Alma says assays from a core drilling program at Briggs has encountered some of the highest-grade mineralisation reported to date for the project. Pic via Getty Images
Mining
Special Report: Assays from a recently completed drilling program at the Briggs project in central Queensland has reconfirmed a shallow, higher-grade zone of copper-molybdenum mineralisation.
Alma Metals (ASX:ALM) is funding exploration at the Briggs project under an earn-in joint venture agreement with owner Canterbury Resources (ASX:CBY).
The explorer currently holds a 30% stake but can earn up to 70% at the project which hosts an inferred mineral resource of 415Mt at 0.25% copper and 31ppm molybdenum, based on a 0.20% copper cut-off grade.
In its recently completed drill program, ALM tested the exploration target of 480-880Mt @ 0.20% to 0.30% copper and 25 to 40ppm molybdenum, which surrounds the inferred resource and tested a zone of potentially elevated copper grades around the margin of the central porphyry.
ALM has now intersected a thick zone of copper-molybdenum from surface to 136.3m, including a 51m zone from surface which assayed 0.59% copper and 61ppm molybdenum and included another zone of 32.8m grading 0.78% copper and 72ppm molybdenum.
The company says the high-grade mineralisation in the top 51m of this hole occurs above the base of oxidation and may represent moderate supergene enrichment of the primary copper-molybdenum mineralisation.
The bottom 120m of the hole was also strongly mineralised and ended in mineralisation at the planned termination depth.
This deeper mineralisation may form part of the halo around the Southern Porphyry target and indicates that the Central and Southern Porphyry mineralisation may link up at depth, ALM says.
Assays for the remaining holes in this program are expected in the next 2-4 weeks.
Drilling to evaluate the intrusive contact zone is planned to begin in early Q2, 2024, 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.
