Canterra Minerals Corporation announce that new drill targets have been identified from an IP survey that was conducted over the Lemarchant Project. The Lemarchant Deposit is located in central Newfoundland approximately 50 kilometres ("km") south of Millertown. The ground based geophysical survey identified multiple chargeability and resistivity targets consistent with massive sulphide mineralization.

Interpretation of the IP data is ongoing with several targets now drill ready. Four high priority drill targets identified at the Lemarchant Project. Each of these targets has a similar IP response and other coincident factors that suggest opportunities for resource expansion and/or a new discovery.

A drill program designed to test these targets and other exploration opportunities is being planned for fall 2023. Summary of Drill Targets: Shallow IP chargeability anomalies of similar magnitude to the established deposit, located in favourable geology northwest of known Lemarchant mineralization, with no previous drilling. Shallow target anomalies that follow the fault displaced continuation of Lemarchant Deposit, coinciding with the IP anomaly trend.

Strong chargeability IP anomaly with potential deep extension of Lemarchant mineralization in down thrusted graben structure. IP/magnetic anomaly and EM Conductor in prospective geological horizon, with no previous drilling. The Company is planning a fall 2023 drilling program consisting of 2,500m of diamond drilling.

The program aims to expand the known massive sulphide resources at Lemarchant as well as allocating substantial meterage to drill testing new zones and anomalies on the Property with the aim to make a new massive sulphide discovery.