Alma Metals Delivers Strong Deep Drilling Results at Briggs Copper Project
Alma Metals Limited (ASX: ALM) has delivered impressive assay results from its deepest drill hole to date at the Briggs Copper Project, with 222.2m @ 0.26% Cu, 48ppm Mo and 0.72g/t Ag from 9.0m depth. The results from hole 25BRD0037 reinforce the substantial scale and economic potential of this Queensland copper asset, with mineralisation remaining open and stronger visual indicators continuing below the current assayed depth.
The drilling programme has been strategically extended with a new hole (25BRD0038) designed to test the peak surface copper anomaly along strike from the strongest visible mineralisation zones. With the Queensland Government contributing $250,000 through its Collaborative Exploration Initiative, this expanded drilling campaign directly supports the recently announced Prefeasibility Study and positions Alma for a significant resource update.
Exceptional Deep Drilling Intercepts Confirm Resource Quality
The Alma Metals Ltd copper project results from the upper 231.2m of hole 25BRD0037 demonstrate the consistency and scale of copper mineralisation at Briggs. The assay results reveal a continuous mineralised zone spanning over 200 metres with grades that support the economic viability of the deposit.
Furthermore, these results provide crucial validation of the geological model developed for the project, with observed lithologies and mineralisation intensity closely matching expectations.
Key Drilling Results
| Depth Interval | Width | Copper Grade | Molybdenum | Silver | Cut-off |
|---|---|---|---|---|---|
| 9.0m – 231.2m | 222.2m | 0.26% Cu | 48ppm Mo | 0.72g/t Ag | 0.1% Cu |
| 52.0m – 229.1m | 177.1m | 0.28% Cu | 49ppm Mo | 0.74g/t Ag | 0.2% Cu |
| 62.0m – 116.0m | 54.0m | 0.31% Cu | 54ppm Mo | 0.83g/t Ag | 0.3% Cu |
The drilling has intersected the strongest copper mineralisation and alteration approximately 100m either side of the contact between the porphyritic granodiorite and volcanic sediments at 472m depth. Critically, core logging indicates mineralisation continues below the 231.2m assayed depth, with assays for the remainder of the 809.9m hole expected within 6 weeks.
Strategic Hole Placement
Hole 25BRD0037 was deliberately positioned to drill across the entire Briggs Mineral Resource Estimate, providing crucial data for resource definition and grade continuity. The hole successfully intersected multiple geological domains, with observed lithologies and mineralisation intensity closely matching the existing block model developed for the April 2025 resource estimate.
"These assays from the top 231m of our deepest hole at Briggs reinforce the scale and economic significance of the contact zones between the porphyritic granodiorite and the volcanic-sediments," said Managing Director Frazer Tabeart.
Understanding Porphyry Copper Systems: Why Contact Zones Matter
For investors new to copper exploration, porphyry deposits represent some of the world's largest and most economically significant copper resources. These systems form when copper-rich molten rock pushes upward through the Earth's crust, creating extensive mineralised zones through hot fluid processes.
Contact zones between different rock types are particularly valuable in porphyry systems because they often concentrate higher-grade mineralisation. At Briggs, the contact between the porphyritic granodiorite intrusion (a type of igneous rock rich in large crystals) and the surrounding volcanic sediments has proven to host the strongest copper grades and most intense alteration.
The 100-metre zone either side of this contact represents a substantial mineralised envelope, suggesting the system has significant scale and grade consistency. These characteristics are key factors for economic viability in open-pit copper mining operations.
In addition, the presence of molybdenum and silver as by-products enhances the overall economics of the deposit. These secondary metals provide additional revenue streams that can significantly improve project economics.
Formation Process
Porphyry copper deposits typically form when copper-bearing magma cools slowly beneath the Earth's surface, allowing large crystals to develop. As the magma cools, copper-rich fluids separate and move through fractures in surrounding rocks, depositing copper minerals along their path.
The boundaries between different rock types often provide ideal pathways for these fluids, creating zones of concentrated mineralisation. This geological understanding helps explain why the Alma Metals Ltd copper project results consistently show higher grades at contact zones.
Expanded Drilling Programme Targets High-Priority Zones
Alma has commenced drilling hole 25BRD0038 on an 80m step-out to the northwest of 25BRD0037. This strategic positioning targets the peak surface copper geochemical anomaly and strike extension of strongest visible mineralisation from 25BRD0037, providing infill drilling to support resource confidence upgrades.
