Gunnison Copper

Gunnison Copper Accelerates District-Wide Drill Program, Preparing for Six-Rig Expansion and Upcoming Preliminary Metallurgical Results

Gunnison Copper Accelerates District-Wide Drill Program, Preparing for Six-Rig Expansion and Upcoming Preliminary Metallurgical Results
TSX: GCU | OTCQB: GCUMF | FSE: 3XS0

Overview

Gunnison Copper Corp. ("Gunnison" or the "Company") announced an update on its previously announced 2026 district-wide drill program, which the company said is designed to support metallurgical optimization, resource expansion and resource conversion across the Gunnison Copper Project in Arizona.

According to the company, two drill rigs are currently active on site and the initial phase of metallurgical drilling at the Gunnison deposit is now complete, with core samples collected and submitted to independent laboratories for analysis. The company stated that metallurgical drilling has now commenced at the Strong & Harris deposit, and that it expects to increase from two to six drill rigs in September as construction of a new core logging and storage facility nears completion.

Key Highlights

  • Two drill rigs are currently active on site, with the initial phase of metallurgical drilling at the Gunnison deposit now complete, according to the company. Core samples have been submitted to independent laboratories and will support the company's ongoing metallurgical optimization program.
  • Metallurgical drilling has commenced at the Strong & Harris deposit, the company stated.
  • The company has initiated and expanded its column leach testing program, with 68 of the now planned 405 tests currently in process. The company noted the program previously contemplated 270 tests.
  • The metallurgical test program now also includes 63 flotation tests for recovery of copper, zinc and silver contained in sulfide ores, which the company said is intended to assess a flotation approach option for the sulfide zones.
  • Construction of the new core logging and storage facility is progressing and is expected to be completed by September, according to the company.
  • With the core shed nearing completion, the company said it expects to increase from two to six drill rigs in September as it accelerates the next phase of the program.
  • The company stated that the 2026 drill program is expected to include up to 120 drill holes totaling approximately 138,000 feet (42,000 metres) and represents an investment of over US$15 million.

Drilling Program Progress

The company disclosed the following progress against its 2026 drill plan:

  • Metallurgical optimization: 26,200 feet (7,974 metres) across 28 holes planned, of which 7,950 feet (2,420 metres) across 7 holes are complete, or 30 percent. The company noted that 100 percent of Gunnison metallurgical drilling is complete and that the remainder of the metallurgical drilling is for the Strong & Harris deposit.
  • Resource expansion and in-fill: 92,800 feet (28,243 metres) across 84 holes planned, with none completed to date.
  • Exploration: 19,000 feet (5,783 metres) across 8 holes planned, with none completed to date.
  • Sub-totals: 138,000 feet (42,000 metres) across 120 holes planned, of which 7,950 feet (2,420 metres) across 7 holes are complete.

Strategic and Operational Context

According to the company, the expanded campaign will continue to advance key objectives at Gunnison and Strong & Harris, including metallurgical optimization through comprehensive test work, resource expansion by testing extensions of known mineralization and identifying new mineralized zones, and resource conversion by upgrading inferred resources toward measured and indicated classifications. The company added that the program is also intended to further define the broader district-scale mineralized system, including the potential for discovery of additional undercover carbonate replacement deposits like Strong & Harris.

The company stated that the program's metallurgical work includes up to 36 drill holes totaling approximately 33,000 feet (10,000 metres) and up to 405 column leach tests, as well as 63 flotation tests for recoveries of copper, zinc and silver from sulfide copper ores using a flotation approach, over the next 12 months. Resource expansion and conversion drilling includes up to 84 drill holes totaling approximately 105,000 feet (32,000 metres) across the Gunnison and Strong & Harris deposits, according to the release.

The company said it currently expects to publish preliminary results from the 2026 district-wide drill program in the fourth quarter of 2026, with full results anticipated in mid-2027.

"We are pleased with the progress made during the first phase of our district-wide drilling program. Completing the initial metallurgical drilling at Gunnison and advancing work at Strong & Harris are important milestones as we continue to optimize the project and unlock additional value across the district. With six drill rigs expected to be operating in September, we'll significantly increase the pace of drilling as we begin an exciting phase focused on expanding and upgrading the resource base. We believe the district offers exceptional potential to add additional mineral resources, as well as the possibility of recovering payable zinc and silver byproduct credits, and we look forward to sharing preliminary results as they become available later this year," said Craig Hallworth, President and CEO of Gunnison Copper.

What to Watch Next

  • Completion of the new core logging and storage facility, which the company expects by September.
  • The planned increase from two to six drill rigs in September, as stated by the company.
  • Laboratory results from the completed Gunnison metallurgical drilling, and progress of metallurgical drilling at Strong & Harris.
  • Progress of the column leach testing program, with 68 of a planned 405 tests currently in process, and the 63 flotation tests.
  • Preliminary results from the 2026 district-wide drill program, which the company currently expects in the fourth quarter of 2026, with full results anticipated in mid-2027.

About Gunnison Copper

Gunnison Copper Corp. is a multi-asset pure-play copper developer and producer that controls the Cochise Mining District, containing 12 known deposits within an 8 km economic radius, in the Southern Arizona Copper Belt.

According to the company, its flagship asset, the Gunnison Copper Project, has a main pit Measured and Indicated Mineral Resource containing over 846 million tons with a total copper grade of 0.33 percent, containing 5.19 billion pounds of copper. This comprises a Measured Mineral Resource of 192 million tons at 0.37 percent containing 1.42 billion pounds of copper and an Indicated Mineral Resource of 655 million tons at 0.31 percent containing 3.77 billion pounds of copper.

The Strong & Harris satellite deposit, located approximately 1.9 miles from the Gunnison processing facilities, is also included in the mine plan and hosts an Inferred Mineral Resource of 76 million tons grading 0.49 percent total copper (0.32 percent CuOx) at a 0.07 percent cutoff, 0.56 percent zinc and 0.12 oz/ton silver, containing approximately 740 million pounds of copper, including 483 million pounds of oxide copper, as well as zinc (856 million pounds) and silver (9.0 million ounces), according to the company.

A preliminary economic assessment ("PEA") was completed in March 2026 for the Gunnison Project, which the company said yielded an NPV8% of $2 billion, an IRR of 23 percent and a payback period of 3.9 years. The company stated the project is being developed as a conventional operation with open pit mining, heap leach, and SX/EW refinery to produce finished copper cathode on-site with direct rail link. The company cautions that the PEA is preliminary in nature and includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, that there is no certainty the conclusions reached in the PEA will be realized, and that Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

The company added that its Johnson Camp Asset, which is now in production, is fully funded by Nuton LLC, a Rio Tinto Venture, with a production capacity of up to 25 million lbs of finished copper cathode annually. Other significant deposits controlled by Gunnison in the district, with potential to be economic satellite feeder deposits for Gunnison Project infrastructure, include South Star and eight other deposits, according to the company.

Qualified Person

The company stated that Dr. Roland Goodgame, Senior VP of Project Development of the Company, is a Qualified Person as defined by NI 43-101, and has reviewed and is responsible for the technical information contained in the news release. For additional information on the Gunnison Project, the company refers readers to the technical report titled "Gunnison Project NI 43-101 Technical Report, Preliminary Economic Assessment, Cochise County, Arizona, USA" with an effective date of March 18, 2026, filed on SEDAR+ at www.sedarplus.ca.

Read full press release here.

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