Canterbury Resources Limited announced assay results from its reverse circulation percussion (RC) drilling program at the Briggs Copper Project in Central Queensland. The drilling program forms a significant component of the exploration commitment made by Alma Metals Limited under an Option and Earn-In Joint Venture Agreement signed in August 2021, under which Alma Metals can ultimately reach 70% ownership of the project by funding $16 million of assessment activity. Twelve RC holes were completed for 1,446m, and tested the NE side of the known Briggs Central Inferred Mineral Resource and the Northern and Southern porphyry targets that outcrop along strike.

The intention of the drill program was to test the potential for extensions of the current resource. The results clearly show that such extensions are likely, and the large surface geochemical anomaly appears to be a good indicator of mineralisation at depth. All but one of the holes intersected significant widths of porphyry and porphyry related copper-molybdenum mineralisation.

Several holes were terminated in strong mineralisation but were unable to be drilled deeper due to high water pressures and deteriorating hole conditions. Future drilling will use equipment capable of much deeper drilling. Key conclusions from the drilling program are: Porphyry copper-molybdenum mineralisation was intersected in drilling at both the Northern and Southern Porphyry targets, significantly increasing the strike length of known mineralization; The drilling confirmed that copper-molybdenum mineralisation occurs beneath a surface geochemical anomaly at >1,000ppm copper with a strike-length of at least 2,000m and extends well outside the existing mineral resource estimate envelope at Briggs Central; Higher grade zones of copper mineralisation are present in several settings, including: zones of highly intense quartz veining with unidirectional solidification textures (UST), and in volcanic sediments immediately adjacent to the Briggs Granodiorite.

Canterbury and Alma Metals are currently planning a major drilling campaign, to commence in Quarter 2 2022, to further evaluate this very large copper deposit.