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VANCOUVER, British Columbia, June 03, 2026 (GLOBE NEWSWIRE) -- Canterra Minerals Corporation (TSXV:CTM) (OTCQB: CTMCF) (FSE:DXZB) (“Canterra” or the “Company”) is pleased to report assay results from its winter drill program at the Buchans Project in the Central Newfoundland Mining District. The program consisted of eight holes totaling 2,386 metres completed between February and March 2026, focused on expanding and upgrading mineralization at the Lundberg deposit and Two Level zone, while also completing first-pass drill testing of large-scale geophysical anomalies within the West Clementine target area.
Winter Drill Program Highlights:
Chris Pennimpede, President and CEO of Canterra commented: “This winter program delivered exactly what we set out to accomplish at Buchans. We confirmed a high-grade sulphide lens at the Two Level horizon, expanded and infilled a broad near-surface stockwork corridor at Lundberg, and continued to demonstrate copper-rich continuity across the system. Importantly, Lundberg remains a large, near-surface mineralized footprint with multiple opportunities to add higher-confidence tonnes and define higher-grade copper-rich zones.
“With Phase 2 drilling about to begin, our focus now shifts to near-surface extensions of the Lundberg stockwork resource and additional priority targets across our critical minerals portfolio. Combined with ongoing advancement at our Wilding Gold Project along the Valentine Lake gold corridor, Canterra is entering an active period with multiple potential discovery and resource-growth catalysts ahead.”
Table 1. Assay Highlights. CuEq% as per metal prices of May 6, 2026 (see Note 2 at end of release for additional explanation).
Figure 1. Buchans Project plan view and Lundberg mineralization projected to surface.
Table 2. Upcoming Catalysts
Link to VRIFY Presentation Accompanying this release: VRIFY Link
Exploration Discussion
Lundberg Deposit and Two Level Horizon: High-Grade Core Within a Broad Mineralized System
Phase 1 results build on the 86m of 0.91% CuEq reported in February 2026 and reinforce the model of broad polymetallic stockwork mineralization hosting discrete higher-grade lenses at the Two Level horizon and ultimately support working towards an updated Lundberg resource:
Figure 2. Cross section of Lundberg-Two Level; Hole H-26-3563. Solid pink line shows an internal geological contact between host units, dashed red line is the inferred massive sulphide horizon.
Figure 3. Cross Section Lundberg; Hole H-26-3561. Solid pink line shows an internal geological contact between host units.
West Clementine Target: large-scale geophysical anomalies near West Clementine Stockwork Sulphide Prospect
Two holes totalling 1,300 metres were completed to test several deep, large-scale 3DIP chargeability and resistivity anomalies with lateral extents of 500 to >1km located in close proximity to the West Clementine stockwork sulphide prospect. Holes H-26-3556 and H-26-3557 intersected weakly altered and mineralized volcanic rocks as well as a large fault structure. A third target anomaly remains untested as H-26-3558 was stopped due to sudden spring thaw conditions requiring the drill to pull off the hole before reaching target depth. Drill casing was left in place to allow completion at a later date.
Key outcomes include:
Figure 4. Canterra’s Central Newfoundland Mining District properties (geological boundaries - NL Geological Survey).
Table 3. Full Drill Results Table (see Notes).
Table 4. Drill collar locations (holes reporting assays in this news release)
Newfoundland and Labrador Junior Exploration AssistanceCanterra 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 at Buchans.
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 of 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) 30g + 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 (for more details on the scope of accreditation visit the CALA website). Canterra also routinely submits representative pulps prepared by Eastern to ALS Geochemistry’s laboratory in Moncton, New Brunswick as additional independent check assays.
Qualified PersonPaul 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: info@canterraminerals.com
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 estimated mineral resources, the opening of avenues for substantial discoveries within the belt, the Buchans Project being ripe for a modern approach with significant exploration potential for high grade VMS mineralization, the Company anticipating being strongly positioned to unveil the next mineral discovery in central Newfoundland. 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 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.
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