Alma Metals’ latest assays from core drilling at the Briggs copper project in Central Queensland have confirmed broad zones of copper-molybdenum sulphide mineralisation well outside the existing inferred resource.
The Inferred Mineral Resource is 143Mt at 0.29% copper, with the current program testing exploration targets outlined at the adjoining Northern and Central Porphyry areas.
Assay results from drill hole 23BRD0015 included six high grade intersections between 0.21-0.33% copper and high-grade molybdenum mineralisation up to 131ppm – and have extended the known limits of the Briggs deposit by 190m to the north-west.
Drill hole 23BRD0016 returned three solid hits between 0.24-0.33% copper and has extended the known limits by 100m to the north-east.
Exploration at Briggs is being funded by Alma Metals (ASX:ALM) under an Earn-In Joint Venture agreement where Alma can earn up to a 70% interest from owner Canterbury Resources (ASX:CBY) via a staged earn-in.
Resource upgrade expected in Q3
Alma expects to recommence drilling early next quarter and will target further tonnage extensions of the resource as well as testing several zones of higher grades encountered in the drilling to date.
Drill intersections containing >0.2% copper have now been recorded over more than 1,650m strike-length within the ~2,000m long >0.1% copper surface geochemical anomaly.
“This compares favourably with the 450m strike-length of the current inferred resource estimate,” the company says.
“These results and those previously reported in 2022-2023 will support a significant resource upgrade, which will be completed in early Q3 2023 once final assays have been received for the remainder of 23BRD0016.”
Planning is now underway for a resumption of drilling in early Q3 2023 targeting further extensions of the deposit, as well as assessing higher-grade zones in more detail.
This article was developed in collaboration with Alma Metals Limited, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.