Alma to keep rigs spinning at full throttle to grow copper resource at Briggs porphyry

Alma Metals has wrapped up the first hole of a 3000m campaign to expand the large scale copper resource at its Briggs project in Central Queensland.

Assays from the drill program, aiming to help expand the resource beyond its current level of 143Mt at 0.29% Cu, are expected to begin rolling in from the new year.

It is testing the validity of exploration targets at Briggs in the Northern and Central Porphyry areas, where Alma (ASX:ALM) says it could have the potential to host 110-205Mt at 0.2-0.35% and 260-490Mt at 0.2-0.35% respectively.

When the Southern Porphyry exploration target is included the total conceptual exploration target is 455-850Mt at 0.2-0.35% Cu, indicating the size of the prize at Briggs.

The first hole in the program testing the southern end of the Northern Porphyry target, 22BRD0013, ended at a downhole depth of 449.5m in weakly mineralised volcanic sediments.

Alma says the hole intersected volcanic sediments and tuffs intruded by multiple porphyritic intrusions, containing quartz veins with variable copper and iron sulphide mineralisation throughout.

Importantly, while this style of visual mineralisation isn’t a proxy for a lab result, it is exactly what the company’s geos expected to see consistent with pre-drilling concepts and exploration targets.

Drilling is expected to continue at Briggs, where Alma is earning into a 70% stake with Canterbury Resources, into 2023 due to wet weather.

Hole 22BRD0014, testing the northern end at the Northern Porphyry target, will start straight away.

Up to six holes have been planned in the program, with four to potentially expand the inferred resource and evaluate the exploration target at Briggs Central.

This article was developed in collaboration with Alma Metals, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

The post Alma to keep rigs spinning at full throttle to grow copper resource at Briggs porphyry appeared first on Stockhead.

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