Alma Metals Making Solid Progress with Infill Drilling Campaign at Briggs Copper Project

A major infill drilling campaign at Alma Metals’ (ASX: ALM) Briggs copper-molybdenum-silver project in central Queensland is progressing well, with six holes completed and approximately 2,080 metres drilled since work started in April.

All six holes have encountered geology and mineralisation consistent with pre-drilling expectations derived from the current mineral resource estimate (MRE) block model and copper anomalism in surface soil geochemistry, with assays expected before end September.

The Briggs campaign is seeking to upgrade an inferred component within the current MRE of 2 million tonnes at a 0.15% cut-off grade to the indicated category, supporting a scoping study that confirmed the potential for a large-scale open-pit mine at a time when copper supply is under severe global pressure.

Several satellite surface geochemical targets adjacent to the MRE will be tested as part of an extended campaign comprising 41 holes this year for 12,500m to support an interim resource update and a further 35 holes in 2027 for 17,500m to convert most of the remaining inferred resource to indicated.

New Exploration Camp

During the quarter, Alma acquired a modular 16-room exploration camp and re-located it from South Australia to the Briggs site.

Each room is equipped with an ensuite, television, reverse cycle air-conditioning, and small refrigerator, while a purpose-built kitchen and mess facility will allow for the preparation of meals for site crews.

The camp will be installed to cyclone-proof standards appropriate for Queensland conditions, with contractors already engaged to reconnect electrical and plumbing services ahead of commissioning next month.

Completion will enable Alma to deploy a second drill rig at Briggs, effectively doubling its drilling capacity and accelerating resource growth and PFS programs funded by a recent $4 million capital raising.

Quarterly Financial Metrics

At end June, Alma had $3.6 million in cash reserves, $3.2 million invested in companies listed on the Australian Securities Exchange and no debt.

A total $1.52 million was spent on exploration and evaluation activities during the quarter, of which $1.02 million was allocated to drilling contractor fees, $268,000 to staff payments, $190,000 to drilling and site costs, and $42,000 to study costs.

Alma appointed a consultant during the June quarter to manage environmental baseline surveys as part of the Briggs pre-feasibility study (PFS).

The company also plans to engage other providers to undertake critical components of these surveys to comply with state government requirements for major project approvals, with characterisation studies of waste and tailings chemistry to form an important part of PFS environmental studies.