Update on 2024 drilling program at Briggs Copper Project in Queensland

Canterbury Resources Limited (ASX:CBY) has reported excellent assay results from the ongoing 2024 drilling program at the Briggs copper-molybdenum project in Central Queensland. The drilling program aims to identify potential areas for higher-grade starter pit operations for a conceptual mining operation and to upgrade resource confidence to support the initiation of a Scoping Study later this year. The funding at Briggs is being provided by Alma Metals Limited (ASX:ALM) under an Earn-in Joint Venture Agreement, with Alma expected to meet its Stage-2 expenditure requirements this year, increasing its project interest to 51%.

Executive Commentary on Briggs Project Progress

Managing Director, Grant Craighead, expressed excitement about the progress at Briggs, stating, 'We are excited by the progress at Briggs, where we are successfully delineating broad zones of shallow, high-grade mineralisation that represent opportunities to maximise copper production and minimise costs during the early years of a conceptual mining operation.'

Summary of Briggs Copper Project Update

Canterbury Resources Limited's ongoing 2024 drilling program at the Briggs copper-molybdenum project in Central Queensland has yielded excellent assay results, confirming high-grade copper mineralisation. The company aims to identify potential areas for higher-grade starter pit operations for a conceptual mining operation and to upgrade resource confidence to support the initiation of a Scoping Study later this year. The funding at Briggs is being provided by Alma Metals Limited under an Earn-in Joint Venture Agreement, with Alma expected to increase its project interest to 51% by meeting its Stage-2 expenditure requirements this year. The Briggs deposit comprises an Inferred Resource of 415Mt at 0.25% Cu and 31ppm Mo, with an Exploration Target of 480Mt to 880Mt at 0.20% to 0.30% Cu and 25ppm to 40ppm Mo. The potential tonnage and grade of the Exploration Target is conceptual in nature, and there has been insufficient exploration to estimate a mineral resource. The drilling program is expected to continue until late in the December quarter, with samples providing material for metallurgical test-work contributing to the Scoping Study for Briggs.