VANCOUVER, British Columbia, Nov. 10, 2026 (GLOBE NEWSWIRE) -- Coppernico Metals Inc. (TSX: COPR, OTCQB: CPPMF, FSE: 9I3) (“Coppernico” or the “Company”) is pleased to announce that its wholly owned Peruvian subsidiary, Sombrero Minerales S.A.C., has received the Start-of-Activities authorization (the “Final Permit”) from Peru’s Ministry of Energy and Mines (“MINEM”) for the expanded drilling program at its copper-gold Sombrero Project (“Sombrero” or the “Project”) in Ayacucho, Peru (Figure 1). This represents the final governmental authorization required to commence drilling under the expanded Environmental Impact Assessment – Semi-detailed (“EIA-Sd”) approved on August 10, 2026.
The Company is also outlining its Phase 2 drill program of approximately 20,000 meters across nine targets, with the pace and scale of drilling to be determined at the Company’s discretion, taking into account market conditions and available funding. Initial drilling is currently funded and is planned to start at the Company’s Fierrazo target, where access road and drill pad construction is currently underway. The timing of drill mobilization and commencement will be determined in coordination with local communities and based on the Company's operational and logistical considerations.
Highlights
- Final Permit received. The Start-of-Activities authorization is the final governmental approval required to commence drilling under the recently approved expanded EIA-Sd permit, which covers approximately 3,122 hectares and authorizes up to 300 drill holes across 181 drill platforms (Figure 1).
- Site preparation underway at Fierrazo. Access road and drill pad construction are being carried out with workers from the local community. Fierrazo is planned as the initial target of the Phase 2 drill program. The timing of drill mobilization will be determined in coordination with local communities and based on operational logistics.
- Multi-target program designed to test large mineral systems. The planned Phase 2 program of approximately 20,000 meters covers nine targets across Eocene copper-gold skarn-porphyry systems at Ccascabamba (including Fierrazo) and Nioc, as well as the younger epithermal-porphyry system at Tipicancha.
- Drilling for discovery and for knowledge. The program ranges from expansion drilling at Fierrazo to first-ever drill tests of copper mineralization exposed at surface at Nioc and Tipicancha, as well as first-pass tests of multiple prospective targets concealed beneath a thin layer of volcanic cover. The program is designed to test near surface mineralization and prospective targets beneath shallow cover.
- Nioc advancing toward first-ever drilling. The Company is advancing work on a separate community agreement and drill permit for an initial drill program at Nioc, which forms part of the planned Phase 2 program, with drilling anticipated in 2027, subject to receipt of the required approvals.
Ivan Bebek, Chair and CEO of Coppernico, commented, “The Start-of-Activities authorization represents a significant milestone for Coppernico and its Sombrero Project. Previous drilling activities were constrained by the boundaries of the original permitted area and the number of holes authorized. This new permit expands the permitted area and provides access to multiple high-priority, drill-ready targets, including targets defined by coincident geophysical and/or geochemical anomalies, substantially expanding our exploration opportunities.
The planned drill program will encompass both advanced-stage and new discovery exploration targets, positioning the Company for a catalyst-rich year ahead. Our primary objective is to identify significant new high-grade copper and gold discoveries analogous to the major mines on the nearby eastern half of the Andahuaylas-Yauri belt in southern Peru.
I would like to thank our team in Peru, our host communities and the Peruvian authorities for their continued support throughout the permitting process. We are particularly pleased to once again be employing members of the local community as we advance construction of access roads and drill pads. We look forward to expanding local employment opportunities as we advance toward the next phase of drilling.
With the final authorization now in hand, we anticipate announcing the drilling commencement date in the near future. Importantly, the Company is funded to begin drilling, with preparations already underway.”
Figure 1: Sombrero Phase 2 targets and initial proposed drill holes, shown over the magnetic, gravity and chargeability highs. The Tipicancha target area is shaded lavender. Drilling at Nioc is subject to a separate community agreement and drill permit with drill access anticipated in 2027, subject to the required approvals.
Phase 2 Drill Program
Phase 2 is designed to test the main mineralized systems identified at Sombrero through a single, staged program. The targets are at different stages of exploration. Fierrazo has historical drilling and known copper-gold mineralization, with planned drilling aimed at expanding the known mineralized footprint and testing its continuity. Nioc and Tipicancha have copper mineralization exposed at surface but have never been drilled. Most of the remaining targets lie beneath post-mineral cover and are defined mainly by geophysics and geological mapping. The full extent of these prospective systems remains to be determined through drilling.
The Phase 2 program is designed to comprise approximately 20,000 metres, with drilling to be conducted at a pace set by the Company, starting with one drill rig and adding rigs as appropriate.
