Canterbury Resources (ASX: CBY) has commenced a core drilling programme at its Bismarck Project on Manus Island, Papua New Guinea, where it is testing greenfield copper-gold targets.
Exploration at Bismarck is being funded by Rio Tinto Exploration (PNG) under an Earn-In Joint Venture agreement where Rio Tinto currently has a 60% JV interest in the Bismarck Project and can earn up to an 80% interest by successfully completing the current drill program. Canterbury is operator for the drill programme and is receiving management fees.
“Numerous copper-gold mineralisation systems are recognised throughout the Bismarck Project area and the selection of the Willie and Ndokowai targets represents the culmination of several years of field work and data interpretation,” Canterbury Managing Director, Grant Craighead, said.
Project Background
The Bismarck Project (EL2795) is in central Manus Island, around 830km north of Port Moresby. The tenement covers approximately 256 sq. km.
The area has undergone extensive and locally intensive early-stage exploration over several decades. Past explorers include Australian Anglo American, CRA, Highlands Pacific, BHP, Exoil, IMC, Kennecott-Niugini Mining, Tarangau, Triple Plate Junction and Newcrest.
2024 Drill Plans
Canterbury and Rio Tinto personnel have undertaken multiple field programmes and interpretation of data in recent years, leading to the identification of two high priority targets that are being tested in the current programme.
Eight priority-1 core holes, for +2,000m, are planned in the initial programme, with additional priority-2 drill sites also being prepared.
There is potential to extend the programme based on review of progressive results and data generated during the early phase of drilling, as well as from recent mapping of road cuttings.
