Alma Metals (ASX:ALM) has begun drilling a 900m deep diamond drillhole at the Briggs Copper Project in Central Queensland, to test a “compelling” geophysical target.
The target is located adjacent to the southwest side of the current resource, which currently hosts more than 2 million tonnes of contained copper.
Drilling will provide valuable geological and geochemical data to support ongoing resource modelling and vectoring toward higher grade zones.
As part of a broader program of technical studies underway, the drillhole will test the versatile time-domain electromagnetic anomaly and contribute to metallurgical and alteration studies.
Alma, which has a market capitalisation of $9.25 million, says the program is partially funded by a $250,000 grant awarded under the Queensland Government’s Collaborative Exploration Incentive (CEI). The grant will be paid upon completing the drillhole and submitting required reports under the CEI approvals process.
Managing Director Frazer Tabeart says this opportunity could reshape the company’s understanding of the Briggs system.
“In parallel, the Scoping Study is progressing well and we look forward to sharing results in the coming quarter for what is one of Australia’s largest undeveloped copper projects,” Tabeart says.
Briggs is a joint venture (JV) project between Alma and Canterbury Resources (ASX:CBY), under an earn-in JV agreement. Alma currently holds 51% interest in the project and can increase its equity to 70% by funding a further $10 million of expenditure.
Canterbury Managing Director Grant Craighead says the current drillhole provides multiple opportunities to enhance and expand Briggs’ resources.
“By testing across the entire system, it will help characterise alteration and mineralisation vectors towards higher grade zones,” Craighead says.
Canterbury Resources is a resources company focused on exploring potential tier one projects in the southwest Pacific.
Alma Metals is a copper-focused explorer primarily developing the Briggs Copper Project. The project’s scale, location, and open pit potential allows for operational efficiencies which enhance its feasibility and potential economic viability.
Write to Aaliyah Rogan at Mining.com.au
Images: Alma Metals
