Canterbury Resources is on the cusp of completing a pivotal scoping study for its Briggs Copper Project, while deep drilling advances to unlock higher-grade mineralisation. The company also moves forward with new exploration initiatives and a share purchase plan to bolster funding.
- Briggs scoping study nearing completion, assessing large-scale open cut mine
- Deep diamond drilling at Briggs reaches 504m, testing mineralisation and geophysical targets
- Acquisition and planned drilling at Jack Shay Project to explore copper-molybdenum and nickel-cobalt prospects
- Ongoing exploration in Papua New Guinea’s Morobe and Bismarck projects
- Share Purchase Plan launched targeting $0.75 million to support exploration activities
Briggs Project Approaches Defining Moment
Canterbury Resources Limited (ASX – CBY) is advancing steadily towards a significant milestone with the imminent completion of the Briggs Copper Project scoping study. This study is crucial as it evaluates the feasibility of developing a large-scale, long-life open cut mine in central Queensland, designed to produce a high-quality copper concentrate for smelters. The project boasts a substantial Mineral Resource Estimate containing 2.0 million tonnes of copper, alongside molybdenum and silver, underpinned by favourable factors such as a low strip ratio and excellent local infrastructure.
The scoping study’s outcomes, expected shortly, will provide the market with the first comprehensive financial and technical parameters, potentially validating Briggs as one of Australia’s premier undeveloped copper assets.
Deep Drilling Unlocks Geological Insights
Complementing the study, Canterbury is progressing a deep diamond drill hole at Briggs, currently at 504 metres of a planned 900 metres. This hole is strategically designed to traverse the entire mineralised system, including a compelling geophysical anomaly identified by a VTEM survey. Early visual assessments of the core align well with geological models, suggesting the drill is intersecting zones of potentially higher-grade mineralisation, particularly at the contact between the main intrusion and volcanic sediments.
Supported by a $250,000 grant from the Queensland Government’s Collaborative Exploration Initiative, this drilling effort is pivotal in refining resource estimates and guiding future exploration and development phases.
Expanding the Exploration Footprint
Beyond Briggs, Canterbury has broadened its portfolio with the acquisition of the Jack Shay Project in central Queensland. This new asset hosts promising copper-molybdenum and nickel-cobalt prospects, with initial shallow air-core drilling planned to better understand the bedrock geology and geochemistry. Meanwhile, exploration continues in Papua New Guinea at the Morobe and Bismarck projects, where sampling programs and strategic partnerships aim to unlock further value in prolific mineral belts.
Financial Position and Capital Raising
On the financial front, Canterbury reported modest direct exploration expenditure during the quarter, with partners contributing approximately $0.7 million under earn-in agreements. The company’s cash position stood at $0.3 million at quarter-end, supplemented by a director loan facility. To support ongoing activities, Canterbury has launched a Share Purchase Plan (SPP) targeting around $0.75 million, offering existing shareholders an opportunity to participate at 2.0 cents per share. The SPP is scheduled to close on 22 October 2025.
These funding initiatives are critical as Canterbury navigates the transition from exploration to development, balancing risk through partnerships with industry players such as Alma Metals, Rio Tinto, and Syndicate Minerals.
Looking Ahead
With the Briggs scoping study results imminent and deep drilling ongoing, Canterbury is positioning itself for a defining phase in its development journey. The company’s strategic exploration across Australia and Papua New Guinea, combined with prudent capital management, underscores its commitment to unlocking value from its copper and gold assets.
Bottom Line?
As Canterbury awaits key study results and drilling assays, the next quarter could be pivotal in shaping its copper project’s future and funding trajectory.
Questions in the middle?
- What will the financial metrics reveal in the upcoming Briggs scoping study?
- How will the deep drill hole results influence resource upgrades or mine planning?
- What progress will Canterbury make in securing funding and advancing exploration at Jack Shay and PNG projects?