Alma Metals' strategic exploration update

Alma Metals (ASX: ALM) has released an update on its drilling activities at the Briggs Copper Project in Central Queensland. The company has discovered significant near-surface higher-grade copper and molybdenum zones. This discovery supports the potential for higher-grade starter pits, enhancing mining feasibility. Alma Metals has reached a 51% joint venture interest in the project, with plans to increase it to 70%. A recent tax rebate has also bolstered its financial position.

Strategic progress and future outlook

Alma Metals has made substantial progress at the Briggs Copper Project, identifying key copper and molybdenum intersections. The company is targeting higher-grade starter pits, which could improve mining operations' feasibility. With a 51% joint venture stake with Canterbury Resources Ltd, Alma Metals aims to increase its share to 70% by 2031. Financially strengthened by a $630,000 tax rebate, the company is positioned to further its exploration and evaluation activities. Future plans include receiving additional assay results by early 2025 and conducting metallurgical tests to assess copper and molybdenum recoveries. The proximity to infrastructure further supports the project's economic viability.

Executive insights on drilling progress

The recent drilling results from the Briggs Copper Project have reinforced our belief in the potential for higher-grade copper zones near the surface. These results are a significant step forward in our exploration efforts and will inform our upcoming Scoping Study. We are committed to advancing this project towards feasibility and are excited about the opportunities it presents for Alma Metals.