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NINE MILE METALS LTD. (CSE: NINE) (OTCQB: VMSXF) (FSE: KQ9) (the "Company" or "Nine Mile") is pleased to announce it has drilled a mineralized zone covering 134.0m in WD-24-02 at its initial Phase 1 drill program on its Wedge VMS Project in the world-famous Bathurst Mining Camp, New Brunswick ("BMC").
WD-24-02 HIGHLIGHTS:
- The hole was collared on the northeast flank of the Wedge Deposit and drilled at an azimuth of 160 degrees and a dip of - 50 degrees to a depth of 219 meters.
- From recently acquired Cominco Data, the subsurface was not mined.
- The main host is pyritic Volcanogenic Massive Sulphide (VMS) with visible chalcopyrite.
- Copper mineralization first appears at 39.6 meters and continued down the hole with numerous secondary zones of VMS mineralization identified.
- High grade zinc (36.12% & 14.93%) was intersected in addition to copper. (see Table 1)
- Nine Mile completed an XRF Analysis of a random zone of mineralization between 157.65 - 173.05 meters (15.4 meters) consisting of bands of mixed massive sulphides and massive sulphides (VMS) between 164.50 - 170.25 meters. (See table #1 below.) Entire mineralized zone of 134.0m has been sample cut and being shipped to ALS Global Labs for Certified Lab Analysis
- The closest Cominco holes to the east are approximately 70 meters away with Drill hole WE-12 intersecting 5.76 meters assaying 1.06% Cu,1.59% Pb and 6.91% Zn and 1.26 ounces Ag.
- We will continue to Drill to the east in Target Area #1 to confirm new extension of the Wedge Mine Ore Zone.
Massive VMS Mineralization: Drill Hole WD-24-02
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Copper and Zinc Mineralization, Drill hole WD-24-02
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| Sample # | From (m) | To (m) | Width (m) | Cu % | Pb (%) | Zn (%) | (Pb + Zn) % | Ag (g/t) | Au (g/t) |
| 281627 | 157.65 | 158.50 | 0.85 | 1.48 | 0.04 | 0.40 | 0.44 | TBD | TBD |
| 281628 | 158.50 | 159.55 | 1.05 | 0.94 | 0.01 | 0.32 | 0.33 | TBD | TBD |
| 281629 | 159.55 | 160.50 | 0.95 | 4.16 | 0.02 | 0.37 | 0.39 | TBD | TBD |
| 281630 | 160.50 | 161.50 | 1.00 | 5.01 | 0.02 | 0.48 | 0.50 | TBD | TBD |
| 281631 | 161.50 | 162.50 | 1.00 | 6.63 | 0.04 | 1.06 | 1.10 | TBD | TBD |
| 281632 | 162.50 | 163.50 | 1.00 | 4.10 | 0.53 | 0.08 | 0.61 | TBD | TBD |
| 281633 | 163.50 | 164.50 | 1.00 | 2.17 | 0.05 | 0.69 | 0.74 | TBD | TBD |
| 281634 | 164.50 | 165.50 | 1.00 | 1.02 | 0.03 | 0.20 | 0.23 | TBD | TBD |
| 281635 | 165.50 | 166.50 | 1.00 | 2.76 | 0.10 | 14.93 | 15.03 | TBD | TBD |
| 281636 | 166.50 | 167.50 | 1.00 | 1.02 | 1.93 | 36.12 | 38.05 | TBD | TBD |
| 281637 | 167.50 | 168.50 | 1.00 | 1.30 | 1.89 | 8.20 | 10.09 | TBD | TBD |
| 281638 | 168.50 | 169.40 | 0.90 | 0.41 | 0.96 | 2.28 | 3.24 | TBD | TBD |
| 281639 | 169.40 | 170.25 | 0.85 | 0.95 | 0.12 | 0.12 | 0.24 | TBD | TBD |
| 281640 | Std | Std | Std | Std | Std | Std | Std | STD | STD |
| 281641 | 170.25 | 171.05 | 0.80 | 0.01 | 0.01 | 0.07 | 0.08 | TBD | TBD |
| 281642 | 171.05 | 172.05 | 1.00 | 2.19 | 0.73 | 1.78 | 2.51 | TBD | TBD |
| 281643 | 172.05 | 173.05 | 1.00 | 1.49 | 0.82 | 4.38 | 5.20 | TBD | TBD |
| Total | Ave. | 15.40 | 2.23 | 0.43 | 4.5 | 4.93 | TBD | TBD |
Table 1: Random Section of 15.40m of Mineralized Core XRF Analyst. (157.65m - 173.05m)
Patrick J. Cruickshank, MBA, CEO & Director, stated, "Hole WD-24-02 is significant for our program at the Wedge. One of our mandates was to prove the Target #1 Area extension to the historical mine. We wanted to prove up additional new mineralized economic ore in an area that could extend the deposit. After drill holes WD-24-01 & WD-24-02 have hit significant new mineralization, we will continue to concentrate on Target Area #1, heading east, before we test the depth of the Wedge Mine. Remember, the crown pillar collapsed, all the lower levels were never mined and there is complete uncertainty of the remaining deposit size & scale. As each VMS deposit in the camp has its own unique mineral makeup, this system seems to be a Copper & Zinc rich ore body, not necessarily together, with independent zones. We look forward to reporting our next hole in our program and continuing to prove out a larger deposit footprint than previously thought."
