Emerging Australian explorer Canterbury Resources (ASX: CBY) has unveiled maiden resource estimates for the Idzan Creek and Wamum copper-gold deposits lying within its Wamum project application in Papua New Guinea.
The estimates are based on historic drilling results and confirm the materiality of the deposits, particularly at gold-rich Idzan Creek where porphyry-related mineralisation in a 900m x 300m east-west zone has been tested by nine diamond drill holes.
An inferred mineral resource at Idzan Creek has been estimated at 103.6 million tonnes grading 0.65 grams per tonne gold for 2.2 million ounces of contained gold (at a 0.3g/t cut-off), as well as 288,000t grading 0.28% copper.
The Wamum deposit is believed to exhibit similar copper grades but lower gold grades to Idzan Creek, with the porphyry-related mineralisation in a 700m x 500m northeast-southwest zone having been tested by 10 diamond drill holes.
An inferred resource at Wamum has been estimated at 96.3Mt containing 500,000oz gold at 0.15g/t, and 281,000t copper grading 0.29% at a 0.2% cut-off.
Canterbury managing director Grant Craighead is pleased with the progress at both deposits to date.
“During our assessment of the historical data, the coherence and tenor of the mineralisation has exceeded our expectations, particularly at Idzan Creek,” he said.
“We look forward to implementing infill and extension drilling activities to further define the mineralisation once the tenement is granted.”
The Wamum project is located 20km northwest of the major Wafi-Golpu development joint venture between Newcrest Mining (ASX: NCM) and Harmony Gold, in Papua New Guinea’s Morobe Province.
Canterbury’s management team includes personnel who were responsible for drilling the discovery hole at Golpu.
Intermittent modern exploration has been conducted at Wamum over the past 40 years by the likes of Newcrest, Barrick Gold Corporation, Highlands Gold and CRA, totalling 31 diamond holes for around 11,253m.
While the information is not exhaustive, Mr Craighead said his team has no reason to doubt the veracity of the assay data.
Canterbury lodged the Wamum project application (EL2658) in February, covering an area of approximately 354sq km including Idzan Creek and Wamum, where historic exploration has broadly outlined two significant copper-gold finds.
COVID-19 travel restrictions have resulted in delays to the approvals process and the timing for potential granting is uncertain.