Selkirk Copper Mines (TSXV: SCMI | FRA: IO20 | OTCQX: SKRKF) announced additional results from its Phase 2 drill program at the Minto Project in Yukon, Canada, on October 15, 2026, reporting high-grade and thick intercepts across three key zones. The results are intended to support ongoing Feasibility Study work and an updated mineral resource estimate (MRE) targeted for Q1 2027. Investors may be watching this development closely given the project's September 2026 Preliminary Economic Assessment (PEA), which outlined a 13-year mine life. The announcement also highlights Selkirk's unique structure as Canada's first publicly traded mining company with a majority equity interest held by a First Nation.

Key Points

  • Selkirk Copper Mines (TSXV: SCMI | FRA: IO20 | OTCQX: SKRKF) released Phase 2 drill results from the Minto Project in Yukon, Canada.
  • High-grade intercepts were reported at Minto North, Copper Keel, and Area 118, supporting mineral resource modelling for a Feasibility Study.
  • As of October 14, 2026, 54,711 metres were drilled across 223 holes, representing 109% of planned meterage; the PEA baseline NPV is C$494 million at a $5.00/lb copper planning price.
  • An updated MRE is targeted for Q1 2027, with all logging and sample shipping expected complete by early November 2026.

Phase 2 Drilling Exceeds Planned Meterage at Minto Project

Selkirk Copper Mines confirmed that its Phase 2 drill program, targeting 50,000 metres, has surpassed that objective. As of October 14, 2026, the company had completed 54,711 metres across 223 drill holes, representing 109% of planned meterage. The program focused on expansion, exploration, and infill drilling across key target areas. All geological logging, core cutting, and sample shipping are expected to be complete by early November. Technical aspects of the release were reviewed and approved by Leif Bailey, P.Geo., Director of Geoscience and Exploration, acting as a qualified person under National Instrument 43-101.

PEA Economics and Sensitivity to Copper Pricing

The September 2026 PEA outlines a 13-year mine life operating at 4,100 tonnes per day, beginning with underground mining before incorporating two open pits. The baseline after-tax NPV is C$494 million, calculated using a conservative copper planning price of $5.00 per pound. The release states that at a copper price of US$6.50 per pound, the after-tax NPV more than doubles to C$1.023 billion. Readers are cautioned that the PEA is preliminary in nature, includes Inferred Mineral Resources, and that there is no certainty the projections will be realised. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

Selkirk First Nation Partnership and Minto Mine Restart Path

Sixteen months prior to this announcement, the Selkirk First Nation (SFN) purchased the former Minto Mine out of bankruptcy and subsequently partnered with the Frank Giustra-backed Fiore Group to form Selkirk Copper Mines. The SFN holds an 18% equity interest in the company. The release states the company is leveraging over $330 million of above-ground investment by prior operators, and pre-capex costs not included in the PEA economic model are estimated at approximately $20 million. The immediate share price impact was not clear from available public information.