Canterbury Resources (ASX: CBY) continues to record excellent assay results from the 2024 drilling programme at the large-scale Briggs copper-molybdenum project in Central Queensland where over one million tonnes of contained copper have already been defined.
The Project comprises six tenements in central Queensland: Briggs (EPM 19198), Mannersley (EPM 18504), Fig Tree Hill (EPM 27317), Don River (EPM 28588), Ulam Range (EPM 27894) and Rocky Point (EPM 27956). Alma is funding the Project under an Earn-In Agreement and is in Stage-3 of the Earn-In whereby it can reach a 70% interest by funding an additional A$10 million by 30 June 2031.
The Briggs deposit is around 60km west of the deep-water port of Gladstone and 15km north of a significant road, rail and power corridor that provides excellent infrastructure and logistics connections.
“We are very pleased with the progress at Briggs. The 2024 drilling programme has gone to plan, successfully delineating broad zones of shallow, higher-grade copper mineralisation,” Managing Director, Grant Craighead, said.
“In parallel, we are steadily advancing our Scoping Study activities and look forward to outlining project development concepts in 2025.”
Briggs comprises an Inferred Mineral Resource Estimate (MRE) of 415Mt at 0.25% Cu and 31ppm Mo at the Central porphyry and Northern porphyry deposits (refer Figure 3), plus an encompassing Exploration Target of an additional 480Mt to 880Mt at 0.20% to 0.30% Cu and 25ppm to 40ppm Mo.
“The potential tonnage and grade of the Exploration Target is conceptual in nature and there has been insufficient exploration to estimate a mineral resource. It is uncertain if further exploration will result in an increase in the MRE.
The 2024 drilling programme at Briggs commenced in June and the final hole was completed on 2 December. During the programme, nine holes (2,461.5m) were drilled at the Central porphyry and two (494.0m) at the Southern porphyry.
Final core logging and sampling, plus rig demobilization will be completed shortly.
The focus of the programme has been infilling the drill grid around the southwest margins of the Central porphyry deposit, aimed at converting a higher-grade portion of the Central porphyry resource into the Indicated category to support mining studies as part of a 2025 Scoping Study.
