Briggs Drilling Extends High-Grade Copper Zones; Scoping Study Due Mid-2025
Canterbury Resources reports significant drilling success at its Briggs copper-molybdenum project, with an updated resource estimate and scoping study underway, while exploration at Bismarck yields no economic mineralisation.
- Completed 2,955.5m drilling at Briggs delineating near-surface higher-grade copper and molybdenum mineralisation
- Southern porphyry target at Briggs confirmed with initial resource estimate in progress
- Briggs Scoping Study on track for mid-2025 completion, supported by Alma Metals’ $10M earn-in funding
- Bismarck drilling results show no economically significant mineralisation; follow-up exploration planned
- Peenam project soil sampling identifies a large porphyry copper-gold target for potential 2025 drilling
Briggs Project Delivers Promising Drill Results
Canterbury Resources Limited (ASX: CBY) has reported a productive quarter ending December 31, 2024, highlighted by the completion of a major drilling campaign at its Briggs copper-molybdenum project in Queensland. Eleven diamond drill holes totaling 2,955.5 meters successfully delineated near-surface, higher-grade mineralisation along the southwest margin of the Central porphyry resource. Notably, hole 24BRD0026 intersected 276 meters at 0.45% copper from surface, extending the footprint of previously outstanding results.
In addition to infill drilling that aims to upgrade part of the Central porphyry resource to the indicated category under JORC standards, the program also tested the Southern porphyry target for the first time. Two deep holes confirmed large-scale copper and molybdenum mineralisation, geological continuity with the Central porphyry, and laid the groundwork for an initial mineral resource estimate. This new data will feed into an updated resource model expected shortly.
Scoping Study and Metallurgical Progress
The updated resource model will underpin the Briggs Scoping Study, which remains on schedule for completion by mid-2025. This study encompasses mining engineering, scheduling, waste management, financial evaluation, and product marketing. Metallurgical test work is advancing well, focusing on copper and molybdenum recovery via conventional froth flotation, with preliminary results indicating excellent recoveries and no penalty elements.
Importantly, Alma Metals (ASX: ALM) continues to fund Briggs activities under an earn-in agreement and has committed to spending an additional $10 million to increase its equity stake to 70%. This partnership mitigates financial risk for Canterbury and accelerates project development.
Mixed Outcomes at Bismarck and Peenam
Exploration at the Bismarck project in Papua New Guinea, funded by Rio Tinto under an earn-in agreement, saw six drill holes completed but failed to intersect economically significant mineralisation above 0.1% copper. The results suggest the drilled areas represent distal porphyry settings. Canterbury is considering follow-up mapping and sampling to refine future drill targets.
Conversely, the Peenam project in Queensland, wholly owned by Canterbury, showed encouraging signs following a grid-based soil sampling and mapping program. The data revealed a coherent drill target characterized by anomalous copper and gold coincident with magnetic and VTEM geophysical signatures indicative of a large porphyry copper system. Preparations for potential drilling in mid-2025 are underway.
Morobe Project and Corporate Overview
In Papua New Guinea’s Morobe province, funded by Syndicate Minerals, Canterbury continues to plan 2025 exploration programs. Recent successful Wardens Hearings at Waffa River and Legusulum pave the way for future field activities. The company also highlighted the strategic importance of its tenements in proximity to world-class deposits such as Wafi-Golpu.
Financially, Canterbury reported approximately $25,000 in direct exploration expenditure for the quarter, with around $2 million funded by partners under earn-in agreements. The company ended the quarter with $1.5 million in cash and manageable debt, positioning it to sustain ongoing exploration and development activities.
Bottom Line?
As Canterbury advances its Briggs project towards a resource upgrade and scoping study, the coming months will be critical to validating its potential as a Tier-1 copper-molybdenum asset.
Questions in the middle?
- Will the updated Briggs resource estimate confirm a significant upgrade to the indicated category and support a high-grade starter pit?
- How will Alma Metals’ increased equity stake influence the pace and scale of Briggs project development?
- What are the next steps and timelines for drilling at Peenam and follow-up exploration at Bismarck?
