Canterra Minerals (CTM.V) has confirmed it has kicked off a 2,000 meter drill program on the new priority drill targets on its flagship Buchans project in Newfoundland.
The main target for this maiden drill program is the Lundberg deposit which currently hosts 16 million tonnes of rock, where Canterra would like to expand the mineralization laterally and at depth. Additionally, Canterra hopes to expand the higher grade mineralization within the existing resource envelope. Canterra is quite optimistic given historical drill results of for instance almost 24 meters containing 8.76% ZnPb, 0.35% copper, 3 ounces of silver and 1 gram of gold per tonne of rock.
The two other priority targets are the Two Level and Pumphouse target. At Two Level, the company wants to step out from historical drilling that intersected the high-grade breccia mineralization about 70 meters away from the historical underground mine workings. The step-out hole(s) will drill-test the potential for displaced extensions of the high grade ore bodies that were mined in the past.
At Pumphouse, a previous operator is reported to have mined about 3.3 million tonnes at an average grade of 22% ZnPb, 1.47% copper, almost 5 oz/t silver and just under 2 g/t gold. Those grades are pretty spectacular so it’s definitely understandable Canterra wants to punch a few holes in that area to see if there is any high grade material left in the ground.
Historical drill results (shown above) appear to indicate the area remains very prospective as those zinc-lead values are spectacular as well.
Canterra’s team did a good job in expanding the land package in Buchans and to reinterpret the historical data. We are looking forward to seeing the assay results from the 2,000 meter drill program as those should add value to the project.
Disclosure: The author has a long position in Canterra Minerals and participated in the recent C$0.06 financing. Canterra Minerals is a sponsor of the website. Please read the disclaimer.
