Alma Metals has received commitments to raise $2 million via a placement at $0.01 per share to fund further resource extension and infill drilling at the Briggs, Mannersley and Fig Tree Hill copper project in Queensland.

The project includes the Briggs Central copper deposit, where an inferred resource of 143Mt at 0.29% copper has been defined.

Alma Metals (ASX:ALM) is making good on its deal with Canterbury Resources (ASX:CBY) to earn up to 70% of the project by spending up to $15.25m on exploration over nine years, and has its sights set on an easy-mining, shallow porphyry deposit.

Porphyry mines are huge, responsible for ~60 per cent of the world’s copper, most of the molybdenum, and significant amounts of gold and silver and their large volumes make up for the low grades, typically between 0.2% to 0.7% copper equivalent.

The placement amount also includes director participation of $100,000, which is subject to shareholder approval.

 

Revised mineral resource estimate for Q3

Recent drilling outside the resource at Briggs intersected thick zones of porphyry-style copper-molybdenum mineralisation, with assays expected shortly and exploration targets now defined for three anomalies.

The majority of the funds raised in the placement will be committed to additional core drilling at Briggs to commence in early Q3, 2023.

Alma expects to publish a revised mineral resource estimate for the deposit in early Q3.

 

 

This article was developed in collaboration with Alma Metals Limited, 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.

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