Southern Porphyry Discovery Could Reshape Briggs Project Economics

Discovery and Drilling Highlights

Alma Metals Limited (ASX: ALM) has announced a breakthrough at its Briggs Copper Project in Central Queensland, confirming the Southern Porphyry Target as a new copper and molybdenum discovery. The recent drilling campaign, completed in December 2024, delivered encouraging assay results from two deep drill holes approximately 300 metres southeast of the existing Briggs resource.

Notably, hole 24BRD0035 intersected 270.5 metres grading 0.22% copper and 16 ppm molybdenum from near surface, including an 83.8-metre interval at 0.28% copper and 37 ppm molybdenum. Hole 24BRD0036 also returned 97 metres at 0.20% copper and 66 ppm molybdenum. These results confirm geological continuity with the Briggs Central porphyry, suggesting the Southern Porphyry could significantly add to the project’s resource base.

Extending Higher-Grade Zones at Briggs Central

In addition to the new discovery, Alma Metals completed infill drilling at Briggs Central that has identified further higher-grade zones within the existing resource. Hole 24BRD0033 was a standout, intersecting 203.1 metres at 0.36% copper and 52 ppm molybdenum, including 26 metres at 0.50% copper. These results reinforce Alma’s strategy to enhance the overall resource grade and identify potential starter-pit areas with higher-grade mineralisation.

Resource Update and Scoping Study Progress

The company plans to incorporate these final assay results into an updated Mineral Resource Estimate (MRE) scheduled for completion later in the first quarter of 2025. Concurrently, metallurgical test work focusing on copper and molybdenum recovery and comminution characteristics is underway, with preliminary outcomes expected within the same timeframe.

These technical advancements feed into a broader Scoping Study aimed at evaluating the mining potential of Briggs. Alma Metals anticipates releasing preliminary scoping results by mid-2025, a critical milestone that will help define the project’s economic viability and development pathway.

Strategic JV and Infrastructure Advantage

Exploration at Briggs is conducted under an Earn-In Joint Venture with Canterbury Resources Limited (ASX: CBY), where Alma Metals currently holds a 51% interest and can increase to 70% by mid-2031. The project benefits from its location in a tier-one jurisdiction with excellent infrastructure, including proximity to the deep-water port of Gladstone, high-voltage power lines, rail, gas pipelines, and major highways. These factors collectively enhance the project's operational efficiency and economic prospects.

Looking Ahead

Managing Director Frazer Tabeart highlighted the significance of the Southern Porphyry discovery, noting the strong potential to increase the Briggs resource tonnage and grade. He emphasised the company’s focus on completing the MRE update, metallurgical studies, and scoping work as foundational steps toward unlocking the full value of the Briggs Copper Project in 2025.