Alma is increasingly certain that it has intersected a large copper porphyry deposit at its Briggs project in central Queensland after a second hole intersected multiple porphyritic intrusions.
Following on hole 22BRD0013 returning a 441.5m intersection grading 0.21% copper from the base of cover at a down-hole depth of 8m, the company noted that a 140m interval of well mineralised porphyritic intrusives and associated volcanic-sediment contact zone was intersected in the lower portion of hole 22BRD0014 in the Northern Porphyry target.
This interval does not outcrop at surface and its discovery significantly enhances the potential of the Briggs copper project.
Alma Metals (ASX:ALM) expects to receive assays from this well early in the second quarter and has kicked off a third hole to test Briggs Central targets.
With porphyry finds being potentially very lucrative and the company acquiring a 70% interest in the project from owner Canterbury Resources (ASX:CBY), further drill success could add significant value to the company’s portfolio.
Existing copper resources and targets
Briggs currently has an Inferred resource of 143Mt at 0.29% copper within Briggs Central.
There is also plenty of room for growth with Exploration Targets estimated for the Northern and Southern Porphyries and Briggs Central.
The Northern Porphyry has an Exploration Target of between 110Mt to 205Mt grading 0.2% to 0.35% copper while the Southern Porphyry’s target ranges from 85Mt to 155Mt at 0.2% to 0.35% copper.
Briggs Central has the largest Exploration Target of 260Mt to 490Mt at 0.2% to 0.35% copper.
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.