Canterbury Resources : Strong Drilling Results at the Briggs Copper Deposit

Canterbury Resources Limited	ACN 152 189 369
Suite 301, 55 Miller St Pyrmont 2009	ph: [phone]
ASX Announcement	18th Feb 2022

For personal use only

Drilling Confirms Potential to Significantly Expand and Enhance Resources at the Briggs Porphyry Copper Deposit

HIGHLIGHTS

• Canterbury is pleased to announce results from the recently completed 12-hole (1,446m) reverse circulation (RC) drilling program at the Briggs Copper Project in Queensland. The results confirm extensive porphyry copper-molybdenum mineralisation up to 750m along strike from the existing mineral resource at Briggs (Inferred Mineral Resource 143Mt at 0.29% Cu).
• Porphyry copper-molybdenum mineralisation has now been logged in most holes drilled over a 1,500m strike-length, within a surface geochemical anomaly that is greater than 2,000m long and 750m wide, at greater than 1,000ppm Cu.
• Better intersections from the recent RC drilling program include:

	Prospect			Drill Hole			From (m)			To (m)			Interval (m)			Cu %			Mo ppm
	Northern Porphyry			21BRC0006			30.0			42.0			12.0			0.38			19
				21BRC0008		26.0			67.0		41.0			0.17		47
				including			48.0			67.0			19.0			0.27*			38
				21BRC0010		8.0			52.0		44.0			0.31*		13
				including			22.0			52.0			30.0			0.37*			12
	Briggs Central		21BRC0002		6.0			181.0		175.0			0.15*		60
				including			154.0			178.0			24.0			0.29			38
				21BRC0003		24.0			179.0		155.0			0.21*		37
				including			110.0			179.0			69.0			0.25*			34
				21BRC0004		8.0			175.0		167.0			0.14*		20
				including			142.0			175.0			33.0			0.17*			6
				21BRC0005		4.0			169.0		165.0			0.14*		35
				including			156.0			166.0			10.0			0.25			60
				21BRC0012		0.0			85.0		85.0			0.30*		13
				including			0.0			34.0			34.0			0.50			17
	Southern Porphyry		21BRC0001		6.0			79.0		73.0			0.18*		13
				including			50.0			79.0			29.0			0.27*			19

• • Denotes hole ended in mineralisation
• Several holes were terminated in strong copper mineralisation, with the holes being abandoned due to high water flows and difficult drilling conditions.
• Exploration at Briggs is being funded by Alma Metals Limited (ASX: ALM) which has an exclusive option to enter into an Earn-in and Joint Venture Agreement over the project.
• Canterbury and Alma Metals are planning a major drilling campaign to build on this successful program, with drilling expected to commence in mid-Q2, 2022.

www.canterburyresources.com.au

ASX: CBY

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Canterbury Resources Limited	ACN 152 189 369
Suite 301, 55 Miller St Pyrmont 2009	ph: [phone]

Introduction

For personal use only

Canterbury Resources Limited (ASX:CBY, "the Company" or "Canterbury") is pleased to announce assay results from its reverse circulation percussion (RC) drilling program at the Briggs Copper Project in Central Queensland.

The drilling program forms a significant component of the exploration commitment made by Alma Metals Limited (ASX: ALM, "Alma Metals") under an Option and Earn-In Joint Venture Agreement signed in August 2021 (refer ASX release dated 18 August 2021), under which Alma Metals can ultimately reach 70% ownership of the project by funding $16 million of assessment activity.

Figure 1 Location map showing proximity of the Briggs Copper Project to regional infrastructure

Twelve RC holes were completed for 1,446m, and tested the NE side of the known Briggs Central Inferred Mineral Resource (currently 143Mt at 0.29% Cu in Inferred Mineral Resources at a 0.2% Cu cut-off grade - refer to Canterbury ASX release dated 10 June 2020) and the Northern and Southern porphyry targets that outcrop along strike (refer Figure 2).

The intention of the drill program was to test the potential for extensions of the current resource. The results clearly show that such extensions are likely, and the large surface geochemical anomaly appears to be a good indicator of mineralisation at depth.

All but one of the holes intersected significant widths of porphyry and porphyry related copper-molybdenum mineralisation (Table 1). Several holes were terminated in strong mineralisation but were unable to be drilled

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Canterbury Resources Limited	ACN 152 189 369
Suite 301, 55 Miller St Pyrmont 2009	ph: [phone]

For personal use only

deeper due to high water pressures and deteriorating hole conditions. Future drilling will use equipment capable of much deeper drilling.

