Canterbury Resources is building its Central Queensland portfolio with the acquisition of six exploration tenements near Monto, sitting about 80km south of the company’s Briggs copper project.

The most advanced prospects within the Aeon Metals tenement package are at John Hill and Whitewash.

Canterbury said it had identified a high-priority opportunity at the massive John Hill deposit, which has been partially drill tested and remains open both laterally and at depth.

The company has started planning for a deep drilling program in the second half of this year to further assess the north-east portion of the deposit.

“We’re excited by this acquisition which substantially expands and enhances our exploration portfolio in Central Queensland,” Canterbury Resources (ASX: CBY) managing director Grant Craighead said.

“There is a global shortage of major copper development opportunities in favourable jurisdictions, and we believe projects such as Briggs and Monto will become important contributors to future copper supply.”

Related: Briggs yields further strong visual mineralisation

Canterbury has signed a binding term sheet agreement with Aeon Monto Exploration covering the purchase of the Monto project.

The purchase price is $400,000 in cash, plus 5 million ordinary fully paid shares in Canterbury escrowed for 12 months.

The 5 million shares represent about 1.9 per cent of the existing ordinary fully paid shares in Canterbury.

Due diligence and approvals processes are well advanced, with completion of the transaction anticipated by early June.

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