Alma Metals (ASX:ALM) is set to restart drilling operations at the Briggs Copper Project in central Queensland, with a contract awarded to iDrilling Australia.
For an initial 2,000m program, iDrilling has agreed to accept a portion of its fees — up to $240,000 — in Alma shares at $0.012 per share, representing a 33% premium to Alma’s 10-day volume-weighted average price.
Equipment mobilisation is currently underway, with drilling anticipated to begin in June.
Alma, which has a market capitalisation of $14.17 million, says drilling will focus on testing the south-west part of the large geochemical anomaly at the Briggs Central inferred resource.
Drilling will infill the spacing to 80m over a portion of the Briggs Central resource, allowing for a revised resource estimate to potentially increase the confidence to the indicated category.
Alma notes drilling also aims to test higher grades in the top 200m, as was demonstrated by previous drilling on the north-east side of the Briggs Central resource.
The drilling samples will provide Alma with material for metallurgical testwork, which will contribute to a Scoping Study for Briggs.
Further, resource expansion drilling is planned for the Southern Porphyry target.
Alma Metals is a copper-focused explorer that is primarily developing its Briggs project in Queensland. Briggs boasts more than one million tonnes of contained copper, with potential for further expansion in both tonnage and grade.
Write to Aaliyah Rogan at Mining.com.au
Images: Alma Metals
