Alma Metals (ASX:ALM) has confirmed a new porphyry discovery 300m southeast of the current Briggs Copper Project resource in Queensland.
This news comes after the company received the final assay results from a drilling program into the Southern Porphyry target that returned 270.5m @ 0.22% copper and 16 parts per million (ppm) molybdenum, including 83.8m @ 0.28% copper and 37ppm molybdenum.
Alma says the assay results and the mineralisation discovered in the drillholes confirm that the Southern Porphyry target has geological similarity to Briggs Central, which lies 300m to the northwest.
Managing Director Frazer Tabeart says the results show the upside potential at the Southern Porphyry target.
“Further drilling is clearly warranted to fully explore and define this opportunity,” Tabeart says.
“Meanwhile, the final assays from Briggs Central have met expectations, further validating our strategy to grow the overall resource grade and identify areas suitable for higher grade starter-pit positions.
“Looking ahead, Alma is focused on completing the mineral resource estimate, metallurgical testwork, and scoping studies, setting the stage for an exciting 2025 as we progress toward unlocking the full potential of Briggs.”
The latest results will be fed into Briggs’ updated resource estimate, which is expected to be completed later this quarter.
Meanwhile, preliminary results from the Scoping Study are expected by mid-2025.
The Briggs Project hosts an inferred resource of 415 million tonnes @ 0.25% copper and 31ppm molybdenum within the Central and Northern porphyry deposits.
Alma Metals is a copper explorer focused on developing its flagship Briggs Project.
Write to Aaliyah Rogan at Mining.com.au
Images: Alma Metals
