Canterbury Resources Limited provided an update on drilling progress at the Briggs Copper Project in Queensland. Exploration and assessment of the Project is being funded by Alma Metals Limited under an Earn-In Joint Venture agreement. Core drilling continues at the Briggs Copper Project in Central Queensland, testing large scale targets along strike from Briggs Central Inferred Resource (143Mt at 0.29% Cu).

The second hole (22BRD0014), testing the Northern Porphyry target, was successfully completed at a depth of 536.5m and intersected multiple mineralized porphyritic intrusions. A broad interval (140m) of well mineralized porphyritic intrusive and associated sediment contact zone is observed in the lower portion of the hole. The contact zone is an important setting hosting higher grade mineralisation.

This interval does not outcrop at surface, and its discovery significantly enhances the potential of the Briggs Copper Project. 22BRD0014 is 150m north of 22BRD0013, which intersected 441.5m at 0.21% copper from 8m down-hole depth. Assays from 22BRD0014 are expected in early second quarter of 2023.

Joint Venture partner, Alma Metals, is funding the drill program and has the right to earn up to 70% interest via staged expenditure totaling $15.25 million. The Project includes the Briggs Central copper deposit, where an Inferred Resource of 143Mt at 0.29% Cu has been defined. The current core drilling program, comprising up to six holes for 3,000m, is testing Exploration Targets outlined at the adjoining Northern Porphyry and Briggs Central areas.

Up to six deep diamond drill holes, for 3,000m, are planned in the current diamond drilling program; four to potentially expand the Inferred Resource and evaluate the Exploration Target at Briggs Central, and two to evaluate the Exploration Target at the Northern Porphyry. The program is expected to continue into Second Quarter 2023. The first hole in the program, 22BRD0013, intersected almost continuous copper mineralisation from surface (441.5m at 0.21% copper from 8m down-hole depth to end-of-hole) with several higher-grade zones near intrusive contacts with older volcanic/sedimentary host-rocks.

This hole ended in mineralisation grading 0.34% copper over the bottom 3.5m. The second hole, 22BRD0014, tested the Northern Porphyry target, and contained visible disseminated and quartz-vein hosted copper mineralisation over much of its length. This hole was terminated at a down-hole depth of 536.5m after passing through a contact with a post-mineral mafic intrusion at 528.6m.

Drilling has commenced on 23BRD0015, testing the Briggs Central Exploration Target.