Canterbury Resources Unveils Significant Copper-Gold Potential at Peenam Project
CBY (CBY) Share Update November 2024 Tuesday 12th
Canterbury Resources Identifies Large Copper-Gold Drill Target at Peenam
Canterbury Resources Limited (ASX: CBY) has announced the identification of a substantial copper-gold drill target at its Peenam Project in Central Queensland, following a successful soil sampling and mapping program.
Instant Summary:
- 200 soil samples and 10 rock chip samples collected.
- Copper and gold anomaly identified over 500m x 300m area.
- Geophysical data supports presence of a mineralized porphyry system.
- Drill testing planned for 2025.
Exploration Success at Peenam
Canterbury Resources has reported promising results from its 2024 exploration activities at the Peenam Project, located 150km northwest of Brisbane. The company conducted a comprehensive soil sampling and mapping program, collecting 200 soil samples and 10 rock chip samples over a 1,200m x 800m area. The exploration revealed a copper and gold anomaly spanning approximately 500m x 300m, indicating the potential for a large-scale copper-gold deposit.
The presence of a mineralized porphyry system was further supported by the interpretation of magnetic and VTEM geophysical data. These findings align with historical data suggesting the Peenam prospect represents the upper margins of a copper-gold mineralized porphyry system.
Future Plans and Expectations
Encouraged by these results, Canterbury Resources has initiated design and permitting processes for a potential drill program scheduled for 2025. The focus will be on the NNW-SSE trending zone of coincident copper and gold anomalies identified in the soil and rock samples. Managing Director Grant Craighead expressed optimism about the potential for discovering a large-scale deposit, emphasizing the company's commitment to advancing the project.
Rock chip assays recorded up to 3.28g/t gold and 0.41% copper, further highlighting the area's mineral potential. The Peenam Project's strategic location within the Esk Trough, known for its Triassic age volcanics and dioritic plutons, enhances its prospectivity for porphyry and epithermal mineralization.
The identification of a significant copper-gold target at Peenam could positively impact Canterbury Resources' stock, attracting investor interest due to the project's scale and potential. The planned drilling in 2025 will be crucial in confirming the deposit's size and grade, potentially leading to increased valuations and market confidence.
Investor Reaction:
Analysts are likely to view this announcement positively, given the scale of the anomaly and the project's location within a well-known mineralized region. The planned drilling program will be closely watched as it could significantly enhance Canterbury's resource base.
Conclusion:
Investors should keep an eye on Canterbury Resources' progress at the Peenam Project, as the upcoming drill program in 2025 could unlock substantial value. The company's strategic approach and exploration success position it well for future growth.