Briggs Scoping Study Advances Amid Resource Upgrade and Government Drilling Grant
Canterbury Resources has reported significant advances at its Briggs Copper Project, including enhanced metallurgical recoveries and a resource upgrade, underpinning a scoping study on track for mid-2025 completion.
- Outstanding metallurgical test results with up to 95% copper recovery
- Updated Mineral Resource Estimate shows 6% tonnage and 7% copper increase
- Queensland Government grants $250,000 for deep drilling at Briggs
- Active exploration and acquisition progress in Queensland and Papua New Guinea
- Recent $125,000 private placement supports Jack Shay Project acquisition
Metallurgical Breakthroughs at Briggs
Canterbury Resources Limited (ASX: CBY) has delivered a compelling update for the quarter ending 31 March 2025, spotlighting the Briggs Copper Project in Queensland. Metallurgical test work has yielded exceptional results, demonstrating that conventional crushing, grinding, and flotation processing can achieve copper recoveries as high as 95% into concentrates grading up to 29% copper. These outcomes, derived from locked cycle tests on representative composites, suggest a robust and economically viable processing route at a coarse primary crush size.
Resource Upgrade Strengthens Project Outlook
Complementing the metallurgical success, an updated Mineral Resource Estimate (MRE) for Briggs incorporates recent drilling data and validated historical information. The 2025 MRE reflects a ~6% increase in resource tonnage to 439 million tonnes and a ~7% rise in contained copper to 1.1 million tonnes, alongside a notable ~20% uplift in contained molybdenum and the first-ever silver estimate. These enhancements reinforce the project's scale and potential, with higher-grade copper zones identified within the Indicated Resource that could support a starter pit to improve financial returns.
Advancing the Scoping Study and Government Support
The updated MRE and metallurgical data feed directly into the Briggs Scoping Study, which remains on schedule for completion by mid-2025. This study aims to define development concepts and preliminary economics for a large-scale open-pit operation. Notably, the Queensland Government has awarded $250,000 under its Collaborative Exploration Initiative to partially fund a deep 900-metre diamond drill hole across the mineralised system and to test a nearby geophysical VTEM anomaly, potentially indicating higher-grade mineralisation.
Exploration Momentum Across Multiple Fronts
Beyond Briggs, Canterbury is actively progressing exploration in Queensland and Papua New Guinea. Preparations are underway for a potential drill program at the Peenam Project targeting a porphyry copper-gold system, while the recent acquisition of the Jack Shay Project adds promising copper-molybdenum and nickel-copper-cobalt-platinum prospects. In Papua New Guinea, field activities are planned at the Morobe Project, including mapping and sampling to refine drill targets, supported by joint venture partners such as Syndicate Minerals and Rio Tinto Exploration.
Financial Position and Corporate Developments
Financially, Canterbury reported modest direct exploration expenditure of approximately $26,000 for the quarter, supplemented by around $400,000 in partner funding under earn-in agreements. The company strengthened its cash position through a $125,000 private placement to vendors of the Jack Shay Project, issuing shares and options. With cash reserves of $0.9 million and manageable debt, Canterbury appears positioned to sustain its exploration momentum while advancing key projects.
Bottom Line?
As Canterbury Resources advances its scoping study and exploration programs, the next six months will be pivotal in defining the Briggs Project’s economic potential and unlocking value across its growing portfolio.
Questions in the middle?
- What will the economic cut-off grade be once the Briggs Scoping Study is completed?
- How might the deep drilling funded by the Queensland Government impact resource expansion or grade profiles?
- What are the timelines and funding strategies for upcoming drill programs at Peenam and Jack Shay?
