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Canterra Minerals Samples 18.65% Copper and 6.8% Copper at Its Victoria Project, Newfoundland

Highlights:

• 18.65% Copper in massive sulphide grab sample from angular float
• 6.8% Copper in massive sulphide grab sample from outcrop
• Prospecting work demonstrates the high-grade copper-rich nature of the mineralization at the Victoria Project
• Victoria Project is located in the same geological setting as Canterra's resource-stage Bobby's Pond and Daniel's Pond projects
• This project will be explored further as part of the summer 2024 exploration program on Canterra's 7 projects in the Central Newfoundland Mining District

Figure 1. Cantera's land position in the Central Newfoundland Mining District.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8054/206310_a9e6f61ff43488c3_001full.jpg

Chris Pennimpede, CEO & President of Canterra, commented, "Canterra is excited by these initial exploration results from our first pass exploration program on the Victoria Project. This new high-grade copper target will become part of our belt-scale targeting initiative during the summer of 2024 across the entire Central Newfoundland Mining District."

Figure 2. Rock grab samples at the Victoria Project (UTM NAD83 Zone 21N datum). Inset 1 and 2: Sample D00236020, outcrop grab sample with massive chalcopyrite and pyrite.

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https://images.newsfilecorp.com/files/8054/206310_canterrafig2.jpg

Victoria Project
The Victoria Project includes an adit, shafts, and drifts that were mined during the turn of the nineteenth century for massive sulphide mineralization, including high-grade copper mineralization. Commercial production was never declared, and mining was only conducted on a small scale. The Victoria Project was subsequently explored by both Noranda in the 1990s and Celtic Minerals Ltd. between 1999 and 2007. The Project is comprised of two mineral leases within the Tulks volcanic belt that hosts Canterra's Bobby's and Daniel's Pond deposits.

Bobby's Pond Project
Canterra's Bobby's Pond Project is situated approximately 10 km south of the Victoria Project and is host to a historical mineral resource estimate comprised of indicated resources totaling 1.1 million tonnes averaging 0.9% Cu, 4.6% Zn,0.3% Pb, 0.2g/t Au, and 16.6g/t Ag and inferred resources totaling 1.2 million tonnes averaging 1.0, % Cu, 3.8% Zn, 2.5% Pb, 0.06g/t Au, and 11.0g/t Ag.⁽¹⁾⁽³⁾

Daniel's Pond Project
Canterra's Daniel's Pond Project is situated 10 km south of the Bobby's Pond Project and is located in the same geological belt. The Daniel's Pond Project is host to a historical mineral resource estimate totaling 929,000 tonnes averaging 5.1% Zn, 0.3% Cu, 2.5% Pb, 0.6g/t Au, and 101.4g/t Ag and inferred resources totaling 332,000 tonnes averaging 4.6% Zn, 0.3% Cu, 2.1% Pb, 0.53g/t Au and 85.9 g/t Ag.⁽²⁾⁽³⁾

Technical Disclosure
(1) The Bobby's Pond Project historical resource estimate was calculated at a 2% Zn equivalent grade cut-off and was prepared prior to Canterra acquiring the property. The historical resource estimate is relevant as it demonstrates the geological character and three-dimensional continuity of the deposit that is comprised of semi-massive to massive sulphide mineralization.
(2) The Daniel's Pond Project historical resource estimate was calculated at a 2% Zn equivalent grade cut off and was prepared prior to Canterra acquiring the property. The historical resource estimate is relevant as it demonstrates the geological character and three-dimensional continuity of the deposit that is comprised of semi-massive to massive sulphide mineralization.
(3) Canterra is not treating the historical resource estimates as current Mineral Resources and a Qualified Person has not done sufficient work to classify the historical resource estimates as current Mineral Resources. References for each historical resource and their associated Technical Reports can be found in Canterra's December 20, 2023 news release
(4) Quality Assurance & Quality Control: all rock samples were either collected from outcrops (bedrock) or as float samples and put into sample bags with unique sample tags. The exact location of the collected grab sample was taken using a handheld GPS unit and field notes were taken by geologists on lithology, structure, and mineralization. The rock samples were securely transported by directly to the SGS Mobile Prep Lab in Grand Falls-Windsor, NL and forwarded by SGS chain of custody to SGS Vancouver Lab for Multi-Acid (4 Acid) Digestion ICP-OES and ICP-MS (49 elements) with ore grade analysis on over limit copper samples.

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 its exploration efforts throughout 2024.

Qualified Person
Paul Moore MSc. P.Geo. (NL), Vice President of Exploration for Canterra Minerals Corporation, a Qualified Person within the meaning of National Instrument 43-101, has reviewed the technical disclosure in this news release for accuracy and either prepared or supervised its preparation.

About Canterra Minerals

Canterra Minerals is a diversified minerals exploration company with a focus on critical and precious metals projects the Central Newfoundland Mining District. Canterra's projects include seven mineral deposits located in the central Newfoundland Mining District including the prolific past-producing Buchans mine. The central Newfoundland Mining District includes Teck Resources' past producing Duck Pond mine that produced copper, zinc, lead, silver and gold and Calibre Mining's Valentine gold mine development.

Canterra's gold projects include several exploration-stage projects that cover 60 km of strike of the regional gold-bearing Rogerson Lake structural corridor, which hosts Calibre Mining Corporation's development-stage Valentine Gold Mine. Canterra's Newfoundland gold projects have been subject to four drilling campaigns, demonstrating many gold occurrences warranting further exploration.

In Alberta, Canada, Canterra also holds a 50% interest and is the operator of the Buffalo Hills diamond project, which is a joint venture with Star Diamond Corporation. The Buffalo Hills diamond project has been subject to considerable exploration expenditures, including a bulk sample, which has identified 38 kimberlites.

ON BEHALF OF THE BOARD OF CANTERRA MINERALS CORPORATION

Chris Pennimpede
President & CEO

Additional information about the Company is available at www.canterraminerals.com
For further information, please contact: +1 (604) 687-6644
Email: info@canterraminerals.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Information
This press release contains statements that constitute "forward-looking information" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation, including statements with respect to estimated mineral resources and estimated historical mineral resources. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include risks associated possible accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company's exploration plans, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company's business and prospects.; the business and operations of the Company; unprecedented market and economic risks associated with current unprecedented market and economic circumstances due to the COVID-19 pandemic, as well as those risks and uncertainties identified and reported in the Company's public filings under its SEDAR+ profile at www.sedarplus.ca. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.

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