Canterbury Resources has officially added the Jack Shay project to its Central Queensland minerals portfolio as it nears completion of a scoping study for the Briggs copper deposit.

The company said it had completed the acquisition of Molcopnick, which held Jack Shay, in a deal involving 5 million Canterbury shares and 5 million options.

The vendors had generated two undrilled targets of immediate interest at the project, 50km west of Mundubbera, it said.

These are the Nerangy copper-molybdenum porphyry prospect and the Red Hill nickel-copper-cobalt prospect.

“Completion of the Jack Shay project further enhances our central Queensland resource portfolio,” managing director Grant Craighead said.

“Historical exploration of the project has identified opportunities to discover significant mineralisation systems, but the key prospects have never been drilled.

“Planning has commenced for a scout drilling program later in 2025.

“In parallel we are making excellent progress at the Briggs copper-molybdenum project and will complete a scoping study in mid-2025.

“Briggs is one of Australia’s largest undeveloped copper deposits (>2Mt of contained copper metal) and development concepts are enhanced by a low indicative open pit strip ratio, outstanding metallurgical characteristics and excellent local infrastructure.”

Alma Metals, which has an earn-in joint venture agreement with Canterbury Resources for Briggs, today announced a non-renounceable rights offer to raise just over $1 million.

The funds raised under the offer will be used to complete a scoping study and undertake drilling at the Briggs copper project, 60km west of Gladstone, as well as for working capital and to meet offer expenses.

Canterbury Resources also holds the Peenam project in Queensland, prospective for porphyry related copper-gold mineralisation.