Canterra Minerals Intersects 13.3 g/t Gold over 0.2 Metres at the Elm Zone and Makes a New Discovery at the Dogberry Target Drilling 11.0 g/t Gold over 0.3m at the Wilding Gold Project, Newfoundland

Vancouver, British Columbia--(Newsfile Corp. - May 27, 2021) - Canterra Minerals Corporation (TSXV: CTM) (OTCQB: CTMCF) ("Canterra" or the "Company") is pleased to report results for the remaining nine drill holes completed during the winter 2021 drill program at the Wilding Gold Project ("Wilding"), in central Newfoundland. Results are from the Elm Zone and the previously untested Dogberry target.

Drill Highlights:

• 11.0 g/t Au over 0.3m at a depth of 22.4m in hole WL-21-45 at the Dogberry Target
  • New gold drill discovery
  • 4^th drill defined gold target on the project
• 0.53 g/t Au over 12.2m at a depth of 62.3m in hole WL-21-41 at the Elm Zone
  • Including: 13.38 g/t Au over 0.2m
• 1.37 g/t Au over 1.0m at a depth of 13.9m in hole WL-21-44 at the Elm Zone
  • 150m step-out to the northeast from 2017 Elm discovery hole (see December 17, 2020 news release)
• 2.00 g/t Au over 1.0m at a depth of 31.4m in hole WL-21-38 at the Elm Zone
  • And 2.09 g/t Au over 0.2m at a depth of 86.8m
  • Extends known gold mineralization 150m to the west from the 2017 Elm discovery (see December 17, 2020 news release)
• Gold mineralization is hosted in quartz-tourmaline-pyrite veins similar to those found at Marathon's Valentine Lake Project located 7km west of Wilding

"The first drill holes into the Dogberry target successfully returned a new gold discovery to add to the already abundant gold mineralization identified on the Wilding Gold Project," stated Chris Pennimpede, President & CEO of Canterra. "The primary goals for Canterra going into this short first winter drill program on the Wilding Gold Project were to step-out at two of the known zones, Elm and Red Ochre, aiming to extend gold mineralization along strike and down dip and also to test a new target to make a new discovery. We accomplished all those goals and continued to hit gold mineralization in nearly every hole. We now look to summer surface work and drilling to refine new drill targets and design our future drill program to target other untested targets on the project."

The Company completed 2,335m over 16 drill holes in its first winter drill program at Wilding. This program focused on stepping out from the 2017 discovery holes at the Elm Zone and Red Ochre Complex and drilling a previously untested target in Dogberry.

Dogberry Target

The Dogberry Target was identified through trenching in early September 2016 and is adjacent to several quartz vein boulders discovered by prospecting. Trenching exposed strongly sheared conglomerate rocks, cut by quartz veins. The main shear-fill vein consists of milky-white quartz with patches, clots and disseminations of chalcopyrite and malachite and locally fine visible gold. The host Rogerson Lake Conglomerate rocks are strongly Fe-carbonatized and is locally hematized adjacent to the shear vein. The conglomerate is intruded by intensely altered (Fe-carbonatized and locally quartz veined) mafic dykes. Channel samples from the main vein returned values of 1.7 g/t Au over 0.30m and 46.5 g/t Au over 0.60m. A grab sample from the main vein assayed 78.8 g/t Au.

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2021 Wilding drill hole results from this news release:

About Canterra Minerals

Canterra is earning a 100% interest in the Wilding and Noel Paul Gold Projects, located 50km south, by logging road, from Millertown and directly northeast of Marathon Gold's Valentine Lake Gold Project in Central Newfoundland. The 243km² 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. A $2.75 million exploration program is underway, focusing on drilling and surface exploration on the Wilding Gold Project. This program will include additional diamond drilling on the existing zones and follow up trenching and diamond drilling on numerous targets identified from previous soil geochemistry sampling. Canterra's team has more than 100 years of experience searching for gold and diamonds in Canada and have 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 scientific and technical information and exploration data quality assurance and control contained in this news release were prepared under the supervision of David Evans, M.Sc., P.Geo., Manager of Exploration for Canterra. Mr. Evans is a Qualified Person as defined by National Instrument ("NI") 43-101.

QA/QC

Quality Assurance-Quality Control ("QA/QC") protocols followed at the Wilding Lake Project include the insertion of blanks, standards and duplicates at regular intervals in each sample batch. Drill core is cut in half with one half retained at site, the other half tagged and taken by Canterra personnel to Eastern Analytical Limited in Springdale, NL. All reported core samples are analyzed for Au by fire assay (30g) with AA finish. All mineralized intervals are reported as core lengths with no true thickness implied.

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

Additional information about the Company is available at www.canterraminerals.com
For further information, please contact: +1 (604) 687-6644
Email: info@canterraminerals.com

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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. 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.; 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 respective SEDAR profile at www.sedar.com. 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.

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