Canterra Minerals Corporation announced results from its recently completed winter drilling program at its Lemarchant project (the "Lemarchant Project") in central Newfoundland, Canada. The program was designed to test multiple target areas within and adjacent to the Lemarchant volcanogenic massive sulfide ("VMS") deposit, including geological and geophysical targets, as well as further define and upgrade existing resources. Drill Highlights: 1.19 g/t Au, 67.9 g/t Ag, 5.42% Zn, 0.48% Cu, and 1.33% Pb over 28.00 m in hole LM-24-164; Including 1.56 g/t Au, 52.3 g/t Ag, 10.59% Zn, 0.66% Cu, and 2.37% Pb over 9.50 m. 2.86% Cu, 0.03% Zn, 0.06 g/t Au, and 6.2 g/t Ag over 1.37 m in hole LM-24-165; Including 4.25% Cu, 0.04% Zn, 0.07 g/t Au, and 8.9 g/t Ag over 0.87 m. Lemarchant Drilling: LM-24-164 was drilled near Lemarchant deposit and returned an intercept of 28.00 m averaging 1.19 g/t Au, 67.9 g/t Ag, 5.42% Zn, 0.48% Cu, and 1.33% Pb, including 9.50 m averaging 1.56 g/t Au, 52.3 g/t Ag, 10.59% Zn, 0.66% Cu, and 2.37% Pb.

These results will be incorporated into subsequent resource modeling and may add to or upgrade resources. LM-24-165 was drilled west of the deposit and intersected peripheral disseminated and stockwork mineralization up dip of the deposit consisting of an intersection of 1.37 m averaging 2.86% Cu, 0.03% Zn, 0.06 g/t Au, and 6.2 g/t Ag, including a section of 0.87 m averaging 4.25% Cu, 0.04% Zn, 0.07 g/t Au, and 8.9 g/t Ag. These results demonstrate that the Lemarchant mineralized system includes copper-rich sulphides, similar to Teck Resources Inc.'s past producing Duck Pond mine located approximately 20 km to the northeast, on strike and within the continuation of the same volcanic rocks.

LM-24-169 was suspended prematurely before reaching the target depth due to a sudden loss of access related to early spring thaw conditions and the melting of winter access trails. This hole had intended to test a deep induced polarization chargeability anomaly on the Lemarchant deposit horizon, 600 metres south of the deposit. Casing for this hole was left intact and is available for re-entry and completion of drilling at a later date.

Additional targets planned to be tested by the 2024 program were also omitted as a result of the loss of winter access but will be tested in a subsequent program. The winter drill program totaled 1,814 metres in 7 holes and was suspended prematurely due to the mild winter experienced in North America and an early onset of the Spring thaw which prevented access to several high priority targets that remain untested. The remainder of drill targets will be tested in the future when conditions permit further drilling.

The deposit remains open to the north and south. The 2024 winter drill program is Canterra's first drill program since acquiring the project in 2021. With positive results returned from the 2024 winter drilling program, Canterra remains excited about the potential for the discovery of additional resources and deposits within its Lemarchant Project that was recently expanded from 875 to 8,325 hectares as a result of Canterra's purchase of Buchans Resources Limited's Newfoundland projects (see December 20, 2023 news release).

Canterra is now in the process of planning a summer exploration program on its extensive central Newfoundland critical and precious metals land holdings, including the Buchans project (the "Buchans Project"). The Buchans Project is host to the past producing Buchans mine which was a prolific high-grade producer (reported to have produced 16.2 million tonnes of ore with an average grade of 14.51% Zn, 7.65% Pb, 1.33% Cu, 1.37 g/t Au, and 126 g/t Ag). The remaining holes of the 2024 winter drill program, LM-24-166, 167, 168 and 170, yielded no significant assay results.

Newfoundland and Labrador Junior Exploration Assistance: Canterra would like to acknowledge the financial support it may receive from the Junior Exploration Assistance Program from the government of Newfoundland and Labrador related to the completion of this drilling program.