Three new exploration permits have been added to Alma metals’ large scale Briggs copper project in Central Queensland. Pic: Getty Images
Alma Metals just added a trio of permits to grow one of Australia’s largest copper and moly deposits
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Special Report: Things are moving quickly for Alma Metals (ASX: ALM) at its Briggs Copper Project in Queensland, adding new tenements around one of the largest deposits in Australia already containing an inferred resource of more than 1Mt of metal.
That’s a lot of copper and moly, and a bounty far more extensive than held by most juniors on the ASX.
Alma says it’s just completed a strategic tenement expansion, finalising the acquisition of two further exploration permits previously owned by Tropex Metals.
On top of those two EPMs, opening up the immediate west of the Briggs EPM, has just been granted.
The three new EPMs are strategically located immediately adjacent to the Briggs, Mannersley and Fig Tree Hill exploration joint venture between Alma and Canterbury Resources.
Alma’s flagship Briggs porphyry copper deposit currently has an inferred resource of 415Mt at 0.25% copper and 31 parts per million molybdenum, and is just 60km from Queensland’s deep-water port of Gladstone.
You’ll find them about here:
Alma is also preparing an application to seek consolidation of its portfolio of six EPMs surrounding the Briggs Copper Project into a single exploration project.
This will simplify tenure administration through the Department of Resources in Queensland.
Progress on the Briggs Drilling Program
After raising more than $2.5 million in April, Alma is targeting an upgrade in resource confidence via infill drilling across the Briggs, Mannersley and Fig Tree Hill copper projects, to support the initiation of a scoping study in the second half of the year.
Core drilling kicked off again at Briggs last month and initially focused on testing and infill drilling of the southwest part of the large geochemical anomaly at the Briggs Central inferred resource (see the pic below).
Final assays from the previous drill program confirmed surface soil geochemical sampling was effective in mapping out higher copper grades in the top ~200m of the deposit and targeting the areas of higher resource grade.
Notable intercepts were:
- 51m at 0.59% copper and 90ppm molybdenum from surface including 32.8m at 0.78% copper and 72ppm molybdenum from 16.2mm in hole 23BRD0021
- 188.5m at 0.30% Cu and 46ppm molybdenum from 8.5m, including 58.5m at 0.36% Cu and 34ppm molybdenum from 8.5m in hole 23BRD0019; and
- 161m at 0.29% copper and 71ppm molybdenum from 22m and 42m at 0.26% copper and 46ppm molybdenum from 194m in hole 23BRD0023.
Confidence and higher grades
Looking ahead, this infill drilling program will aim to decrease the spacing to 80m over a significant portion of the Briggs Central resource, Alma says, allowing for a revised mineral resource estimate to potentially increase the confidence to the indicated resource category.
This drilling is also aimed at testing for higher grades in the top 200m of the Briggs Central resource that might form part of a higher-grade starter pit should mining go ahead.
The first hole, 24BRD0026 was drilled towards the southwest to cross the geological contact between the granodiorite and the older volcanic sediments.
The 283.9m hole – as expected – intersected mineralised porphyritic granodiorite in the upper part, passing into mineralised volcanic sediments in the lower section.
Samples from the drilling will provide material for metallurgical test-work, which will contribute to the scoping study for Briggs.
Exploration at Briggs is being funded by Alma under an earn-in joint venture agreement where Alma currently has a 30% JV interest and can earn up to a 70% interest from owner Canterbury Resources Limited (ASX:CBY) via a staged earn-in.
Completion of the current drilling program will meet the expenditure requirements to complete Stage 2 of the earn-in, and for Alma’s interest to increase to 51%.
Initial assay results from the drilling are anticipated in about six weeks’ time.
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.
