- Drilling is underway at Canterbury Resources (CBY) and Alma Metals (ALM) joint venture Briggs copper project in Central Queensland
- Up to six diamond drill holes are planned in the 3000-metre program
- The Briggs Central deposit has an Inferred Resource of 143 megatons at 0.29 per cent copper and four drill holes are planned here with the hopes of expanding the resource
- Canterbury’s Managing Director Grant Craighead says drilling could substantial increase the resource inventory, supporting a scoping study evaluation next year
- Canterbury shares are trading down 2.22 per cent at 4.4 cents, while Alma shares are flat at 1.2 cents at 11:57 am AEDT
Canterbury Resources (CBY) and Alma Metals (ALM) have begun drilling at the joint venture Briggs copper project in Central Queensland.
Up to six diamond drill holes are planned in the 3000-metre program.
The Briggs Central deposit has an inferred resource of 143 million tonnes at 0.29 per cent copper and four drill holes are planned here with the hopes of expanding the resource.
Meanwhile, the other two drill holes will evaluate exploration targets at the Northern and Central porphyry areas.
Canterbury’s Managing Director Grant Craighead is pleased that drilling has begun at Briggs.
“The current campaign has potential to generate substantial increases in our resource inventory, supporting a transition into a scoping study evaluation phase for the project in 2023,” he said.
Alma Metals is working to earn a 70 per cent interest in the project through an earn-in joint venture agreement and as such, is funding this round of drilling as part of staged exploration and assessment expenditure commitments totalling $15.25 million.
In other news, the joint venture partners are looking to expand in the area and have lodged a new exploration permit application covering two blocks adjoining the western margin of the Briggs tenement.
Canterbury shares were down 2.22 per cent to trade at 4.4 cents, while Alma shares were trading flat at 1.2 cents at 11:57 am AEDT.