Announcement • May 13
Canterra Minerals Corporation Completes Winter Drilling and Commences Geophysical Survey At Critical Minerals and Gold Projects in Central Newfoundland
Canterra Minerals Corporation continues to advance its critical and precious metals projects in Central Newfoundland. Winter diamond drilling of 8 holes totalling 2,386 metres was completed at its Buchans project, with assay results anticipated in Second Quarter 2026. The Company also initiated a high-resolution airborne magnetic survey over its Wilding Gold Project, which covers a 55 km extension of the same mineralized structural corridor hosting Equinox Gold's Valentine Mine, the largest gold mine in Atlantic Canada. Buchans winter drilling completed: 2,386m over 8 diamond drill holes targeting resource extension, infill, and exploration, assay results are anticipated later in Second Quarter 2026. Critical Mineral Asset Consolidation: systematic integration of historical drilling and geophysics across six critical mineral deposits and prospects to define second half 2026 diamond drill targets. Basal Till Drill Program Complete: 181 percussion holes along the 55 km Valentine structural trend; assays expected in Second Quarter–Third Quarter 2026. High-Resolution Geophysics: Initiated property-wide airborne magnetic survey on 25m line spacing to guide targets for diamond drilling during second half of 2026. Canterra Minerals has completed Phase 1 winter diamond drilling at its Buchans Critical Minerals Project (8 holes, 2,386 metres), with assay results expected in Second Quarter 2026. Simultaneously, the Company has initiated a high-resolution airborne magnetic infill survey over a select target area within the larger property and completed 181 basal till percussion holes at its Wilding Gold Project, a ~55 km land package on the same structural corridor hosting Equinox Gold's Valentine Mine, the largest gold mine in Atlantic Canada. Assay results from both Buchans and Wilding are expected in Second Quarter–Third Quarter 2026, with findings expected to define second half 2026 diamond drill targets across both gold and critical minerals portfolios. Buchans winter drilling assay results expected Second Quarter 2026. Wilding Gold basal till assay results expected Second Quarter–Third Quarter 2026. Wilding Gold airborne magnetic survey results expected Second Quarter 2026. Wilding Gold diamond drilling expected second half 2026. Critical Minerals - Victoria Lake Supergroup diamond drilling expected second half 2026. Buchans resource update expected Fourth Quarter 2026 – First Quarter 2027. Winter diamond drilling at the Buchans Project is now complete across 8 holes totalling 2,386 metres. Assay results are anticipated in Second Quarter 2026. Drilling targeted two priority areas: West Clementine Target: a multi-kilometre chargeability anomaly with stockwork mineralization, representing Canterra’s first drill test of this target. Two Level /Lundberg: resource extension and infill holes designed to support a potential Lundberg resource update in Fourth Quarter 2026 /First Quarter 2027. Canterra has completed 181 basal till percussion holes. Method: Samples collected beneath glacial overburden to vector directly toward concealed bedrock gold targets, bypassing outcrop limitations. Proven technique: Basal till sampling has a strong track record of unlocking world-class orogenic gold discoveries concealed beneath glacial cover, including in the Finnish Shield, a terrain analogous to central Newfoundland. Wilding analogy: Central Newfoundland and the Finnish Shield share comparable stratigraphy, topography, and orogenic gold style. Multiple till transport directions across the 55 km trend allow basal till anomalies to vector geologists efficiently to bedrock source zones. Next steps: Results expected Second Quarter–Third Quarter 2026; findings will directly define second half 2026 drill targets. High-resolution magnetic infill survey initiated to delineate the favourable contact between the Valentine Lake Intrusive Suite and the overlying Rogerson Lake Conglomerate. Past work indicates this contact is the primary geological marker for gold mineralization in the corridor. Timeline: Completion and results expected by the end of Second Quarter 2026. Canterra is advancing a systematic, belt-wide prospectivity assessment across its Victoria Lake Supergroup (VLSG) Critical Mineral portfolio. These six resource-stage assets had never been explored under a single company. Canterra is now unifying all available data, including historical drilling, geophysical surveys, and geological mapping, into a single modernized database to identify expansion opportunities and new discovery targets ahead of second half 2026 diamond drilling. Key assets with VLSG Supergroup: Boomerang, Lemarchant, Long Lake, Tulks, Daniels Pond, and Bobby's Pond deposits, all under unified management for the first time. Data integration: Synthesizing historical drilling records, modern geophysical datasets, and detailed geological mapping across all six deposits. Objective: Unify project databases, digitize all available data, and delineate priority drill targets for second half 2026 testing. The technical information contained in this news release has been reviewed and approved by Paul Moore, P.Geo., Vice President Exploration of Canterra Minerals Corporation, who is a Qualified Person as defined under National Instrument 43-101. Canterra would like to acknowledge financial support it may receive from the Government of Newfoundland and Labrador’s Junior Exploration Assistance Program related to completion of its 2025 and 2026 exploration programs.
