a two-level, high-grade zone open in multiple directions, with past intercepts that include 1.0 meter of 14.83% combined base metals.

Big Upside Potential

The two-level zone includes mineralization hosted in massive sulphides as well as transported mineralization.

This is important because, according to Canterra, 52% of the Buchans Mine’s output was from transported ore, making additional transported ore areas encountered at Buchans valid high-grade targets.

Canterra is plotting an exploration program at Buchans that will test for both in-situ feeder mineralization and transported ore.
 

The company believes classic high-grade mineralization is still available at Buchans, and it has used the mine’s wealth of historical data to generate a 3D model for the project.

This is big data mining on 395,000 meters of historical drilling. Canterra is confident that all this data can help point the company to the best places to look for high-grade in the back half of the year.

Thus, another potential catalyst for Canterra will be a fall drill program at Buchans.