Shanghai-bonded copper stocks drop 20,000 mt on week

Koonenberry Gold has defined a series of high-priority copper-gold and gold drill targets at its wholly owned Wilga Flats Project in the Lachlan Fold Belt of New South Wales, Australia. The targets occur along the 4.2-km Olaf’s Trend, approximately 20 km north of Evolution Mining’s Cowal gold operation. The company said preparations for drilling are underway, with a drill rig secured and a permit application submitted. The principal copper-gold target is supported by a 1.2 km by 500 m copper-in-soil anomaly, coincident with a gold anomaly measuring roughly 600 m by 100 m. Rock-chip sampling within the broader target returned copper grades of up to 1.37% and 1.27%. Koonenberry integrated soil geochemistry and rock-chip sampling with geological mapping, 3D magnetic modelling and a 15.6 line-km dipole-dipole induced-polarisation survey to identify priority drill positions along Olaf’s Trend. A separate epithermal and base-metal target is also being evaluated using historical drilling and re-assayed core. Historical drilling returned 11.33 m at 2.05% combined lead and zinc from 190.52 m, while Koonenberry’s re-assaying of historical material returned 32 m at 0.10 g/t gold from 65 m. The company has also re-logged historical core dating back to 1977 to refine its geological interpretation and drill planning. The latest update moves Wilga Flats into a more defined drill-preparation stage, with surface geochemistry and geophysical work identifying several copper-gold targets for testing. However, the project remains at an early exploration stage, and drilling will be required to determine whether the surface anomalies correspond to meaningful copper mineralisation at depth. The next key milestone will be commencement of the planned drilling programme and release of initial assay results.

Midas Minerals is targeting three Mineral Resource Estimates at its Otavi Copper-Silver-Gold Project in Namibia during Q1 2027, including an updated resource for the existing T-13 deposit and maiden resource estimates for the Deblin and Spaatzu prospects. The programme would expand Otavi from one currently defined resource area to potentially three as Midas continues drilling across the project. T-13 currently hosts an Inferred Mineral Resource of 10.5 million tonnes grading 1.6% copper and 21 g/t silver, containing approximately 169,000 tonnes of copper and 7.1 million oz of silver, equivalent to around 211,000 tonnes of contained copper equivalent. The resource was announced in April 2026 and is based on pre-acquisition drilling, with subsequent infill and extension drilling intended to support the planned update. Recent drilling highlighted across the wider project includes 35.6 metres at 3.35% copper at Deblin, while Spaatzu has returned broad copper-silver intersections including 44 metres at 1.36% copper and 36.8 g/t silver, as well as 20 metres at 1.83% copper and 63.4 g/t silver. Neither Deblin nor Spaatzu currently has a formal Mineral Resource Estimate, making the targeted Q1 2027 maiden estimates the next key resource-definition milestone for both prospects. The planned resource updates could materially broaden Otavi’s defined mineral inventory beyond the existing T-13 resource if recent drilling at Deblin and Spaatzu translates into formal resources. However, both prospects remain at the resource-definition stage, and the scale of any increase will only become clear once the Q1 2027 estimates are completed. The near-term significance therefore lies in resource growth and project definition rather than new copper supply.