Alma Metals (ASX:ALM) is nearing the completion of a Scoping Study for the Briggs Copper Project in Central Queensland, which Managing Director Frazer Tabeart says is “shaping up to demonstrate robust open-pit economics”.
A final report, expected in late October, will outline the project’s economics and development potential.
Meanwhile, the company is also progressing a planned 900m deep diamond drillhole testing a deep geophysical anomaly at the Briggs Project.
The hole is designed to test a compelling geophysical target located adjacent to the southwest side of the current resource estimate which hosts more than 2 million tonnes of contained copper.
Alma, which has a market capitalisation of $9.3 million, notes the hole will be completed within four to six weeks, with assay results expected to follow over the subsequent four to six weeks.
Tabeart says drilling of the deep hole to test this intriguing target is well underway.
“It is particularly encouraging to see how closely the geology and mineralisation match the April block model, reinforcing confidence in our geological understanding,” he says.
“This modelling predicts a higher grade zone over the next 100-200m as we cross the contact between the main intrusion and the hosting volcanic-sediments, after which we will be approaching the versatile time-domain electromagnetic target.”
Briggs, covering 245km2, hosts a resource of 415 million tonnes @ 0.25% copper and 31 parts per million molybdenum.
Alma Metals is an Australian copper explorer focused on its projects in Queensland and the Kimberley region of Western Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: Alma Metals
