Resource upgrade in the works for Briggs, already a top 10 Aussie copper project

Alma Metals confirms mineralisation outside the current resource at Briggs copper-molybdenum project in QLD, plus thick higher-grade mineralisation at surface.
Briggs one of top 10 largest undeveloped copper projects in Australia.
Drilling is ongoing, with all assays from latest drilling expected by mid Q1, 2024.
Further drilling planned for Q2 2024.

Special Report: Latest assays have confirmed thick, outcropping zones of high-grade copper-molybdenum mineralisation on the edge of the current resource at Alma Metals’ Briggs project in QLD.

In 2021 the company – then known as African Energy Resources – committed to earning up to 70% in the JV from Canterbury Resources (ASX:CBY) through staged expenditure totalling up to $15.25m over nine years.

Work undertaken during the Stage 1 earn-in resulted in a resource of 415Mt grading 0.25% copper and 31 parts per million molybdenum.

That’s ~1 million tonnes of contained copper and +28.6Mlbs of molybdenum, Alma Metals (ASX:ALM) says, putting it amongst the Top-10 largest undeveloped copper projects in Australia.

There’s potential to boost this resource further, thanks to an exploration target of between 480Mt and 880Mt grading 0.2-0.3% copper and 25-40ppm molybdenum estimated in July this year.

Now this current drill program has highlighted the extension of mineralisation outside the current inferred resource and even more significantly, thick zones of higher-grade copper-molybdenum mineralisation at surface.

Mineralisation beyond the current resource

The current drill program has been testing the exploration target which surrounds the inferred resource plus evaluating a potential higher grade zone of mineralisation straddling the contact between the mineralised porphyry intrusions and the enclosing volcanic sediments which could be accessed in a higher-grade starter pit.

Significant thickness of copper and molybdenum mineralisation was encountered in both drill holes 23BRD0019 and 23BRD0020 supporting the higher-grade starter pit concept.

Assay results included:

188.5m at 0.3% copper and 46ppm molybdenum from 8.5m including 58.5m at 0.36% copper and 34ppm molybdenum from 8.5m (23BRD0019);
46.8m at 0.35% copper and 41ppm molybdenum from 106.2m and 16m at 0.4% copper and 47ppm molybdenum from 161m (23BRD0019);
200.5m at 0.29% copper and 37ppm molybdenum from 0m, including 28m at 0.32% copper and 35ppm molybdenum from 0m (23BRD0020); and
26m at 0.34% copper and 75ppm molybdenum from 52m (23BRD0020).

Alma ASX ALM — Pic: Plan displaying copper in soil geochemistry, exploration target outline and existing inferred resource outline (black), plus historic and recently completed drill holes. Source: ALM.

A resource upgrade could be in the works

Drilling will continue until mid-December to test for further zones of higher-grade mineralisation around the Briggs Central porphyry.

All assays are expected to be received by mid Q1, 2024.

ALM is also planning further drilling to evaluate the intrusive contact zone in early Q2 2024 with the objective of upgrading resource confidence in order to support a scoping study.

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.