Primary Objectives:
- Expand and test the continuity of copper-gold mineralization at Fierrazo, along a magnetite-rich skarn body at least 700 meters long, of which only about 200 meters of strike length has been drilled, and test an associated deep chargeability anomaly;
- Complete the first drill tests at Nioc and Tipicancha, where copper mineralization has been sampled at surface;
- Carry out first-pass tests of concealed targets defined by magnetic, gravity and chargeability anomalies, including Chumpi 1, Chumpi 2 and Huachana;
- Conduct follow-up drilling at Hojota, Corrales and North Corrales, building on Phase 1 results to refine the interpretation of intrusive contacts, alteration and structure; and
- Improve the three-dimensional understanding of the geology, alteration and structure across Sombrero, including through the use of oriented drill core, to refine further targeting and assess how effectively the new geophysical data can be used to vector toward mineralization.
Table 1: Phase 2 Targets
| Target (area) | System type | Where it stands | Phase 2 objective |
| Fierrazo (permitted, Ccascabamba target area) Expansion of known Cu-Au mineralization | Eocene copper-gold skarn, magnetite-rich | Copper-gold mineralization known from historical drill holes and surface channels; geophysical body open along strike and at depth | Expand known mineralization and test its continuity; First-pass drill test of deep chargeability anomaly |
| Nioc target area (pending separate permit, drilling anticipated in 2027) Strong surface copper over large geophysical anomalies | Eocene copper-gold skarn-porphyry | Copper-gold mineralization in surface channel sampling; coincident magnetic, gravity and chargeability anomalies over more than 1.5 km; never drilled | First drill test |
| Tipicancha (permitted) First drilling of a hydrothermal system more than 4 km long, with porphyry potential | Younger epithermal–porphyry | Lithocap alteration footprint more than 4 km long with near-surface copper; never drilled | First drill test of the lithocap and its potential porphyry source at depth |
| Chumpi 1 and Chumpi 2 (permitted, Ccascabamba target area) Fierrazo-style targets under cover | Eocene copper-gold skarn-porphyry | Under cover; neither target drilled (broader Chumpi area lightly tested in Phase 1); defined by magnetic, gravity and chargeability anomalies | First-pass drill test |
| Hojota, Corrales and North Corrales (permitted, Ccascabamba target area) Follow-up on Phase 1 skarn intercepts, vectoring for grade | Eocene copper-gold skarn-porphyry | Partially drilled in Phase 1 (2024–2025): broad skarn alteration and copper-gold mineralization intersected; limits not defined | Follow-up drilling, using Phase 1 results and the new geophysics to vector toward concentrated mineralization |
| Huachana (permitted, south of Nioc target area) Concealed geophysical target south of Nioc | Eocene skarn-porphyry (interpreted) | Under cover; defined by magnetic, gravity and chargeability anomalies; never drilled | First-pass drill test |
Fierrazo: First Target to be Tested
Fierrazo is an advanced copper-gold skarn target within the Ccascabamba target area that was outside the Company’s original drill permit. Aceros Arequipa drilled eight shallow holes here in 2013 in pursuit of an iron deposit, and the core was later sampled for copper and gold by Coppernico’s predecessor, Auryn Resources Inc. Results included 90.4 meters of 0.48% copper and 0.05 g/t gold, including 41.8 meters of 0.88% copper, in hole FE-DDH-01A, and 116 meters of 0.42% copper and 0.24 g/t gold in hole FE-DDH-03A, while surface channel sampling returned 232 meters of 0.47% copper and 0.13 g/t gold (Figure 2; see news releases dated April 3, 2019 and June 13, 2019, issued by Auryn Resources Inc., now Fury Gold Mines Limited). True widths are unknown.
The Company’s gravity and magnetic surveys outline a magnetite-rich skarn body at least 700 meters long, of which only about 200 meters of strike length has been drilled, and the system remains open along strike and at depth (see news release dated February 25, 2026). Phase 2 drilling at Fierrazo is planned in two parts. The initial holes (Part 1) are designed to test the central and southern parts of the body; follow-up holes (Part 2) will be dependent on results and will aim to extend coverage along strike and down-dip (Figure 2). Together they are designed to show how far mineralization extends, whether it is continuous, and where higher-grade zones lie.
Figure 2: Fierrazo plan map and east–west cross-section A–A′ showing geology, historical drill holes and channel samples, the coincident magnetic and gravity high, and proposed Phase 2 drill holes (Part 1: initial holes; Part 2: follow-up holes, subject to results). Historical results as reported by Auryn Resources Inc. (2019); true widths are not known.
Tipicancha: First Drilling of a Large Hydrothermal System
Tipicancha is a lithocap with epithermal–porphyry potential hosted in andesitic volcanic rocks, with a hydrothermal alteration footprint now mapped over more than 4 kilometers (see Company news release dated May 11, 2026). Surface channel sampling returned 22 meters of 0.65% copper, including 10 meters of 1.14% copper (see news release dated May 21, 2025), and shallow pits have traced a laterally extensive pyrite horizon with local copper enrichment beneath a leached cap. True widths are unknown. The planned Phase 2 drill program would represent the first drilling at Tipicancha, testing structurally controlled copper mineralization below the leached cap and evaluating the potential for a porphyry source at depth.
