Canterra Minerals (TSXV: CTM; US-OTC: CTMCF) has increased the indicated resource at its Lundberg copper-zinc deposit in central Newfoundland by 55 percent, delivering the “higher-confidence tonnes” it was seeking even as grades declined. Lundberg is the anchor deposit of Canterra’s Buchans project, which also hosts the Bobby’s Pond, Daniel’s Pond and Tulks Hill satellite deposits.
The update is the first Lundberg mineral resource estimate prepared under Canterra’s direction and the first to incorporate the company’s 2024-2026 drilling. The prior estimate, completed by previous operators and dated April 2019, stood at 16.79 million indicated tonnes grading 1.5 percent zinc, 0.4 percent copper, 0.6 percent lead, 0.07 grams per tonne gold and 5.7 grams per tonne silver, plus 380,000 inferred tonnes at higher grades. A 55 percent lift on the indicated figure puts the new resource at roughly 26 million tonnes.
The tradeoff is familiar in conversion drilling: indicated tonnes buy study credibility, but the lower grade resets the pit math. What matters next is whether Canterra can show the expanded, lower-grade shell still clears an economic cutoff at current zinc and copper prices. The district strategy beyond Lundberg is already running: Phase 2 drilling is underway at Lemarchant, the largest of the company’s satellite deposits, with a gravity survey due in the fourth quarter of 2026 to refine targets for the current and upcoming programs.