Somerset Minerals reports robust Phase-1 and Phase-2 drilling results at its Coppermine Project, confirming high-grade copper mineralisation and expanding potential depth targets. A $4 million capital raise supports ongoing exploration in this vast Canadian copper belt.
- Completed $4 million placement to fund Phase-2 drilling
- Phase-1 drilling confirms high-grade near-surface copper at Jura
- Phase-2 results indicate thickening mineralisation to depths over 160m, with geophysics suggesting extension to 600m
- Regional geochemical and airborne magnetic surveys completed to identify new targets
- Cash balance of $1 million at quarter end, with $1.9 million raised post-quarter
Exploration Momentum Builds at Coppermine
Somerset Minerals Ltd (ASX, SMM) has delivered a strong update on its September 2025 quarter activities, highlighting significant progress at its flagship Coppermine Project in Nunavut, Canada. The company successfully completed a $4 million capital raising to underpin an aggressive Phase-2 exploration campaign, reflecting investor confidence in the project's potential.
During the quarter, Somerset completed its maiden Phase-1 drilling program, which confirmed the presence of high-grade, near-surface copper mineralisation at the Jura prospect. Noteworthy intercepts included 42.7 metres grading 2.69% copper starting from just 15.2 metres depth, with higher-grade zones exceeding 5% copper. These results validate Somerset’s geological model and provide a solid foundation for further drilling.
Deepening the Target, Phase-2 Drilling and Geophysics
Building on these encouraging results, Phase-2 drilling extended the mineralised zone to at least 160 metres below surface, with evidence of thickening mineralisation at depth. Initial assays from two holes revealed substantial intercepts, including 59.4 metres at 1.5% copper and a high-grade segment of 4.6 metres at 6.87% copper. Complementary ground-based geophysical surveys detected a strong resistivity low extending beyond 600 metres depth, suggesting the copper system remains open and potentially richer at depth.
These findings underscore the multi-deposit potential of the Coppermine Project, where only a fraction of the more than 7-kilometre mineralised strike has been drill-tested. The integration of drilling and geophysical data is guiding Somerset’s strategy to target deeper and parallel mineralised zones, enhancing the prospectivity of the project.
Regional Surveys to Unlock New Targets
In parallel with drilling, Somerset completed an extensive regional geochemical sampling program, collecting over 1,500 soil and till samples across the 1,665 square kilometre landholding. This was complemented by a high-resolution airborne magnetic survey designed to penetrate thin surface cover and refine structural interpretations. Early analysis indicates copper mineralisation correlates with magnetic lows and intense hematite alteration, helping to pinpoint concealed mineralised corridors for future drill testing.
These regional datasets are expected to accelerate target generation and prioritisation, positioning Somerset to efficiently explore this underexplored copper belt.
Corporate and Financial Position
Somerset ended the quarter with a cash balance of approximately $1 million, bolstered by a subsequent $1.9 million tranche of its placement completed after quarter-end. Exploration expenditure during the quarter was $2.69 million, reflecting the company’s commitment to advancing its projects. Payments to related parties, including director fees and corporate services, amounted to $148,000.
Other projects, including the Prescott Project in Nunavut, the Elizabeth-Blackdome Joint Venture in British Columbia, and the Zamora Projects in Ecuador, remained on care and maintenance during the quarter, allowing Somerset to focus resources on its high-priority Coppermine asset.
Looking Ahead
Somerset’s exploration momentum at Coppermine is poised to continue with pending assay results from additional Phase-2 drill holes expected in the coming weeks. The company’s strategic use of integrated geochemical and geophysical surveys promises to unlock further targets within its extensive landholding. With a solid financial footing and a growing dataset, Somerset is well-positioned to advance its copper exploration ambitions in one of Canada’s most prospective regions.
Bottom Line?
Somerset Minerals’ expanding copper footprint and fresh capital set the stage for a pivotal exploration phase in Nunavut’s Coppermine region.
Questions in the middle?
- How will upcoming assay results from Phase-2 drilling influence resource estimates?
- What new targets will emerge from integrating geochemical and magnetic survey data?
- How might Somerset balance exploration funding needs with market conditions going forward?