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    Canterbury hits high-grade gold intersection at Ekoato in PNG

    Canterbury Resources Limited (ASX: CBY) has announced highly encouraging further assay results from its four-hole scout drilling program at the Ekoato copper-gold project in Papua New Guinea.

    Some of the significant intercepts include 18.0m at 6.23g/t Au, 13.0g/t Ag and 0.18% Cu from 164m down hole (for EK004).

    The company noted that the assays are pending from 199.0m to the end of hole at 329.6m.

    CBY said that broad intercepts hosting visible sulphides, including chalcopyrite (copper ore) indicate that the system has significant size-potential.

    Part of Ekuti Range project

    Ekoato copper-gold project in Papua New Guinea is part of Canterbury’s 100% owned Ekuti Range Project. Within the Ekuti Range Project, the most advanced prospect is at Ekoato.

    Canterbury had commenced a five hole, 1,350m core drilling program at the Ekoato porphyry copper-gold prospect in PNG.

    Till now, the assay results from Canterbury’s four holes (EK001, EK002, EK003, and EK004) at the Ekoato Prospect has been reported.

    High-grade results from drill holes

    Canterbury had reported high-grade gold intersection from the four drill holes, EK001, EK002, EK003, and EK004.

    At EK003, significant intercepts include 6m at 0.51g/t Au, 0.3 g/t Ag, and 0.01 % Cu from 20m downhole; and 5m at 0.15g/t Au, 0.3 g/t Ag, and 0.01 % Cu from 219m downhole.

    At EK004, significant intercepts include 18m at 6.23g/t Au, 13 g/t Ag, and 0.18 % Cu from 164m downhole including 8.8m at 12g/t Au, 25.6 g/t Ag, and 0.34 % Cu from 171.2m downhole; and 3m at 0.38g/t Au, 0.8 g/t Ag, and 0.02 % Cu from 80m downhole.

    The company reported that assays are pending from 199.0m to the end of hole (EOH) at 329.6m.

    It may be noted that the results of EK001 and EK002 assays were announced earlier.

    At EK001, significant assays included 12.0m at 0.18 g/t Au, <0.5 g/t Ag and 0.01 % Cu from 209.0m down hole.

    At EK002, significant intercepts included 5m at 0.11g/t Au, 1 g/t Ag, and 0.01 % Cu from 2.7m downhole; 3m at 0.2g/t Au, 0.2 g/t Ag, and 0 % Cu from 90m downhole; 7m at 0.7g/t Au, 0.6 g/t Ag, and 0.01 % Cu from 220m downhole; and 3.7m at 0.37g/t Au, 0.7 g/t Ag, and 0.01 % Cu from 235.8m downhole.

    7m at 0.7g/t Au, 0.6 g/t Ag, and 0.01 % Cu from 220m downhole; and 3.7m at 0.37g/t Au, 0.7 g/t Ag, and 0.01 % Cu from 235.8m downhole.

    Evidence of copper-gold porphyry system at depth

    The company reported that EK004 is testing beneath the Tobias artisanal gold workings.

    CBY said that a major shear zone has been intersected from approximately 165m to 180m comprising metasediments, clay (fault gouge) and coarse sulphides.

    The shear zone occurs approximately 120m vertically beneath the shear hosting the Tobias artisanal gold workings and is interpreted as the downward extension of that shear or a related splay.

    This also marks the boundary between intact metasediments up-hole and hydrothermally brecciated metasediments which continue to the end of the hole.

    The structure hosting the high-grade gold and copper intercepted in EK004 is interpreted by Canterbury to represent a feature that has tapped a well-mineralised intrusion (porphyry) at depth.

    The company said that the broad drill hole intercepts of hydrothermal breccia hosting visible sulphides, including chalcopyrite, also indicate the system has significant size-potential.

    The interpretation is that economic grades may be developed in the upper parts of the intrusion (porphyry) and in the overlying metasediments within a brecciated carapace.

    Canterbury reported that overall, the observed down-hole geology, the widespread mineralization, and the high-grade assays provide growing evidence of a fertile copper-gold porphyry system at depth at Ekoato.

    Latest updates and future plans

    CBY said that subject to results further drilling is planned at Ekoato. The company reported that detailed surface mapping and sampling is underway over the greater Ekoato area.

    Management comments

    Canterbury’s Managing Director, Grant Craighead, said: “We are very pleased with the high-grade assay results recorded in EK004 and our geological observations from the drill program confirm the Company’s pre-drilling interpretation that Ekoato represents the exposed top of a potentially large-scale copper-gold porphyry system.

    Significantly, these assay results demonstrate the fertility of the system. We look forward to receiving further assay results from the lower part of EK004 shortly, ahead of planning of the next phase of exploration.”

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    • Delayed Prices (USD) - Last Updated 29-06-2022
    • Gold $1,819.40
    • Silver $20.79
    • Platinum $909.00
    • Palladium $1,802.00
    • Dalian Iron Ore i2209 $121.88
    • Aluminium $2,495.50
    • Cobalt $72,400.00
    • Copper $8,417.50
    • Lead $2,003.50
    • Nickel $22,882.00
    • Tin $26,991.00
    • Zinc $3,318.00