Canterra begins drilling after 3D survey reveals promising targets

VANCOUVER - Canterra Minerals Corporation (TSXV:CTM), a mining exploration company with a market capitalization of $107.6 million and strong financial health according to InvestingPro data, has launched Phase 3 of its fully funded 10,000-metre drill program at its Buchans Project in Central Newfoundland after identifying multiple large-scale anomalies through a deep-penetrating 3D Induced Polarization survey.

The company reported Wednesday that the geophysical survey defined five previously untested anomalies with signatures comparable to known mineralized zones. These targets are located along the geological corridor that hosted the historic Buchans Mine, which produced 16.2 million tonnes of ore at grades of 14.5% zinc, 7.6% lead, 1.3% copper, 1.37 g/t gold and 126 g/t silver. With a healthy current ratio of 3.62 and more cash than debt on its balance sheet, Canterra appears well-positioned to execute its exploration strategy.

The survey, which penetrated to depths of up to 800 meters, revealed targets below the reach of previous exploration efforts. Canterra has immediately begun a 6,000-metre drilling campaign targeting four high-priority anomalies.

"The IP survey successfully delivered exactly what we were looking for: multiple, large-scale anomalies with geophysical signatures that mirror those of the historic, high-grade Buchans orebodies," said Chris Pennimpede, President and CEO of Canterra, in a press release statement.

The priority targets include Sandfill Deep, Clementine South, West Clementine, and the Nu Area. The latter was initially identified using VRIFY’s AI-Assisted Mineral Discovery Platform and further validated by the IP survey.

Canterra’s Buchans Project spans 95 square kilometers near the town of Buchans and includes both the past-producing Buchans Mine and the undeveloped Lundberg deposit, which contains near-surface stockwork sulphide mineralization.

The company noted it may receive financial support from the government of Newfoundland and Labrador’s Junior Exploration Assistance Program for its 2025 exploration programs at Buchans.

Canterra also announced it has engaged Digitonic Ltd. to provide marketing consulting and investor relations services for a two-month period beginning September 2, at a cost of US$20,000. The company’s stock has shown remarkable strength with an 11.76% return over the past week, significantly outperforming the broader market. For detailed analysis and additional insights, investors can access comprehensive research reports and financial metrics through InvestingPro, which offers exclusive access to over 1,400 detailed company research reports and real-time market intelligence.

In other recent news, Castellum, Inc. has made significant strides in its business operations. The company has reduced its long-term debt to under $5 million and secured a substantial $103.3 million contract with Naval Air Systems Command. This marks a pivotal moment for Castellum as it transitions from a startup phase to focusing on organic growth. Additionally, Castellum raised $4.5 million through the exercise of 3,673,666 warrants from its June 2025 public offering. The company also announced the formation of a new subsidiary, Castellum Advanced Technology Products, Inc., which aims to develop technology and collaborate with other tech firms. In line with this, Castellum has entered into reseller agreements with Tradewinds Networks and AmpliTech Group to enhance its product offerings. These agreements will allow Castellum to resell AI-driven cybersecurity solutions and low noise amplifiers, respectively, to its client base. These developments reflect Castellum’s ongoing efforts to expand its capabilities and market reach.

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