- Canterbury Resources (CBY) is reporting “strong” drilling results from the company’s Briggs Copper Project in Queensland
- The results confirm extensive porphyry copper-molybdenum mineralisation up to 750 metres along strike from the existing mineral resource
- Several holes were terminated in strong copper mineralisation, because of high water flows and difficult drilling conditions
- Best results include a hole in the Northern porphyry that returned 12 meters at 0.38 per cent copper from 30 meters
- Canterbury Resources opened the day trading at $0.074
Canterbury Resources (CBY) has reported “strong” drilling results from the company’s Briggs Copper Project in Queensland.
The results confirm extensive porphyry copper-molybdenum mineralisation up to 750 metres along strike from the existing mineral resource.
The New South Wales-based company has now logged porphyry copper-molybdenum mineralisation in most of the holes drilled over a 1,500-metre strike-length, within a surface geochemical anomaly that is greater than 2,000m long and 750m wide, at greater than 1,000ppm copper.
Best results include a hole in the Northern porphyry that returned 12 meters at 0.38 per cent copper from 30 meters.
Several holes were terminated in strong copper mineralisation, with the holes being abandoned due to high water flows and difficult drilling conditions.
Exploration at Briggs is being funded by Alma Metals which has an exclusive option to enter into an Earn-in and Joint Venture Agreement over the project.
Canterbury and Alma Metals are planning a major drilling campaign to build on the program, with drilling expected to commence in midway through the second quarter.
The drilling program forms a significant component of the exploration commitment signed by Alma Metals last year.
Twelve reverse circulation (RC) holes were completed for a total of 1,446 metres. They tested the northeast side of the known Briggs Central Inferred Mineral Resource and the Northern and Southern porphyry targets that outcrop along strike.
The drill program was designed to test the potential for extensions of the current resource. The results show extensions are likely, and the large surface geochemical anomaly appears to be a good indicator of mineralisation at depth.
Canterbury and Alma Metals are planning a major drilling campaign to build on this program, with drilling expected to commence in mid-Q2, 2022.
Canterbury Resources opened the day trading at $0.074.