Alma is cashed up and ready to hunt more copper at Briggs
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Alma has raised $1.75m through a share placement and is wasting no time putting the funds to work with preparations now underway for drilling at its Briggs copper deposit in Queensland.
Highlighting just how keen the company is to start this work, managing director Frazer Tabeart is heading to the project area in Queensland tomorrow to commence preparations for the resource extension drill program which is expected to start in early October.
The six-hole core drilling program totalling 3,000m will test the validity of the Briggs, Mannersley and Fig Tree Hill project Exploration Target, which totals between 455Mt and 850Mt at grades of between 0.2% and 0.35% copper.
Briggs includes the Briggs copper deposit, which already has an Inferred Resource of 143Mt grading 0.29% copper.
Drilling will be funded by Alma Metals’ (ASX:ALM) placement of 174,528,539 shares priced at 1c each to institutional, sophisticated and professional investors.
This includes the issue of one free attaching option exercisable at 4c and expiring in two years for every two shares subscribed.
Alma’s directors have also demonstrated their own support for the company by subscribing for $160,000 worth of shares under the placement.
In July, the company exercised its option to earn up to 70% in the project by spending $15.2m over nine years.
The Briggs, Mannersley and Fig Tree Hill project is located close to major infrastructure including sealed roads, rail, grid power and gas pipelines while the Gladstone deepwater port is located just 50km to the east.
Just 47 holes have been drilled to date at Briggs despite undrilled porphyry copper mineralisation being visible at surface within the 2km geochemical anomaly surrounding the resource.
Metallurgical test work carried out by Alma on the three types of mineralisation present in the Briggs deposit have returned copper recoveries of between 92% to 95% into concentrates with grades ranging from 17% to 20%.
This article was developed in collaboration with Alma Metals, 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.