Canterbury Resources is pushing ahead with a large-scale drilling program at its Briggs Copper Project while integrating its newly acquired Monto Project, setting the stage for a Pre-Feasibility Study on a potential tier-one copper operation.
- Major 30,000m drilling underway at Briggs to upgrade resource
- Acquisition of six Monto tenements expands Queensland copper footprint
- John Hill deposit at Monto hosts 254Mt inferred resource, drilling planned
- Pre-Feasibility Study targeting 30Mtpa open cut operation at Briggs
- Exploration and partner funding supports ongoing activities
Briggs Drilling Program Targets Resource Upgrade
Canterbury Resources Limited (ASX:CBY) is deepening its commitment to the Briggs Copper Project in central Queensland with a major diamond core drilling campaign underway. The program, planned to deliver up to 30,000 metres across 80 holes over 15 months, aims to convert a large portion of the current Inferred Mineral Resources into the higher-confidence Indicated category. Six holes totalling 2,082.6 metres have been completed to date, with assay results pending.
Briggs is one of Australia’s largest undeveloped copper projects, boasting a 2025 Mineral Resource Estimate (MRE) of 2.0 million tonnes of copper, alongside significant molybdenum and silver credits. The project benefits from proximity to Gladstone’s deep-water port and robust infrastructure, underpinning plans for a large-scale, long-life open cut mine using conventional flotation processing to produce a marketable copper concentrate.
The drilling forms a critical part of a Pre-Feasibility Study (PFS) scheduled for completion in late 2027, which contemplates a conceptual 30 million tonnes per annum operation. However, Canterbury cautions this production rate is aspirational and not a forecast, emphasising that the company does not yet have reasonable grounds to believe the target can be achieved.
Monto Acquisition Adds Significant Copper Potential
During the quarter, Canterbury completed the acquisition of six tenements comprising the Monto Project, located approximately 80 kilometres south of Briggs. This strategic addition covers a 20-kilometre corridor of porphyry copper-molybdenum mineralisation, including the John Hill deposit, which hosts an inferred resource of 254 million tonnes at 0.21% copper and notable molybdenum and silver grades.
John Hill remains sparsely drilled and open both laterally and at depth, with historic holes generally around 200-300 metres but showing mineralisation extending beyond these depths. To advance understanding, Canterbury plans a 2,000-metre diamond core drilling program commencing in mid-August, focusing on the northeast target area. A drill contractor has been selected, and site facilities are being refurbished to support core processing.
Exploration Across Papua New Guinea and Other Queensland Projects
In Papua New Guinea, Canterbury continues preparatory discussions with landowners near the Idzan Creek and Wamum Creek deposits, with reconnaissance fieldwork planned to assess logistics for future drilling and to conduct mapping and sampling around a quartz stockwork zone. These deposits collectively hold significant inferred gold and copper resources, with further upside potential.
Elsewhere in Queensland, projects such as Peenam and Jack Shay remain at earlier exploration stages, with geochemical anomalies identified but no recent fieldwork conducted. The company is also advancing planning for potential drilling at the Ekuti Range in PNG, targeting high-grade gold-base metal lodes.
Financial Position and Funding Support
Canterbury reported direct exploration expenditure of AUD 136,000 during the quarter, supplemented by approximately AUD 2 million in partner funding under earn-in agreements, notably from joint venture partner Alma Metals at Briggs. The company ended the quarter with AUD 221,000 in cash and an unsecured AUD 500,000 loan facility from Chairman John Anderson. No mining production occurred during the period.
While the company’s financial resources remain modest, the ongoing drilling programs and PFS work at Briggs, alongside the Monto acquisition, position Canterbury to potentially unlock significant value pending assay results and resource upgrades.
Bottom Line?
The next 12-18 months of drilling and study results will be pivotal for Canterbury’s ambitions to define a tier-one copper operation in Queensland, but the path remains contingent on resource upgrades and securing sufficient funding.
Questions in the middle?
- Will assay results from the current Briggs drilling confirm resource upgrades needed for production targets?
- How will Canterbury fund the substantial capital requirements for advancing the Briggs and Monto projects beyond exploration?
- What exploration potential remains untested at John Hill and other Monto prospects given their open-ended mineralisation?