Alma Metals obtains promising new drilling results at Briggs copper project

• Briggs continues to demonstrate consistency as drilling advances
• Assay results received for four infill drill holes in SE part of Briggs MRE
• Thick zone of copper mineralisation averaging 0.2% Cu over 386.6m down-hole depth
• Multiple zones intersected between 0.25% and 0.31% Cu

Alma Metals (ASX: ALM) has received promising assay results to help update the current mineral resource estimate (MRE) for the large Briggs copper project in Queensland.

The latest results have been received from holes drilled in the southeastern part of the Briggs MRE. This is part of the 80-hole program is designed to infill the entire MRE to a nominal 80m drill spacing suitable to refine an Indicated resource designed to support the pre-feasibility study (PFS).

Highlight hole 26BRD0046 intersected a thick zone of copper mineralisation averaging 0.2% copper over 386.6m down-hole depth, including multiple zones between 0.25% and 0.31% copper.

“These four holes continue to build our confidence in the Briggs geological model. The grade distribution across the southeastern MRE is behaving exactly as predicted and the elevated molybdenum values in 26BRD0043 to 26BRD0045 are a further reminder that the by-product potential here adds meaningful value to the project economics,” MD, Dr Frazer Tabeart, said.

“Every hole we complete brings us closer to the resource update that will underpin the pre-feasibility study.”

The infill drilling program has completed 13 holes for around 4,500m to date.

Drilling is ongoing and will continue through to the end of the year.

Alma is also planning to drill four additional exploration holes to test surface copper anomalism west of the current MRE. The first of these holes is nearing completion and is currently at a depth of 370m.

Meanwhile, metallurgical test work to optimise copper and molybdenum recovery in ongoing, with the first phase expected to be reported later this quarter.

Previous metallurgical test work confirmed potential for very high recovery of copper (95%) into very high- grade concentrates (23%-29% Cu) at very coarse primary grind sizes of 212μm. The concentrates also contain molybdenum and silver at potentially economic levels.

Briggs is a very large, low-grade porphyry deposit offering potential for low to very low strip ratio open pit mining. The MRE contains two million tonnes of copper metal in Indicated and Inferred resources with significant potential to expand tonnage and grade via ongoing drilling activities.

ALM is steady at 0.8¢ with a Mkt cap of $21.07M.

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