- Alma Metals (ALM) intersects copper mineralisation and confirms “significant” resource growth potential at the Briggs porphyry copper deposit in Queensland
- Reverse circulation (RC) drilling results have confirmed mineralisation up to 750 metres along strike from the published mineral resource estimate at Briggs
- This drilling program forms a significant component of the exploration commitment made by Alma under an Option and Earn-In Joint Venture Agreement signed with Canterbury Resources
- Alma and Canterbury are currently planning a major drilling campaign to commence in the second quarter of 2022 to further evaluate the copper deposit
- Shares have been up 11.1 per cent trading at 4 cents
Alma Metals (ALM) has intersected copper mineralisation and confirms “significant” resource growth potential at the Briggs porphyry copper deposit in Queensland.
Reverse circulation (RC) drilling results have confirmed mineralisation up to 750 metres along strike from the published mineral resource estimate at Briggs.
Porphyry copper-molybdenum mineralisation has now been logged in most holes drilled over a 1500-metre strike-length below a surface geochemical anomaly which is over 2000 metres long and more than 750 metres wide, at greater than 1000 parts per million (ppm) copper.
The company says several holes were terminated in strong copper mineralisation with the holes being abandoned due to high water flows and difficult drilling conditions.
This drilling program forms a significant component of the exploration commitment made by Alma under an Option and Earn-In Joint Venture Agreement signed with Canterbury Resources.
Alma and Canterbury are currently planning a major drilling campaign to commence in the second quarter of 2022 to further evaluate the copper deposit.
A soil sampling program to expand the geochemical surface evaluation around the Briggs
porphyry deposit will be completed in the coming weeks.
Metallurgical test work on core samples previously collected by Canterbury at Briggs is underway to assess flotation characteristics of the sulphide mineralisation and to
characterise the composition of the resulting concentrates.
Alma currently has cash reserves of approximately $2.1 million plus liquid investments valued at approximately $5.2 million and carries no debt.
Shares were trading 11.1 per cent higher at 4 cents at 12:29 pm AEDT.