The right stuff: Alma returns high copper recoveries up at Briggs deposit

Alma’s metallurgical test work has returned copper recoveries of between 92% to 95% for the three types of mineralisation at the Briggs copper deposit in Queensland.

What’s even more impressive for the work – which produced concentrates with grades ranging from 17% to 20% – it was carried out at a scoping level which leaves plenty of room for further optimisation.

This means there’s potential to improve the results through a number of means like evaluating the grind size, selective collector use and pyrite suppression.

Alma Metals (ASX:ALM) added that analysis of the concentrates revealed that there were no trace metals of concern with particularly low levels of arsenic, cadmium, and uranium.

This will make the concentrate a lot more attractive to potential buyers.

Briggs is located within the Briggs, Mannersley and Fig Tree Hill project area, for which the company has an exclusive option to enter into an earn-in joint venture with Canterbury Resources that would allow Alma to ultimately reach a 70% ownership of the project.

Briggs, Mannersley and Fig Tree Hill

The Briggs, Mannersley and Fig Tree Hill project currently hosts a JORC Inferred resource of 143Mt grading 0.29% copper close to major infrastructure including sealed roads, rail, grid power and gas pipelines while the Gladstone deepwater port is located just 50km to the east.

While the project area has been explored over a long period, just 44 holes have been drilled to date at Briggs

Undrilled porphyry copper mineralisation is visible at surface within a 2km geochemical anomaly surrounding the resource, indicating strong potential to increase its size with further exploration drilling.

Higher-grade mineralisation identified in volcanic sediments surrounding the intrusive core and in internal quartz rich bodies also indicate the potential for drilling to increase the grade of the deposit.

Under the agreement with Canterbury, Alma may earn an initial 30% in the project by funding $2.25m in exploration expenditure within two years of exercising the option.

This can be increased to 51% by spending a further $3m within four years and to 70% by spending another $10m on exploration within nine years of exercising the option.

This article was developed in collaboration with [Client Name], 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.