Alma Metals (ASX:ALM) has added three exploration permits for minerals to its Briggs Copper Project in central Queensland, while drilling continues.
An acquisition for two exploration permits (EPM), previously owned by the privately held Tropex Metals, has been finalised, while another small EPM to the west of Briggs has been granted.
The company is preparing an application to the Department of Resources in Queensland to seek consolidation of its portfolio, comprising six EPMs surrounding the Briggs Project, into a single exploration project so as to simplify tenure administration.
Alma Metals, which has a market capitalisation of $10.10 million, also notes the infill drilling program will be decreasing the spacing to 80m over a portion of the Briggs central resource.
Decreasing the spacing allows for a revised resource estimate to potentially increase the confidence to the indicated category and support initiating a Scoping Study later this year.
The first hole (24BRD0026) was drilled and completed at a depth of 282.9m. Assay results are expected in six weeks.
Samples from the drilling program will also provide Alma with materials for metallurgical testwork, which will contribute to the Scoping Study.
The drilling program is aimed to test and infill the southwest part of a “large” geochemical anomaly at Briggs central resource.
Briggs contains over 1 million tonnes of contained copper and has been defined in inferred resources, comprising 415 million tonnes @ 0.25% copper and 31 parts per million (ppm) molybdenum.
Write to Aaliyah Rogan at Mining.com.au
Images: Alma Metals
