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Highlights:
Canterbury Resources to acquire the Jack Shay Project through a share-based transaction.
The project hosts undrilled copper-nickel-cobalt-platinum and copper-molybdenum mineralisation zones.
Post-completion activities to include mapping, sampling, and early-stage drilling.
Canterbury Resources Ltd (ASX:CBY), an exploration-focused entity within the mineral resources sector, has announced the acquisition of a new tenement package in central Queensland. The move adds to the company's suite of copper and gold exploration assets in the southwest Pacific region.
The acquisition involves Molcopnick, a private company with tenure over the Jack Shay Project. The region is known for multi-element mineralisation, including sulphide-hosted copper and nickel systems, as well as porphyry-style copper and molybdenum occurrences.
Undrilled Mineral Systems Identified Across Project
Two primary prospects, Nerangy and Red Hill, have been outlined within the Jack Shay Project. Both areas exhibit signs of multi-metal mineralisation based on prior surface work and geophysical interpretation.
Historical exploration has delineated geochemical and geological anomalies in areas that have yet to be drilled. The company intends to commence surface mapping and sampling once transaction and access approvals are finalised.
Subsequent work may include shallow geochemical drilling across colluvium and alluvial plains to better delineate zones of mineralisation beneath cover. Further exploration efforts will be directed toward establishing drill programs at high-priority locations.
Share-Based Deal Includes Placement and Options Issue
Canterbury has structured the acquisition via a share issue agreement, accompanied by the issuance of free attaching options. This structure enables the incorporation of the asset without immediate cash outflow, facilitating ongoing exploration expenditure.
In addition, the vendors have subscribed to a private placement to fund immediate exploration work at the Jack Shay site. This placement includes attaching options consistent with the broader transaction terms.
Proceeds from the placement are earmarked for early exploration activities, including site access development, geological mapping, and preliminary surface work.
Integration with Central Queensland Asset Portfolio
The Jack Shay Project complements Canterbury’s existing presence in central Queensland, where the company is progressing development work on the Briggs copper-molybdenum project.
Briggs, which remains a key focus, is undergoing a technical study phase that includes resource modelling and preliminary engineering work. The addition of Jack Shay enhances Canterbury’s overall footprint and thematic alignment in copper and associated base metals within the region.
With growing global interest in diversified mineral supply, exploration assets like Jack Shay contribute to the narrative around ASX Mining Stocks such as Canterbury Resources Ltd (ASX:CBY), particularly those with exposure to critical and battery-linked metals.
As the company moves forward with post-acquisition activities, the integration of the new asset will further solidify its commitment to identifying new mineral systems within tiered exploration jurisdictions.
