Could Copper Readings From Raptor Metals (ASX:RAP), Narryer Metals (ASX:NYM) and Horseshoe Metals (ASX:HOR) Point to New Targets?

Sonal Goyal

05 November 2026 11:40 AM AEDT

Could Copper Readings From Raptor Metals (ASX:RAP), Narryer Metals (ASX:NYM) and Horseshoe Metals (ASX:HOR) Point to New Targets?

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Key Highlights

Raptor Metals (ASX:RAP) reported indicative pXRF copper readings of up to 44.6% at Prospect D in the Northern Territory.
Narryer Metals (ASX:NYM) recorded copper grades of up to 15% in stockpile samples at its Redhill Project in Chile.
Horseshoe Metals (ASX:HOR) updated its pit optimisation to 95,033 tonnes of contained copper at a US$25,000 per tonne copper price.
All three companies identified further work, including laboratory assays and resource studies, before the results can be confirmed.

Three ASX-listed copper explorers released updates on 5 November 2026 covering projects in Australia, Chile and the Northern Territory. The announcements combine indicative field readings, historical stockpile assays and a revised pit optimisation, each with a different level of technical confirmation.

Raptor Metals (ASX:RAP)

Raptor Metals (ASX:RAP) reported indicative portable X-ray fluorescence readings from rock chip sampling at its Arunta Project. Readings at Prospect D reached 44.6% copper, and Home of Bullion recorded up to 28.6% copper. The company said these figures are not equivalent to laboratory assays. Home of Bullion already hosts a JORC resource of 3.1 million tonnes at 2.9% copper equivalent.

Narryer Metals (ASX:NYM)

Narryer Metals (ASX:NYM) reported assays from stockpile material at its Redhill Project in southern Chile. Samples from the Cutters Cove area returned copper grades of up to 15%, with silver above 200 grams per tonne. The company also identified bismuth at grades up to 1,830 parts per million, which is not yet part of the resource estimate. The stockpile material is historical and may not reflect in-situ grades.

Horseshoe Metals (ASX:HOR)

Horseshoe Metals (ASX:HOR) completed a pit optimisation at Horseshoe Lights using a copper price of US$25,000 per tonne. The optimised shell contains 12,337,226 tonnes at 0.77% copper, equal to 95,033 tonnes of contained copper. The company said this is 71% more copper than the 2014 scoping study pit, which used a lower copper price. The optimisation is conceptual and does not define a resource or reserve.

Final Word

Each company's update contributes a different type of copper information, from field readings to historical stockpile assays and a conceptual pit design. The assay stages and resource work will determine how much of the reported copper potential is confirmed. Subsequent announcements from each company will show how the indicative data develops into drilling or resource decisions.

What copper grade did Raptor report at Prospect D?

Indicative pXRF readings at Prospect D reached 44.6% copper.

What did Narryer's stockpile samples show?

Copper grades of up to 15% were recorded, with bismuth identified at grades up to 1,830 parts per million.

What copper price did Horseshoe use?

The pit optimisation used a copper price of US$25,000 per tonne.

Are these results confirmed?

Not yet. The readings are indicative, the stockpile material is historical, and the optimisation is conceptual.

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