Canterbury Resources (ASX:CBY) has extended zones of copper-molybdenum sulphide mineralisation ahead of an updated Mineral Resource Estimate (MRE) at its Briggs Copper Project in Queensland.
The results, generated from the final assays of a recent drilling program in the area (hole 23BRD0016), are indicated to have extended zones of mineralisation over 150m to the northeast outside of the existing Briggs Central Mineral Resource Estimate (MRE).
Canterbury reports that the results also confirm the presence of near-surface ‘higher-grade’ mineralisation within this area.
The company notes these results, in conjunction with those reported in 2022-2023, are being used to support the updated MRE, which is expected to be published ‘shortly’.
The company also notes multiple intersections returned contain copper grades up to 0.2% and have been recorded over more than 1,650m strike length within the 2,000m long 0.1% copper surface geochemical anomaly at the deposit.
The drilling and assessment of Briggs is being funded by Alma Metals (ASX:ALM) under an earn-in joint venture (JV) agreement and has been testing exploration targets outlined at the adjoining northern and central areas.
With final results now received from the recently completed drilling program, drilling is scheduled to resume in early Q3 2023 and will target further extensions of the deposit.
Addressing the expansion, Canterbury Resources Managing Director Grant Craighead says: “These assays confirm the very large footprint of the Briggs copper deposit, which will be reflected in an updated Mineral Resource Estimate to be completed in early July.
“These assays confirm the very large footprint of the Briggs copper deposit…”
We will then commence another phase of infill and extension drilling aimed at further enhancing our understanding of the deposit.”
Canterbury Resources is an ASX-listed company exploring potential tier-one copper-gold projects in the southwest Pacific. The company holds a ‘strong’ portfolio of projects in Australia and Papua New Guinea that are considered prospective for porphyry copper-gold and epithermal gold-silver deposits.
The Briggs Copper project is located near the coastal city of Gladstone in Queensland and holds a MRE of 143Mt @ 0.29% copper (Cu).
The company had $500,000 cash at hand as of 31 March 2023, as stated in its latest investor presentation.
Write to Adam Drought at Mining.com.au
Images: Canterbury Resources Ltd