- Canterbury Resources (CBY) has completed maiden Mineral Resource Estimates for two deposits within the Wamum Project in Papua New Guinea
- Canterbury was particularly impressed with the Idzan Creek deposit, a 300 by 900-metre zone of gold mineralisation which is open along strike and at depth
- The inferred Mineral Resources for the deposit estimates there are 2.2 million ounces of contained gold and 288 kilotonnes of contained copper
- The Wamum deposit has similar copper grades but lower grades of gold
- Canterbury submitted an exploration licence application for the project in February, however, the next step of the application process has been delayed due to COVID-19 travel restrictions
- Shares have been trading 46.1 per cent higher at 13 cents
Canterbury Resources (CBY) has completed maiden Mineral Resource Estimates for two deposits within the Wamum Project in Papua New Guinea.
The Mineral Resources for the Idzan Creek and Wamum copper-gold deposits were based on results from the previous drilling carried out by Newcrest, Barrick, Highlands and CRA.
The Australia-based mineral exploration company submitted an exploration licence application (EL2658) for the project, located 80 kilometres from port city Lae, in February this year.
The next step of the approval process is a Wardens Hearing, however, due to COVID-19 travel restrictions and delays, Canterbury is unsure as to when this will go ahead.
Managing Director Grant Craighead said the company is impressed by the materiality of the deposits at Wumam, making particular note of Idzan Creek.
“During our assessment of the historical data we have been pleased with the coherence and tenor of the mineralisation which has exceeded our expectations – particularly at Idzan Creek.”
“COVID-19 restrictions are impacting the timing of the approvals process. Nevertheless, we look forward to implementing infill and extension drilling activities to further define the mineralisation once the tenement is granted,” he added.
The Idzan Creek deposit has so far been defined as a 300-metre by 900-metre zone of porphyry related mineralisation which is open along strike and at depth.
The inferred Mineral Resources for the deposit estimates there are 2.2 million ounces of contained gold and 288 kilotonnes of contained copper.
On the other hand, the Wamum deposit has similar copper grades but lower grades of gold. The Mineral Resource estimates there are 0.5 million ounces of gold and 281 kilotonnes of copper contained in the deposit.
This has been outlined as a 700-metre by 500-metre zone of porphyry related mineralisation, open along strike and at depth.
Shares were trading 46.1 per cent higher at 13 cents at 1 pm AEST.