Alma Metals (ASX:ALM) has announced an updated resource estimate for its Briggs Copper Project in Queensland, now totaling 439 million tonnes. The resource grades at 0.25% copper, 36 parts per million molybdenum, and 0.7 grams per tonne silver. Within this, the indicated category accounts for 110 million tonnes at 0.27% copper, 39ppm molybdenum, and 0.7g/t silver, while the inferred category holds 329 million tonnes at 0.24% copper, 34ppm molybdenum, and 0.6g/t silver.
The updated resource estimate is a key input for the upcoming Scoping Study, which will assess the technical and financial feasibility of mining operations at the Briggs Copper Project. The deposit’s location, starting from the surface, coupled with the substantial tonnage in the indicated resource category, presents an opportunity for a higher-grade starter pit location. Alma plans further drilling later this year to upgrade inferred resources to indicated status and explore high-priority copper targets beyond the current resource footprint.
Managing Director Frazer Tabeart emphasized the deposit’s scale and robustness, noting the significant volume of indicated resource near the surface and its higher grade relative to deeper mineralization. He added that the block model shows coherent zones within the indicated resource with even higher grades. This could significantly enhance project economics in the initial stages of potential mining. The Briggs project’s scale, quality, and secure location are especially timely given rising copper prices, geopolitical uncertainty, and the potential closure of the Mt Isa copper smelter. Alma currently owns a 51% stake in the joint venture and can increase its ownership to 70% by June 30, 2031.
