How White Cliff Minerals (ASX:WCN) Is Building a Tier-One Copper Discovery at the Rae Project

Sonal Goyal

03 November 2026 10:24 PM AEDT

How White Cliff Minerals (ASX:WCN) Is Building a Tier-One Copper Discovery at the Rae Project

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Key Highlights

Danvers copper mineralisation confirmed over 4.75km of the Teshierpi structural corridor, a 480% expansion on 2025 footprint
Best results include DAN26036: 23m at 6.18% Cu and 13 g/t Ag from 161m, with peak 0.60m at 23.5% Cu
New Bornite Hills discovery intersected more than 32m of bornite-dominant mineralisation in first-ever drilling
Hancock Prospecting acquired 515.8 million shares at $0.017 for A$8.77 million, representing approximately 13.5% of the company

A Quarter That Defined the Scale of Danvers

White Cliff Minerals (ASX:WCN) Limited's September 2026 Quarterly Report marks a step-change in the perceived scale of the Danvers copper system at the Rae Copper Project in Nunavut, Canada. The company confirmed copper mineralisation across 4.75 kilometres of the Teshierpi structural corridor — a 480% expansion on the roughly 820 metres tested during 2025. The data now points toward a structurally extensive system carrying high-grade copper across a strike length that is increasingly difficult to explain without invoking a large and well-endowed geological source.

The most impressive individual hole during the quarter was DAN26036, which returned 23 metres at 6.18% copper and 13 g/t silver from 161 metres, including 3.9 metres at 16.45% copper and 31 g/t silver, with a peak of 0.60 metres at 23.5% copper. For reference, 6.18% copper across 23 metres sits materially above the head grades of most operating open-pit copper mines globally. An earlier hole, DAN26026, returned 50.9 metres at 2.81% copper and 7.66 g/t silver from 39.7 metres, including 4.3 metres at 10.93% copper.

Bornite Hills: A New Discovery

Beyond Danvers, the quarter delivered a genuinely new discovery. First-ever drilling at Bornite Hills intersected more than 32 metres of bornite-dominant mineralisation, including semi-massive bornite, more than 60 metres below a historic trench that had sampled 3.66 metres at 46.99% copper — a surface value that had sat untested for years. Maiden assays received after quarter end included BNH26001A at 15.0 metres at 1.62% copper from 57.0 metres, and BNH26003 at 11.5 metres at 2.00% copper from 75.5 metres, including 1.0 metre at 10.16% copper. The Bornite Hills structure remains open across a 1.3-kilometre host structure.

Bornite mineralogy is significant. Bornite is a copper-rich sulphide (Cu5FeS4) that typically carries higher copper grades than chalcopyrite-dominant systems and is associated with some of the world's highest-grade copper deposits. Its dominance in the Bornite Hills system points toward a potentially high-grade, high-value deposit style.

Hulk and Sediment-Hosted Upside

The sediment-hosted copper footprint at Hulk expanded materially during the quarter, with diamond holes SED26001 to SED26003 intersecting visible chalcopyrite at the target Rae Group–Husky Creek Formation redox boundary. The known sediment-hosted copper footprint at Hulk now exceeds 10 square kilometres, a scale consistent with large-scale sedimentary copper systems.

Post-quarter, further drilling extended the high-grade core at Danvers, with hole DAN26047 returning 76.5 metres at 2.01% copper and 5.72 g/t silver from 49.5 metres, reinforcing continuity of the high-grade zone. A new discovery was also announced east of Danvers 1 on an untested 2.8-kilometre structure.

Hancock Prospecting: A Meaningful Endorsement

The strategic Investment by Hancock Prospecting — placing A$8.77 million at $0.017 per share for approximately 13.5% of the company — carries institutional significance beyond the Capital itself. Gina Rinehart's Hancock group has a reputation for identifying early-stage resource positions with genuine scale potential. The Placement was approved by shareholders on 19 October 2026 and shares were issued 22 October 2026. Proceeds are earmarked to expand and accelerate drilling at Rae.

Risks

The Rae Copper Project is located in Nunavut, an Arctic-adjacent Jurisdiction with significant logistical complexity and a short annual drilling season. All current intercepts are from exploration-stage drilling and no Mineral Resource estimate exists. Translating drill results into a defined resource, then a scoping study, feasibility and ultimately a mine, is a multi-year and capital-intensive pathway. Managing Director Troy Whittaker has flagged drilling acceleration as the immediate priority, but Arctic copper projects have historically required sustained capital commitment over long development timelines.

What to Watch Next

Assay results from post-quarter drilling at the new structure east of Danvers 1, and further results from ongoing Danvers and Bornite Hills drilling, represent the most immediate catalysts. A maiden Mineral Resource Estimate at Danvers, when the data set is sufficient to support one, would be a significant re-rating event.

Sector Context

Copper is widely regarded as the most strategically important metal for global electrification, with every major copper Demand forecast projecting a Supply Deficit within this decade. High-grade copper discoveries at scale are becoming progressively rarer, making early-stage projects showing the grade and strike-length characteristics emerging at Rae increasingly valuable to large Mining companies seeking growth pipelines.

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