Canterbury Confirms Resource Grades as Briggs Drilling Advances and Monto Prepares

Briggs Drilling Validates Resource Model

Canterbury Resources (ASX:CBY) is steadily advancing its flagship Briggs Copper Project in Queensland with a major drilling program designed to upgrade and expand its Mineral Resource Estimate (MRE). Assay results from the first three drill holes, spanning over 1,100 metres, have confirmed copper grades consistent with the current resource block model, showing low variance between predicted and actual mineralisation.

The initial holes returned long intercepts of copper mineralisation, including 322.3 metres at 0.17% Cu from 6.5 metres in hole 26BRD0039, with multiple higher-grade zones above 0.20% Cu. These results reinforce the reliability of the existing MRE, which at a 0.15% copper cut-off contains 2.0 million tonnes of copper alongside molybdenum and silver credits.

Expanding the Resource with Extensive Drilling

So far, the program has completed over 2,400 metres across seven holes, with a targeted 10,000 metres planned for the remainder of 2026 and an additional 17,500 metres scheduled for 2027. This drilling includes high-priority infill holes aimed at converting Inferred Resources into the higher-confidence Indicated category to underpin the Pre-Feasibility Study (PFS).

Alongside infill drilling, four exploration holes will test copper anomalism outside the current MRE footprint, potentially expanding the resource further. The program also integrates metallurgical test work and environmental baseline studies, critical components for advancing the project towards development.

Funding and Strategic Partnerships

The Briggs drilling campaign is being funded by joint venture partner Alma Metals Ltd (ASX:ALM) under an earn-in agreement, reflecting a shared commitment to advancing this large-scale copper asset. Alma Metals reached a 51% joint venture interest in 2024 and is progressing towards a 70% stake by funding exploration activities through to 2031.

Monto Project Poised for New Drilling

Meanwhile, Canterbury is preparing to commence a diamond core drilling program at the Monto Copper-Molybdenum Project, fully owned by the company. The ~2,000-metre program will focus on the John Hill deposit, a massive copper-molybdenum-silver system that remains open along multiple directions.

Drilling at John Hill is scheduled to start in late August and will test potential extensions northeast of the deposit, where previous drilling between 2010 and 2013 encountered broad mineralised zones. The Monto deposit shares geological similarities with Briggs, offering additional upside for Canterbury’s Queensland portfolio.

Infrastructure and Project Outlook

Both Briggs and Monto benefit from proximity to significant infrastructure, including roads, rail, port facilities, high-voltage power, and gas pipelines near Gladstone, Queensland. These logistics advantages enhance the projects’ development potential.

Managing Director Grant Craighead highlighted the momentum, stating that drilling is accelerating across Canterbury’s copper assets, with expectations of a steady flow of results over the next 15 months. The company is advancing a PFS at Briggs that envisions a large-scale, long-life open cut operation using conventional flotation technology to produce a marketable copper concentrate.