Chumpi 1 and Chumpi 2: Fierrazo-Style Targets Under Cover
Chumpi 1 and Chumpi 2 lie beneath post-mineral cover on the northern side of the Ccascabamba intrusive complex, where the Company’s gravity and magnetic surveys outline dense, magnetic bodies with locally elevated chargeability (see news release dated February 25, 2026). In the Company’s interpretation, these responses are similar in character and scale to the geophysical signature at Fierrazo. The broader Chumpi area was only lightly tested during Phase 1, and neither target has been drilled. Planned Phase 2 drilling will provide first-pass tests to evaluate whether these anomalies reflect Fierrazo-style magnetite-copper skarn.
Nioc: Community Access and Permitting Underway
Nioc is a priority target at Sombrero and has not yet been drilled. Surface channel sampling has returned high-grade results, including 155 meters averaging 0.54% copper (combined channels) and 70.1 meters of 0.92% copper and 0.25 g/t gold (see news releases dated January 12, 2026, and May 19, 2026), within coincident magnetic, gravity and chargeability anomalies more than 1.5 kilometers long. True widths are unknown. Nioc requires a separate community agreement and drill permit, both of which the Company’s team is advancing, with drilling anticipated in 2027, subject to receipt of the required approvals.
Technical Disclosure and Qualified Person
The scientific and technical information contained in this news release was reviewed and approved by Tim Kingsley, M.Sc., CPG, Coppernico’s Vice President of Exploration, who is a “Qualified Person” as defined in NI 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS
Ivan Bebek
Chair & CEO
For further information, please contact:
Coppernico Metals Inc.
Phone: +1 778 729 0600
Email: info@coppernicometals.com
Website: www.coppernicometals.com
Twitter: @CoppernicoMetal
LinkedIn: www.linkedin.com/company/coppernico-metals/
About Coppernico
Coppernico is a mineral exploration company focused on creating value for shareholders and stakeholders through diligent project evaluation and exploration, in pursuit of the discovery of large-scale high-grade copper-gold deposits in the Americas. The Company’s management and technical teams have a successful track record of raising capital, discovery and the monetization of exploration successes. The Company's objective is to become a leading advanced copper and gold explorer, and through its wholly owned Peruvian subsidiary Sombrero Minerales S.A.C., is currently focused on the Ccascabamba (previously referred to as Sombrero Main), Nioc and Tipicancha target areas within the Sombrero Project in Peru, its flagship project, while regularly reviewing additional premium projects to consider for acquisition.
The Sombrero Project is a land package of approximately 57,000 hectares (570 square kilometers) located in the north-western margins of the world-renowned Andahuaylas-Yauri trend in Peru. It consists of a number of prospective exploration targets characterized by copper-gold skarn and porphyry systems and precious metal epithermal systems. The Company’s NI 43-101 technical report, with an effective date of April 17, 2024, and as filed on SEDAR+ on May 23, 2024, focuses on the Ccascabamba and Nioc target areas of the Sombrero Project. The Tipicancha target was determined subsequent to the date of that report.
Common shares of Coppernico Metals Inc. are listed on the Toronto Stock Exchange under the symbol “COPR”, trades on the OTCQB Venture Market under symbol “CPPMF” and is quoted over the counter by certain dealers in the Unofficial Market of the Frankfurt Stock Exchange under the symbol “9I3”. More information about Coppernico can be found on the Company’s profile on SEDAR+ (www.sedarplus.ca).
Cautionary Note
No regulatory organization has approved the contents hereof.
This news release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation (collectively, “forward-looking statements”). Forward-looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expect”, “intend” and similar expressions and include, but are not limited to, statements with respect to: the timing of drill mobilization and commencement, subject to community coordination and operational considerations; the timing and receipt of required community agreements and permits; the planned scope, timing, funding and execution of the Phase 2 drill program, including proposed exploration targets and potential deployment of additional rigs; the Company’s ability to secure additional financing; the interpretation of exploration results and geological data; and the potential to expand known mineralization and make new discoveries. No certainty can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be heavily relied upon. Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond the Company’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements. Readers should refer to the risks discussed in the Company’s 2025 Annual Information Form and other continuous disclosure filings with the Canadian Securities Administrators, available at www.sedarplus.ca. These factors are not, and should not be construed as being, exhaustive. Accordingly, readers should not place heavy reliance on forward-looking statements. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement. Any forward-looking information and the assumptions made with respect thereto speak only as of the date of this news release. The Company does not undertake any obligation to publicly update or revise any forward-looking information after the date of this news release to conform such information to actual results or to changes in the Company’s expectations except as otherwise required by applicable legislation.
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