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

Briggs Copper Project Scoping Study Completion

Canterbury Resources Limited, in partnership with Alma Metals, has announced the completion of a positive Scoping Study for the Briggs Copper Project located in Central Queensland. The study confirms a substantial Mineral Resource Estimate (MRE) of approximately 2 million tonnes of contained copper, combining both Indicated and Inferred resources. This milestone marks a significant step forward in assessing the project's potential as a large-scale copper mining operation.

The Scoping Study evaluated multiple facets of the project, including updated resource modelling, metallurgical testing, mining methods, processing flowsheets, tailings management, and preliminary environmental considerations. Notably, metallurgical test work demonstrated copper recoveries between 94% and 95% at relatively coarse grind sizes, yielding a high-quality copper concentrate suitable for market sale.

Technical and Economic Highlights

The study incorporated preliminary open pit mining designs, capital and operating cost estimates, and process plant layouts. Mining Plus and Ausenco contributed technical expertise, confirming the viability of owner-operated large-scale open pit mining and processing circuits. The project’s mineralisation is hosted in porphyritic granodiorite intrusions with associated molybdenum and silver credits, enhancing the resource's value potential.

Tailings management strategies were also assessed, with geotechnical studies supporting the use of sand impoundment methods for waste storage. Two preferred tailings storage sites were identified, each capable of accommodating the project’s anticipated life-of-mine requirements.

Advancing to Prefeasibility Studies

Buoyed by the Scoping Study’s encouraging results, the joint venture partners have committed to immediate commencement of prefeasibility studies. These will focus on drilling to upgrade resource classifications, detailed metallurgical optimisation including molybdenum recovery, and further environmental baseline surveys to support permitting. The partners are targeting an aspirational mining rate of 30 million tonnes per annum, although this remains subject to further validation and is not a formal production target.

Strategically, the Briggs Project benefits from proximity to Gladstone’s industrial infrastructure, including power, rail, gas pipelines, and road access, which could underpin cost efficiencies and logistics advantages.

Environmental and Regulatory Outlook

Preliminary environmental assessments have identified areas requiring further investigation but have not revealed any fatal flaws. Key considerations include aquatic ecology, groundwater monitoring, terrestrial flora and fauna surveys, air quality, noise impacts, and social engagement with local landholders and Indigenous groups. The project anticipates a 4-5 year timeline for regulatory approvals following comprehensive baseline data collection and environmental impact statement preparation.

Alma Metals currently holds a 51% interest in the project and can increase this to 70% by investing approximately AUD 7 million by mid-2031 under the earn-in joint venture agreement with Canterbury Resources.

Looking Ahead

Canterbury’s Managing Director, Grant Craighead, emphasised the project’s potential amid global copper supply pressures, highlighting the strong metallurgy, scale, and location advantages. As the prefeasibility studies progress, investors and analysts will be watching closely for resource upgrades, cost optimisations, and environmental permitting milestones that will shape the project’s path toward development.