"Drilling in this portion of the Wedge has confirmed that a large mineralized system is present on the eastern boundary with extensive copper mineralization as demonstrated by variable chalcopyrite mineralization and VMS banding from 39.00 to 173.00 (134.00 meters) in drill hole WD-24-02. In addition to drilling, the historic Cominco drill data is being prepared for 3D modeling. We look forward to receiving the multi-element and precious metal assays for the 56.29 meters from drillhole WD-24-01 and the 134.00 meters from drillhole WD-24-02 from ALS Global and adding that information to historic Wedge database," commented Gary Lohman, PGO, VP Exploration & Director.
Figure 1: WD-24-01and WD-24-02 Drill Hole Locations
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Figure 2: Plan View, Drill Hole Locations
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Figure 3: VMS Mineralization / Locally Massive Chalcopyrite
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The Company has completed its XRF analysis for the main VMS portion of the drill hole utilizing an Olympus Vanta 50 Portable XRF equipped with a 50Kv Workstation and Reflex XRF software. The XRF process included calibrating the machine and utilizing three standards in the sample stream (OREAS 502B, OREAS 622 and CDN-BL-10 Blank) at the beginning and end of the analytical sequence. Most samples consisted of a 1-meter section of cut drill core, and as such, the sample was not homogeneous. There were fifteen Sample Batches over 15.40 meters of mineralization. Each sample batch had approximately 15 -21 data points analyzed per meter. The core sample is placed cut face down, and the XRF gun takes a random unknown sample of the core. The operator has no knowledge of the laser point. The sum of the averages was divided by the number of pieces, the results of which are presented in Table 1 above.
The disclosure of technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and reviewed and approved by Gary Lohman, B.Sc., PGO., VP Exploration and Director who acts as the Company's Qualified Person, and is not independent of the Company.
About Nine Mile Metals Ltd.:
Nine Mile Metals Ltd. is a Canadian public mineral exploration company focused on VMS (Cu, Pb, Zn, Ag and Au) exploration in the world-famous Bathurst Mining Camp, New Brunswick, Canada. The Company's primary business objective is to explore its three VMS Projects: Nine Mile Brook VMS Project; California Lake VMS Project; and the Canoe Landing Lake (East - West) VMS Project. The Company is focused on Critical Minerals Exploration, positioning for the boom in EV and green technologies requiring Copper, Silver, Lead and Zinc with a hedge with Gold.
ON BEHALF OF NINE MILE METALS LTD.
"Patrick J. Cruickshank, MBA"
CEO and Director
T: 506-804-6117
E: patrick@ninemilemetals.com
Forward-Looking Information:
This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of Nine Mile. Forward-Looking information is based on certain key expectations and assumptions made by the management of Nine Mile. In some cases, you can identify forward-looking statements by the use of words such as "will," "may," "would," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "could" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Forward-Looking statements in this press release include that (a) we will continue to Drill to the east in Target Area #1 to confirm new extension of the Wedge Mine Ore Zone, (b) we will continue to concentrate on Target Area #1, heading east, before we test the depth of the Wedge Mine, (c) we wanted to prove up additional new mineralized economic ore in an area that could extend the Wedge deposit, (d) we look forward to receiving the multi-element and precious metal assays for the 56.29 meters from drillhole WD-24-01 and the 134.00 meters from drillhole WD-24-02 from ALS Global and adding that information to historic Wedge database, and (e) we look forward to reporting our next hole in our program and continuing to prove out a larger deposit footprint than previously thought. Although Nine Mile believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Nine Mile can give no assurance that they will prove to be correct.
