Australian Securities Exchange (ASX)-listed Alma Metals has acquired a 51% joint venture (JV) stake in the Briggs Copper Project in Queensland, having met the earn-in conditions.
The company has the option to further increase its stake to 70% by investing a further A$10m by 30 June 2031.
Upon reaching a 70% interest, Alma Metals and its JV partner will be required to proportionally share future project expenses or face dilution according to standard industry terms.
In June, Alma initiated a core drilling programme at the Briggs Central inferred resource, focusing on infill drilling and testing within a large geochemical anomaly.
The drilling programme aims to tighten drill spacing to 80m across a substantial area of the Briggs Central resource.
This will facilitate an updated mineral resource estimate, potentially including indicated resources, which could support a scoping study later this year.
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The programme’s objective also includes probing for higher-grade copper within the top 200m of the deposit.
Recent drilling results have been promising, with assays showing 276m at 0.45% copper from the surface in hole 24BRD0026 and 159.3m at 0.40% copper from 8.1m in hole 24BRD0028.
Due to these positive outcomes, the drilling programme has been expanded from 2,000m to 2,650m.
Alma Metals managing director Frazer Tabeart said: “We are pleased to have completed Stage-2 of the Earn-In at Briggs almost two years ahead of schedule. This milestone reflects our firm belief in the unique opportunity Briggs presents to develop a major copper project with the advantage of existing infrastructure in a secure jurisdiction.
“Our ongoing drilling success continues to support our thesis of growing both tonnage and grade, further strengthening the project’s potential.
“As we continue to consolidate our ownership of Briggs, it is important to note this progress has been made possible with the support of many stakeholders, particularly our shareholders, our JV partner and the local landowners.”
