Canter Samples 430 ppm Lithium, Acquires Historical Third-Party Data and Completes Data Integration at Columbus

March 18, 2024

Vancouver, British Columbia, March 18, 2024Canter Resources Corp. (CSE:CRC | OTC:CNRCF | FRA:6O1) (“Canter” or the “Company”) is pleased to report that the Company has acquired additional third-party data including historical soil sampling results and geophysical survey data that highlights significant lithium in soils along the eastern edge of the 5 by 2.5 km priority target area at the Columbus Lithium-Boron Project (“Columbus” or the “Project”).

The acquisition of substantial third-party historical geochemical sampling data, alongside Canter’s own database and sampling efforts, provides a comprehensive dataset within the 23,000-acre project area. This combined dataset includes 473 surface samples and reveals a maximum surface sediment lithium (“Li”) value of 540 ppm Li. Analysis of the newly acquired third-party data shows an average concentration of 144 ppm Li across 54 surface sediment samples and multiple locations exceeding 200 ppm Li, with the highest value from the historical dataset reported at 348ppm Li. Additionally, previous surface brine samples reveal lithium concentrations reaching 240 mg/L. This extensive combined dataset highlights the basin’s potential for near-surface lithium enrichment (see Table 1 and Figure 1).

The Company recently engaged renowned geophysicist, Jim Wright of Wright Geophysics, who completed reinterpretation of available geophysical data. The Company has also obtained airborne magnetic and radiometric data from the recently completed collaboration between the U.S. Geological Survey (USGS) and the Department of Energy (DOE) designed in part to support geologic and geophysical mapping and modeling of Nevada’s lithium clay and brine resources (see Figure 2).

“We have taken methodical low-cost steps to support our Phase I drilling at shallow and moderate depths while delineating additional targets throughout the 23,000-acre property package for subsequent campaigns,” stated Joness Lang, CEO of Canter Resources. “We are actively updating our 3D model to integrate our expanded dataset and reprocessed geophysics. Initial observations continue to validate our Phase I program and highlight a significant brine target at Columbus.”

Figure 1: Plan view showing historical/third-party geochemical results along the eastern flank of the Columbus Project and Canter’s shallow auger assay result within the centre of the priority target area.

During a recent trip to site, the Company’s geologists completed a single, one metre (~three feet) deep auger hole approximately 500 metres east of the first planned exploration well at Columbus. The small portable auger rig was not suitable for reaching the interpreted upper brine layer depth; however, the Company still collected a sediment sample at the bottom of the test hole that returned a value of 430 ppm Li. The Company will test the upper brine layer during its upcoming Geoprobe campaign.

Table 1: Historical 3rd Party Surface Sediment Sample Highlights

The historical dataset was obtained from a reliable source and includes original lab assay certificates, GPS coordinates and detailed quality assurance / quality control protocols and technical reports, however, the Company is still treating this dataset as historical. The Company views this data as relevant from a targeting perspective and a guide for its own exploration model but not relying on the data for any other purpose. To further validate and augment this data, the Company will collect additional surface sediment and brine samples in the coming weeks, concurrently with its shallow Geoprobe drilling (see press release dated March 6, 2024).

Reprocessing of historical gravity data, incorporating data from both regional and property-specific surveys, has identified a prominent gravity anomaly within the basin. This anomaly is indicative of a substantial layer of low-density sediment that may extend to depths exceeding 3,300 meters.

Canter Resources has also integrated airborne magnetic and radiometric data from the USGS – DOE collaboration. This data, underpinned by a comprehensive reinterpretation by Wright Geophysics, has highlighted the intricate structural dynamics at play within the Columbus Basin. The detailed overlay of this geophysical data with our conceptual model of structural kinematics has not only affirmed the presence of a closed structural basin but has also sharpened understanding of the basin’s geology.

Figure 2: USGS airborne magnetic survey with structural interpretation

This synthesis of airborne magnetic survey data with structural interpretation provides a view into the basin’s subsurface, revealing insights into fault orientations and movements. The analysis delineates the complex interplay of the Coaldale Fault, CSM Fault, and their interaction with the broader tectonic regimes of the Walker Lane and Mina Deflection, underscoring the basin’s potential for lithium enrichment.

Corporate Update Note

Further to the Company’s news release of March 14, 2024, the Company wishes to clarify that Gordon Holmes, a director and officer of Streetwise Reports, owns 250,000 common shares of the Company.  Streetwise Reports was engaged by the Company to create image ads for use on various Streetwise Reports digital platforms and to create a company profile page to be hosted on Streetwise Reports.

Historical Results and QA/QC

All historical results quoted herein are based on historical data and reports obtained and prepared by previous operators. Other than the verification procedures described in this news release, the Company has not undertaken work to verify results and there is no assurance as to the accuracy or completeness of included information. The Company considers this historical data to be relevant as the Company will use this data within its exploration models and databases to guide future exploration programs, and it should not be used for any other purpose. The Company considers the data to be reliable for these purposes, however, the Company’s future exploration work will include additional verification of the data through further confirmation sampling in priority target areas. 

The sampling procedure for the Company’s 430 ppm Li result involved auger drilling down to approximately three feet below the surface to penetrate the surface playa crust and access the underlying clay zone, which exhibited an olive-green color change indicative of potential mineralogical variations. The collected sample was then analyzed at ALS in Reno, NV, employing the LiICP-61 protocol, a specialized test focused on lithium detection. This analysis utilized a four-acid digestion and ICP-AES finish with a low-temperature drying process designed to minimize the volatilization of lithium.

Qualified Person (QP)

The technical information contained in this news release was reviewed and approved by Eric Saderholm P.Geo, Director and Technical Advisor of Canter Resources, a Qualified Person (QP), as defined under National Instrument 43- 101 – Standards of Disclosure for Mineral Projects

About Canter Resources Corp.

Canter Resources Corp. is a Canadian junior mineral exploration company advancing the Columbus Lithium-Boron Project in Nevada, USA, the Beaver Creek Lithium Property in Montana, USA, and the Puzzle Lake Property in Saskatchewan, Canada. The Company is preparing for a Phase I drill campaign at Columbus to test a highly prospective lithium-brine target and plans to leverage the Company’s critical metals targeting database to generate a portfolio of high-quality projects with the aim of defining mineral resources that support the domestic clean energy supply chain in North America.

For further information contact:

Joness Lang
Chief Executive Officer
Canter Resources Corp.
jlang@canterresources.com

For investor inquiries contact:

Kristina Pillon, High Tide Consulting Corp.
Tel: 604.908.1695
investors@canterresources.com

The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release. The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this news release.

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