The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.
Copper Price Update: Q2 2025 in Review
What moved the copper price?
Copper started the quarter in freefall.
After reaching an all-time high of US$5.22 per pound on the COMEX on March 26, the price plummeted to US$4.06 on April 8. Although it wouldn’t stay there long, by April 11, it had climbed back above US$4.50 and continued to US$4.88 on April 22.
Copper price chart, April 01 to July 23, 2025
via TradingEconomics
From the end of April, all of May and much of June, the copper price was volatile but range-bound, trading between US$4.50 and US$4.80.
However, the end of June saw a surge in momentum in the market, as the price began to climb, and on June 30, it reached US$4.97 per pound.
Since then, the price has soared. Setting a new all-time high of US$5.65 per pound on July 10.
Supply and demand by the numbers
Over the past few years, a growing imbalance has developed in the copper market, as demand growth has outpaced the expansion of primary and secondary supply lines.
According to a June 24 press release, data from the International Copper Study Group (ICSG) showed a 3.2 percent growth in refined production, with a combined gain of 4.8 percent from China and the Democratic Republic of the Congo (DRC), the two largest producers globally. Further increases came from Asia, where output was 3.5 percent higher.
The increased levels were offset by Chile, where smelter output fell 9.5 percent, due to smelter maintenance shutdowns.
However, the refined production outpaced mining production, which rose just 2 percent during the period. Peru accounted for a 5 percent year-over-year growth due to increased output at MMG’s (OTC Pink:MMLTF) Las Bambas, Anglo American (LSE:AAL,OTC Pink:AAUKF,OTC:NGLOY) and Mitsubishi's (OTC Pink:MIMTF) Quellaveco and Chinalco Mining’s (OTC Pink:ALMMF) Toromocho mines.
Likewise, production in DRC surged by 8 percent, attributable to the expansion of the Ivanhoe Mines (TSX:IVN,OTC:IVPAF) and Zijin Mining's (OTC Pink:ZIJMF,HKEX:2899,SHA:601899) joint venture Kamoa-Kakula mine.
Demand continued to grow at a higher rate than refined output during the first quarter of 2025, with the ICSG suggesting a 3.3 percent increase in copper usage.
The largest segment came from Chinese markets, which required 6 percent more copper than in 2024, but this demand occurred during an 11 percent decline in net refined imports into the country. China is the world’s largest consumer of copper, accounting for approximately 58 percent of global demand.
Outside of China, demand was essentially flat, with high demand from Asian, Middle Eastern and North African countries being offset by weak demand in Europe and North America.
Overall, the data provided by the ICSG indicated a 233,000 metric ton surplus of refined copper through the first four months of 2025, a slight decrease from the 236,000 metric tons during the same period in 2024.
Outside the numbers
In an email to the Investing News Network, Jacob White, ETF Product Manager at Sprott Asset Management (TSX:SII,NYSE:SII), stated that the market may have already entered a supply deficit.
“Yes, we believe we have moved into a supply deficit in 2025 and that the market is currently in deficit. Uncertainties in the financial markets (trade, growth and inflation) have had a negative impact on copper demand, but this has been offset as copper is becoming less tied to global economic growth and more tied to industries that provide structural growth to the market,” he said.
White went on to explain that AI data centers, emerging economies and the energy transition are all putting increased stress on copper supply.
Furthermore, the supply outlook was not expected to keep pace with demand this year. Q1 2025 mined copper production has indicated low production, and the copper supply outlook for this year has already worsened with the first major disruption of the year,” he added.
The shutdown referred to by White was at the Ivanhoe-Zijin Kakula-Kamoa mine in the DRC.
Ivanhoe reported a temporary interruption of underground mining at the Kakula mine on May 2. The company cited seismic activity and initiated a partial shutdown of operations at phase 1 and 2 concentrators, utilizing surface stockpiles.
Operations at the mine were suspended until June 11, when the company announced it had initiated a restart. It also stated that it was slashing production guidance by 28 percent due to the impact, with the revised number falling between 370,000 and 420,000 metric tons, down from the previous range of 520,000 to 580,000 set in January.
The difference in guidance accounts for more than half of the projected surplus in the ICSG report, demonstrating just how tight the copper market has become.