The expanded drilling programme throughout 2026 will provide critical data for the recently announced Prefeasibility Study, an updated Mineral Resource Estimate, and enhanced geological understanding of the deposit.
However, the drilling strategy extends beyond simple resource definition. The systematic approach aims to understand the continuity of mineralisation and establish optimal pit designs for future development scenarios.
Government Support Strengthens Economics
The $250,000 Queensland Government grant through the Collaborative Exploration Initiative demonstrates strong government support for the project. This funding reduces exploration costs and validates the strategic importance of copper development in Queensland's mining sector.
The Alma Metals Ltd copper project results benefit from this government backing, which recognises the potential economic contribution of the Briggs project to the state's mining industry. Furthermore, this support reflects Queensland's commitment to maintaining its position as a leading copper-producing jurisdiction.
Investment Thesis: Scale Meets Infrastructure Advantage
Alma Metals' Briggs Copper Project offers compelling investment fundamentals that set it apart in the copper exploration landscape. The combination of resource scale, geological confidence, and exceptional infrastructure positioning creates multiple value drivers for shareholders.
Resource Scale and Quality
The current resource base contains 2 million tonnes of contained copper across Indicated and Inferred categories. The Alma Metals Ltd copper project results consistently demonstrate:
- Consistent grade distribution across large-scale mineralised system
- Open-pit potential with very low strip ratios
- High-grade concentrate production potential (up to 29% Cu)
- By-product credits from molybdenum and silver mineralisation
Infrastructure and Location Advantages
| Infrastructure Element | Distance/Details |
|---|---|
| Deep-water port | 60km to Gladstone Port |
| Power supply | Multiple high-voltage lines nearby |
| Transport | Heavy haulage railway access |
| Gas supply | Multiple pipeline access |
| Road access | Dawson Highway proximity |
Financial Position
Alma maintains a strong technical and financial foundation with 51% current ownership of Briggs Project (earning to 70%), $7 million remaining to complete earn-in, a strong technical team with Managing Director as Competent Person, and government co-funding reducing exploration risk.
For instance, the structured earn-in arrangement provides a clear pathway to majority ownership whilst minimising upfront capital requirements. This approach allows the company to advance the project systematically whilst preserving balance sheet strength.
Market Context: Copper Demand Fundamentals
The global copper market faces significant supply constraints whilst demand continues growing due to electrification trends and renewable energy infrastructure development. Copper's essential role in electric vehicle manufacturing, solar installations, and grid infrastructure creates sustained long-term demand growth.
Queensland's mining-friendly jurisdiction provides additional advantages through established regulatory frameworks, skilled workforce availability, and proven mining infrastructure. The state's commitment to supporting mineral exploration through grants and initiatives demonstrates recognition of copper's strategic importance.
Moreover, the current copper market dynamics suggest strong pricing support for new production sources. Supply chain disruptions and mine depletion globally create opportunities for well-positioned development projects like Briggs.
Why Should Investors Monitor Alma Metals?
The combination of substantial resource scale, excellent infrastructure, and systematic technical advancement positions Alma Metals as a compelling copper development story. The company's methodical approach to resource definition, supported by government funding and a clear path to feasibility studies, reduces typical exploration risk whilst maintaining significant upside potential.
The Alma Metals Ltd copper project results provide multiple near-term catalysts for value creation, with the systematic drilling programme building confidence in the deposit's scale and economics. The upcoming assay results from deeper sections of hole 25BRD0037, combined with results from the expanded drilling programme, offer continued newsflow and potential resource growth.
What Are the Upcoming Catalysts?
Investors should monitor several key developments over the coming months:
- Assay results from remainder of hole 25BRD0037 (within 6 weeks)
- Results from hole 25BRD0038 and continued drilling programme
- Prefeasibility Study progression throughout 2025-2026
- Updated Mineral Resource Estimate incorporating new drilling data
In addition, the company's systematic approach to advancing the project through defined milestones provides clear visibility on value creation opportunities. Each of these catalysts has the potential to materially impact the company's valuation and market perception.
The Alma Metals Ltd copper project results demonstrate the scale and consistency of the Briggs deposit through systematic deep drilling, with strong infrastructure advantages and government support positioning the company for significant value creation as it advances toward production studies. With multiple catalysts ahead and exposure to strong copper fundamentals, ALM warrants close investor attention.
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