New Gold Target At The Wilding Gold Project

VANCOUVER - Canterra Minerals Corporation reported results from 1,463 soil samples collected in 2017 from the Wilding Gold Project (“Wilding”) but were not submitted for analyses. The samples cover Silurian feldspar porphyry rocks which hosts the Red Ochre Complex. Highlights: 6 samples with greater than 100 ppb gold (“Au”), with the highest sample grading 468 ppb Au; Expands Red Ochre 500m to the south resulting in an overall gold-in-soil footprint of 1.1km by 875m; Identifies a new gold target in the same host rocks as Red Ochre measuring 1.2km by 700m; Elevated gold-in-soil values extend from Red Ochre approximately 5 km to the northeast where they trend onto the recently acquired East Alder Property; Gold mineralization at Red Ochre is hosted by strongly magnetic feldspar porphyry associated with several linear magnetic anomalies that extend northeast onto the East Alder property; 2021 drilling at Red Ochre confirmed that gold mineralization is associated with the destruction of magnetite (magnetic lows); Higher concentrations of gold-in-soil correspond to areas where there are clear magnetic breaks or lows associated with the Silurian volcanic rocks; and These results provide a minimum of six discrete targets for immediate follow up trenching or diamond drilling.

1,463 soil samples were collected in 2017 from the Wilding area and were stored for future analyses. The soils had been collected as infill sampling of previous widely spaced soil sampling to the south and northeast of the Red Ochre. Other samples had been collected to the north and northeast and were part of the regional soil program. Canterra submitted the soils in 2021, which had been securely stored at the Millertown core logging facility, to Eastern Analytical Laboratories in Springdale for assaying.

The infill soils targeted a belt of Silurian volcanic rocks that included the strongly magnetic feldspar porphyry which is host to wide intercepts of disseminated gold mineralization at Red Ochre. Airborne magnetic data reveals that the magnetic porphyry forms long linear belts that extend to both the northeast and to the southwest of Red Ochre. Magnetic susceptibility measurements of diamond drill core from Red Ochre reveal that gold is associated with zones of intense magnetite destruction within the porphyry. Higher concentrations of gold-in-soil over the belt of Silurian volcanics correspond to areas where there are clear magnetic breaks or lows.

The new soil data also confirms and strengthens previously identified gold-in-soil anomalies identified from the more widely spaced surveys. This soil data has identified a minimum of six additional targets for follow up trenching or diamond drilling. Reprocessing of the airborne magnetic data will better define the magnetite destructive features and will aid in targeting future drilling at Red Ochre. Gold mineralization at Red Ochre continues to be open to the east, west and south.

“It is great to see the Red Ochre style of gold mineralization expand over a larger area with these soil results,” said Chris Pennimpede, President & CEO. “With the new soil data, together with a clearer understanding of the association between gold mineralization and magnetite destruction in the Red Ochre feldspar porphyry, we now have a minimum six defined drill targets in the belt of Silurian volcanic rocks for summer 2021 drilling program.”