The Trump effect
Volatility has been present since the start of the year, with much of it attributed to uncertainty stemming from an ever-shifting US trade policy under President Donald Trump.
Commodity prices plummeted at the start of the second quarter, with copper losing 22 percent between its quarterly high of US$5.22 on March 26 and April 8, when it fell to US$4.06.
The drop came alongside the fallout from the “Liberation Day” tariffs Trump announced on April 2, which applied a 10 percent baseline tariff to imports into the United States from all but a handful of countries. It also threatened the imposition of more significant retaliatory tariffs to take effect on April 9.
Additionally, the United States initiated a tit-for-tat tariff war with China in early April, starting with a 34 percent tariff on Chinese imports, which quickly rose to 145 percent on Chinese imports and 125 percent on US exports to China.
The effect of the tariffs caused significant declines in major US indices, with the Dow losing 9.5 percent, the S&P 500 shedding 10 percent, and the Nasdaq losing 11 percent in two days. More than $6 trillion was wiped from the markets over two days, the most significant such loss in history.
More importantly, the uncertainty seeped into the US bond markets, causing yields on the 10-year Treasury to rise sharply to 4.49 percent as investors began to dump US bonds. The rising rates came as China and Japan both sold holdings back into the market in an attempt to counter Trump’s trade plans.
The combined effect led analysts to suggest that a recession was imminent, prompting broad sell-offs in the commodity markets as traders worked to dispose of stockpiles of high-value inventories.
Copper is susceptible to recessions due to its wide range of applications, which are heavily dependent on consumer spending.
Ultimately, a sliding stock market and spiking bond yields prompted Trump to announce a 90-day pause on the retaliatory tariffs, stating that it would allow countries to come to the table and negotiate a deal with the United States.
Although the rout of the copper market was short-lived, it demonstrated the push-pull that tariffs and trade policy can have on copper prices.
In February, Trump signed an executive order which invoked section 232 of the Trade Expansion Act to initiate an investigation into the impact of copper imports on all forms of national security.
In the order, Trump noted that while the US has ample copper reserves, its smelting and refining capacity has declined. China has become the world’s leading supplier of refined copper, commanding a 50 percent market share.
“The supply and demand imbalance has recently been catalyzed with the US trade actions, where copper stocks have moved into the US on speculation that the Section 232 investigation into copper may result in a copper tariff,” White said.
He explained that the global inventory system has become fragmented. With the supply deficit, it has become increasingly difficult to source physical copper, resulting in drastically lower inventories on the London Metal Exchange (LME) and Shanghai Futures Exchange (SHFE).
The administration reached a decision early in the third quarter, and on July 8, Donald Trump announced a 50 percent tariff on all copper entering the United States.
The move caused prices on the COMEX to spike to record highs, triggering more panic buying among traders as they raced to transfer above-ground copper stocks into US-based facilities to avoid the additional tariff costs.
While ICSG hasn’t published numbers since May, it was already demonstrating then that significant stockpiles were being moved between international warehouses and the US. It reported that stocks at the LME had declined 122,900 metric tons from the start of the year, while stocks at the COMEX and SHFE had both posted gains of 80,970 metric tons and 31,619 metric tons, respectively.
In an interview with INN at the Rule Symposium in Boca Raton on July 10, Lobo Tigre, Founder and Principal Analyst at the Independent Speculator, provided a more globally minded context.
“Copper is globally fungible. It’s like oil. The sanctions don’t work on Russian oil or Iranian oil, because it just flows around. Copper can do that, too. So it’s incorrect to think that a copper tariff, therefore, copper is up, and all copper stocks have to go up. If you’re a copper miner in Chile selling to China, then the US tariff has no direct bearing on your business whatsoever,” he said.
Tigre also explained that the US imports 50 percent of its copper needs, and there is no way that tariffs are going to fix that overnight.
“The mines just aren’t there. The help he’s (Trump) provided with permitting is highly relevant, and it has already helped; that’s okay. You get the permits, and then you have to build the mine, right? So it’ll be years before the incentives create more US production. Meanwhile, it’s Dr. Copper. It goes in everything, so consumers, manufacturers, everybody’s got this added cost,” he said.
Where does copper go next?
Beyond the tariffs, the fundamentals remain, as Tigre pointed out, the world is dependent on copper and demand for the red metal has been increasing faster than supply.
