Somerset Raises $2.39M, Begins Maiden Drilling at High-Grade Coppermine Copper Project

Acquisition Completion Marks Strategic Expansion

Somerset Minerals Limited (ASX:SMM) has officially completed the acquisition of Sentinel Resources Pty Ltd, securing full ownership of the Coppermine Project in Nunavut, Canada. This transaction positions Somerset as a significant player in one of North America's most prospective and underexplored copper districts. The Coppermine Project lies adjacent to White Cliff Minerals’ Rae Project, a well-regarded copper asset with a market capitalization around $44 million, underscoring the strategic value of Somerset’s new landholding.

Fully Funded and Permitted for Exploration

Following a successful two-tranche capital raise totaling $2.39 million (before costs), Somerset is fully funded to commence a high-impact maiden exploration program. Importantly, all necessary permits are in place, including approvals from the Nunavut Planning Commission and the Kitikmeot Inuit Association, enabling the company to proceed without regulatory delays. This regulatory clarity is a critical enabler for timely exploration in this remote jurisdiction.

Maiden Exploration Campaign Set to Unlock Value

The exploration campaign will begin with a regional surface sampling program scheduled to start within two weeks. This phase aims to validate historical high-grade copper occurrences, including exceptional rock chip results such as 45.4% copper and 263 g/t silver. The sampling will focus on key targets like Coronation and Jura, with assay results expected within 2 to 4 weeks, subject to lab turnaround.

Following surface sampling, Somerset plans a maiden 1,500-metre drill campaign commencing in early July, initially targeting the Coronation prospect. This target is supported by reprocessed induced polarisation geophysical data revealing multiple large, coincident anomalies. Notably, Coronation lies just 7 kilometres from White Cliff’s Danvers prospect, which recently reported a significant intercept of 58 metres at 3.08% copper, highlighting the district-scale potential.

Dominant Land Position in a Tier-1 Copper District

Somerset’s extensive land package covers strike extensions to White Cliff’s key copper zones, including Vision, Stark, Thor, and Rocket districts, and surrounds the emerging Danvers discovery. This dominant position offers multiple high-priority targets across four distinct districts, Laphroaig, Ardbeg, Jura, and Oban, each with historical high-grade copper mineralisation and limited modern exploration since the 1960s.

The geological setting is analogous to the Keweenaw Peninsula copper deposits in Michigan, known for high-grade native copper in continental flood basalts and sediments. This comparison, while not guaranteeing success, provides a compelling framework for exploration upside.

Outlook and Market Implications

Managing Director Chris Hansen described the acquisition as transformational, emphasizing Somerset’s readiness to unlock the Coppermine Project’s potential. The combination of a fully funded exploration program, strategic landholding, and proximity to proven high-grade deposits sets the stage for a potentially significant copper discovery. Investors will be watching closely as surface sampling results and initial drill assays emerge over the coming months, which could materially influence Somerset’s valuation and market perception.