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Highlights
- Alma Metals secures 51% ownership of Briggs Copper Project.
- Infill drilling reveals promising copper grades from surface levels.
- Alma aims to increase its stake in the project to 70%.
Alma Metals (ASX:ALM) has officially acquired a 51% interest in the Briggs Copper Project (BCP) joint venture located in Queensland. This milestone marks a significant advancement in the company's strategy to develop a major copper resource in a well-established and secure region. The acquisition follows Alma’s successful completion of Stage 2 requirements under an existing earn-in agreement. Alma Metals is partnered with Canterbury Resources (ASX:CBY) in this joint venture and has indicated its intent to move forward with Stage 3, which would allow Alma to raise its stake to 70%.
This acquisition is seen as a key move for Alma Metals, with the Briggs Copper Project being strategically located in an area with existing infrastructure. According to Alma Metals' Managing Director, Frazer Tabeart, the company is enthusiastic about the potential that the Briggs Project offers, particularly in its ability to be developed into a major copper production asset. Tabeart emphasized the project’s advantage in its location, infrastructure, and growing resource potential, all of which align with Alma's long-term vision.
The Briggs Copper Project currently has a substantial resource estimate, with 415 million tonnes of ore at an average copper grade of 0.25%. This estimate is classified as inferred, indicating room for further exploration and potential upgrades. The site also features known outcroppings that have encouraged optimism about the project's capacity for future resource growth. Geologists on-site are hopeful that ongoing drilling activities will result in upgraded estimates, enhancing the overall value of the project.
Recent drilling efforts have provided strong support for Alma's plans to expand its stake in the project. Notably, one drill hole encountered a substantial 276-meter section of copper mineralization, grading at 0.45% copper from the surface. This impressive result is accompanied by other promising outcomes, including 160 meters of copper at 0.40% from a depth of just over 8 meters, and 96 meters grading 0.57% copper from shallow depths of less than 25 meters. These results further solidify the project's potential for future development.
Alma Metals has expressed confidence that the continued exploration and development of the Briggs Copper Project will help grow both tonnage and grade, enhancing the project's overall viability. The company’s focus remains on progressing the project while continuing to monitor and improve its copper resource estimates.
As of its most recent trading update, Alma Metals shares were valued at 0.7 cents per share, reflecting market interest in the company’s progress. With plans to increase its stake in the Briggs Project and the positive drilling outcomes, Alma Metals remains focused on its long-term growth and development strategy in the copper sector.
