Alma sampling shows Briggs copper more widespread than expected

Alma’s soil sampling has indicated that copper mineralisation at the Briggs, Mannersley and Fig Tree Hill copper project is more widespread than originally thought.

Assaying of the sampling has defined a surface geochemical anomaly with +500 parts per million copper that is more than 2,200m long and 950m wide which extends up to 1,200m outside the currently defined resource envelope.

Importantly for Alma Metals (ASX:ALM), the copper geochemistry indicates very significant targets for additional tonnage in the immediate area surrounding the Briggs Central resource of 143Mt grading 0.29% copper.

Soil sampling has also indicated that drilling to date has not adequately tested the Northern and Southern Porphyry targets, while a significant molybdenum anomaly will be tested by future drilling.

The company has an exclusive option to enter into an earn-in joint venture agreement over the Queensland project and is planning to carry out a major drilling campaign from late this quarter.

Fulfilling exploration commitment

The soil sampling is the first modern program to collect high resolution, low detection level gold and multi-element geochemistry across the entire Briggs porphyry system and is part of Alma’s exploration commitment under its deal with Canterbury Resources (ASX:CBY).

It defined extensive copper and molybdenum anomalism surrounding the known resource and highlighted several targets for drilling to expand the mineral resource estimate.

This is due to the very strong correlation between surface soil sampling geochemistry and the underlying geology as evident from outcrop.

Alma expects to execute the option to enter the earn-in phase of the Briggs, Mannersley and Fig Tree Hill joint venture in the coming weeks, and follow-up drilling to expand the Briggs resource is currently being slated to start after the wet season later this quarter.

Some 20 holes totalling about 5,000m will be drilled to test the immediate upside around the resource, the newly defined molybdenum anomaly and both the Northern and Southern Porphyry targets.

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.