Alma to raise $2.77m to grow its Briggs porphyry copper resource ahead of pivotal scoping study

• Company to raise $2.77m for core drilling at Briggs project
• The Central and Southern Porphyry areas will be targeted
• Drilling to upgrade resource confidence ahead of a scoping study

Special Report: Explorer Alma Metals is raising $2.77m for further resource extension and infill drilling at its 245km2 Briggs, Mannersley and Fig Tree Hill copper project in Central QLD.

Alma Metals’ (ASX:ALM) flagship Briggs porphyry copper deposit currently has an inferred resource of 415Mt @ 0.25% copper and 31 parts per million (ppm) molybdenum – one of the largest copper and moly deposits in Australia.

READ MORE: Flying under the radar: Moly’s all the rave and Taiton Resources has a pure play project

Funds for copper exploration

ALM is raising $1,774,500 through a share placement through the issue of 221,812,500 shares at 0.8c per share, as well as a further $1m through a share purchase plan for eligible shareholders for a total of $2.77m.

Final assays back 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 included:

• 51m @ 0.59% copper and 90ppm molybdenum from surface including 32.8m @ 0.78% copper and 72ppm molybdenum from 16.2mm in hole 23BRD0021
• 188.5m @ 0.30% Cu and 46ppm molybdenum from 8.5m, including 58.5m @ 0.36% Cu and 34ppm molybdenum from 8.5m in hole 23BRD0019
• 161m @ 0.29% copper and 71ppm molybdenum from 22m and 42m @ 0.26% copper and 46ppm molybdenum from 194m in hole 23BRD0023

The raised funds aim to evaluate the intrusive contact zone targeting an upgrade in resource confidence to support a scoping study later this year.

ALM will infill drill test potential higher-grade zones around the southwest margin of the 365Mt Central Porphyry at Briggs, which the explorer reckons will likely upgrade part of the resource to the higher confidence indicated category and provide material for metallurgical testwork as a precursor to the scoping study.

Additional drilling is also planned to test the Southern Porphyry target, aimed at increasing the overall resource inventory.

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.