Alma Metals Limited provided an update on drilling progress at the Briggs Copper Project in Queensland. Exploration and assessment of the Project is being funded by Alma under an Earn-In Joint Venture agreement where Alma can earn up to a 70% joint venture interest from owner Canterbury Resources Limited via a staged earn-in. Up to six deep diamond drill holes, for ~3,000m, are planned in the current diamond drilling program; four to potentially expand the Inferred Resource and evaluate the Exploration Target at Briggs Central, and two to evaluate the Exploration Target at the Northern Porphyry.

The program is expected to continue into the New Year following weather related delays. The first hole in the program, 22BRD0013, was terminated at 449.5m downhole depth and tested the southern portion of Northern Porphyry target. Drilling of 22BRD0014, testing the northern end of the Northern porphyry target, will commence immediately.

22BRD0013 has intersected volcanic sediments and tuffs intruded by fine grained granodiorites forming dykes and stocks. All rocks contain mm- to cm-scale porphyry-style quartz veins and are variably mineralised throughout with copper and iron sulphides. Coarse chalcopyrite is observed in quartz veins associated with a narrow porphyritic granodiorite dyke within a 40m zone from 10m (true width ~20m).

These veins also contain magnetite, and locally, anhydrite, confirming the oxidised nature of the mineralising fluids. An upper granodiorite stock extends from 231m to 321m (true width ~45m) and is quartz veined and mineralised throughout with more abundant chalcopyrite observed at the upper contact. A lower granodiorite stock extends from 388m to 438m depth (true width ~25m).

Porphyry-style quartz veins occur throughout with variable sulphide mineralisation. Coarse chalcopyrite as veins and disseminations is associated with a narrow porphyritic granodiorite dyke at 434m. In relation to the disclosure of visual mineralisation, the Company cautions that visual estimates of sulphide presence and abundance should never be considered a proxy or substitute for laboratory analysis.

Laboratory assay results are required to determine the widths and grade of the visible mineralisation reported in preliminary geological logging. The Company will update the market when laboratory analytical results become available.