Alma Metals (ASX:ALM) has received further assay results from the Briggs Copper Project in Queensland, which support its strategy to grow the overall resource grade.
During October, the junior explorer highlighted its aim to upgrade Briggs’ resource in early 2025, as well as start a Scoping Study before the end of 2024.
Three additional holes have been completed along the southwest margin of Briggs Central, with assays expected in Q1 2025 to inform an updated mineral resource estimate supporting Scoping Studies.
As part of growing the project’s resource, drilling has been conducted with the aim to target higher grade zones.
The latest assay results show additional wide intervals of higher copper grades from near surface, including 220.6m @ 0.27% copper and 55 parts per million (ppm) molybdenum, and 185m @ 0.29% copper and 88ppm molybdenum.
Managing Director Frazer Tabeart says these results demonstrate the presence of “higher grade” copper and molybdenum zones close to surface within the Briggs resource.
“This supports our strategy to grow the overall resource grade and identify areas within the deposit that might support higher grade starter-pit positions, with the program continuing to validate our targeting concepts,” Tabeart says.
“These results will contribute to the Scoping studies, further evaluating the potential for mining operations at Briggs.
“With the recent research and development (R&D) tax incentive rebate boosting our cash reserves, Alma is fully funded to complete the current drilling program, metallurgical testwork, and mining studies.”
The drilling program, completed yesterday (2 December), focused on testing and infill drilling the southwest part of a large geochemical anomaly at the Briggs Central inferred resource.
Two holes were drilled to test the Southern porphyry target and intersected mineralised and altered felsic intrusive rocks and mafic to intermediate volcanic-sediments in line with expectations.
Exploration at Briggs is funded by Alma under an earn-in joint venture agreement with Canterbury Resources (ASX:CBY).
Alma recently obtained a 51% interest in the project and can increase this to 70% by spending an additional $10 million on Briggs by 30 June 2031.
Alma Metals is a copper-focused explorer that is developing the Briggs Project which boasts more than 1 million tonnes of contained copper.
Write to Aaliyah Rogan at Mining.com.au
Images: Alma Metals
