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Canterbury Resources Ltd.
Summary
| Project: | Briggs | |
|---|---|---|
| Deposit: | Briggs | |
| Location: | Australia | |
| Commodities: | Copper-Gold-Molybdenum | |
| Date: | 10/11/2019 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 11-10-2019: Canterbury Resources Ltd. announces an Exploration/Drilling Update report for its Briggs deposit at the Briggs project. Drilling results incl. 370.5m @ 0.27% Cu, 10ppm Mo from 4.5m. Canterbury Resources Limited (ASX: CBY) is pleased to provide | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Michael Erceg (Internal) | |
| ABSTRACT: | Canterbury Resources Limited (ASX: CBY) is pleased to provide an update on its current drilling program at the Briggs Copper Project in SE Queensland. Canterbury’s Managing Director, Grant Craighead, said: “We are excited by the excellent progress being achieved at Briggs. Recent results have confirmed the very large-scale potential of this copper deposit, and we are also observing potentially higher-grade intervals in recent drilling through the central part of the system. This leaves us on track to complete our immediate objective of establishing a significant near-surface resource by year-end.” The Briggs Project is located approximately 50km inland from Gladstone in a region that is prospective for large scale porphyry copper deposits. The region is very well serviced by key infrastructure including industrial service providers, power, transport and port facilities. In early 2017 the Briggs and Mannersley tenements were acquired from Rio Tinto Exploration Pty Limited, which holds certain back-in rights that are triggered by the delineation of a significant resource. This includes the option to acquire a 60% joint venture interest by payment of $15 million and sole-funding the first $50 million of joint venture funding (as outlined on pages 261-263 of Canterbury Resources Limited’s Replacement Prospectus dated 3 October 2019). Canterbury separately holds a 100% interest in the surrounding Fig Tree Hill tenement (EPM 27317). | |
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