Somerset Minerals has secured $3.7 million to accelerate exploration at its Coppermine Project in Nunavut, revealing promising high-grade copper mineralisation over a 7 km fault zone at Jura North. Extensive regional surveys aim to uncover further discoveries across its vast landholding.
- Raised $3.7 million to fund aggressive exploration
- Jura North drilling confirms thick, high-grade copper zones
- Exploration covers 1,665 km² with airborne magnetics and soil sampling
- Cash balance of $4.55 million at quarter end
- Other projects in Canada and Ecuador remain on care and maintenance
Capital Raising Fuels Exploration Ambitions
Somerset Minerals Ltd (ASX – SMM) has bolstered its financial position with a $3.7 million capital raising, including a $2.5 million flow-through placement at a premium to the last share price. This injection is earmarked for an aggressive exploration campaign at its flagship Coppermine Project in Nunavut, Canada, signalling the company’s commitment to advancing its copper prospects.
Jura North – From Prospect to Emerging Copper System
The December quarter saw significant drilling progress at the Jura North prospect, part of the broader Coppermine Project. Over two campaigns, twelve reverse circulation drill holes intersected consistent copper mineralisation, with standout intercepts such as 42.7 metres at 2.69% copper and deeper zones extending beyond 190 metres down-dip. These results confirm a structurally controlled copper system along a 7-kilometre fault corridor, with mineralisation remaining open in multiple directions.
Geophysical surveys, including a ground IP survey, have identified extensive low-resistivity and high-chargeability zones, highlighting potential parallel lodes and new drill targets. The mineralisation is characterised by chalcocite dominance, hematite alteration, and a magnetic low signature, providing robust vectors for targeting further copper deposits.
Regional Exploration – Unlocking Hidden Potential
Beyond Jura, Somerset is systematically exploring its vast 1,665 km² landholding, which represents one of the largest contiguous copper exploration positions in the region. The company has completed an 11,000 line-kilometre airborne magnetic survey and collected over 1,500 soil samples to detect concealed mineral systems beneath thin overburden. These integrated geophysical and geochemical datasets aim to prioritise drill-ready targets and build a pipeline of discovery opportunities across the Copper Creek basalts.
Somerset’s regional strategy reflects an understanding that significant copper deposits may be obscured by surface cover, requiring modern exploration techniques to reveal their presence. The company’s first-mover advantage places it in a strong position to define a belt-scale copper camp with multiple high-grade discoveries.
Other Projects and Financial Position
While the Coppermine Project takes centre stage, Somerset’s other assets, including the Prescott Project in Nunavut and the Elizabeth-Blackdome Joint Venture in British Columbia, remain on care and maintenance. No exploration activities were reported for these projects during the quarter. The company ended December 2025 with $4.55 million in cash reserves and spent approximately $1.05 million on exploration and evaluation activities.
Somerset’s disciplined approach to capital management and exploration execution underscores its ambition to transition from early-stage exploration to resource definition and development in a globally significant copper region.
Bottom Line?
Somerset’s latest capital raise and drilling success at Jura North set the stage for a potentially transformative copper discovery campaign in Nunavut.
Questions in the middle?
- How will upcoming assay results from regional surveys influence Somerset’s exploration priorities?
- What is the timeline for a JORC-compliant resource estimate at Jura North?
- How might Somerset’s Coppermine Project compare to nearby peers like White Cliff Minerals and American West Metals?