Canterbury Resources to Drill Deep VTEM Target at Briggs Copper Project
Canterbury Resources (ASX: CBY) is preparing to drill a 900-metre deep diamond hole to test a high-priority geophysical target at its Briggs Copper Project in Queensland, which could potentially unlock higher-grade mineralisation within one of Australia's largest undeveloped copper deposits.
Queensland Government Backs Exploration of Promising Copper Target
Canterbury Resources has secured a $250,000 grant from the Queensland Government's Collaborative Exploration Initiative to fund a strategic deep drilling programme at its Briggs Copper Project. The drill hole will test a compelling geophysical target identified through helicopter-borne VTEM (Versatile Time Domain Electromagnetic) surveying.
The target represents a zone of enhanced conductivity adjacent to the southwest side of the current mineral resource, potentially indicating a concentration of copper-rich sulphides at depth. This promising anomaly correlates spatially with higher-grade copper blocks in the resource model, suggesting it could host a zone with higher copper grades than previously encountered.
"We are in an exciting phase of the Briggs Copper Project," said Managing Director Grant Craighead. "Not only are we making excellent progress in the Briggs Scoping Study, quantifying the key technical and financial attributes of the project for the first time, but we are also about to commence a 900m drill hole testing an intriguing VTEM geophysical anomaly."
Strategic Location in Tier-One Mining Jurisdiction
The Briggs Copper Project is located in a prime position in central Queensland, just 60km west of the deep-water port of Gladstone and 15km north of significant road, rail and power infrastructure. This strategic location provides exceptional logistical advantages for any future development.
The project already hosts a substantial mineral resource containing:
- 2.0 million tonnes of copper
- 73 million pounds of molybdenum
- 16.5 million ounces of silver
This makes Briggs one of the largest undeveloped copper projects in Australia, similar to other significant copper-gold discoveries that have attracted investor attention recently.
Understanding the VTEM Target
The VTEM survey that identified the target was conducted by Rio Tinto Exploration in 2015. Analysis of the data shows:
| VTEM Target Characteristics | Details |
|---|---|
| Depth | 275m to at least 650m below surface |
| Feature | Prominent resistivity low (conductivity high) |
| Correlation | Good spatial relationship with higher-grade blocks in the current resource |
| Status | Mostly untested by drilling to date |
The planned drill hole will intersect this conductive anomaly while also testing the entire known mineralised system at Briggs, providing valuable data on alteration and mineralisation vectors that could point toward higher-grade zones.
Dual-Track Development Approach
Canterbury Resources is pursuing a dual-track approach to advancing the Briggs Copper Project:
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Exploration Focus: The upcoming deep drilling programme will test the VTEM target, with additional infill drilling planned for later in 2025 to further enhance the mineral resource.
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Development Studies: In parallel, the company is progressing a Scoping Study due for completion in August 2025. This study is assessing the development of a large-scale open-cut mine with conventional processing to produce marketable copper concentrate.
Joint Venture with Alma Metals
The Briggs Copper Project is being advanced under a joint venture with Alma Metals, which currently holds a 51% interest. Alma is funding the exploration and evaluation work and can increase its equity to 70% by investing a further $10 million in the project.
Understanding Porphyry Copper Systems
What is a porphyry copper deposit?
Porphyry copper deposits are large, low-grade ore bodies that typically contain between 0.2% and 1% copper with accompanying molybdenum, gold and silver. They form from magmatic-hydrothermal fluids associated with porphyritic intrusive rocks and represent some of the world's largest copper producers.
These systems often display zoning, with different metal concentrations and alteration types occurring at different levels or distances from the core of the system. The VTEM target at the Briggs Copper Project could represent a zone of higher-grade mineralisation within the broader porphyry system.
This type of deposit is particularly valuable because the large size often compensates for the relatively low grades, allowing for economic bulk mining operations. At the Briggs Copper Project, Canterbury Resources is investigating whether higher-grade zones might exist at depth, which could significantly enhance the project economics.
Investment Thesis: Why Canterbury Resources Deserves Attention
Canterbury Resources presents an interesting opportunity for investors seeking exposure to copper, a metal critical for the global energy transition. The company has several compelling attributes:
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Significant Resource Base: With 2.0Mt of contained copper at the Briggs Copper Project, Canterbury controls a substantial resource in a tier-one jurisdiction.
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Exploration Upside: The upcoming deep drilling has the potential to identify higher-grade zones that could enhance the overall project economics.
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Strategic Location: The project's proximity to essential infrastructure provides significant advantages for potential development.
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Government Support: The Queensland Government grant demonstrates recognition of the project's importance.
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Strong Technical Team: The company is managed by experienced resource professionals with a track record of exploration success and mine development in the region.
Why Investors Should Follow Canterbury Resources
Canterbury Resources represents a compelling opportunity for investors interested in the copper sector. The company offers exposure to a significant copper resource in a safe jurisdiction, with exploration upside potential and a clear pathway to development.
The upcoming drill programme testing the VTEM target could be a significant catalyst, potentially revealing a higher-grade zone within the Briggs Copper Project system. Combined with the ongoing Scoping Study, the second half of 2025 promises to be a pivotal period for Canterbury Resources as it advances its flagship copper project.
With copper prices expected to remain strong due to increasing demand from renewable energy and electric vehicle sectors, Canterbury's timing for advancing the Briggs Copper Project appears well-positioned to capitalise on favourable market conditions. Moreover, other companies like Aurelia Metals and Trigg Minerals are also developing promising projects, highlighting the growing interest in copper and other critical minerals. Furthermore, recent drilling approvals secured by exploration companies demonstrate the continued activity in the sector.
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