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New results march Alma Metals towards Qld resource upgrade

Updated: Mar 21

Drilling is paying dividends for Alma Metals at its Briggs copper project in Central Queensland. Credit: File

Alma Metals has unveiled wide zones of copper-molybdenum sulphides mineralisation after its latest round of drilling targeted areas outside the current resource at its Briggs copper project in Central Queensland.

Management says a significant resource upgrade is now on the cards after the latest results extended its known mineralisation area by 190m to the north-west and 100m to the north-east.

One hole to the north-west of the current mineralisation produced a 348m intersection going 0.19 per cent copper and 96 parts per million molybdenum from 8m, including a 40m section grading 0.33 per cent copper and 131ppm molybdenum from 22m.

Another hole to the north-east coughed up 117.7m running 0.24 per cent and 7ppm molybdenum from 6.3m, containing a 31.7m hit at 0.33 per cent copper and 9ppm molybdenum from 8.3m.

Management says drill intersections containing more than 0.2 per cent copper have now been recorded through more than a 1650m strike-length within the approximately 2000m-long copper surface geochemical anomaly going more than 0.1 per cent copper. The current inferred resource estimate is calculated across a mere 450m strike-length.

In 2021, Alma staged an earn-in joint venture with Canterbury Resources for the copper project. Its exploration spend is on track to reach 51 per cent ownership by the first half of next year and a further $9 million outlay will see it move up to 70 per cent.

Back in April, drilling outside of Alma’s resource at Briggs intersected thick zones of porphyry-style copper-molybdenum mineralisation, with assays expected shortly and exploration targets now defined for three anomalies.

Then last month, the explorer received commitments to raise $2 million via a placement at $0.01 per share to fund further resource extension and infill drilling.

Alma now plans on tabling a significant resource upgrade once final assays have been received from its drilling campaign. The explorer is currently plotting its return to the drill rig early next quarter for a program aimed at further extensions to the deposit, in addition to exploring the higher-grade zones in more detail.

Earlier this week, New York-based global investment manager BlackRock said growing demand for metals such as copper, which are critical to the green-energy transition, are poised to enhance the earnings growth of companies throughout the supply chain – especially if the adoption of lower-carbon technologies exceed expectations. The fund manager argued companies that produce the materials - and their suppliers - and have a quality plan to decarbonise should re-rate as their margins get a boost and sustainability risks decrease.

With excitement building around copper, there will be a few punters peeking over the fence to see what Alma can produce in its looming resource upgrade.

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