Canterra Announces High Grade Drill Results Correlate VRIFY AI Targets at the Buchans Project and the Next Phase of Exploration

Vancouver, British Columbia--(Newsfile Corp. - November 21, 2024) - Canterra Minerals Corporation (TSXV: CTM) (OTCQB: CTMCF) ("Canterra" or the "Company") is pleased to provide an update on the early outcomes from Canterra's ongoing partnership with VRIFY Technology and its AI-assisted mineral discovery platform ("VRIFY AI").

Readers can view Canterra's VRIFY Technology hosted interactive presentation here.

Recent results from the 2024 drilling (60 metres of 2.25% Copper Equivalent (November 13, 2024 news release)) align well with VRIFY AI's predictive model (Figure 1), highlighting strong correlation between historic drilling and the VRIFY AI predictive model.

Figure 1. Canterra 2024 drillholes in red shown with VRIFY prospectivity blocks. Drilling intersected predicted mineralization enhancing confidence in AI targeting and future drill programs at AI generated targets.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8054/230830_6faf2b8a44a93a20_001full.jpg

These results further validate the prospective nature of other AI-generated targets on the property (Figure 2) including the highly prospective Nu target, located at the southern central portion of the property.

Figure 2. Oblique 3D view across Canterra's Buchans Project showing VRIFY AI predictive probability score for massive sulphide mineralization.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8054/230830_6faf2b8a44a93a20_002full.jpg

"The results from our recent drilling at Buchans confirm the power of VRIFY's AI technology, showcasing a remarkable alignment between AI-generated targets and our drill intercepts at various depths," commented Chris Pennimpede, President and CEO of Canterra. "The precision at the Lundberg and Pumphouse Targets, both on surface and at depth, underscores the effectiveness of this cutting-edge approach. The Nu target, which includes significantly less data than other areas, has emerged as a highly prospective target. While underexplored, the algorithm is using patterns of mineralization found elsewhere on the Buchans project to define the exciting Nu target. This technology is revolutionizing how we identify and prioritize exploration targets, enabling us to unlock untapped potential in our datasets and fast-track discovery. With these results, we're excited to accelerate exploration at high-priority targets like Nu and further refine our models as new data is ingested into the VRIFY AI model."

This AI predictive model created for Buchans continues to evolve as more results are incorporated including the results from Canterra's maiden drilling program at Buchans. This constant data feedback loop further enhances the Company's AI predictive model and supports the Company's technical team in their efforts to identify additional high-grade sulfide mineralization targets at Buchans.

AI Predictive Modelling Highlights:

• Multiple datasets including airborne geophysical data (2018 SkyTEM survey data), geological data (mapping and drill core), assay and whole rock geochemical data (outcrops and adjacent drill holes) and Titan24 geophysical data (2008 survey data) are among the data sets assessed by VRIFY AI in the 2024 drilling areas

• Datasets have been further augmented by collection of new down-the-hole rock property measurements including magnetic susceptibility readings (>1,800 readings) and chargeability/resistivity drill core measurements (~160 measurements). These data have been further augmented by readings and measurements collected in additional select historical drill holes throughout the Project

• This AI-driven approach enables Canterra to efficiently unlock potential value from existing datasets through the identification of targets that may otherwise remain undetected through conventional exploration methods

AI-Driven Exploration & New Targets

VRIFY AI is revolutionizing exploration with its cutting-edge technology, pinpointing high-potential targets in underexplored zones and confirming established mineralized trends with impressive accuracy. Recent drilling at the Lundberg and Pumphouse targets intersected mineralization that closely aligns with AI-generated predictions, both at surface and depth. These results validate VRIFY's proprietary algorithms and highlight their potential to unlock untapped resources.

With over 400,000 metres of historical drilling data around the former Buchans mine, VRIFY AI uses advanced modelling to refine mineral prediction and has already identified new target areas, including the highly prospective Nu zone. Early reviews of the Nu zone reveal limited historical drilling but strong indications of key conditions for high-grade Buchans-style sulphide mineralization, including favorable host rocks, alteration, and mineralized float.

Encouraged by these strong results, Canterra looks forward to testing additional targets consistent with VRIFY's AI predictions. The Company has initiated in-depth data reviews and field investigations to further evaluate these newly prioritized areas; this work will continue into 2025. Learn more about this game-changing technology at www.vrify.com.

Figure 3. Central Newfoundland mining district holdings and Canterra Properties.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8054/230830_6faf2b8a44a93a20_003full.jpg

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 its 2024 drilling programs, including drilling at Buchans.

About Canterra Minerals
Canterra is a diversified minerals exploration company focused on critical minerals and gold in central Newfoundland. The Company's projects include six mineral deposits located in close proximity to the world-renowned, past producing Buchans mine and Teck Resources' former Duck Pond mine that collectively produced copper, zinc, lead, silver and gold. Several of Canterra's deposits support current and historical Mineral Resource Estimates prepared in accordance with National Instrument 43-101 and the Canadian Institute of Mining, Metallurgy, and Petroleum Definition Standards for Mineral Resources and Mineral Reserves current at their respective effective dates. Canterra's gold projects are located on-trend of Calibre Mining's Valentine mine currently under construction and are interpreted to cover a ~60 km extension of the structural corridor that hosts mineralization within Calibre's mine project. Past drilling by Canterra and others within the Company's gold projects intersected multiple occurrences of orogenic-style gold mineralization within a large land position that remains underexplored.

Qualified Person
Christopher Pennimpede BSc. P.Geo. (BC), Chief Executive Officer for Canterra Minerals Corporation and Qualified Person within the meaning of National Instrument 43-101, has reviewed the technical disclosure in this news release for accuracy.

ON BEHALF OF THE BOARD OF CANTERRA MINERALS CORPORATION
Chris Pennimpede
President & CEO

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, the opening of avenues for substantial discoveries within the belt, the Buchans Project being ripe for a modern approach with significant exploration potential for high grade VMS mineralization, the Company anticipating being strongly positioned to unveil the next mineral discovery in central Newfoundland. 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.; 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/230830