New drilling data sees Briggs break into Top 10

The Briggs Copper Project in Central Queensland has made a splash. Briggs is now in the Top 10 largest undeveloped copper projects in Australia, based on contained copper the company said. The project owned by Canterbury Resources Limited and joint venture partner Alma Metals Limited. It follows the release of a new Minerals Resources Estimate comprising an Inferred Mineral Resource of 415Mt at 0.25 percent Copper and 31ppm Molybdenum at a 0.20 percent Cu cut-off grade. Main image: Copper sulphides in mineralised volcanic sediments surrounding the porphyritic granodiorite, Briggs Central. Hole BD019-003 at 392.1m, within a 1m interval of 61mm diameter core which assayed 0.44% Cu. The Resource contains 1.0 million tonnes of copper metal and 28.6 million lbs of molybdenum and extends from surface to a depth of ~650m, Canterbury Resources told the ASX. The MRE is based on an assessment of core drilling undertaken by Canterbury in 2019, RC percussion drilling by Alma in 2021 and core drilling by Alma in 2022/23, supplemented with geological mapping and surface geochemical sampling. It was expected to grow substantially with further drilling the company said. Briggs Copper project physical location The Briggs Copper Project had large-scale attributes which made it nationally significant deposit,” said Managing Director Grant Graighead. “Equally importantly, we are preparing to resume drilling with the aim of substantially growing and enhancing the Briggs resource. “This is timely, given market forecasts of a looming supply shortage that should underpin strong copper pricing over an extended timeframe.” The Southern Porphyry target is not yet included in the MRE and there were extensive areas of significant copper-in-soils anomalism the lie outside the MRE and are yet to be drilled the company report said. Drilling would resume in early Q3 2023 targeting further extensions of the mineralisation, as well as assessing multiple higher-grade zones in more detail the company said. The project located 60km west of Gladstone is close to road, rail and power. Canterbury holds a contiguous group of tenements in central Queensland which includes the Briggs Copper Project which are the subject of an Option and Earn-In Joint Venture Agreement with Alma Metals. Under the terms of the agreement, Alma can ultimately reach 70 percent ownership of the project through completing staged exploration and evaluation expenditure totalling $15.25m. Previously released preliminary metallurgical test-work has shown that high copper recoveries (92-95% recovery) are possible through standard crushing, grinding and flotation to produce viable concentrate grades, the company said.

New drilling data sees Briggs break into Top 10

Industry Queensland

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