Somerset Minerals Ltd (ASX:SMM) is acquiring a significant land package in Canada stretching across more than one square kilometre and containing a high-grade copper project adjacent to White Cliff Minerals’ (ASX:WCN) Rae copper-silver project.
Somerset entered a conditional agreement to take on 100% of the 1,208-square-kilometre Coppermine Project, located in Canada’s Nunavut region, which hosts 1,055 km2 of the prospective Copper Creek Formation basalts.
The project is noted to have several high-grade copper lodes and rock chip assays have included 45.4% Cu (copper) and 60.0 grams per tonne (g/t) Ag (silver), 44.1% Cu and 263.0 g/t Ag, and 36.4% Cu and 46.0 g/t Ag.
There will be plenty to guide future exploration programs, given the presence of 75 historical copper occurrences – two of which contain strike extensions to White Cliff’s main Vision, Stark, Thor and Rocket districts, as well as the whole ground surrounding the historic 4.16 million-tonne (at 2.96% Cu) Danvers resource.
Somerset will start its program of work in the first quarter of 2025, with this likely to include both maiden drilling and an extensive program of geochemical mapping.
Somerset shares have been trading at 1.3 cents.
Join the discussion: See what HotCopper users are saying about Somerset and be part of the conversations that move the markets.
The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.