Alma Metals extends high-grade copper-molybdenum zone at the Briggs project

Final assays from 2023 core drilling extends higher-grade zone of copper-molybdenum mineralisation
Zone extended along eastern contact zone of the Briggs Central deposit to ~500m with depth outlined to over 200m
Drilling to upgrade resource confidence to start in early Q2 2024

Special Report: Alma Metals’ decision to farm into the Briggs copper project in central Queensland looks a wise one after final assays from 2023 core drilling extended the higher grade contact zone.

Briggs already has an inferred resource of 415Mt at 0.25% copper and 31ppm molybdenum – or a contained resource of ~1Mt of copper and +28.6Mlb of molybdenum – making it one of the top 10 largest undeveloped copper projects in Australia.

Alma Metals (ASX:ALM) currently holds a 30% stake in the project after completing Stage 1 of its earn-in joint venture agreement with owner Canterbury Resources (ASX:CBY) by spending $2.25m on exploration.

In September 2023, the company committed to Stage 2 of the earn-in, which will allow it to increase its stake in Briggs to 51% by spending another $3m on exploration.

ALM can further increase its ownership of the project up to 70% by spending a further $10m on exploration and evaluation by 30 June 2032.

Regional plan showing the Briggs copper deposit, proximity to the port city of Gladstone and the additional EPM’s to be acquired from Tropex Metals which will be added to the joint venture. Pic: Supplied (ALM)

Highly successful drilling

Final assays from the company’s 2023 core drilling have reaffirmed the presence of shallow, higher-grade copper-molybdenum mineralisation straddling the contact zone between the granodiorite intrusion and enclosing volcanic sediments.

Notable intersections include:

10m@ 0.37% copper and 68ppm molybdenum from 1.6m and 15.9m @ 0.32% copper and 27ppm molybdenum from 239.1m (23BRD0022);
161m @ 0.29% copper and 71ppm molybdenum from 22m and 42m @ 0.26% copper and 46ppm molybdenum from 194m (23BRD0023); and
94.5m @ 0.33% copper and 48ppm molybdenum from 95.5m (23BRD0024).

ALM notes the results extend the known strike length of higher-grade mineralisation along the eastern contact zone of the Briggs Central deposit to ~500m.

This zone has been outlined to a depth of over 200m and remains open along strike and at depth.

Potential for growth of this higher-grade zone has been indicated by detailed soil sampling, which returned strong copper anomalism along the entire south-western margin of the intrusion.

This covers a strike length of more than 600m and is a high-priority target for future drilling.

Drilling to evaluate the intrusive contact zone is planned to start in early Q2 2024 with ALM targeting an upgrade in resource confidence, sufficient to support a scoping study later this year.

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.