Alma Metals Advances Deep Drilling at Briggs with Promising Geological Alignment

Drilling Progress and Geological Insights

Alma Metals Limited (ASX – ALM) has provided a detailed update on its ongoing deep diamond drilling program at the Briggs Copper Project in Central Queensland. The current drill hole has reached a depth of 414 metres, steadily advancing toward the planned 900-metre final depth. This hole targets a compelling geophysical anomaly identified by a 2015 VTEM survey, situated immediately adjacent to the existing mineral resource.

Geological logging of the core to date reveals porphyry copper style mineralisation throughout the drilled section, closely matching the block model predictions from the April 2025 mineral resource estimate. This alignment reinforces confidence in the geological framework and suggests the drilling is intersecting the mineralised system as expected.

Anticipated Higher-Grade Zones and Assay Timeline

The drill hole is approaching a key geological contact between the granodiorite intrusion and surrounding volcanic-sediments, a zone historically associated with higher copper grades. Alma Metals anticipates encountering this higher-grade zone within the next 100 to 200 metres of drilling, which could materially enhance the project's resource quality.

Completion of the hole is expected within four to six weeks, with assay results to follow over the subsequent four to six weeks. These laboratory analyses will provide definitive data on copper grades and mineralisation widths, critical for updating the mineral resource estimate and guiding future exploration.

Funding Support and Project Economics

The drilling program benefits from partial funding through a $250,000 grant from the Queensland Government’s Collaborative Exploration Initiative, underscoring public sector support for advancing this significant copper project. Concurrently, Alma Metals is finalising the Briggs Scoping Study, with financial modelling underway. The study aims to demonstrate robust open-pit economics, leveraging the project's scale, location, and infrastructure advantages.

Briggs is strategically located just 60 kilometres from the deep-water port of Gladstone and near major power, rail, and gas infrastructure, factors that enhance its development potential and operational efficiencies. The final scoping study report is anticipated in late October, which will provide a clearer picture of the project's economic viability and development pathway.

Looking Ahead

Alma Metals’ Managing Director, Frazer Tabeart, highlighted the encouraging correlation between observed geology and the block model, reinforcing the company’s confidence in its exploration strategy. The upcoming assay results and scoping study outcomes will be pivotal in shaping the next phase of development and resource expansion at Briggs.