Alma Metals Limited announced assays from reverse circulation percussion (RC) drilling at the Briggs, Mannersley and Fig Tree Hill copper project in Queensland. This drilling 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 in August 2021, through which Alma can ultimately reach 70% ownership of the project. Twelve RC holes were completed for 1,446m, and tested the NE side of the known Briggs Central Inferred Mineral Resource and the Northern and Southern porphyry targets that outcrop along strike.

The intention of the drill programme was to test the potential for extensions of the current resource. The results clearly show that such extensions are likely, and the large surface geochemical anomaly appears to be a good indicator of mineralisation at depth. All but one of the holes intersected significant widths of porphyry and porphyry related copper- molybdenum mineralisation.

Several holes were terminated in strong mineralisation but were unable to be drilled deeper due to high water pressures. Future drilling will use equipment capable of much deeper drilling. Key conclusions of the drilling program are: Porphyry copper-molybdenum mineralisation was intersected in drilling at both the Northern and Southern Porphyry targets, significantly increasing the strike length of known mineralization; The drilling confirmed that copper-molybdenum mineralisation occurs beneath a surface geochemical anomaly at >1,000ppm copper with a strike-length of at least 2,000m and extends well outside the existing mineral resource estimate envelope at Briggs Central; Higher grade zones of copper mineralisation are present in several settings, including: Zones of highly intense quartz veining with unidirectional solidification textures (UST).

In volcanic sediments immediately adjacent to the Briggs Granodiorite. Alma and Canterbury are currently planning a major drilling campaign to commence in Quarter 2, 2022 to further evaluate this very large copper deposit.