Canterbury Resources Limited ASX:CBY

Interesting research piece on the Briggs copper project by 708 Capital, highlighting the commercial potential of large-scale, low grade copper projects such as Briggs in a market that is struggling to identify the development opportunities that are required to meet forecast strong demand… #copper

We’ve just received a game changing drill result at the Briggs Copper Project in Queensland. Hole 24BRD0026 was drilled across the southwest margin of the existing mineral resource at the Central Porphyry area and intersected strong copper mineralisation for most of its length, recording 276m at 0.45% Cu from surface including multiple higher-grade intervals. Briggs is a very large, but generally low-grade copper system. However, this result confirms that there is potential to delineate shallow higher-grade zones of mineralisation that will drive reduced capital and operating costs during the first stage of a conceptual mining operation. #copper #drilling

We’ve just released our June quarterly activities report that highlights excellent progress for the company, with three rigs operating across two projects testing large-scale copper-gold opportunities – and all at no cost to Canterbury shareholders. We look forward to delivering strong news flow into the foreseeable future… #copper #gold #drilling 

Canterbury, and its JV partner Alma Metals, continue to consolidate their tenement position around the Briggs copper project in Queensland where over one million tonnes of contained copper has already been defined. In parallel, drilling has resumed at Briggs with visual observations of core from the first hole indicating the mineralised envelope is extending southwest. #copper #drilling

We’re excited to be back drilling at the Bismarck Project in PNG, testing high-priority porphyry and skarn style copper-gold targets. The program is utilising two drill rigs and is scheduled to last several months, with the opportunity to drill additional holes under a success scenario. Watch this space… #drilling #copper #gold

Drilling is set to recommence at the large-scale Briggs Copper Project in Central Queensland. The initial focus is evaluation of potential higher-grade mineralisation in the contact zone between the granodiorite intrusion and enclosing volcanic sediments along the southwest margins of the Briggs Central resource. This will be an important component of a Scoping Study being undertaken in 2H 2024 by JV partner, Alma Metals. We are also proposing several drill holes into the Southern porphyry target during 2024, with potential to further boost the project’s mineral resources. In parallel, preparation is well advanced at the Bismarck project in PNG (Rio Tinto JV), where we are drill testing large-scale copper-gold targets at two localities: Willie Headwaters, assessing a porphyry system beneath areas of lithocap and Ndokowai where extensive skarn style mineralization is evident. #copper #drilling

We’re gearing up for a very active drilling phase over the next few quarters, with three rigs operating across two major copper projects – see attached quarterly activities report for details. At the Bismarck Project (Rio Tinto JV), we are mobilising two rigs in early May to test two high priority, greenfield drill targets: ·      Willie Headwaters (Cu-Au porphyry): An untested potassic alteration zone largely concealed under phyllic altered volcanics and lithocap. ·      Ndokowai Skarn: A previously unknown, ~2km long x 600m wide northwest trending zone prospective for partially concealed, high grade skarn type alteration and mineralization. Meanwhile, we are also gearing up for a resumption of drilling at the Briggs Copper Project in late May. Drilling will test interpreted higher-grade zones along the southwest margin of the Central Porphyry, particularly in the upper 200m. This work should enable assessment of higher-grade open pit opportunities which could enhance project revenue during the early years of a conceptual mining operation. A scoping study is planned in H2 2024. #copper #exploration #drilling

It’s shaping up to be an exciting year for Canterbury shareholders, as outlined in our latest presentation. Significantly, two major drilling programs will commence over the next 4-6 weeks – both fully funded by JV partners. At the Bismarck project on Manus Island (PNG), we’re drilling two greenfield Cu-Au targets in partnership with Rio Tinto. Canterbury is managing the program. At the Briggs project in Queensland, we’ve outlined a large-scale copper resource in partnership with Alma Metals - and we’re preparing for another round of drilling aimed at delineating shallow, higher grade zones which are expected to be an important input to a Scoping Study later in 2024. #drilling #copper #gold

We’ve just released the final results from our 2023 Briggs drilling program which are very encouraging - we now have a strong understanding of the type of geological settings that produce higher grades! We've tested a zone of ~500m strike in this setting so far, with the next program (starting in Q2) to test a further 600m strike length. During the 2024 program we're aiming to delineate sufficient resources for a starter pit with above average grades and low strip ratio, boosting the overall economics and financing of Briggs - to be quantified in a Scoping Study scheduled later in 2024.

We've released a new corporate presentation, highlighting multiple opportunities to delineate large-scale Cu-Mo-Au resources. Importantly, we're preparing for drilling programs at Briggs in Queensland (Alma Metals JV) and Bismarck in PNG (Rio Tinto JV) starting in April. Drilling will be fully funded by our joint venture partners.