Briggs Project Advances with New Discovery but Faces Resource Expansion Questions

Drilling Success at Briggs Copper Project

Canterbury Resources Limited (ASX: CBY) has reported the final assay results from its 2024 drilling campaign at the Briggs Copper Project in central Queensland, marking a significant milestone in the project’s development. The drilling program has confirmed the Southern porphyry as a new mineralised zone approximately 300 metres southeast of the existing resource, while also extending higher-grade copper and molybdenum zones within the Central porphyry deposit.

The Southern porphyry discovery is particularly noteworthy, with drill hole 24BRD0035 intersecting 270.5 metres at 0.22% copper and 16 ppm molybdenum from near surface, including a substantial 83.8-metre interval at 0.28% copper and 37 ppm molybdenum. These results validate the geological model suggesting a large-scale porphyry system with potential for further expansion.

Extending Higher-Grade Zones

Infill drilling at the Central porphyry has delivered encouraging results that extend the known zones of higher-grade mineralisation. Hole 24BRD0033, for example, returned 203.1 metres at 0.36% copper and 52 ppm molybdenum, including intervals grading up to 0.50% copper. These thicker, higher-grade intercepts enhance the prospect of developing a starter pit with attractive economics, underpinning the project's early mining potential.

These drilling outcomes build on earlier 2024 results that identified broad zones of shallow mineralisation, reinforcing the continuity and scale of the deposit. The consistent grades and extensive widths across multiple holes suggest a robust resource base that can support large-scale open-pit mining operations.

Towards an Updated Resource and Scoping Study

All assay data from the 2023 and 2024 drilling programs are being integrated into an updated Mineral Resource Estimate (MRE), scheduled for completion in the March quarter of 2025. This updated MRE will form the foundation for detailed mining studies within the ongoing Briggs Scoping Study, which aims to define project development concepts and financial parameters.

Metallurgical test work is advancing in parallel, focusing on comminution characteristics and flotation recovery of copper and molybdenum concentrates. Previous test work indicated excellent recoveries across all mineralisation styles, and current studies are expected to confirm these findings, further de-risking the project’s processing route.

Strategic Partnership and Funding

Funding for the Briggs project continues to be provided by joint venture partner Alma Metals Ltd (ASX: ALM), which is progressing through the third stage of its Earn-In Agreement. Alma can earn up to a 70% interest by investing an additional A$10 million, underscoring strong partner commitment to advancing Briggs towards development.

Managing Director Grant Craighead highlighted the significance of the 2024 drilling program, emphasizing the discovery of the Southern porphyry and the extension of higher-grade zones as key outcomes that enhance the project’s value and development prospects. He also noted the positive momentum in the Scoping Study, with results expected mid-year to provide greater clarity on the project’s economics.

Strategic Location and Infrastructure

Briggs benefits from its location in a tier-one mining jurisdiction with excellent infrastructure, situated just 60 kilometres from the deep-water port of Gladstone and close to major road, rail, and power corridors. This logistical advantage, combined with a skilled local workforce and straightforward land tenure, positions the project well for future development.

Looking ahead, Canterbury plans further drilling in 2025 to expand the Southern porphyry target and refine resource confidence. The company’s methodical approach to resource delineation and study progression reflects a disciplined pathway towards unlocking the full potential of the Briggs Copper Project.