Author: Atrium Research September 09, 2026
Riley Venton, P.Eng | Equity Research Analyst | [email protected] | 705-927-0466 Nicholas
Cortellucci, CFA | Equity Research Analyst | [email protected] | 647-391-3314
PLEASE REVIEW THE DISCLOSURES AT THE BOTTOM OF THE PAGE
What you need to know:
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CTM reported assays from five holes (1,229m) of its Phase 2 drill program at Buchans, focused on infill drilling at Lundberg and first-pass testing at the Horseshoe target.
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At Lundberg, 0.75% CuEq over 144.0m, including 1.00% CuEq over 76.0m, confirms broad near-surface mineralization.
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Lundberg drilling is now complete, and CTM has gained increased confidence in the system’s continuity, with an MRE on track for Q4/26.
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Drilling has moved to Lemarchant, with ~6,000m remaining in Phase 2 to test satellite deposits and district-scale targets.
This morning, Canterra Minerals Corp. (CTM:TSXV, CTMCF:OTC) released assays for five diamond drill holes totaling 1,229m as part of its Phase 2 drill program at the Buchans Project in central Newfoundland. Strong results from infill drilling at Lundberg increase confidence in the continuity of the system near-surface, and an updated MRE for Lundberg remains on track by year-end. A further ~6,000m is planned for Phase 2, and with Lundberg drilling now complete, the remaining program will target Lemarchant and additional satellite and discovery targets to demonstrate the potential scale of the consolidated Buchans district. We are maintaining our BUY rating and target price of $0.30/share on CTM.
Lundberg infilling confirms broad near-surface stockwork mineralization, highlighted by H-26-3568. The hole was drilled vertically between historic holes H-0175, H-0022, and H-0072, with incomplete assay coverage, and intercepted 0.75% CuEq (0.26% Cu, 1.32% Zn, 0.73% Pb, 2.6 g/t Ag, 0.04 g/t Au) over 144.0m (from 64.0m). The top of the interval included 1.00% CuEq over 76.0m and 1.56% CuEq over 18.0m. In addition, infilling with hole H-26-3564 hit 0.39% CuEq over 5.0m (from 77.0m), and 0.28% CuEq over 12.25m (from 126.0m), including 0.32% CuEq over 9.0m, displaying further continuity of copper mineralization. In total, Lundberg results include 3 holes (654m), with the third being hole H-26-3565, which tested a down-dip extension and returned 0.12% CuEq over 16.0m. Outside of Lundberg, 2 holes totalling 575m targeted the previously undrilled 900m strike SkyTEM conductor at the Horseshoe target (10.6km southwest of Lundberg). While drilling did not return significant values, results aid in the anomalies interpretation of a pervasive chlorite alteration – an important feature in VMS footwall alteration zones.
An updated MRE for Lundberg is on track for Q4, which will include drilling completed in 2024 through 2026, and will be the first estimate completed by CTM. Recall, Lundberg’s prior resource estimate outlined ~17.2Mt, consisting of 16.8Mt at 1.1% CuEq in Indicated and 0.4Mt at 1.6% CuEq in Inferred, and continues to anchor the broader Buchans district, which hosts a consolidated ~26.7Mt.
Drilling is underway at Lemarchant with a further 6,000m allocated to Phase 2 drilling across the Buchans district, which will include several satellite deposits and high-priority copper-zinc targets. Lemarchant is the largest satellite deposit, outlining 2.4Mt at 4.4% CuEq in Indicated and 0.6Mt at 3.3% CuEq in Inferred, and drilling will infill and target extensions of the current resource area. In addition, a substantial portion of meters will be allocated to greenfield opportunities, and we see significant upside in continuing to build out the consolidated district. Updated geophysical interpretation, ground truthing, and the ongoing gravity survey (results anticipated in Q4) are advancing and will refine drill targets.
Catalysts
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Remaining ~6,000m Phase 2 Drilling – H2/26
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Gravity Survey Results – Q4/26
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Lundberg Maiden Resource – Q4/26
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