Alma Metals (ASX:ALM) is paving the way for a resource upgrade in early 2025 and the start of a Scoping Study at the Briggs Copper Project before the year is out, with drilling continuing to target higher grade zones.
The junior explorer, which has a market capitalisation of $10.8 million, drilled 1,545m across six holes during the September quarter, with a further 1,200m across four holes to be completed in the final quarter of 2024.
Results from the holes drilled during the quarter returned a headline hit of 276m @ 0.45% copper and 24 parts per million (ppm) molybdenum from surface, including 49m @ 1.01% copper and 17ppm molybdenum from 3m.
CEO Frazer Tabeart tells Mining.com.au the results of drilling in the September quarter have reinforced Alma’s strategy to grow both the resource grade and tonnage at Briggs, which is located about 60km west of the deepwater port of Gladstone in Queensland.
“These achievements position Alma Metals strongly for the remainder of 2024 and into 2025,” he says.
“With the continued success of the drilling program, we are moving closer to a resource update, which is expected to underpin a Scoping Study.
“As we begin stage three of the earn-in, Alma remains focused on expanding its ownership in the project and advancing its exploration efforts to unlock further potential at Briggs.”
Core drilling at Briggs will continue to test the southwest margin of the central porphyry where the highest copper in soils anomalism occurs.
Alma says this drilling may allow an upgrade in resource confidence to the indicated category for a “significant portion” of the Central Briggs resource estimate.
Additional drilling to evaluate the Southern Porphyry Target has also been planned, which if successful would add to the current inferred resource of 415 million tonnes @ 0.25% copper and 31ppm molybdenum, for contained resources of 1 million tonnes of copper and over 28.6 million pounds of molybdenum.
Alma previously outlined an exploration target for growing the resource, which envisages the potential to add a further 450 million to 900 million tonnes at similar grades.
The Briggs deposit outcrops at surface, with an area measuring 2km long and up to 1km wide mapped out via geology and soil geochemistry, but with less than half that area drilled to date.
Drilling undertaken since the release of the July 2023 resource estimate has confirmed that the highest grades of copper mineralisation in the top 200m are located below the highest grades of copper-in-soil anomalism.
Metallurgical testwork and development of a process flowsheet will begin next quarter to evaluate grind size and power consumption profiles along with copper and molybdenum recoveries via conventional froth flotation into sulphide concentrates.
These programs will extend into the first half of 2025.
A high-level environmental constraints report and assessment of permitting pathways was also completed during the quarter and indicated – based on a desktop evaluation – that there are no red flags from an environmental perspective.
Subsequent to the end of the quarter, Alma secured a 51% interest in the Briggs Project by satisfying its stage-two earn-in requirements nearly two years ahead of schedule. Canterbury Resources (ASX:CBY) owns the remaining 49% interest.
Alma has informed Canterbury that it will go ahead with the final stage of the earn-in to increase its stake to 70% by spending a further $10 million before 30 June 2031.
The company raised an additional $750,000 in September, which strengthened its cash and liquid investments to $5.3 million by the end of the quarter.
Executive Chairman Alasdair Cooke, non-executive Director Valentine Chitalu and Tabeart contributed $140,000 of the raising, which was aimed at enabling Alma to expand its drilling program.
“Maintaining a solid cash balance is crucial in the current market environment, where prudent financial management is key to project advancement,” Tabeart told this news service.
“The $750,000 capital raise completed during the quarter was a prudent measure to ensure we can continue our exploration and drilling programs at Briggs without disruption.
“This strong financial position not only enables Alma to progress its work efficiently but also provides flexibility for future investments, helping to de-risk the project as we head into 2025.”
Write to Angela East at Mining.com.au
Images: Alma Metals
