Alma Metals (ASX:ALM) is confident in its strategy to define a higher overall resource grade for the Briggs Copper Project in Queensland, after receiving initial assays from the latest drilling campaign.
As part of the drilling campaign, the first hole, 24BRD0026, was drilled towards the southwest to cross the geological contact between the granodiorite and the older volcanic sediments.
Hole 24BRD0026 aimed to test for near-surface, higher grade copper mineralisation, as part of the infill drilling campaign to identify potential areas for higher grade starter-pit operations.
Alma Metals, which has a market capitalisation of $13 million, says the hole intersected mineralised porphyritic granodiorite in the upper part of the hole, passing into mineralised volcanic sediments in the lower part.
The drill results have enhanced copper grades, including 276m @ 0.45% copper and 24 parts per million (ppm) molybdenum from surface, including 49m @ 1.01% copper and 17ppm molybdenum from 3m.
Alma Metals adds that drilling is also targeting an upgrade in resource confidence sufficient to support the initiation of a Scoping Study, which is planned for later this year.
Managing Director Frazer Tabeart says the results show “significantly higher” copper grades are present within the Briggs resource.
“The wide zone of high-grade starting at surface is particularly important and will be a focus for follow-up drilling,” Tabeart says.
“While this is part of a longer campaign, it sets a strong foundation for the continued exploration and development of the Briggs Copper Project.”
Assays for the remaining holes are expected in the next four to six weeks. Drilling is expected to continue into the next quarter.
Samples from the drilling campaign will also provide material for metallurgical testwork, which will contribute to the Scoping Study for Briggs.
Exploration at Briggs is being funded by Alma under an earn-in joint venture agreement, where Alma Metals currently has a 30% interest and can earn up to 70% from Canterbury Resources (ASX:CBY).
The Briggs Copper Project currently has over one million tonnes of contained copper in a defined inferred resource, totalling 415 million tonnes at 0.25% copper and 31ppm molybdenum.
Alma Metals is a copper-focused explorer that has two projects located in Queensland and Western Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: Alma Metals
