- Canterbury Resources (CBY) confirms the potential for a large copper deposit at the Briggs copper project in Queensland
- A 140 metre interval of well mineralised porphyritic intrusive and an associated sediment contact zone was observed in the second drill hole completed at the Northern Porphyry target
- Core from the hole is being sent to laboratories in Brisbane for cutting and assaying, with results expected in early Q2 2023
- Drilling is funded by Alma Metals (ALM) via an earn-in joint venture agreement under which ALM can earn up to a 70 per cent interest
- Canterbury shares are down 2.38 per cent, trading at 4.1 cents, shares in Alma Metals are also down 12.5 per cent, trading at 1.1 cent at 3:58 pm AEDT
Canterbury Resources (CBY) has confirmed the potential for a large copper deposit at the Northern Porphyry within the Briggs copper project in Queensland.
Canterbury has been undertaking core drilling at the project to test large scale targets along strike from the Briggs Central inferred resource.
The second drill hole at the Northern Porphyry target was completed to a depth of 536.5 metres. In the lower portion, the company observed a 140 metre interval of well mineralised porphyritic intrusive and an associated sediment contact zone.
The interval did not outcrop at surface, and the company said its discovery “significantly enhances” the potential of the Briggs copper project.
“We are excited by our observations from the latest drill hole, particularly the discovery of a concealed porphyry intrusive associated with significant copper mineralisation,” Canterbury Managing Director Grant Craighead said.
“This enhances the potential to delineate zones of higher-grade copper mineralisation that will be an important component of the Briggs project.”
Core from the hole is being sent to laboratories in Brisbane for cutting and assaying, with results expected in early Q2 2023.
The drill program is funded by Alma Metals (ASX:ALM) via an earn-in joint venture agreement, under which it holds the right to earn up to a 70 per cent interest via staged expenditure totalling $15.25 million.
Canterbury shares were down 2.38 per cent, trading at 4.1 cents, shares in Alma Metals were also down 12.5 per cent, trading at 1.1 cent at 3:58 pm AEDT.