Key conclusions from the drilling program are:

• Porphyry copper-molybdenum mineralisation was intersected in drilling at both the Northern and Southern Porphyry targets, significantly increasing the strike length of known mineralisation.
• The drilling confirmed that copper-molybdenum mineralisation occurs beneath a surface geochemical anomaly at >1,000ppm copper with a strike-length of at least 2,000m and extends well outside the existing mineral resource estimate envelope at Briggs Central.
• Higher grade zones of copper mineralisation are present in several settings, including:

1. zones of highly intense quartz veining with unidirectional solidification textures (UST), and

1. in volcanic sediments immediately adjacent to the Briggs Granodiorite.

Canterbury and Alma Metals are currently planning a major drilling campaign, to commence in Q2 2022, to further evaluate this very large copper deposit.

Figure 2 Briggs porphyry copper system showing extensive copper anomalism in historical soil samples extending over at least 2,000m x 750m at >1,000ppm Cu. Recent RC drilling results (this release) and historical drilling results used to estimate the initial Inferred Mineral Resource are shown. For full details of significant drill intersections for the 2021 RC drilling refer to Table 1 in this report. For full details of the historical drill results used to estimate the initial Inferred Mineral Resource refer to the JORC Table 1 in Canterbury's ASX Release dated 10 June 2020.

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Canterbury Resources Limited	ACN 152 189 369
Suite 301, 55 Miller St Pyrmont 2009	ph: [phone]

For personal use only

2021 RC Drilling Program

Canterbury managed a twelve-hole RC percussion drill program at Briggs during Q4 2021 on behalf of Alma Metals. The program was designed to test several targets as part of Alma Metals' exploration commitment under the option phase of the Option and Earn-In Agreement between the companies:

• Five holes tested the Briggs Central deposit and immediately adjacent rocks.
• Five holes tested the Northern Porphyry Target.
• Two holes tested the Southern Porphyry Target.

Eleven holes intersected significant copper-molybdenum mineralisation (refer to Figure 2 and Tables 1 & 2). A summary of the drilling into each target is provided below:

Briggs Central

• Drill holes 21BRC0002 to 21BRC0005 confirm that copper mineralisation above 0.1% Cu occurs outside of the current resource envelope, indicating that the resource may be expanded with further drilling (Figure 2).
• Drill hole 21BRC0012 confirms higher grade copper zones, similar to those in historical hole RC93BR5, occur along the north-eastern intrusive contact of the Central Porphyry (see cross section, Figure 3).
• Similar higher grade copper zones also occur on the south-western contact of the Central Porphyry at around 300m vertical depth (see Canterbury ASX release 6 April 2020) in mineralized sediments, suggesting these zones are vertically extensive.

Figure 3 Oblique cross-section through the Briggs Central Porphyry showing recent and historical drilling results

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For personal use only

Canterbury Resources Limited	ACN 152 189 369
Suite 301, 55 Miller St Pyrmont 2009	ph: [phone]

Northern Porphyry Target

• The Northern Porphyry has a similar tenor copper-in-soils geochemical footprint to the Central Porphyry with anomalous copper greater than 1,000ppm over an area measuring 600m x 400m (Figure 2).
• Broad spaced drilling to date, including recent drill hole 21BRC0010, shows copper mineralisation is well developed along the eastern intrusive contact similar to that developed along the contacts of the Central Porphyry (see cross-section in Figure 4).
• Drill hole 21BRC010 was drilled into the peak of the copper geochemical anomaly and ended in strong copper mineralisation at 52m down-hole depth. The bottom 30m of the hole average 0.37% Cu but the hole was terminated due to very poor drilling conditions.
• Higher copper grades are associated with garnet skarn, in addition to quartz vein stockworks.
• The northern and western margins of the Northern Porphyry remain untested priority targets.

Figure 4 Oblique section through the Northern Porphyry Target showing recent and historical drilling results

Southern Porphyry Target

• Drill hole 21BRC0001 and 21BRC0011 tested the western margin of the Southern Porphyry (cross section, Figure 5).
• Low to moderate-grade copper was confirmed by assays in both holes, with the bottom 29m of 21BRC0001 assaying 0.27% Cu. This hole was terminated in mineralisation due to high water flow rates and poor collar conditions.
• The intrusive core of the system remains untested at depth and is a high priority for follow-up.

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