Alma Metals secures 51% stake in Briggs Copper Project

Alma Metals (ASX:ALM) has secured a 51% joint venture interest in the Briggs Copper Project located in central Queensland.

The company completed the Stage-2 earn-in requirements nearly two years ahead of schedule, with ongoing infill drilling indicating promising results for higher copper grades from the site.

The Briggs Copper Project currently holds an inferred resource of 415 million tonnes at 0.25% copper and 31ppm molybdenum.

Alma Metals plans to further increase its stake in the project to 70% by committing an additional $10 million in project expenditure by June 30, 2031.

"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," said Alma Metals Managing Director Frazer Tabeart.

The latest drilling results from the site have identified wide intervals of higher copper grades from surface.

The results include 276m at 0.45% copper from surface in one drill hole and 159.3m at 0.40% copper starting from 8.1m depth in another.

Alma Metals' ongoing infill program is focused on identifying near-surface, higher-grade mineralisation to support a resource update and a potential scoping study later this year.

Further assay results are expected as the drilling program, which has been increased from 2,000m to 2,650m, continues.