What's Happening?
Alma Metals is progressing its drilling efforts at the Briggs Copper Project in Queensland, Australia, with the aim of unlocking deeper mineral resources. The company has received a $250,000 grant from the Queensland Government to drill to a depth of 900 meters, targeting a geophysical anomaly identified in 2015. This drilling is expected to provide data for resource modeling and potential expansion, as well as contribute to metallurgical studies. The project currently contains 2 million tonnes of copper and is undergoing a Scoping Study to assess the feasibility of a large-scale open cut mine.
Why It's Important?
The Briggs Copper Project is significant due to its potential to enhance Alma Metals' economic prospects through the extraction of copper, molybdenum, and silver. The inclusion of these byproducts could improve project economics by generating additional revenue. The project's proximity to infrastructure like the Port of Gladstone and its lack of environmental flaws further support its viability. The successful development of this project could position Alma Metals as a key player in the copper market, which is crucial for various industries, including electronics and renewable energy.
What's Next?
Alma Metals plans to release the results of the Scoping Study and assays from the deep drill hole funded by the CEI grant. The company is also preparing for further drilling campaigns to increase resource confidence and explore adjacent zones. These efforts aim to refine geological and metallurgical models, supporting future economic studies and development planning. Alma Metals is seeking additional funding to achieve these milestones and continue its exploration activities.
