Somerset Minerals Secures $3.7M to Accelerate Copper Exploration at Coppermine

Capital Raising to Fuel Exploration Ambitions

Somerset Minerals Limited (ASX – SMM) has successfully secured firm commitments to raise approximately A$3.7 million through a dual share placement. This includes a A$2.5 million flow-through placement to Canadian investors at a 29% premium to the last close, alongside a A$1.2 million traditional placement at a 14% discount. The capital injection is earmarked to finance an aggressive exploration campaign at the Coppermine Project in Nunavut, Canada, during 2026.

Building on Promising Early Results at Jura North

The funds will primarily support a Phase Two drilling program at the Jura North prospect, where recent reverse circulation (RC) and diamond drilling have revealed thick, high-grade copper mineralisation. Notable intercepts include 42.7 metres at 2.69% copper and 59.4 metres at 1.5% copper, with sections exceeding 3.5% copper. The upcoming campaign aims to extend these mineralised zones both along strike and at depth, while also testing parallel lodes identified by geophysical surveys.

Expanding the Search Across a Vast Landholding

Beyond Jura North, Somerset plans a comprehensive regional exploration program across its 1,665 square kilometre Coppermine tenure. This will involve integrating airborne magnetic data with extensive soil geochemical sampling to identify and prioritise coincident anomalies. Ground-based induced polarisation surveys will refine targets before systematic RC drilling. The company anticipates testing five to ten regional targets in 2026, aiming to unlock multiple new copper discoveries in a district that remains largely underexplored since the 1960s.

Strategic Positioning in a Copper-Rich District

Somerset’s Coppermine Project benefits from a dominant land position in a region with over 110 historically mapped copper occurrences. The geology is analogous to well-known copper belts, with mineralisation styles including fault-hosted and basalt flow-top replacement deposits. The company’s tenure also surrounds White Cliff Minerals’ Danvers prospect, which has reported high-grade copper and silver results, underscoring the district’s potential.

Investor Confidence and Next Steps

Managing Director Chris Hansen highlighted strong support from specialist resource funds, viewing the capital raise as a clear endorsement of Somerset’s maiden drilling success. With funds secured, the company is poised to mobilise drilling operations from February 2026 and systematically advance its exploration pipeline. Market watchers will be keen to track assay results from both the Jura North extensions and the broader regional targets as Somerset seeks to establish a new copper district over the next 12 to 18 months.