Briggs Project Boasts 2Mt Copper Resource and 95% Recovery in Scoping Study

Briggs Project Approaches Critical Development Phase

Canterbury Resources Limited (ASX – CBY) is making significant strides at its flagship Briggs Copper Project in central Queensland. The company is on the cusp of completing a comprehensive scoping study that outlines the potential for a large-scale, long-life open cut mine producing a high-grade copper concentrate. This study, expected to be released in the September quarter, incorporates encouraging metallurgical results demonstrating copper recoveries of 94-95% and concentrate grades between 23% and 29% copper.

Key factors underpinning the project's economic promise include a low strip ratio, favourable metallurgy, economies of scale, and excellent local infrastructure such as proximity to the Gladstone deep-water port, road, rail, and power corridors. These elements collectively suggest a competitive operating cost profile per tonne mined.

Deep Drilling to Unlock Resource Potential

In a pivotal next step, Canterbury is about to commence drilling a 900-metre deep diamond drill hole designed to test the entire mineralised system at Briggs, including a geophysical target identified by a 2015 VTEM survey. This hole, supported by a $250,000 grant from the Queensland Government’s Collaborative Exploration Initiative, aims to better characterise mineralisation vectors and potentially identify higher-grade zones within the deposit.

Beyond this, the company has designed an additional 29 drill holes totaling 8,000 metres planned for late 2025 and 2026. These will focus on expanding the Mineral Resource Estimate (MRE) and upgrading inferred resources to indicated status, facilitating a transition into a pre-feasibility study phase.

Expanding Exploration Footprint

Canterbury is also advancing exploration at several other promising projects. In Papua New Guinea’s Morobe Province, a recent field program at EL2658 involved extensive mapping and sampling around the Waits Creek and Haiya Creek prospects, targeting porphyry copper and copper-gold skarn mineralisation. Assay results are pending, but the program enhances geological understanding and future drill targeting.

In Queensland, the Peenam Project is being prepared for a maiden drilling campaign to test a copper-gold porphyry target defined by coincident soil geochemistry and geophysical signatures. Meanwhile, the company has completed the acquisition of the Jack Shay Project, where initial shallow air-core drilling is planned to investigate copper-molybdenum and nickel-copper-cobalt-platinum prospects.

Financial Position and Partnerships

Financially, Canterbury reported a modest direct exploration expenditure of approximately $19,000 for the quarter, with partner funding contributing around $400,000 under earn-in agreements. The company raised $125,000 through a private placement linked to the Jack Shay acquisition, ending the quarter with $0.7 million in cash and $0.3 million in debt. Directors’ remuneration and associated costs totaled about $158,000.

Strategic partnerships remain a cornerstone of Canterbury’s approach, with Alma Metals funding Briggs project activities under an earn-in agreement, Rio Tinto Exploration supporting the Bismarck Project in PNG, and Syndicate Minerals advancing the Morobe Project through a substantial earn-in arrangement.

Looking Ahead

With the Briggs Scoping Study imminent and deep drilling underway, Canterbury is poised to deliver critical data that will shape the project's development trajectory. Concurrently, exploration across its diversified portfolio continues to build potential for resource growth and value creation. Investors and analysts will be watching closely as assay results and study outcomes unfold over the coming quarters.