Canterbury grows PNG porphyry resources

CANTERBURY Resources has delivered increased resource estimates for two large deposits in Papua New Guinea it is seeking to acquire.
Canterbury grows PNG porphyry resources Canterbury grows PNG porphyry resources Canterbury grows PNG porphyry resources Canterbury grows PNG porphyry resources Canterbury grows PNG porphyry resources

Leaders from the four representative clans addressing the Wamum wardens' hearing at Onom village

Haydn Black


The junior applied for the Wamum exploration licence in February, and while pursuing its grant, has pushed ahead with technical work and in August it delivered a maiden resource estimate for two known porphyry deposits of 2.7 million ounces gold and 569,000 tonnes copper.
This morning it announced that by sourcing additional historical drill hole data from CRA and Highlands Pacific had delivered an 11% increase for contained gold and 22% in contained copper to 3.16Moz gold and 762,000t copper.
The major change is a 47% increase in the estimated tonnage at the 137 million tonnes at 0.53 grams per tonne and 0.24% copper Wamum Creek deposit, which covers 700m by 500m is open along strike and at depth. Wamum Creek now hosts 820,000oz gold and 435,000t copper.
The 137.3Mt grading 0.53gpt and 0.24% Idzan Creek deposit covers 900m by 300m, contains 2.34Moz gold and 327,000t copper, and is also open along strike and at depth
The project is less than 20km from Newcrest and Harmony Gold's Wafi-Golpu development project, and has been drilled by the likes of Newcrest and Barrick Gold over the past 40 years.
While COVID-19 restrictions have slowed the approval process, a wardens hearing was successfully completed at Onom last month, with Canterbury claiming "no objections and strong support".
The matter can now go to the PNG Mining Advisory Council.
Anticipating a successful outcome, Canterbury is planning for a scoping study, based around a standalone mining operation. 
Canterbury's team includes personnel who were responsible for drilling the discovery hole at Golpu, and says it has good relations with the local clans. 
The junior's stock has traded between 6-24c over the past year, and was up 3% near midday at 11c. valuing it at $11 million.