Canterbury Targets Deep VTEM Anomaly in Ambitious Briggs Drill Program

• 900m diamond drill hole planned to test deep VTEM geophysical anomaly
• Queensland Government grant of $250,000 supports drilling costs
• Target may indicate higher-grade copper sulphide mineralisation
• Additional infill drilling scheduled to enhance Mineral Resource Estimate
• Briggs Scoping Study on track for August completion assessing open cut mine development

Briggs Project, A Copper Giant in the Making

Canterbury Resources Limited is advancing its Briggs copper project in central Queensland with a bold new drilling initiative. The company plans to drill a 900-metre deep diamond core hole starting in July 2025, targeting a compelling geophysical anomaly identified by a 2015 helicopter-borne VTEM survey. This anomaly, located on the southwest flank of the current Mineral Resource Estimate (MRE), is interpreted as a deep, sub-vertical zone of enhanced conductivity, potentially signalling richer sulphide mineralisation and higher copper grades than previously recorded.

Briggs is already recognised as one of Australia’s largest undeveloped copper projects, boasting a substantial MRE containing 2.0 million tonnes of copper, alongside significant molybdenum and silver resources. The project benefits from excellent infrastructure, including proximity to the deep-water port of Gladstone and key transport corridors, as well as a skilled local workforce.

Strategic Drilling Backed by Government Support

The upcoming deep drill hole is partially funded by a $250,000 grant from the Queensland Government’s Collaborative Exploration Initiative, underscoring public sector confidence in the project’s potential. This single hole will not only test the VTEM anomaly but also traverse the entire known mineralised system at Briggs, providing valuable geological and mineralisation data that could guide future exploration and development.

Depending on the results, Canterbury and its joint venture partner Alma Metals, who currently hold a 51% interest and are progressing towards 70% by funding further exploration, may undertake additional drilling campaigns in late 2025 and 2026 to infill and expand the resource base.

Scoping Study Progress and Future Outlook

Parallel to the drilling program, the Briggs Scoping Study is advancing towards completion in August 2025. This study is evaluating the feasibility of developing a large-scale open cut mine with conventional processing techniques to produce marketable copper concentrate. The study’s findings will be critical in defining the project’s economic viability and shaping its path to production.

Managing Director Grant Craighead highlighted the significance of this phase, noting the dual momentum of technical evaluation and targeted exploration. The integration of geophysical data with drilling results could unlock higher-grade zones within the deposit, potentially enhancing project economics.

A Project to Watch

With the deep drilling set to commence imminently and the scoping study nearing completion, Canterbury Resources is positioning Briggs as a major copper development contender. The combination of government support, JV funding, and advanced geophysical targeting reflects a methodical approach to unlocking value in this tier-one jurisdiction.

Investors and industry watchers will be keenly awaiting assay results from the deep hole, which could redefine the resource’s scale and grade profile. The outcomes will also influence the scope and scale of subsequent drilling and development decisions.

Bottom Line?

Briggs’ deep drilling and scoping study results will be pivotal in shaping the future of one of Australia’s most promising copper projects.

Questions in the middle?

• Will the deep VTEM anomaly confirm higher-grade copper zones at depth?
• How will the drilling results impact the Mineral Resource Estimate and project economics?
• What are the implications for JV ownership and funding as Alma Metals progresses to 70% interest?