- Canterbury Resources (CBY) has made significant progress at the Briggs Copper Project in Queensland
- The 2019 drilling program at the Central Porphyry Zone of Briggs comprised of five holes
- Copper grading up to 0.40 per cent was intersected
- A JORC compliant mineral resource estimate is currently being undertaken at the central zone and will be finalised in February
- Canterbury has ended the day 6.67 per cent in the red with shares trading for 21 cents apiece
Canterbury Resources (CBY) has made significant progress at the Briggs Copper Project in Queensland.
The 2019 drilling program at the Central Porphyry Zone of Briggs comprised of five holes for 2070 metres.
This was completed in mid-December and successfully tested the upper portions of the large scale copper deposit.
Final assays have now been received for BD019-004 which was drilled to a depth of 452.8 metres to test the southern margins of the porphyry zone.
Significant results include 10 metres at 0.85 per cent copper from 27 metres, 32.2 metres at 0.45 per cent copper from 7.8 metres, and 18 metres at 0.34 per cent copper from 54 metres.
The final hole of the program, BD019-005, was drilled to a depth of 638.8 metres and tested the centre of the Central Porphyry zone below BD019-003.
Copper mineralisation was observed throughout and multiple intervals of visually significant copper mineralisation was also observed in the lower portion of the hole.
Significant results from this hole include 11 metre at 0.50 per cent copper from 295 meters, 26 metres at 0.40 per cent copper from 107.3 metres, and 45.4 metres at 0.33 per cent copper from 31.2 metres.
Overall, the drilling program has outlined copper mineralisation over a strike length of up to 600 metres, widths of 400 metres, and depths of more than 600 metres.
“The scale of the deposit [Briggs Project] continues to be significantly expanded and high-grade features have been identified that will be further tested in future programs,” Managing Director Grant Craighead commented.
“Equally importantly, there are numerous opportunities to substantially grow the resource base in the immediate vicinity, as well as in the broader region where we are expanding our tenement position,” he added.
Potential, substantial mineralisation targets will be tested in future programs including the drilling of depth and strike extensions of the Central Porphyry zone, and the systematic assessment of mineralisation.
Follow-up drilling will also be undertaken at the Northern and Southern porphyry systems, where mapping and historic drilling has encountered extensive mineralisation.
A JORC compliant mineral estimate is currently being undertaken for the Central Porphyry zone and will be finalised in February.
“A maiden mineral resource estimate will be completed in the near term, and this is likely to trigger a reassessment of the future operating structure of the project, including consideration of involvement of third-parties,” Grant concluded.
Canterbury has ended the day 6.67 per cent in the red with shares trading for 21 cents apiece in a $19.10 million market cap.