Alma Metals Limited (ASX: ALM) has announced encouraging initial assay results from its 2026 prefeasibility study (PFS) infill drilling program at the Briggs Copper Project. Alma Metals Limited is focused primarily on the development of the Briggs Copper Project in Queensland, Australia. Briggs is a very large, low-grade porphyry deposit offering potential for low to very low strip ratio open pit mining. The first three holes drilled have returned assays that are consistent with expectations based on the current resource block model, confirming a low variance between predicted and actual grade distribution.
The assays from holes 26BRD0039, 26BRD0040, and 26BRD0041 demonstrated consistent copper mineralisation across significant lengths. Hole 26BRD0039 intercepted 322.3 metres at 0.17% copper from 6.5 metres, including higher-grade zones like 18.0 metres at 0.25% copper. Similarly, 26BRD0040 returned 388.4 metres at 0.15% copper from 4.2 metres, with 21.4 metres at 0.22% copper. Hole 26BRD0041 showed 400.5 metres at 0.13% copper from 3.5 metres, encompassing 139.1 metres at 0.17% copper. These results validate the existing Mineral Resource Estimate (MRE) block model and the efficacy of surface geochemical sampling.
The overall infill drilling program is progressing as planned, with approximately 2,300 metres drilled across seven completed holes to date. Alma Metals has scheduled a further 34 infill drill holes, totalling 10,000 metres, for the remainder of 2026, with an additional 35 holes (approximately 17,500 metres) planned for 2027. Four exploration holes are also slated for 2026 to investigate surface copper anomalism west of the current MRE. Alma Metals Managing Director, Dr Frazer Tabeart, stated that these initial assays are “entirely in-line with our expectations,” providing “great confidence that the infill program will ultimately deliver the appropriate update to the MRE and metallurgical test work programs to support our preliminary feasibility study.”
The ongoing drilling campaign is designed to convert inferred resources to indicated classification and provide critical samples for metallurgical test work, which are essential components for the Briggs PFS. The company remains focused on advancing the project through these key development stages, aiming for an interim MRE update to revise the Scoping Study and publish key production and financial metrics.
