Alma Metals reports strong drilling results at its Briggs Copper Project, revealing higher-grade copper zones near surface and a promising new mineralisation discovery at the Southern Porphyry Target. The company advances its resource update and mining studies with a solid cash position.
- Completed 2,955m core drilling at Briggs Copper Project
- Higher-grade copper zones confirmed near surface in Briggs Central
- New copper-molybdenum mineralisation discovered at Southern Porphyry Target
- Updated mineral resource estimate and metallurgical test-work underway
- Cash and liquid investments total approximately $4.1 million
Briggs Drilling Program Delivers Encouraging Results
Alma Metals Limited (ASX: ALM) has completed a significant 2,955-metre core drilling campaign at its Briggs Copper Project in Queensland, concluding in early December 2024. The program focused on infill drilling at Briggs Central, successfully delineating higher-grade copper zones close to surface, a critical step towards enhancing the overall resource grade.
Notable assay highlights include intercepts such as 276 metres at 0.45% copper and 24ppm molybdenum from surface in hole 24BRD0026, including a high-grade 49 metres at 1.01% copper. Other holes like 24BRD0028 and 24BRD0033 also returned substantial intervals with elevated copper and molybdenum grades, reinforcing the project's potential.
Discovery at Southern Porphyry Target Expands Resource Potential
Beyond Briggs Central, Alma Metals has announced a new discovery at the Southern Porphyry Target, approximately 300 metres southeast of the main deposit. Two drill holes, 24BRD0035 and 24BRD0036, confirmed copper and molybdenum mineralisation consistent with porphyry-style stockwork veining. Hole 24BRD0035 intersected 270.5 metres at 0.22% copper, including an 83.8-metre zone at 0.28% copper, marking a promising addition to the mineral resource inventory.
The geological similarity between the Southern Porphyry and Briggs Central suggests potential for resource growth, though further drilling is required to fully evaluate this new zone.
Advancing Towards a Scoping Study and Mining Readiness
Alma Metals is progressing an updated Mineral Resource Estimate (MRE) incorporating the latest drilling results, with the aim to increase confidence levels to the Indicated category. This update will feed into a forthcoming Scoping Study scheduled for later this quarter.
Complementing the resource update, metallurgical test-work is underway to refine processing parameters. Preliminary studies have indicated high copper recoveries of 92-95% via conventional flotation methods. Additional test-work focusing on grind size and power consumption is expected to yield preliminary results soon.
Environmental assessments have so far flagged no significant constraints, and mining studies encompassing engineering design, scheduling, and waste management are set to commence, contingent on positive outcomes from resource and metallurgical evaluations.
Financial Position and Corporate Developments
Alma Metals concluded the quarter with approximately $4.1 million in cash and liquid investments, including $1.36 million in cash reserves and $3.13 million in ASX-listed investments. The company reported no substantive mining production activities during the period but expensed $1.14 million on exploration and evaluation, primarily funding the Briggs drilling program.
Under a joint venture earn-in agreement with Canterbury Resources Ltd, Alma has secured a 51% interest in Briggs and is advancing towards a potential 70% stake by committing to further expenditure. No drilling is planned for the next quarter as the company focuses on advancing the Scoping Study components.
Exploration in East Kimberley
Separately, Alma Metals has secured exploration licences in Western Australia's East Kimberley region, targeting sediment-hosted copper mineralisation analogous to the Central African Copperbelt. The company has formal agreements with Traditional Owners to conduct reconnaissance exploration, pending necessary permits.
Bottom Line?
Alma Metals’ robust drilling results and new discovery at Briggs set the stage for a pivotal resource update and mining study, with market watchers keenly awaiting the next developments.
Questions in the middle?
- How will the updated Mineral Resource Estimate impact Alma Metals’ valuation and project economics?
- What are the timelines and expected outcomes for the ongoing metallurgical test-work?
- How might the Southern Porphyry discovery influence future drilling and resource expansion strategies?