Following a busy year underpinned by gaining greater control of its flagship project, strengthening the balance sheet, and better-than-expected drilling results, Alma Metals (ASX:ALM) is now focused on resource growth and project optimisation.
The centrepiece of Alma’s portfolio, the Briggs Copper Project in Queensland, has seen substantial progress in 2024.
One of the key achievements was the completion of stage-two of Alma’s earn-in agreement that enabled the junior explorer to raise its stake to 51%.
Managing Director Frazer Tabeart says this is a “significant step toward consolidating control over this promising resource”.
Briggs currently hosts an inferred resource of 415 million tonnes @ 0.25% copper and 31 parts per million (ppm) molybdenum, for contained resources of 1 million tonnes of copper and over 28.6 million pounds of molybdenum.
Drilling throughout this year has uncovered multiple wide intervals of higher-grade copper mineralisation identified near surface.
The most recent results, released earlier this week, show additional wide intervals of higher copper grades from near surface, including 220.6m @ 0.27% copper and 55ppm molybdenum, and 185m @ 0.29% copper and 88ppm molybdenum.
These back up results published in August, which included 276m @ 0.45% copper and 24ppm molybdenum.
“These results continue to validate our strategy of growing resource grade and scale,” Tabeart tells Mining.com.au.
Alma previously outlined an exploration target, which envisages the potential to add a further 480 million to 880 million tonnes at similar grades to the existing resource.
With respect to project optimisation, Tabeart says the standout success has been the near-surface, higher-grade copper zones identified in recent drilling at Briggs.
“These results exceeded our expectations and have provided further confidence in the potential for a low-cost, higher-margin starter pit,” he explains.
“It’s particularly encouraging as these zones align with our broader strategy to define areas of higher-grade mineralisation that could enhance the project’s economic viability.”
“Financially, Alma has bolstered its position by raising $3.4 million over the course of the year through two private placements and a share purchase plan, with the funds earmarked for continued drilling and studies.”
The company also received a R&D Tax Incentive rebate, which Tabeart says leaves Alma well-funded for its upcoming programs.
First cab off the rank in 2025 will be an updated resource incorporating the recent drill results.
In parallel, Alma will advance Scoping Studies to evaluate mineral processing options, conceptual mining operations and potential development pathways for the Briggs deposit.
Tabeart says the company will also explore additional opportunities for resource growth and project optimisation to “position Briggs as a significant contributor to the growing global demand for copper”.
Write to Angela East at Mining.com.au
Images: Alma Metals
