Canterbury Resources Hits 384m at 0.25% Cu as Two Queensland Copper Drills Turn

Drills turning at two major copper projects in central Queensland

Canterbury Resources (ASX: CBY) has active drilling underway simultaneously at both the Briggs Copper Project and the John Hill deposit within its Monto Project in central Queensland. Drilling at Briggs is funded and managed by Alma Metals (ASX: ALM) under an Earn-In Agreement, meaning Canterbury carries no direct funding obligation for that program, while John Hill is 100% owned by Canterbury.

The headline result from Briggs hole 26BRD0042 is 383.8m at 0.25% Cu, 26ppm Mo and 0.7g/t Ag from 10.2m, including a higher-grade zone of 76.7m at 0.34% Cu from 146.3m. At John Hill, the first hole (26JHD01) has been completed to 278m depth, with preliminary core observations indicating the mineralisation system extends beyond the current northern limits of the MRE. Assays from John Hill are anticipated in November.

Managing Director, Grant Craighead

“We are very pleased with progress at our key central Queensland copper-molybdenum projects, with drilling now in full swing at both the Briggs and John Hill deposits. We look forward to reporting a continuous flow of results over the next 15 months as we rapidly enhance and expand the resource estimates at both deposits.”

Briggs drilling delivers consistent copper across 384 metres

The 2026 Briggs program has completed 10 holes (~3,600m) to date, with up to 41 holes (~12,500m) planned for the year. This forms part of a larger 80-hole, 2026–2027 infill program targeting nominal 80m drill spacing across the entire MRE. At a 0.15% Cu cut-off, the Briggs MRE contains 2.0Mt Cu, 73Mlb Mo and 16.5Moz Ag.

Hole 26BRD0042 tested the northern side of the MRE, one of the least-drilled areas of the deposit, and ended in mineralisation at its planned termination depth of 394m. The highest grades occur around the contact between the porphyritic felsic intrusive core and the surrounding volcanic sediments, consistent with two nearby holes drilled in 2023 that demonstrated continuity over approximately 200m of strike-length.

The Briggs Copper Project has been the subject of progressive geophysical and drilling work building toward this infill campaign, with earlier VTEM surveys helping define the structural targets now being tested by the 2026 program.

The significant assay results for 26BRD0042 are shown below. Note that downhole intersections may not reflect true widths.

Hole ended in mineralisation. Average grades are weighted against sample interval. Significant results reported at stated cut-off grades.

What is a porphyry copper deposit — and why does Briggs matter?

A porphyry copper deposit is a large-tonnage, low-to-moderate grade mineralised system typically amenable to bulk open-cut mining using conventional flotation technology. The defining characteristic is scale: these deposits are large enough that even modest copper grades can support economically viable operations over long mine lives.

The grade-zonation pattern at Briggs — where copper grades increase near the contact between the intrusive core and surrounding volcanic sediments — is a predictable geological signature typical of porphyry systems. That predictability matters commercially because it supports resource continuity modelling and underpins mine planning confidence.

The infill program is specifically designed to convert Inferred Resources to the Indicated or Measured category to support the Preliminary Feasibility Study (PFS). Here is what those classifications mean in practice:

• Inferred Resource: Lowest confidence level. Estimated from limited geological evidence and sampling. Cannot support feasibility studies or reserve declarations.
• Indicated Resource: Higher confidence, based on adequate sampling and geological understanding. Can underpin scoping and feasibility studies.
• 80m drill spacing: The target hole spacing that typically provides sufficient data density to achieve Indicated classification in a deposit of Briggs’ style and scale.
• PFS use of Indicated Resources: The engineering, mining, and mine-scheduling components of a PFS require Indicated (or better) Resources to produce reliable economic assessments. Converting Inferred to Indicated is the critical gating step.

John Hill adds a second front — and an expanding resource picture

The John Hill deposit sits within Canterbury’s 100% owned Monto Project, located 80km south of Briggs. It carries its own existing MRE of 254Mt at 0.21% Cu and 100ppm Mo (Inferred at 0.15% Cu cut-off). This is the first drilling at John Hill since 2013, representing a meaningful re-engagement with an asset that has only been partially tested and remains open in multiple directions laterally and at depth.

The first hole, 26JHD01, was drilled as a 100m step-out to the north of historical hole 13KC064 (which recorded 244m at 0.22% Cu, 169ppm Mo, 1.2g/t Ag from 84m). Preliminary core observations confirm the mineralisation system continues beyond the current northern MRE boundary. Core cutting and detailed logging are in progress, with assays anticipated in November.

The second hole, 26JHD02, has commenced, testing the western continuity of mineralisation recorded in historical hole 12KC058 (171m at 0.31% Cu, 115ppm Mo, 1.5g/t Ag from 85m). Eight initial holes (more than 2,000m) have been designed, with the program expected to be amended and expanded based on progressive results. Drilling is planned to continue throughout 2026 and for much of 2027, with an interim MRE update targeted for early 2027.

What’s next — 15 months of continuous results ahead

Canterbury’s pipeline of expected catalysts across both projects spans well into 2027:

1. Ongoing Briggs assay results from the 2026 infill program, with regular progress reports through to year-end.
2. Briggs 2026 high-priority infill drilling may support an interim MRE update and revisions to the Scoping Study.
3. John Hill assay results from 26JHD01 — anticipated November 2026.
4. Continued John Hill drilling through 2026 and into 2027.
5. Briggs 2027 program: a further ~35 holes (~17,500m) converting most of the remaining Inferred Resource to Indicated, providing the basis for an updated MRE to support the PFS.
6. John Hill interim MRE update — targeted for early 2027.
7. Briggs PFS workstreams progressing in parallel, including metallurgy, environmental baseline studies, early-stage engineering, geotechnical work, and evaluation of a molybdenum circuit.

Canterbury’s broader portfolio context adds scale to this picture. Across four deposits (including the Idzan Creek and Wamum Creek copper-gold deposits in Papua New Guinea), the company’s aggregate group resources stand at 3.3Mt copper and 3.2Moz gold on a 100% project basis.

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