Canterbury Issues 5 Million Shares to Acquire Jack Shay Project with Dual Copper and Nickel Targets
Canterbury Resources has completed the acquisition of the Jack Shay Project, adding promising copper and nickel prospects to its portfolio and setting the stage for exploration drilling later this year.
- Acquisition of Molcopnick Pty Ltd and EPM 29106 (Jack Shay) completed
- Consideration includes 5 million shares and 5 million options
- Two undrilled targets: Nerangy Cu-Mo porphyry and Red Hill Ni-Cu-Co-Pt prospects
- Near-term plans for shallow drilling to define geology and geochemistry
- Acquisition complements ongoing Briggs copper-molybdenum project scoping study
Strategic Acquisition in Central Queensland
Canterbury Resources Limited (ASX: CBY) has officially completed its acquisition of Molcopnick Pty Ltd, securing 100% ownership of the Jack Shay Project (EPM 29106) located in central Queensland. This move adds a significant new exploration asset to Canterbury’s growing portfolio of base metal projects in the region. The consideration for the acquisition was settled through the issue of 5 million fully paid ordinary shares, escrowed for 12 months, alongside 5 million options exercisable at $0.05 each, expiring at the end of 2026.
Promising Undrilled Targets Await Exploration
The Jack Shay Project covers a geologically prospective area approximately 310 kilometres northwest of Brisbane and 50 kilometres west of Mundubbera. It hosts two key undrilled targets that have attracted Canterbury’s immediate interest: the Nerangy copper-molybdenum porphyry prospect and the Red Hill nickel-copper-cobalt-platinum prospect. Both targets were identified through historical geochemical surveys and geophysical VTEM data, revealing significant anomalies indicative of mineralisation potential.
Notably, Nerangy features an extensive soil copper and molybdenum anomaly spanning 800 by 400 metres, with surface outcrops showing clay-altered feldspar porphyry and fracture vein stockworks typical of porphyry copper systems. Red Hill, meanwhile, is associated with a strong VTEM conductor extending to depths of 500 metres, suggesting the presence of sulphide mineralisation consistent with magmatic nickel sulphide deposits.
Exploration Plans and Regional Context
Given the limited outcrop and extensive cover in the area, Canterbury plans to initiate shallow drilling programs later in 2025, employing techniques such as RAB or air-core drilling to penetrate the colluvial and alluvial layers. These early-stage drill campaigns aim to better understand the bedrock geology and geochemical signatures of the prospects, laying the groundwork for more advanced exploration phases.
The Jack Shay Project sits within the Connors-Auburn Province, a volcanic arc with complex geology that separates the Bowen Basin to the west from the Yarrol Province to the east. This setting is known for hosting various styles of mineralisation, including copper-molybdenum and nickel-copper-cobalt-platinum systems, which aligns well with Canterbury’s exploration focus.
Complementing a Robust Project Pipeline
Canterbury’s acquisition of Jack Shay complements its flagship Briggs copper-molybdenum project, one of Australia’s largest undeveloped copper deposits with over 2 million tonnes of contained copper metal. The Briggs project is currently undergoing a scoping study expected to complete mid-2025, with encouraging attributes such as a low open pit strip ratio, favourable metallurgy, and strong infrastructure access.
Managing Director Grant Craighead highlighted that the Jack Shay acquisition enhances Canterbury’s central Queensland resource portfolio and opens new avenues for discovery. The company’s strategy to advance multiple projects simultaneously reflects a balanced approach to growth, leveraging both near-term exploration opportunities and longer-term development prospects.
Bottom Line?
As Canterbury embarks on drilling at Jack Shay, the market will watch closely for signs of breakthrough discoveries that could reshape its resource base.
Questions in the middle?
- What initial drilling results at Nerangy and Red Hill will reveal about mineralisation extent and grade?
- How will the Jack Shay acquisition influence Canterbury’s overall valuation and investor sentiment?
- What synergies or operational efficiencies might Canterbury leverage between Jack Shay and Briggs projects?
