Canterbury Resources (ASX:CBY) has entered into a binding term sheet to acquire Molcopnick, securing the Jack Shay Project in central Queensland. The project holds promise for copper-nickel-cobalt-platinum and copper-molybdenum deposits, featuring undrilled targets like Nerangy and Red Hill. The acquisition terms include Canterbury issuing 5 million shares at $0.228 each and 5 million free attaching options, exercisable at $0.05, expiring December 31, 2026. Additionally, the vendors are investing $125,000 through a private placement of 5 million shares at $0.025 each, with similar attaching options. Completion is expected by May 30, 2025, pending due diligence and approvals.
Funds from the placement will support exploration at Jack Shay. Canterbury Resources plans surface sampling and mapping to improve the understanding of the geology and geochemistry, potentially involving RAB-type drilling in areas with alluvial cover, followed by drill testing of selected targets. Managing Director Grant Craighead views the acquisition as strategically important and states that the Jack Shay complements their Queensland exploration portfolio, including the Briggs copper-molybdenum project, where a Scoping Study is expected mid-2025.
