Canterra Minerals Corporation has expanded the land position of its 100% owned Long Lake critical minerals massive-sulphide project located in central Newfoundland through staking. The staking involved the addition of 15 claims over 374 hectares. The Long Lake Project is located 50 kilometres ("km") southwest of the Duck Pond mine (90 km by road) and covers 40km2, located immediately to the north of Marathon Gold's Victory Deposit. The Long Lake Project is underlain by the volcanic Tulks Hill Group (Victoria Lake Supergroup) and contains the Long Lake "Main Zone" VMS deposit, which
is hosted on the limb of an isoclinal syncline. The results of a 2012 Mineral Resource Estimate ("MRE") for the Main Zone are shown below (Table 1).Mineralization was extended by drilling in 2014 by previous operators (not included in the MRE). In summer 2022 Canterra engaged Simcoe Geoscience to perform high resolution Alpha-IP over the Long Lake Project to help identify new drill targets. Two IP lines (18E, 19E) were performed over the Long Lake Project and identified two anomalous zones and three first priority VMS targets with a southwest-northeast trend. One of these
chargeability trends confirms known massive sulphide mineralization and reinforces the application of this method for the other targets, which are parallel to mineralization and along prospective geological horizons. No previous drilling has been conducted on the southern and northern targets.
The known mineralization is inferred to be on a limb of an isoclinal fold that correlates well with the newly interpreted IP data, and the new targets align well with the concept of further fold repetition and are future high priority exploration targets. The scientific and technical information contained in this news release was reviewed and approved by Christopher Pennimpede, P.Geo., President & CEO of Canterra. Mr. Pennimpede is a Qualified Person as defined by NI 43-101.