Canterra Minerals Enters into Option Agreement to Acquire 100% of the East Alder Gold Project, Newfoundland

VANCOUVER, British Columbia, April 19, 2021 (GLOBE NEWSWIRE) -- Canterra Minerals Corporation (TSXV:CTM) (OTCQB: CTMCF) (“Canterra” or the “Company”) is pleased to announce that it has entered into an option agreement (the “Option Agreement”) with Sokoman Minerals Corp. (“Sokoman”) to acquire 100% of the East Alder gold project (“East Alder” or the “Property”) located immediately northeast of the Company’s Wilding Gold Project (“Wilding”) in central Newfoundland.

East Alder Highlights:

• Rock samples from float ranging from 0.1 g/t to 5.3 g/t Au and from trace to 10.8% Cu
• 2 kilometre gold-in-soil trend with gold results continuous with the gold-in-soil anomaly from Canterra’s Wilding Project.
• Covers an additional 30 claims or 7.5 km² of strike extent of the Valentine Lake Shear Zone that controls gold mineralization at Wilding and Marathon Gold’s Valentine Lake project.
• Permits for drilling in place

The East Alder Project covers the northeastern extension of the same geological units that host gold mineralization at Canterra’s Wilding Gold Project. This geology includes the Silurian aged Rogerson Lake conglomerates and Silurian felsic volcanic rocks that are known to host gold mineralization at Wilding. This stratigraphy, as seen at Wilding in the Elm, Alder, and Red Ochre, provides potential host environments for gold deposition in either vein or disseminated styles. Magnetic surveys completed on East Alder indicate a structural setting similar to Wilding and other gold showings situated along the structural corridor and are represented through a trend of robust gold-in-soil anomalies continuing from Canterra’s Wilding property. Initial reconnaissance work will be completed in conjunction with the Company’s 2021 field program, aiming to identify, delineate and potentially drill test targets on the Property.

“Adding this strategic block of claims extends our property position in the Rogerson Lake Belt and covers off the natural extension of gold mineralization found to date on our Wilding gold project. ” stated Chris Pennimpede, President & CEO of Canterra. “We look forward to adding this project into our extensive summer exploration program and adding the existing targets to our drill program”.

Summary Terms of the Agreement

Canterra can acquire 100% of East Alder by issuing a total of 750,000 common shares of Canterra and work commitments totaling $600,000 over a 4-year period. Sokoman will retain a 1.0% net smelter return royalty on East Alder, with Canterra having the right to buy-down 0.5% of the royalty for $1,000,000.