Author: Atrium Research November 10, 2026
Riley Venton, P.Eng | Equity Research Analyst | [email protected] | 705-927-0466
Nicholas Cortellucci, CFA | Equity Research Analyst | [email protected] | 647-391-3314
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What you need to know:
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CTM reported assays from seven holes (2,064m) of its 14-hole (5,240m) program at Lemarchant, highlighted by 5.35% CuEq over 18.75m in LM-26-172.
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LM-26-172 included 8.83% CuEq over 5.15m, with base metal grades broadly in line with Lemarchant’s historical estimate and higher gold and silver grades.
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LM-26-176 returned 1.21% CuEq over 13.1m, while the remaining holes returned low-grade or no significant results.
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Assays are pending for the second half of the program (seven holes).
This morning, Canterra Minerals Corp. (CTM:TSXV, CTMCF:OTC) reported assays from the first seven holes (2,064m) of the 14-hole (5,240m) drill program completed at the Lemarchant deposit within the Buchans district of central Newfoundland. Results were highlighted by 5.35% CuEq over 18.75m in LM-26-172, including 8.83% CuEq over 5.15m, confirming high-grade polymetallic massive sulphide mineralization at Lemarchant, which is the largest satellite deposit in CTM’s Buchans portfolio. The release follows last month’s updated MRE at Lundberg (read our note here) and highlights the high-grade potential the district has to offer beyond Lundberg. Assays remain pending for the remaining seven holes drilled at Lemarchant this year. We are maintaining our BUY rating and target price of $0.35/share on Canterra Minerals.
Highlight intercepts from the recent batch include:
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LM-26-172: 5.35% CuEq (0.61% Cu, 6.00% Zn & 1.72 g/t Au) over 18.75m (from 238.0m), incl. 8.83% CuEq over 5.15m
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LM-26-176: 1.21% CuEq (0.18% Cu, 1.62% Zn & 0.37 g/t Au) over 13.1m (from 190.9m), incl. 3.86% CuEq over 2.10m
LM-26-172 returned the strongest intercept from Main Zone Infill. The hole intersected polymetallic massive sulphide mineralization in the Main Zone from 238m (~180m vertical depth), with an estimated true width (TW) of ~80%. The main interval is ~15m (TW), which we view as a notable width for a VMS lens. For context, LM-26-172’s 5.35% CuEq grade compares with Lemarchant’s 2018 2.42Mt Indicated resource estimate grade of 4.89% CuEq (historical), with ~40% higher gold grades. It also intersected a deeper 9m interval grading 0.66% CuEq from 275m suggesting that the zone remains open at depth.
LM-26-176 highlights further growth potential, intersecting the Lemarchant Main Zone at 142m vertical depth with semi-massive sulphides grading up to 4.55% CuEq, underlain by the footwall alteration zone, and ~40m from the nearest historical intercept, demonstrating expansion potential along strike. LM-26-171 was drilled up-dip and west of the Main Zone to a depth of 196m and intersected two Zn-Cu mineralization zones grading up to 1.03% CuEq over 3.00m from 61m. Other holes returned low grades or no significant value. Assays remain pending for LM-26-177 to LM-26-183 (seven holes), which include step-outs at the Northwest Zone and tests of deeper geophysical and newly identified targets. Importantly, Lemarchant remains open along strike and at depth for expansion.
Our Take In our view, LM-26-172 confirms the high-grade, precious metal-rich character that makes Lemarchant a strong candidate for higher-grade feed under the hub-and-spoke model CTM is evaluating around Lundberg. We look forward to the pending step-outs to confirm the expansion potential demonstrated in initial results. We continue to see Lemarchant as the most advanced satellite opportunity at Buchans.
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