High-Grade Copper Confirmed at Briggs by Canterbury Resources

Drilling Program Success

Canterbury Resources Limited has recorded excellent assay results from its 2024 drilling program at the Briggs copper-molybdenum project in Central Queensland. Holes 24BRD0027 and 24BRD0028 have encountered additional broad intervals of copper mineralization, including higher-grade intervals comparable to previous successful drills.

Hole 24BRD0027 recorded 250 meters at 0.22% Cu and 29 ppm Mo, including 82.3 meters at 0.26% Cu and 31 ppm Mo. Hole 24BRD0028 showed even more promising results with 159.3 meters at 0.40% Cu and 21 ppm Mo, including 68 meters at 0.70% Cu and 19 ppm Mo.

Strategic Drilling Objectives

The current drilling is focused on testing for near-surface, high-grade copper mineralization in a zone straddling the contact between the felsic intrusive complex and the hosting volcanic-sediments along the southwest margins of the Briggs Central inferred resource. The goal is to identify potential areas for higher-grade starter pit operations for a conceptual mining operation.

Additionally, the drilling aims to upgrade resource confidence sufficiently to support the initiation of a Scoping Study later this year. Funding for the Briggs project is being provided by Alma Metals Limited under an Earn-In Joint Venture Agreement, with Alma expected to meet its Stage-2 expenditure requirements this year, increasing its project interest to 51%.

Project Details

The Briggs project comprises six tenements in central Queensland: Briggs, Mannersley, Fig Tree Hill, Don River, Ulam Range, and Rocky Point. Over one million tonnes of contained copper have already been defined at the project. The Briggs deposit includes an Inferred Resource of 415 million tonnes at 0.25% Cu and 31 ppm Mo, plus an Exploration Target of 480 to 880 million tonnes at 0.20% to 0.30% Cu and 25 to 40 ppm Mo.

The project is well-located, 60 km west of the deep-water port of Gladstone and 15 km north of a significant road, rail, and power corridor, providing excellent infrastructure and logistics connections. Preliminary metallurgical test-work has achieved high copper recoveries (92-95%) via standard crushing, grinding, and flotation.

Future Plans

Core drilling re-commenced at Briggs in June 2024, focusing on testing and infill drilling the southwest margins of the large geochemical anomaly at the Briggs Central inferred resource. This infill drilling will decrease drill spacing to around 80 meters over a portion of the Briggs Central resource, potentially increasing the confidence to the Indicated category and supporting a Scoping Study later this year.

Assay results for the next batch of two holes are expected in 3-4 weeks, and drilling is expected to continue until late in the December quarter. Samples from the drilling program will also provide material for metallurgical test-work, contributing to the Scoping Study for Briggs.