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Highlights
Alma Metals initiates key components of the Briggs Copper Project Scoping Study
CEI grant supports deep drilling at unexplored zone of Briggs resource
Drilling to begin after Entitlement Offer closure and before the July timeline
Alma Metals (ASX:ALM), part of the ASX 200, is actively progressing its exploration efforts at the Briggs Copper Project located in Queensland. This development aligns with Alma's strategic joint venture with Canterbury Resources (ASX:CBY) to enhance copper resource definition within a favourable jurisdiction.
Scoping Study Nearing Completion
The final components of the Scoping Study are currently underway with the appointment of independent consultants to oversee mining, mineral processing, and tailings management studies. Scheduled for delivery in the September quarter, the study is focused on advancing development strategies for one of Australia’s large undeveloped copper projects.
Diamond Drilling Funded Through Government Support
Alma is preparing for a diamond drilling program designed to test for elevated copper grades in the south-west zone of the existing resource area. This initiative is being carried out using financial backing from the Queensland Government’s Collaborative Exploration Initiative (CEI). The grant enables the company to pursue a previously mapped geophysical feature that could indicate an unexplored segment within the mineral system.
Drilling plans include a vertical descent through mineralised formations to a depth not previously tested. The objective is to evaluate a conductive anomaly defined by historical geophysical analysis and versatile time domain electromagnetic (VTEM) survey data.
VTEM Survey Identifies Conductive Anomaly
The VTEM survey, initially conducted in the earlier phase of exploration, recorded data across consistent flight lines using low-altitude sensors. It identified a circular conductive response, interpreted from datasets such as the B-Field Response at various time channels. This anomaly was confirmed to reside across multiple depth slices, indicating a conductive zone several hundred metres below the surface.
Depth analysis pinpointed a specific conductivity zone between shallow and mid-depth ranges, corresponding spatially with areas previously interpreted to host higher-grade mineral blocks. The correlation suggests geological significance warranting further investigation through drilling.
Operational Timeline and Resource Strategy
A drill rig will be mobilised post the completion of the company’s Entitlement Offer, which closes on Friday, ahead of a planned July commencement of the physical drilling work. Alma's operational schedule is structured to coincide with its broader strategy of expanding the current resource estimate based on outcomes from both this drillhole and additional follow-up activities.
Subject to funding and drilling results, the joint venture between Alma Metals and Canterbury Resources aims to continue infill drilling to refine and support resource estimations.
Conference Participation and Industry Engagement
In parallel with its field activities, Alma Metals is scheduled to participate in the upcoming Noosa Mining Investor Conference, taking place at Peppers Noosa Resort between 23-25 July. This conference will serve as a platform for Alma to share updates on its exploration milestones and engage with stakeholders.
The Briggs Copper Project, situated in a tier one mining jurisdiction, already hosts a significant volume of contained copper and is a focus for expansion through ongoing technical and exploratory work. The current momentum reflects the company's strategic use of government-backed funding to enhance resource understanding and operational planning.
