Canterbury Resources has kicked off an extensive drilling campaign at its flagship Briggs Copper Project as part of a Pre-feasibility Study, while securing the Monto Project with promising copper-molybdenum resources. High-grade assays from PNG’s Ekuti Range reaffirm the company’s regional exploration potential.
- Major 30,000m diamond drilling underway at Briggs Copper Project
- Binding agreement signed to acquire six tenements at Monto Project
- John Hill deposit hosts 254Mt at 0.21% copper, remains open
- High-grade gold and copper assays from Ekuti Range in PNG
- Exploration expenditure modest; partners contributing significant funding
Briggs Drilling Targets Resource Upgrade for Large-Scale Mine
Canterbury Resources (ASX:CBY) has commenced a substantial diamond core drilling program at its Briggs Copper Project in central Queensland, aiming to convert a large portion of the Inferred Resources into the higher-confidence Indicated category. The 80-hole campaign, spanning over 30,000 metres and expected to last around 15 months, supports a Pre-feasibility Study (PFS) for a potential large-scale, long-life open cut mine producing copper concentrate for smelters.
The current Mineral Resource Estimate (MRE) at Briggs stands at 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. However, a significant portion remains Inferred, underscoring the drilling program's importance to enhance geological confidence and enable future production targeting. The aspirational mining rate under evaluation is approximately 30 million tonnes per annum, though the company cautions that this is not a production target and lacks reasonable grounds for assurance.
Initial drilling has started smoothly with a single rig operating dayshift, with plans to add a nightshift and a second rig soon. The 2026 phase includes 41 infill holes focused on the Stage 3b pit area, representing the first decade of mining, and four exploration holes testing geochemical anomalies beyond the current resource footprint. The program builds on earlier positive results, including long, high-grade copper intersections that underpin the resource model and ongoing studies to optimise metallurgical recovery and mine planning. This follows the company’s recent Robust Scoping Study at Briggs which laid the groundwork for the PFS.
Strategic Acquisition of Monto Project Expands Queensland Footprint
In a notable expansion, Canterbury has signed a binding agreement to acquire six exploration tenements comprising the Monto Project, located 80 kilometres south of Briggs. The $400,000 cash deal plus 5 million shares (approx. 1.9% of issued capital) reflects confidence in the project's potential, with completion expected by early June 2026.
The Monto tenements cover a 20-kilometre corridor of porphyry copper-molybdenum mineralisation, including the John Hill deposit, which hosts an Inferred MRE of 254 million tonnes grading 0.21% copper, 100 ppm molybdenum, and 1.1 g/t silver at the same 0.15% copper cut-off as Briggs. John Hill remains sparsely drilled and open laterally and at depth, with historic holes like 12KC055 terminating in mineralisation at over 555 metres depth. Canterbury plans to initiate a deep diamond drilling program in the second half of 2026, prioritising the NE target zone where previous drilling intercepted broad intervals of strong copper and molybdenum mineralisation. This acquisition complements the company’s existing portfolio and leverages its expertise in porphyry systems, setting the stage for resource growth. The Monto deal is a clear strategic move to consolidate the regional copper belt near Briggs.
High-Grade Assays from Ekuti Range Confirm Exploration Upside in PNG
Beyond Australia, Canterbury’s reconnaissance program at the Ekuti Range project in Papua New Guinea has yielded encouraging assay results from rock chip samples around the Otibanda and Waikanda lodes. Gold grades reached up to 20 grams per tonne and copper up to 3.5%, reaffirming the high-grade nature of these structurally controlled mineralised veins hosted in granodiorite. These findings support the company’s plans to design and cost a drilling program to further test these targets.
Canterbury’s PNG portfolio also includes significant interests in the Morobe region, with strategic tenements near world-class deposits such as Newmont’s Lihir gold mine and the Wafi-Golpu copper-gold deposit. The company continues to evaluate drill targets at Wamum Creek, Idzan Creek, and Waits Creek, where geochemical anomalies and historical data suggest potential for porphyry and epithermal mineralisation.
Financial Position and Corporate Developments
During the quarter, Canterbury reported direct exploration expenditure of $22,000, while partners contributed approximately $250,000 under earn-in agreements, reflecting a capital-efficient approach to advancing projects. The company ended the quarter with $746,000 in cash and an undrawn $500,000 debt facility. Payments to directors and associates totalled $157,000, covering fees and salaries.
No mining production or development activities occurred in the quarter, consistent with the company’s explorer status. Canterbury’s capital structure remains modest with 272.8 million shares on issue and a market capitalisation of approximately $6.5 million at 2.4 cents per share.
The ongoing Pre-feasibility Study at Briggs and the Monto acquisition position Canterbury to potentially unlock value in two of Australia’s substantial undeveloped copper deposits. The company’s ability to upgrade resource confidence through drilling and extend its footprint in a tier-one mining jurisdiction will be key to watch in the coming quarters.
With drilling ramping up and new assets coming online, Canterbury’s next tranche of assay results and resource updates will be critical milestones for investors assessing the company’s exploration progress and development potential. The interplay between advancing the PFS at Briggs and unlocking value at John Hill through the Monto acquisition sets a compelling narrative for the company’s copper growth strategy in Queensland. Meanwhile, exploration success in PNG’s Ekuti Range adds a tantalising regional dimension to Canterbury’s portfolio, highlighting the diversity of its copper-gold prospects.
The company’s cautious language around production targets and resource categories reminds investors of the inherent uncertainties in early-stage development, but the scale and quality of the mineralisation underpin a story worth following closely.
Notably, Canterbury’s major drilling program at Briggs builds on earlier Record Copper Zone Drilling results that boosted confidence in the deposit’s scale and grade continuity, reinforcing the significance of the current resource upgrade effort.
Bottom Line?
Canterbury’s ambitious drilling and strategic acquisition in Queensland mark critical steps toward unlocking value in its copper projects, but resource upgrades and assay results will be decisive in validating the company’s development potential.
Questions in the middle?
- Will the ongoing drilling at Briggs convert enough Inferred Resources to Indicated to support a production target?
- How will the Monto acquisition impact Canterbury’s resource base and project pipeline in the medium term?
- Can high-grade mineralisation at Ekuti Range translate into a viable drilling and development program in PNG?