Canterra Minerals Corporation announced it has received drill permits for its resource stage Lemarchant VMS Project, acquired in November 2021. In addition, significant ongoing exploration work has been underway at its wholly owned Wilding and Noel-Paul Gold Projects; all projects are located in Central Newfoundland, adjacent to historically producing zinc mines as well as Marathon Gold's Valentine Gold Project which is currently in development. Drill permit received on resource stage Lemarchant Zinc Project where there is significant expansion potential and numerous untested drill targets.

Drilling is planned to commence in late Fall 2022. Completion of prospecting and rock sampling programs across the East Alder claims on the eastern extension of the Wilding Project ("Wilding"), where a total of 392 rock samples have been collected and submitted to SGS for assay for geochemical analysis. Assays received for 18 drillholes from the Winter-Spring 2022 program and two holes from winter and spring drilling at Wilding, including 1.0 g/t gold over 7.5m in hole WL-22-75 from 146.5m to 154.0m.

Ongoing summer work program includes prospecting, trenching and sampling of the southern Noel-Paul Property, and trenching at the East Alder Property. The Lemarchant deposit is a volcanogenic massive sulphide ("VMS") deposit containing zinc, lead, copper, gold and silver mineralization. This deposit is similar to other VMS deposits in the area that include the nearby Duck Pond Deposits (mined from 2007-2015 by Teck Resources Limited ("Teck")) and the Buchans Deposits (mined from 1926 - 1984 by Asarco Incorporated ("Asarco")).

The Project was acquired by Canterra in November 2021, in addition to several other VMS deposits in the region. The deposit is hosted by a north-striking sequence of basalts and rhyolites of the Tally Pond Group, with mineralization within a 4,000m long and 700m wide sequence of moderate to intensely altered rhyolite breccias, massive rhyolite flows and lesser felsic tuffaceous horizons. The footwall to the semi-massive to massive sulphide mineralization is characterized by a well-developed, barium-enriched base metal stringer system, with moderate to intense quartz-sericite-chlorite to quartz-chlorite alteration.

A drill permit has been received for the Lemarchant deposit, which contains over 2.4 million tonnes ("MT") of Indicated Mineral Resources (Table 1), with expansion targets along strike at both the northern and southern margins of the deposit, as well as several untested EM, magnetic and soil geochemical anomalies. Target generation utilising available geophysical, geochemical and drilling data is underway, and drilling is planned to commence in late fall 2022. Results from the recently completed drill program at Wilding Lake have been received by the Company, where 18 diamond drill holes totaling 3,476 metres ("m") on several distinct targets were drilled at the Wilding Project.

Of the 18 holes, 9 holes (1,671m) focused on testing continuity between the Red Ochre and Dogberry zones, as well as along-strike expansion further to the southwest at Red Ochre. Hole WL-22-75, located near the Red Ochre zone, intersected 1.0 grams per tonne ("g/t") gold ("Au") over 7.5m between 146.5m to 154.0m. Gold mineralization is associated with quartz veins, pyrite and sericite alteration overprinting potassic alteration in a felsic volcanic unit, similar to that observed at Red Ochre, where mineralization has been identified over ~800m of strike.

The remaining nine holes (WL-22-76 to WL-22-84 totalling 1,805m) were focused on two previously untested targets in the western portion of the Wilding Property, ~3 kilometres ("km") along strike from known mineralization and with thicker till cover than that at areas of known mineralization. These targets were based on elevated gold-in-soil anomalies coincident with interpreted thrust structures and potentially favourable host lithologies interpreted using airborne magnetic data. From these targets, drillhole WL-22-79 intersected 0.61 g/t Au over 1.0m.

The Company's 2022 planned exploration work will continue with ground crews performing mapping, prospecting, and sampling on the Noel-Paul property. Further work that is currently underway or planned to be completed includes: Completion of IP surveys over the Wilding and Noel-Paul properties, as well as over the Lemarchant, Long Lake and Tulks East VMS properties. Assaying of the ~1,300 soil samples collected on the Carter Lake Block.

Trenching of targets at the East Alder and Noel-Paul properties. Quality Assurance-Quality Control ("QA/QC") protocols followed at Wilding Lake include the insertion of blanks, standards and duplicates at defined intervals in each sample batch. Drill core is cut in half with one half retained at site, the other half tagged and taken by Canterra personnel directly to the assay laboratory.

All reported core samples are analyzed for Au by fire assay (30g) with AA finish. Assays for holes WL-22-76 to WL-22-84 were carried out at SGS, Assays for holes WL-21-63, WL-21-65 and WL-22-68 to WL-22-75 were carried out at Eastern Analytical. All mineralized intervals are reported as core lengths with no true thickness implied.

The Canterra exploration program is consistent with industry best practices and National Instrument 43-101.