Alma Metals has reported its most extensive and highest-grade copper intersections to date from the Briggs Copper JV Project, prompting a swift move to prefeasibility studies. The company also strengthened its balance sheet with a $2.1 million capital raise.
- Longest mineralised copper intersection of 620m at 0.25% Cu recorded at Briggs
- High-grade zone of 30m at 0.90% Cu confirms robust mineralisation
- Scoping Study completion leads to immediate commencement of prefeasibility study
- Share Purchase Plan raised $2.1 million, cash and investments total $8.8 million
- Infill drilling planned to upgrade resource classification and expand mineral resource
Record Drilling Results at Briggs
Alma Metals Limited has delivered a significant update from its Briggs Copper Joint Venture Project in Queensland, revealing the longest mineralised copper intersection recorded to date. Hole 25BRD0037 returned an impressive 620 metres at 0.25% copper starting near surface, while hole 25BRD0038 delivered a high-grade 30-metre section at 0.90% copper from just 35 metres depth. These results underscore the project's potential to support a substantial copper operation.
Advancing to Prefeasibility Study
Following the completion of a robust Scoping Study, the joint venture partners have committed to progressing immediately to prefeasibility studies (PFS). The PFS will focus on upgrading the Mineral Resource Estimate (MRE) by converting a higher proportion of Inferred Resources to Indicated Resources through targeted infill drilling. This is a critical step before production targets and economic assessments can be confidently published.
Project Scale and Aspirations
The PFS aims to evaluate an aspirational mining rate of 30 million tonnes per annum, a scale that, if achieved, would position Briggs as a major copper producer. However, the company cautions that this is an aspirational target and not yet a production forecast. The study will also explore metallurgical optimisations, including the addition of a molybdenum circuit and coarse particle flotation technology, to enhance recoveries and project economics.
Environmental and Infrastructure Considerations
Environmental baseline studies and tailings management assessments have identified no fatal flaws, although further investigations are underway to address water resources, terrestrial ecology, and community engagement. The project's proximity to Gladstone's port and existing infrastructure corridors offers logistical advantages that support future development.
Financial Position and Next Steps
Alma Metals bolstered its financial position with a $2.1 million capital raise via a Share Purchase Plan, bringing cash and liquid investments to approximately $8.8 million. The company plans to commence infill drilling in the coming quarter to upgrade the resource classification and expand the mineral resource base, underpinning the PFS work scheduled through 2026 and 2027.
Bottom Line?
With record drill results and a clear path to prefeasibility, Alma Metals is poised to define Briggs’ true potential, but key resource upgrades and economic studies remain ahead.
Questions in the middle?
- Will the infill drilling successfully upgrade a significant portion of Inferred Resources to Indicated status?
- How will metallurgical optimisations impact the overall recoveries and project economics?
- What environmental or community challenges might emerge as studies progress towards development?