Canterbury Resources Advances Briggs Copper Project with Robust Scoping Study

Briggs Project Scoping Study Validates Potential

Canterbury Resources Limited (ASX, CBY) has taken a significant step forward in advancing its Briggs Copper Project in central Queensland. The recently completed Scoping Study confirms the project’s potential as a very large-scale, long-life open pit mine. With a Mineral Resource Estimate (MRE) containing 2.0 million tonnes of copper, alongside substantial molybdenum and silver credits, Briggs ranks among Australia’s largest undeveloped copper deposits.

The study outlines a conventional processing route involving crushing, grinding, and flotation to produce a high-quality copper concentrate suitable for smelters. Metallurgical test work demonstrated copper recoveries between 93% and 95%, even at relatively coarse grind sizes, indicating efficient processing and potentially lower operating costs.

Pre-feasibility Study and Drilling Program Underway

Encouraged by the robust Scoping Study results, Canterbury and its joint venture partners, including Alma Metals and Rio Tinto, have committed to a Pre-feasibility Study (PFS). This next phase will focus on infill drilling to upgrade the resource classification from Inferred to Indicated, detailed metallurgical testing, and environmental baseline surveys to support future permitting.

Two deep diamond drill holes completed late last year returned impressive assay results, including the longest mineralised intersection recorded at Briggs to date; 620 metres at 0.25% copper. These results reinforce the geological model and provide confidence in the resource’s continuity and grade distribution.

Strategic Location and Infrastructure Advantages

The Briggs Project benefits from its proximity to the deep-water port of Gladstone, just 60 kilometres away, and access to established infrastructure such as road, rail, high-voltage power, and gas pipelines. This advantageous location could facilitate cost-effective development and logistics, enhancing the project’s commercial viability.

Exploration and Corporate Developments

Beyond Briggs, Canterbury continues to explore other promising projects in Queensland and Papua New Guinea, including the Waits Creek and Ekuti Range projects. Recent geochemical sampling at Waits Creek has identified a subtle copper-gold-molybdenum porphyry target, warranting further investigation.

Financially, the company raised approximately $1.24 million through a strongly supported Share Purchase Plan during the quarter, strengthening its cash position to $0.9 million at period end. Notably, direct exploration expenditure was nil as partner funding under earn-in agreements covered costs, reflecting effective capital management.

Environmental and Permitting Outlook

Preliminary environmental assessments at Briggs have identified key areas requiring further study but no fatal flaws. Baseline monitoring and ecological surveys are planned to support a realistic permitting timeline estimated at four to five years. The company emphasises progressive rehabilitation and community engagement as integral to project development.