What's Happening?
Alma Metals is advancing its Briggs Copper Project in Queensland, focusing on unlocking deeper mineral potential. The company received a $250,000 grant from the Queensland Government to drill to a depth of 900 meters, aiming to explore a deeper, higher-grade mineralized system. Managing Director Frazer Tabeart indicates that success could reshape the understanding of the Briggs system, potentially enhancing the project's scale and grade. The drilling targets a geophysical anomaly identified in 2015, which may represent a previously undrilled phase of the Briggs felsic intrusive complex.
Why It's Important?
The Briggs Copper Project is strategically positioned to become a significant source of copper, a critical mineral in global supply chains. The project's proximity to infrastructure like the Port of Gladstone and its potential for high copper recoveries make it economically attractive. The inclusion of molybdenum and silver byproducts could further enhance project economics. As global demand for copper and other critical minerals grows, Alma Metals' efforts to expand and upgrade its resource base align with market needs, potentially offering substantial returns to investors.
What's Next?
Alma Metals is nearing the completion of a Scoping Study, expected to be released in the coming quarter. The study will assess the potential development of a large-scale, long-life open cut mine. The company plans to incorporate new drilling data to refine geological and metallurgical models, aiming to upgrade more inferred material to the indicated category. Alma Metals is also planning follow-up drilling campaigns and seeking additional funds to support these initiatives. The results of the Scoping Study and deep drill hole assays will be critical in determining the project's future development path.
