Alma Metals Limited ('the Company' or 'Alma') announced assays from detailed 100m x 50m spaced soil sampling at the Briggs, Mannersley and Fig Tree Hill copper project in Queensland ("Project"). This is the first modern program to collect high resolution, low detection level gold and multi-element geochemistry across the entire Briggs porphyry system and represents a significant advance on patchy historical soil sampling undertaken by multiple parties in previous decades. The new assays define extensive copper and molybdenum anomalism surrounding the known Briggs Central Mineral Resource (currently 143Mt @ 0.29% Cu in Inferred Resources at a 0.2% Cu
cut-off grade) and the Northern and Southern porphyry targets that outcrop along strike. The soil sampling results highlight several targets for drilling to expand the mineral resource estimate. This soil sampling program forms a significant component of the exploration commitment made by Alma under an Option and Earn-In Joint Venture Agreement signed with Canterbury Resources Limited ("Canterbury") in August 2021, through which Alma can ultimately reach 70% ownership of the project.
A total of 643 soil samples on a nominal 100m x 50m grid have been collected over the Briggs porphyry copper system in Queensland. This represents approximately 70% of the planned survey and covers the majority of the known mineralisation. Assay results from the soil sampling have confirmed extensive copper and molybdenum anomalism which extends for up to 750m along strike from the Briggs Mineral Resource Estimate. Key observations from the assay data are as follows: Copper anomalism peaks at 4,710ppm Cu (0.47% Cu) and defines a large anomaly measuring more than 2200m along strike and over 950m across strike at >500ppm Cu. Within the >500ppm Cu anomaly there are several clusters of >1,000ppm Cu which reflect the known mineralised centres at Briggs Central and the Northern and Southern Porphyry Targets. There is a very strong correlation between surface soil sampling geochemistry and the underlying geology as evident from outcrop. The copper geochemistry indicates very significant targets for additional tonnage immediately surrounding the Briggs Central Mineral Resource Estimate. The soil sampling also shows that the drilling to date at the Northern and Southern Porphyry targets has not adequately tested these targets. A large molybdenum anomaly (>20ppm Mo) with a peak value of 84ppm partially surrounds the copper anomaly at Briggs Central, indicating a zoned system consistent with multiple mineralised events as previously documented from drill core. The soil sampling results are currently being integrated with geological mapping, spectral analysis and previously captured geophysical survey data to prioritise drill targets. Based on these results, Alma expects to execute the option to enter the Earn-in Phase of the Briggs, Mannersley and Fig Tree Hill joint venture in the coming weeks. Follow-up drilling to expand the Inferred Mineral Resource at Briggs is currently being planned for commencement after the wet season, likely to commence later this quarter. A total of 20 core holes for approximately 5,000m will be drilled to include testing the immediate upside around the published resource, the newly defined molybdenum anomaly and both the Northern and Southern Porphyry Targets.