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Canterbury Resources Limited (ASX: CBY) was formed in 2011, with the aim of generating exploration opportunities for gold and copper in the southwest Pacific region, in a cost-effective and responsible manner. A strong portfolio has been established in Papua New Guinea, Australia and Vanuatu, and is being steadily advanced in partnership with industry leading groups.
Near-term drilling programs are in progress or planned at three of its more advanced assets – the Briggs porphyry copper project in Queensland, plus the Ekoato and Bismarck porphyry copper-gold projects in Papua New Guinea. Each program provides the potential for the discovery and/or delineation of a large-scale copper (±gold) resource.
The 100% owned Briggs and Ekoato prospects are being managed and funded by Canterbury, whilst the Bismarck Project is currently being managed and sole-funded by Rio Tinto Exploration (PNG) Limited as part of a Farm-In and Joint Venture Agreement.
In PNG, Canterbury holds three projects; Ekuti Range and Ipi River on the mainland, and Bismarck on Manus Island.
PNG is renowned for its abundant mineral wealth, including world-class copper and gold assets. The country’s unique geology largely results from its position on the interactive plate tectonic boundary between the cratonic Indo-Australian plate to the south and the oceanic Pacific Plate to the north. Since the Cretaceous, uplift and deformation have occurred due to the collision between these plates.
On mainland PNG, which hosts the Ekuti Range and Ipi River projects, porphyry and epithermal style mineralisation occurs associated with two spatially and temporally distinct magmatic arcs. The early Maramuni arc (mid-Miocene age) was active in the northern part of mainland PNG and deposits such as Freida River and Yandera are associated with this arc. A significantly younger arc is associated with high-level intrusions and extrusive volcanism in central and southern PNG, and the Ok Tedi, Porgera, Wafi-Golpu, Hidden Valley and Tolukuma deposits are associated with this arc.
In Australia Canterbury holds 100% of the Briggs (EPM 19198) and Mannersley (EPM 18504) projects, which are prospective for large scale porphyry copper (± gold, ± molybdenum) mineralisation. The projects were acquired from Rio Tinto Exploration Pty Ltd in February 2017 and Rio Tinto retains a 1% net smelter royalty (NSR), plus certain claw back rights in the event of a major discovery.
The two tenements are located inland from Gladstone, about 10km apart, at the southern end of the northwest-southeast trending Mt Morgan structural belt. The high-grade Mt Morgan mine produced around 8Moz of gold and 350,000t of copper before its closure in 1989. The potential to delineate an economic project in this region is enhanced by its accessibility to critical infrastructure, including power, transport, industrial services and skilled labour.
In Vanuatu Canterbury holds 100% of two Prospecting Licence’s on Malekula (PL’s 1836 and 1837) and one on Santo (PL 1851), plus four PL applications on Malekula and Espiritu Santo. Sporadic exploration in Vanuatu has encountered widespread epithermal gold-silver and porphyry copper-gold mineralisation, and Canterbury’s tenements and applications cover many of the key historical prospects.
Canterbury Resources aims to create shareholder value by generating, exploring and monetising potential Tier-1 copper-gold projects in the southwest Pacific. To maintain a cost-effective exploration program and ensure rapid project development, the Company has maintained a 100% ownership of the Briggs and Ekoato prospects, which are being managed and funded by Canterbury, whilst the Bismarck Project is currently being managed and sole-funded by Rio Tinto Exploration (PNG) Limited as part of a Farm-In and Joint Venture Agreement.
By entering into Farm-In and Joint Venture Agreements with Rio Tinto Exploration, Canterbury Resources has been able to accelerate project development and manage risk, whilst still providing significant exploration opportunities for shareholders.
Canterbury’s odds of a big discovery are good with Rio Tinto in its
Special Report: Copper and gold explorer Canterbury Resources Limited has mining heavyweight Rio Tinto in its corner and is headed by a team that is no stranger to making big discoveries.
Canterbury sniffing out copper porphyry
NEWLY-listed Canterbury Resources hit a three-week high today after the company confirmed its Ekoato drilling program in Papua New Guinea had intersected a broad zone of porphyry-style copper mineralisation, before the drilling was terminated within mineralisation at 256m due to downhole issues.
Thick copper zone uncovered at Canterbury Resources’ Ekoato prospect in PNG
Canterbury Resources (ASX: CBY) has uncovered a broad copper zone at the Ekoato prospect, which is part of the company’s wholly-owned Ekuti Range project in Papua New Guinea.
IPO Watch: Explorer Canterbury at the starting line for its ASX debut in 2019
Copper and gold explorer Canterbury Resources looks like it will be one of the first resources players to make its ASX debut in 2019.
The Company is managed by an experienced team of resource professionals, with a strong track record of exploration success and mine development in the region. Combining technical, operational, corporate and legal expertise in the metal and mineral exploration, finance and development, the Canterbury team aims to create shareholder value, whilst maintaining strong corporate governance.
Director & Company Secretary
Company Secretary and Legal Counsel
PNG Country Manager
Canterbury Resources Ltd is an emerging resource company focused on exploration opportunities in the southwest Pacific - a region renowned for hosting world-class copper and gold deposits. Canterbury has established a strong portfolio of projects with large scale potential in well-endowed mineral regions, and is applying modern exploration expertise to systematically assess them.
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