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Canterbury Resources Ltd.
Summary
| Project: | Briggs | |
|---|---|---|
| Deposit: | Briggs | |
| Location: | Australia | |
| Commodities: | Copper-Molybdenum | |
| Date: | 10/21/2019 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 21-10-2019: Canterbury Resources Ltd. announces an Exploration/Drilling Update report for its Briggs deposit at the Briggs project. Drilling results incl. 61.0m @ 0.49% Cu, 15ppm Mo from 200.0m. Canterbury’s Managing Director, Grant Craighead, said: “The | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Michael Erceg (Internal) | |
| ABSTRACT: | Canterbury’s Managing Director, Grant Craighead, said: “The news just keeps improving at Briggs. Not only is the scale of the deposit rapidly increasing, but we are discovering higher-grade zones of copper mineralisation that should significantly enhance the economic potential of the project. Importantly, we remain 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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