900m Deep Drill Hole Underway at Briggs Copper Project with Govt Grant Support
Canterbury Resources has begun drilling a deep 900m diamond hole at its Briggs Copper Project, aiming to unlock new resource potential adjacent to the existing deposit. Supported by a government grant and a joint venture partner, this drilling campaign could reshape the project’s outlook.
- 900m diamond drill hole underway targeting VTEM anomaly near Briggs resource
- Drilling partially funded by $250,000 Queensland Government grant
- Assay results expected next quarter to inform resource expansion
- Briggs hosts 2.0Mt copper, 73Mlb molybdenum, and 16.5Moz silver resource
- Alma Metals JV partner currently holds 51%, can increase to 70% with further funding
Drilling Commences on Key Target
Canterbury Resources Limited has initiated a significant drilling program at its Briggs Copper Project in central Queensland, commencing a 900-metre deep diamond drill hole designed to test a compelling geophysical anomaly identified by a VTEM survey. This target lies just adjacent to the current resource boundary, offering a promising opportunity to expand the known mineralisation footprint.
The drilling is partially underwritten by a $250,000 grant from the Queensland Government’s Collaborative Exploration Initiative, underscoring the strategic importance of the project within a tier-one mining jurisdiction. The drill hole is expected to take 6 to 8 weeks to complete, with assay results anticipated in the next quarter, which will provide critical data to refine resource models and guide further exploration.
Strategic Importance of the Briggs Project
Located 60 kilometres west of the deep-water port of Gladstone, the Briggs Project benefits from excellent infrastructure and logistics, including proximity to road, rail, and power corridors. The deposit hosts a substantial copper-molybdenum-silver resource, with the latest Mineral Resource Estimate reporting 2.0 million tonnes of copper, 73 million pounds of molybdenum, and 16.5 million ounces of silver at a 0.15% copper cut-off grade.
Alma Metals, the joint venture partner, currently holds a 51% interest and is progressing through the final stage of its earn-in agreement, which could see its stake increase to 70% by funding an additional $10 million in exploration and evaluation activities. This partnership structure is pivotal in advancing the project while mitigating financial risk for Canterbury Resources.
Technical Insights and Exploration Potential
The drill hole is designed to intersect the entire known mineralised system at Briggs, including the contact zone between porphyritic granodiorite intrusions and hosting volcanic sediments. Early drilling has encountered oxidised volcanic rocks transitioning to potassic altered volcaniclastic sediments with visible quartz veining containing coarse-grained copper sulphides, indicating encouraging mineralisation.
Importantly, the lower section of the hole will test a VTEM anomaly that could redefine the geological understanding of the system and potentially reveal higher-grade zones. The data collected will also support metallurgical and alteration studies, feeding into the broader technical evaluation of the project.
Looking Ahead, Scoping Study and Resource Expansion
Alongside the drilling, Canterbury Resources is nearing completion of a scoping study that will quantify key technical and financial parameters of the Briggs Project for the first time. This milestone will provide investors and stakeholders with a clearer picture of the project’s viability and economic potential.
The combination of deep drilling results and the scoping study outcomes could significantly enhance the resource base and underpin future development decisions. With assay results expected next quarter, the market will be watching closely for signs of resource growth and improved project economics.
Bottom Line?
As drilling progresses and assay results emerge, Canterbury Resources stands poised to redefine the scale and value of its Briggs Copper Project.
Questions in the middle?
- Will the VTEM anomaly reveal higher-grade mineralisation beyond current resource boundaries?
- How will assay results impact the ongoing scoping study and project economics?
- What are the implications of Alma Metals potentially increasing its JV stake to 70%?