Key Highlights

  • Three historical stockpile samples returned up to 14.9% copper, with the Cutters Vein sample carrying 1,830ppm bismuth.
  • Redhill has an inferred mineral resource of 4.3 million tonnes at 1.7% copper at Cutters Cove.
  • Narryer has agreed to acquire 100% of Redhill Magallanes, with conditions to be satisfied by 31 December 2026.
  • Early 2027 exploration will focus on structural controls on the high-grade massive sulphide zones.

Narryer Metals (ASX:NYM) released assays from three samples taken from historical stockpiles at the Cutters Cove area of its Redhill Copper Project in southern Chile on 5 November 2026. The samples were collected during a Due Diligence trip in August 2026.

The Cutters Vein sample returned 14.9% copper and 1,830 parts per million bismuth. The Angelia Vein sample returned 14.35% copper, and the Cristina Vein sample returned 8.7% copper with 209 grams per tonne silver.

What stockpile samples can and cannot show

Stockpile samples represent material that historical miners extracted and set aside, often because it was higher grade. They confirm that high-grade copper exists in the system, but they do not indicate the grade or Volume of mineralisation remaining in the ground. Three samples are a very small data set.

Narryer says the assays support historical drilling and underground channel results that identified zones above 4% copper at the Cristina and Cutters mines. The company plans to investigate the controls on those zones to guide future drill targeting.

The existing resource

Redhill has an inferred mineral resource of 4.3 million tonnes at 1.7% copper, 33g/t silver and 0.3g/t gold at Cutters Cove. Bismuth is not included in that estimate.

The project also has an exploration target of 16 to 49 million tonnes at 1.2% to 2.6% copper, 0.4g/t gold and 34 to 55g/t silver at Cutters Cove. The target is conceptual, and further exploration is needed before any additional resource can be estimated.

Why bismuth matters

Bismuth is used in pharmaceuticals, cosmetics, low-melting alloys and as a non-toxic replacement for lead in some applications. According to Narryer, bismuth prices range from US$45,000 to US$70,000 a tonne, and China controls about 88% of world production. China has also placed export controls on several minor metals, which has increased interest in alternative sources.

Executive Chairman Richard Bevan said bismuth could add value as a by-product of a future concentrate, alongside copper, silver and gold. By-products can improve project economics, but only if they can be recovered and sold, and concentrate buyers sometimes penalise certain elements. Narryer has not yet presented metallurgical data on bismuth recovery.

The acquisition

Narryer has agreed to acquire 100% of Redhill Magallanes, which owns the project. The transaction remains subject to regulatory conditions precedent that must be satisfied by 31 December 2026. Until completion, Narryer does not own the project outright.

Management's plan

Bevan said the company wanted to understand what governs the high-grade zones before drilling. A primary aim of the upcoming field programme is to identify structural controls on the massive sulphide mineralisation, which could help focus drilling on the most prospective zones.

The location

Southern Chile's Magallanes region is less explored than the copper belts of northern Chile. Remote locations can raise logistics and infrastructure costs, which would need to be considered in any development assessment.

Narryer's move into Chilean copper reflects a broader pattern among ASX juniors seeking copper exposure as forecasts point to Supply deficits later in the decade. Many have looked to South America. Smaller, higher-grade massive sulphide deposits can offer a different profile from the large porphyry systems that dominate Chilean production, with lower Capital requirements but also smaller scale. Redhill's existing inferred resource and exploration target give Narryer a starting point, and the structural work planned for 2027 is meant to show whether the high-grade zones seen in the stockpiles and historical channels can be traced.

What comes next

Completing the Acquisition before the end-2026 deadline is the immediate priority. Narryer then plans exploration in early 2027 focused on structural mapping, followed by drill targeting. The company released an investor presentation on the acquisition on 5 November.