Alma powering to resource update at Briggs as it banks more high-grade copper assays

Alma Metals flags more high-grade copper at Briggs project
Company looking to update to indicated resources ahead of initiation of scoping study
Further assays are expected in 3-4 weeks

Special Report: Alma Metals has reported more near-surface high grade results from core drilling at its Briggs copper project in Queensland, where over 1Mt of contained copper has been defined in inferred resources to date.

These latest assays were from the same section as the previous project best 24BRD0026 which intersected 276m @ 0.45% Cu from surface, and have highlighted wide intervals of higher copper grades from near surface, including:

159.3m at 0.40% copper and 21ppm molybdenum from 8.1m in hole 24BRD0028, including:
- 96.4m at 0.57% copper and 19ppm molybdenum from 20.5m, including
- 68m at 0.70% copper and 19ppm molybdenum from 28m ; and
82.3m at 0.26% copper and 31ppm molybdenum from 10.0m in hole 24BRD0027.

“These results continue to demonstrate the presence of significantly higher-grade copper zones close to surface within the Briggs resource, aligning with our strategy to define a higher overall resource grade,” Alma Metals (ASX:ALM) managing director Frazer Tabeart said.

Alma has hit high grades close to surface, boding well for early production plans in future mining scenarios. Pic: ALM

This drilling program is focused on testing and infill drilling the south-west part of the large geochemical anomaly, with the aim of supporting a revised resource estimate to potential indicated resources, which may in turn support a near-term scoping study.

The drilling was also aimed at testing for higher grades in the top 200m (from surface), reinforced by the most recent previous assay result of 276m at 0.45% copper from surface.

Aiming for higher resource grades

Assays for the next batch of two holes are expected in 3-4 weeks’ time, and drilling is expected to continue until late next quarter.

Samples from the drilling program will also provide material for metallurgical testwork, which will contribute to the scoping study for Briggs.

Briggs currently contains 415Mt of ore at 0.25% copper and 31ppm molybdenum. Grades like those are more than economic in many porphyry copper mines being operated today in places like Chile and Peru.

READ: Australian copper enters new era where scale is king

But if Alma can confirm the presence of higher grades closer to surface it can front-load earnings and really put the project at the head of the table when it comes to large Aussie copper development stories.

Tabeart added “These types of wide intervals at greater than 0.4% copper are a promising indication that Briggs may develop into a substantial porphyry copper project.”

Briggs contains pockets of high-grade copper where its potential is evident to the naked eye. Pic: ALM

Recent cap raising extends drilling

Funds from the company’s recent capital raising of $0.75m will be used to extend the current drilling program with a focus on better defining these higher-grade areas.

“With the continued support of our shareholders, we are now well positioned to extend follow-up drilling, targeting similar high-grade zones within and around the edges of the resource,” Tabeart said.

“This will further boost resource confidence and provide material for metallurgical testing as we advance the project.”

Importantly, under the joint venture agreement with Canterbury Resources, completion of the current drilling program will meet the expenditure requirements to complete Stage 2 of the Earn-In, and for the company’s interest to increase to 51%.

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.