Announcement • Jul 11
Selkirk Copper Mines Inc. Announces Initial Results from the Phase 2 Drill Program and Commencement of Technical Data Collection to Support Planned Feasibility Study
Selkirk Copper Mines Inc. announced initial results from the Phase 2 drill program which commenced in May 2026, at the Minto Project in Yukon, Canada. The planned 50,000 metre Phase 2 drill program is advancing rapidly and ahead of schedule, with 27,300 metres completed during the first two months of drilling. Initial assay results from exploration drilling demonstrate continued potential for expansion of high-grade mineralized zones. At Minto East, a 50-metre step-out intersected 2.33% Cu, 1.98 g/t Au, and 22.3 g/t Ag (4.28% CuEq) over 4.3 m, in 26SCM178. At Minto North, a 30-metre step-out intersected 2.22% Cu, 0.41 g/t Au, and 5.3 g/t Ag (2.59% CuEq) over 4.5 m, in 26SCM183, within a broader interval of 1.44% CuEq over 11.9 m. Initial results from infill drilling confirm continuity and increase confidence in priority resource areas. At 117 Lens, 1.02% Cu, 0.35 g/t Au, and 4.2 g/t Ag (1.35% CuEq) over 22.7 m, from 316.9 m in 26SCM175. Technical field data collection has commenced in support of an upcoming planned feasibility study, including geotechnical drilling, geotechnical test pitting, geometallurgical testwork, and structural geological mapping. The 2026 Mineral Resource Estimate and Preliminary Economic Assessment is being finalized and on track for completion in July. Four drill rigs are active on the Phase 2 drill program, which commenced on May 1, 2026. This drill program is targeting 50,000 metres with a focus on expansion, exploration, and infill drilling to support resource expansion of key target areas as well as increased resource confidence. Drill productivity has been consistently high throughout the first two months of the Phase 2 program. Drilling rates have achieved up to 220 metres per day for a single drill, and daily productivity is averaging approximately 120 metres per day. As of June 30, 27,300 metres of drilling has been completed in 104 holes, comprising 54% of the planned 50,000 metres. Reported here are results from the first nine holes drilled in May. Turnaround time for assay results is currently six to eight weeks. The drill program is anticipated to continue until approximately late August with assay results expected to be released throughout the summer and fall of 2026. In addition to the resource drilling program described above, the company has initiated a technical data collection program that will inform an upcoming Feasibility Study that is planned for completion in mid-2027. Technical data collection scopes this summer include geotechnical data collection, including diamond drilling, sonic drilling, and test pitting; with a focus on characterization of bedrock, soil, and groundwater in proximity to planned infrastructure including open pits, underground development and stopes, portal and decline, ventilation raises, waste rock storage facilities, tailings facilities, and water diversions. Geometallurgical sampling and testwork; with a focus on improved characterization of mineralization styles across the project including sulphide and partially oxidized mineralization, with the goal of optimizing performance of the mine and mill. Structural geological modelling, including oriented core logging; field mapping, and drone photogrammetry surveys; with a focus on characterization of faults, joints, and foliation fabrics that inform geotechnical designs and resource estimation. Drill hole surveys, including optical and acoustic televiewer surveys, and borehole geophysical surveys; with a focus on characterizing physical rock properties, joints, and faults that will inform geotechnical designs and geological modelling. Ongoing environmental monitoring and baseline surveys, including fisheries, aquatics, vegetation, wildlife, archaeology and other discipline-specific studies, with a focus on supporting the Environmental Assessment, Feasibility Study, and exploration activities. Table 1: Summary of Phase 2 Drilling Completed by Location Zone Holes Completed Meters Drilled Holes with Assays Reported Minto North 27 6,546 3 Minto East 3 1,185 3 Minto Main 20 7,257 1 Area 118 20 6,141 1 Copper Keel 31 6,925 0 Ridgetop 0 0 0. At Minto North, the Phase 2 drill program is testing for expansion of mineralized lenses as well as infill drilling of planned priority mining areas. Reported here are three holes drilled at the 120 Lens, which has not been previously investigated by Selkirk Copper. Results from three drill holes targeting the 120 Lens indicate that mineralization in this location is characterized by folioform and disseminated chalcopyrite, bornite, and associated with magnetite. Host rocks for mineralization are pervasively foliated granodiorite and migmatite, similar to other mineralized areas within Minto North. Additionally, the Phase 2 drill holes reported here targeting the 120 Lens represent the first-ever oriented core structural information collected in this location. Hole 26SCM183 targeted a 30-metre step-out west of previous drilling in the northwestern part of the 120 Lens. This hole intersected high grade mineralization comprising 2.22% Cu, 0.41 g/t Au, and 5.3 g/t Ag (2.59% CuEq) over 4.5 m, within a broader interval of 1.16% Cu, 0.31 g/t Au, and 3.2 g/t Ag (1.44% CuEq) over 11.9 m. The results of this hole indicate that high-grade mineralization remains open for further expansion westwards in this location. Hole 26SCM186 targeted the northern portion of the 120 Lens, at the limits of previous drilling. This hole intersected a broad interval of moderate grade mineralization comprising 0.41% Cu, 0.09 g/t Au, and 1.8 g/t Ag (0.51% CuEq). The results of this hole indicate that a broad width of mineralization remains open to the north, however the lower grade observed in this hole may not warrant immediate follow-up. In the Minto Main area, follow-up drilling on the 117 Lens is a priority objective of the Phase 2 drill program. This target, discovered during the Phase 1 Drill program, is located close to existing underground mining infrastructure and has the potential to be a low-cost addition to the restart mine plan. The Phase 2 drilling at the 117 Lens will focus on exploration drilling to understand the extents of this zone; as well as infill drilling to confirm the grade and continuity within this zone. Reported here are results from the two holes drilled in this location as part of the Phase 2 program. Hole 26SCM175 and 26SCM177 were drilled to infill between widely spaced previous drillholes. Both drill holes intersected significant mineralization, most notably 26SCM175 which intersected a broad interval comprising 1.02% Cu, 0.35 g/t Au, 4.2 g/t Ag (1.35% CuEq) over 22.7 m. Mineralization in this hole is characterized by folioform chalcopyrite and bornite hosted in pervasively foliated granodiorite.
