Drilling Confirms Southern Porphyry Discovery and Extends Higher-Grade Zones at Briggs Copper Project, QLD

Canterbury Resources Limited (Canterbury or the Company) provides an update covering final assay results from its 2024 drilling program at the Briggs Copper Project (Project) in central Queensland. A Scoping Study is scheduled for completion in mid-2025, assessing potential development of a large-scale open pit mine, with ore processing via conventional froth flotation into copper and molybdenum concentrates.

HIGHLIGHTS

• Assay results have been received from the final holes in the 2024 drilling program at the large-scale Briggs copper-molybdenum project in Queensland¹ (Inferred resource 415Mt at 0.25% Cu and 31ppm Mo). These cover three holes assessing higher-grade mineralisation along the southwest margin of the Central porphyry and two testing the Southern porphyry target.
• The results confirm the Southern porphyry target as a new discovery approximately 300m to the southeast of the current Briggs resource, with copper and molybdenum mineralisation evident from near surface, e.g.
  • 270.5m at 0.22% Cu and 16ppm Mo from 17.7m in 24BRD0035, including
    • 83.8m at 0.28% Cu and 37ppm Mo from 27.2m.
  • 97m at 0.20% Cu and 66ppm Mo from 36m in 24BRD0036.
• Results from infill drilling at the Central porphyry resource have also extended the known zone of shallow, higher-grade mineralisation, e.g.
  • 203.1m at 0.36% Cu and 52ppm Mo from 98.0m in 24BRD0033, including
    • 26m at 0.50% Cu and 32ppm Mo from 102m, and
    • 85m at 0.43% Cu and 35ppm Mo from 148m.
  • 162.4m at 0.26% Cu and 44ppm Mo from 88.7m in 24BRD0034.
• All the 2024 drilling results are feeding into an updated Mineral Resource Estimate, being completed in the March quarter, which will be used in mining studies in the current Briggs Scoping Study. Results from the Scoping Study are expected in mid-2025.
• The metallurgical test-work component of the Scoping Study is well advanced, including comminution studies, plus assessment of copper and molybdenum recovery via flotation into sulphide concentrates. Results are expected in the March quarter. Previous test work indicated excellent metallurgical recoveries from all styles of copper mineralisation.²
• Funding for Briggs continues to be provided by Alma Metals Ltd (ASX: ALM) (Alma) under an Earn-In Agreement (Earn-In). Alma is in Stage-3 of the Earn-In whereby it can reach a 70% interest by spending an additional $10 million.

Managing Director, Grant Craighead, said: “The 2024 Briggs drilling program has been extremely successful. Importantly, we’ve outlined a higher-grade zone of mineralisation that enhances our early mining options, as well as confirming that the Southern porphyry hosts significant mineralisation providing potential to continue expanding the overall Briggs resource. We are also very encouraged by progress in our Scoping Study activities and look forward to outlining our project development concepts and indicative financial parameters in the not-too-distant future.”

The Project comprises six tenements: Briggs (EPM 19198), Mannersley (EPM 18504), Fig Tree Hill (EPM 27317), Don River (EPM 28588), Ulam Range (EPM 27894) and Rocky Point (EPM 27956). Alma is funding the Project and can reach a 70% interest by funding an additional A$10 million³.

Briggs is in a tier one jurisdiction with exceptional infrastructure. It is 60km west of the deep-water port of Gladstone and 15km north of a significant road, rail and power corridor. It also benefits from a skilled local workforce and straightforward land ownership.

Figure 1 Briggs Location

Briggs currently hosts an Inferred Mineral Resource Estimate (MRE) of 415Mt at 0.25% Cu and 31ppm Mo at the Central and Northern porphyry deposits (Figure 2), plus an encompassing Exploration Target of an additional 480Mt to 880Mt at 0.20% to 0.30% Cu and 25ppm to 40ppm Mo⁴ that has been outlined by surface mapping and geochemical sampling, plus limited shallow drilling. The potential tonnage and grade of the Exploration Target is conceptual in nature and there has been insufficient exploration to estimate a mineral resource. It is uncertain if further exploration will result in an increase in the MRE.

The 2024 core drilling program at Briggs commenced in June and the final hole was completed in early December. During the program, eleven holes (2,955.5m) were drilled, with assay results now received for the final five holes: three (24BRD0032 to 24BRD0034) at the Central porphyry and two (24BRD0035 and 24BRD0036) at the Southern porphyry (refer Figure 2 and Appendix 1).

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