12:48 PM EDT, 09/23/2025 (MT Newswires) -- Canterra Minerals ( CTMCF ) shares were last seen up 10% after the company on Tuesday reported high-grade exploration results at the Clementine Prospect, part of its Buchans Project in central Newfoundland.

The company said best results include 16.0 meters testing at 1.72% copper equivalent and 2.64% copper equivalent over 3.0 meters.

The Clementine prospect lies about four kilometers northwest of the historic Buchans Mine, which ended operations in 1984.

The company states the results extend the known "Buchans-style" high-grade mineralization along the margins of historic zones, and that the new mineralization coincides with a large, untested 3D induced polarization (IP) geophysical anomaly located south of the Clementine prospect.

Canterra has mobilized a second drill rig and is conducting a 10,000-meter drill program across the Buchans Project, with follow-up work planned for targets identified by the IP survey.

"These first results from Clementine validate our exploration model and belief that our Buchans Project has the potential to host multiple high-grade mineralized zones. We have confirmed thick, high-grade Buchans-style mineralization at the edge of the known system, with the potential for more continuous zones. Just as importantly, the correlation with a large IP anomaly to the south gives us a compelling large-scale target to test. This elevates Clementine on our priority list, and we are moving quickly to test the anomaly in the current phase of 2025 drilling," chief executive Chris Pennimpede said,

Shares of Canterra Minerals ( CTMCF ) were last seen up $0.015 to $0.16 on the TSX Venture Exchange.

Price: 0.16, Change: +0.02, Percent Change: +10.34