Canterra Minerals Completes First Phase of Drilling in 2022 on its Wilding Gold Project, Newfoundland

Vancouver, British Columbia--(Newsfile Corp. - July 12, 2022) - Canterra Minerals Corporation (TSXV: CTM) (OTCQB: CTMCF) ("Canterra" or the "Company") is pleased to provide an update to its recently completed drill program at its wholly owned Wilding Lake Gold Project ("Wilding") in Central Newfoundland, Canada. A total of 18 diamond drill holes totaling 3,476 metres were drilled across several new targets in the first phase of 2022 drilling. Assay results are pending for all drill holes.

Highlights:

• 3,476 metres completed in 18 drill holes at Wilding;
• 9 holes totaling 1,805 metres on two previously untested targets in the western portion of the Wilding Property, ~3 kilometres along strike from known mineralization;
• Two holes totaling 382 metres testing continuity of Red Ochre mineralization ~800 metres to the southwest;
• Four holes totaling 797 metres testing continuity between Red Oche and Dogberry, both significant known zones of gold mineralization; and
• Three holes totaling 492 metres of additional drilling at Dogberry, where previous drilling intersected 11.0 g/t Au over 0.3m in hole WL-21-45.

Cooper Quinn, President of Canterra, commented, "We're pleased to complete this drilling, which targeted several areas on the previously unexplored western portion of the Wilding property. This area was almost completely unexplored until a 2021 soil geochemistry program generated several anomalies along the known structures that host mineralization. Additionally, the Red Ochre Zone has produced broad intervals of near surface gold mineralization, and the recently completed drilling has stepped out along strike to the southwest from this zone. Working to connect the important Red Ochre Zone to the drill intercepts at Dogberry, ~2 kilometres away along strike to the northeast, is exciting and I'm looking forward to seeing results from this, along with the rest of the drilling. Over the summer, Canterra is also moving ahead with regional scale work at Noel Paul and the recently acquired ground, where there is great opportunity for new discoveries."

Drilling Update

The completed 2022 drilling program was aimed at testing several new targets on the previously unexplored western portion of the property, where multiple target areas were identified based on elevated gold-in-soil anomalies. These anomalies are coincident with interpreted thrust structures and potentially favorable host lithologies based on airborne magnetic data.

In addition, along-strike expansion of the Red Ochre Zone ("Red Ochre") has been drill tested. Red Ochre is located in felsic volcanic rocks in the hanging wall of a thrust fault inferred to be a splay of the Valentine Lake Shear Zone ("VLSZ" or "Red Ochre Thrust") located along the southern contact of the Rogerson Lake Conglomerate. The 2022 drill program tested continuity between mineralization at Red Ochre which previously intersected 11.0 g/t Au over 0.3m in hole WL-21-45 at the Dogberry Zone, as well testing strike extents one kilometre ("km") to the southwest of Red Ochre.

Previous drilling at Red Ochre intersected disseminated gold mineralization along 700m of drill-tested strike (assay results returned 42.0 m at grade of 0.57 g/t Au in hole WL-21-56 and 17m at 1.0 g/t Au in hole WL-17-12). Mineralization occurs in association with pyrite, quartz veins and sericitic alteration within Silurian-age felsic volcanics. While these volcanic units differ from the granitoids and mafic dykes that host mineralization at Marathon Gold's Valentine Lake Deposits (and which have been intersected in recent drilling along the northern edge of the Wilding Property), mineralization at Red Ochre does appear to share a similar structural style and association with pyrite.

Figure 1 - Map of currently completed drill holes (green).

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/8054/130603_970d192784b8a99e_001full.jpg

Canterra is undertaking prospecting work over the East Alder and Noel Paul properties through the summer of 2022, with work including mapping, soil and rock sampling, trenching and Induced Polarization (IP) surveys, aiming to identify additional targets along the approximately 65 km of Rogerson Lake Structural Corridor controlled by Canterra. This structure hosts Marathon Gold's Valentine Project, and several other known gold deposits.

About Canterra Minerals

Canterra is advancing its 100% owned Wilding and Noel Paul Gold Projects, as well as its resource staged base metals projects, located 50km south, from Millertown and directly northeast of Marathon Gold's Valentine Lake Gold Project in Central Newfoundland. The 482km² property package includes 50km of the northeastern strike-extension of the Rogerson Lake Structural Corridor, which hosts Marathon Gold's Valentine Lake deposits, Matador Mining's Cape Ray deposit, Sokoman's Moosehead discovery and TRU Precious Metals' Golden Rose and Twilight discoveries. Canterra's team has more than 100 years of experience searching for gold and diamonds in Canada and has been involved in the discovery of the Snap Lake diamond mine, in addition to the discovery of the Blackwater Gold deposit in British Columbia, Canada.

The Company would like to thank the Government of Newfoundland and Labrador for financial support of the exploration programs through the Junior Exploration Assistance Program.

The scientific and technical content and interpretations contained in this news release have been reviewed, verified and approved by Dr. Luke Longridge, Canterra Minerals' Vice President of Exploration, PhD, P.Geo., a Qualified Person as defined by NI 43-101.

ON BEHALF OF THE BOARD OF CANTERRA MINERALS CORPORATION
Cooper Quinn
President

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 news release contains statements that constitute "forward-looking information" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. 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, and include statements with respect to the anticipated timing for closing of the Acquisition, statements with respect to the estimates of mineral resources on the properties to be acquired by the Company, statements with respect to the Company having a suite of deposits with significant exploration upside and statements with respect to the Company's expectation to be well positioned to make that next mineral discovery in central Newfoundland. 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 with the failure to complete the terms of the Agreement, 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.sedar.com. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news 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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