“There aren’t enough copper projects on the pipeline, not ones big enough to matter. So I’m extremely bullish on copper. All those reasons to be bullish on copper are still on the table in front of us, and when I first made the call, copper was around four bucks or something, and now, if we’re going there at five, almost six, and all that tailwind is stil to come and push it higher,” Tigre said.
While he remained positive on copper's long-term outlook, he declined to say where the price would end up at the end of the year.
Even though copper may be one of the safer commodity bets owing to its staggering demand and low supply, investors should keep in mind the broad economic landscape when entering into a position with a metal that can change quickly with consumer spending.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Forte Minerals Closes C$5.7 Million Strategic Placement, Welcomes Long-Term Partner
Patrick Elliott, President & CEO, commented:
“Closing this placement is a pivotal milestone for Forte. The investor’s conviction and long-term horizon validates our exploration thesis in Peru. With capital in hand and technical collaboration secured, we can accelerate exploration & drill permitting at Alto Ruri while unlocking value across our broader portfolio.”
Use of Proceeds:
Consistent with the terms announced on July 16, 2025, at least 80% of the proceeds will be directed toward exploration activities at Forte’s flagship Alto Ruri high-sulfidation epithermal gold project in central Peru. Remaining funds will be allocated to general working capital and corporate purposes.
Investor Rights Agreement Highlights:
Concurrent with closing, Forte and the Investor entered into an Investor Rights Agreement whereby the Investor is entitled to certain rights, subject to the Investor maintaining certain ownership thresholds in the Company, including technical information sharing rights and the right to participate in future equity financings and top-up its holdings in relation to dilutive issuances in order to maintain its percentage ownership interest in the Company. The Investor has also agreed to voting support and standstill covenants.
In addition, under the Investor Rights Agreement, the Investor and Forte will:
- form a joint technical advisory committee; and
- collaborate on community engagement and long-term access strategies.
A copy of the Investor Rights Agreement will be made available on SEDAR+.
All shares issued under the Strategic Placement are subject to a four-month plus one-day statutory hold period expiring November 24, 2025.
ABOUT FORTE MINERALS CORP.
Forte Minerals Corp. is an exploration company with a strong portfolio of high-quality copper (Cu) and gold (Au) assets in Peru. Through a strategic partnership with GlobeTrotters Resources Perú S.A.C., the Company gains access to a rich pipeline of historically drilled, high-impact targets across premier Andean mineral belts. The Company is committed to responsible resource development that generates long-term value for shareholders, communities, and partners.
On behalf of FORTE MINERALS CORP.
(signed) “Patrick Elliott”
Patrick Elliott, MSc, MBA, PGeo
President & Chief Executive Officer
Forte Minerals Corp.
For further information, please contact:
Investor Inquiries
Kevin Guichon, IR & Capital Markets
E: kguichon@forteminerals.com
C: (604) 612-9976
Media Contact
Anna Dalaire, VP Corporate Development
E: adalaire@forteminerals.com
T: (604) 983-8847
info@forteminerals.com
www.forteminerals.com
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Certain statements included in this press release constitute forward-looking information or statements (collectively, “forward-looking statements”), including those identified by the expressions “anticipate”, “believe”, “plan”, “estimate”, “expect”, “intend”, “may”, “should” and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts but reflect current expectations regarding future results or events. This press release contains forward-looking statements relating to the intended use of proceeds of the Strategic Placement. These forward-looking statements and information reflect management's current beliefs and are based on assumptions made by and information currently available to the Company with respect to the matter described in this press release. Forward-looking statements involve risks and uncertainties, which are based on current expectations as of the date of this release and subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Additional information about these assumptions and risks and uncertainties is contained under “Risk Factors and Uncertainties” in the Company’s latest management’s discussion and analysis, which is available under the Company’s SEDAR+ profile at www.sedarplus.ca, and in other filings that the Company has made and may make with applicable securities authorities in the future.
Forward-looking statements are not a guarantee of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Factors that could cause the actual results to differ materially from those in forward-looking statements include the continued availability of capital and financing, and general economic, market or business conditions. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, there can be no assurance that the statements will prove to be accurate or that management’s expectations or estimates of future developments, circumstances or results will materialize. The Company assumes no responsibility to update or revise forward-looking information or statements to reflect new events or circumstances unless required by law. Readers should not place undue reliance on the Company’s forward-looking statements.
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