Canterra Minerals (CTM.V) has expanded its land position in Newfoundland by adding 112 claims to its asset base. The 28 square kilometers of additional claims, now called the Carter Lake area, are directly adjacent to the company’s Noel Paul project directly on strike with Marathon Gold’s (MOZ.TO) Valentine Lake multi-million ounce gold project and Canterra’s Wilding project, and shares the same geological unit. With historical grab samples ranging up to almost 1 g/t gold and having defined an 500 meter gold in soil anomaly along the southern margin of the property (the yellow zone in the image above), it makes sense for Canterra to further expand its land position and the company now controls just under 300 square kilometers of tenements.
In other news, Canterra has used GoldSpot Discoveries’ (SPOT.V) proprietary technology to review all data available on the flagship Wilding gold project in Newfoundland. According to CEO Pennimpede, it’s very challenging to make discoveries under till cover, but the GoldSpot people have outlined some high-confidence drill targets which are currently being prepared for a drill program which should happen later this summer.
A total of 54 prospective areas were defined by GoldSpot’s combination of geological and machine learning methods, and of those 54, about 10 were classified as high priority drill targets and the initial focus of the technical team will obviously be on those high priority targets.
Unfortunately Canterra’s share price was hit hard the past two weeks as the stock tumbled from C$0.40 to less than C$0.30 in a matter of days, erasing almost all the gains since announcing Eric Sprott as a new investor.
Disclosure: The author has a long position in Canterra Minerals. Please read our disclaimer.
