- 01Briggs: 76.7m @ 0.34% Cu; high-grade zone.
- 0280-hole infill to Indicated for PFS.
- 03Alma 51% JV; Canterbury 49%; aiming 70%.
Alma Metals (ASX: ALM) has reported that infill drilling within its Briggs copper-molybdenum-silver project in central Queensland has returned additional high-grade copper mineralisation consistent with the current block model.
The 80-hole program will infill the entire mineral resource estimate to a nominal 80-metre drill spacing to upgrade the resource from Inferred to Indicated and support a planned pre-feasibility study.
Higher grade mineralisation in the northern central part of the porphyry included a zone of 76.7m at 0.34% copper that ended in moderate grade mineralisation at the planned termination depth to meet the specifications of the infill program and support the first half of a potential mining operation.
Limited core drilling in the same area during 2023 recorded similar copper grades in two nearby holes, demonstrating good continuity along a 200m strike length.
Joint Venture Earn-In
Briggs is a large porphyry copper deposit containing an Indicated and Inferred resource estimate of 2 million tonnes copper metal at a 0.15% cut-off grade.
Alma currently holds a 51% controlling interest under a joint venture with Canterbury Resources (ASX: CBY).
Following an oversubscribed $4 million share placement earlier this year, Alma is fully funded to deliver the final stage-three earn-in expenditure and secure a total 70% stake.
The recent acquisition of a fully equipped 16-person exploration camp has enabled the mobilisation of a second drill rig and crews to support accelerated resource growth and pre-feasibility study programs at Briggs.
High-Grade Copper Zone
Managing director Dr Frazer Tabeart said drilling was progressing well, with 3,600m drilled to date across 10 holes.
“One of the holes confirmed what we are increasingly seeing across the northern rim of the system—a well-developed higher-grade zone of copper mineralisation that follows the contact between the intrusive core and the surrounding volcanics in a consistent and predictable pattern,” he said.
“With at least 200m of strike length defined on this margin and more drilling planned to the northwest later this year, we expect to see this zone continue to grow—the predictability of grade distribution here gives us real confidence in the geological model underpinning the pre-feasibility study.”
Dr Tabeart said a further 35 holes for approximately 17,500m would be drilled in early 2027 to convert most of the remaining inferred resource and provide the basis for an updated MRE to support engineering, mining and mine scheduling components of the pre-feasibility study.
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