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Canterbury Resources (ASX:CBY) - Managing Director, Grant Craighead
Managing Director, Grant Craighead
Source: Stockhead
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  • Canterbury Resources (CBY) has received more encouraging results from its Briggs Copper Project in Southeast Queensland
  • The company’s drilling program finished in December 2019 and outlined a large-scale copper deposit
  • Results returned from the last hole of the program intersected up to 0.50 per cent copper
  • Canterbury is now planning the next phase of exploration which will include a large amount of diamond drilling
  • However, this will depend on COVID-19 and any restrictions related to the virus
  • Canterbury has ended the day 6.06 per cent in the green with shares trading for seven cents each

Canterbury Resources (CBY) has received more encouraging results from its Briggs Copper Project in Southeast Queensland.

The project has been subject to extensive exploration due to its prospective nature for copper, gold and molybdenum (silver-white metal).

Canterbury’s 2019 drilling program finished in December and outlined a large-scale copper deposit that spans 600 metres in length, 400 metres in width, and depths of up to 500 metres.

This drilling has identified a central mineralised granodiorite porphyry (a rock similar to granite) surrounded by a mineralised volcaniclastic zone. This remains open at length and depth.

Results have now been received from the last hole from the program, BD019-005, which tested the Central Porphyry zone.

All results from the 2019 program have now been received.

Significant results from hole BD019-005 include 45.4 metres at 0.33 per cent copper from 31.2 metres including 31 metres at 0.38 per cent copper from 44 metres, and 45 metres at 0.29 per cent copper from 267 metres including 11 metres at 0.50 per cent copper from 295 metres.

A maiden JORC 2012 mineral resource estimate is currently being compiled for the Central Porphyry zone and is expected to be completed in the upcoming weeks.

“We are very pleased with the substantial progress that has been achieved at Briggs over the past year and look forward to announcing our maiden mineral resource estimate in the coming weeks,” Managing Director Grant Craighead commented.

“We have already demonstrated that the scale of the mineralisation system at Briggs is very large and have identified various geological settings that have potential to host substantial additional copper mineralisation,” he added.

Overall, the 2019 program successfully outlined a large near-surface resource, and provided information for locating higher-grade results.

Canterbury is now planning the next phase of exploration which will include a significant amount of diamond drilling.

However, this will depend on COVID-19 and any restrictions related to the virus.

Works in this program include expanding the depth and length of the Central Porphyry zone, and assessing the zones of higher-grade copper mineralisation.

Canterbury has ended the day 6.06 per cent in the green with shares trading for seven cents each in a $5.763 million market cap.

CBY by the numbers
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