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Alma Metals (ASX:ALM) has announced its formal acquisition of a 51% stake in the QLD Briggs Copper Project (BCP) JV.
That move comes on the back of satisfying Stage 2 requirements under an existing earn-in; the company flagged on Monday it intends to move ahead to Stage 3 which would see it pick up 70%.
Alma has entered into the JV alongside Canterbury Resources (ASX:CBY).
“This milestone reflects our firm belief in the unique opportunity Briggs presents to develop a major copper project with the advantage of existing infrastructure in a secure jurisdiction,” Alma MD Frazer Tabeart said.
“Our ongoing drilling success continues to support our thesis of growing both tonnage and grade, further strengthening the project’s potential.”
The Briggs project has a resource of 415Mt of ore at 0.25% copper – that estimate at the inferred level of confidence – with known outcropping on-site giving geotechs hope for estimate upgrades.
Infill drilling hit one mammoth section of 276m at 0.45% copper from surface; other results included 160m @ 0.40% copper from 8.1m depth and 96m @ 0.57% copper from depths less than 25m.
ALM last traded at 0.7cps.
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