Alma reaches 51% ownership of Briggs copper project

Alma Metals has now satisfised stage-2 earn-in requirements at Briggs
The company holds a 51% JV interest with potential to increase to 70%
Infill drilling is ongoing at Briggs for inclusion in a resource update later this year

Special Report: Alma’s drilling efforts at the 415Mt Briggs copper project has proven successful as it completes Stage-2 earn-in requirements and commits to Stage-3.

The Briggs copper project boasts more than 1Mt of contained copper, just 60km from the deep-water port of Gladstone, QLD and close to multiple high-power voltage power lines, a heavy haulage railway, gas pipelines and major roads.

This infrastructure, coupled with a local skilled workforce and straightforward land ownership offer substantial benefits to the project’s economics.

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 Canada and Peru.

But Alma is also finding higher grade pockets in drilling close to surface.

Drilling earlier this month uncovered a 276m intersection at 0.45% copper, driving progress toward a resource update and laying the groundwork for a scoping study later this year.

Stage-3 earn-in with Canterbury Resources

ALM has informed JV partner Canterbury Resources (ASX:CBY) of its commitment to Stage 3 of the earn-in, where Alma can increase its interest to 70% through additional project expenditure of $10 million by June 30, 2031.

Upon ALM reaching a 70% interest, each party must fund its proportional share of future expenditure or dilute as per industry standard terms.

In June, the explorer commenced a core drilling program focused on testing and infill drilling in the southwest part of the large geochemical anomaly at the Briggs Central inferred resource.

This program will reduce drill spacing to 80m over a significant portion of the Briggs Central resource, enabling an updated mineral resource estimate that could potentially include indicated resources to support a scoping study later this year.

Growing tonnage and grade

“This milestone reflects our firm belief in the unique opportunity Briggs presents to develop a major copper project,” ALM managing director Frazer Tabeart said.

“Our ongoing drilling success continues to support our thesis of growing both tonnage and grade, further strengthening the project’s potential.

“As we continue to consolidate our ownership of Briggs, it’s important to note, this progress has been made possible with the support of many stakeholders, particularly our shareholders, our JV partner and the local landowners.”

Infill drilling continues at Briggs, targeting near-surface, higher-grade copper mineralisation to support a resource update and potentially a scoping study by year-end.

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.