Canterbury Resources (ASX:CBY) is planning further drilling for early Q2 2024 to evaluate an intrusive contact zone at the Briggs Copper-Molybdenum Project in Queensland.
The company says the planned drilling may allow for a mineral resource upgrade next year, which will support a potential Scoping Study for the project.
Assay results have been returned from the first 4 holes of the current drilling program being undertaken at the Briggs project, confirming a ‘higher-grade’ zone of copper-molybdenum mineralisation straddling the contact between the granodiorite and enclosing volcanic sediments.
Canterbury reports drillholes 23BRD0019 and 23BRD0020 both intersected thick zones of copper-molybdenum mineralisation along the entire length, other than in minor post-mineral intrusions.
Both holes were intentionally terminated in mineralisation at 200m depth. This is due to the aim of the program being to test mineralisation that could potentially support a ‘higher-grade’ starter pit.
Following today’s (21 November) announcement, Canterbury’s share price climbed 25% to $0.03 as of 11:00am AEDT.
The Briggs project is a joint venture (JV) project in which Alma Metals (ASX:ALM) has a 30% interest and is funding exploration conducted at the project.
Canterbury Resources Managing Director Grant Craighead says the recent results confirm ‘higher-grade’ mineralisation occurs in the contract zone, and this provides an opportunity to outline ‘significant’ areas with above-average grade mineralisation.
The company says the current drilling program will continue until mid-December 2023, with assays expected to be received by mid-Q1 2024.
Canterbury Resources is an emerging copper, gold, and molybdenum explorer with assets in Australia and Papua New Guinea.
As of 30 September 2023, the company had $261,000 cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Canterbury Resources