Nine Miles Metals Advances High-Grade Copper (12%) & Gold VMS Portfolio

• Nine Miles Metals has 4 VMS (volcanogenic massive sulfide) projects in New Brunswick's Bathurst Mining Camp
• It completed $5.5 million financing and has capital for 2 years, focusing on proving up the Wedge deposit to 7-10 million tons and finding additional lenses at Nine Mile Brook
• Nine Mile Brook hosts the highest-grade lens ever recorded in Bathurst: 12% copper, 38% lead-zinc, 1,200 g/t silver, and 2.4 g/t gold over 15 meters
• Completed 1,400 line kilometers of UAV drone geophysics identifying 11 new target trends; achieved 80% success rate (8 of 10 holes) at California Lake East using new technology
• Working on bulk sample processing solution for Nine Mile Brook's ultra-high-grade hybrid mineralisation; assays pending from recently completed Wedge drill program

Nine Miles Metals (CSE: NINE) is positioning itself as a significant explorer in New Brunswick's Bathurst Mining Camp, one of Canada's most prolific mining districts. CEO Patrick Cruickshank recently outlined the company's 2026 strategy following a transformative year of geophysical work and drilling across its four-project portfolio. With $5.5 million recently raised and a disciplined approach to capital deployment, the company is focused on proving up existing deposits while testing new discoveries identified through advanced drone geophysics and AI-assisted targeting.

The Bathurst Mining Camp Opportunity

The Bathurst Mining Camp has produced 45 known VMS deposits, 25 of which exceed one million tons. However, the New Brunswick Department of Energy and Mines estimates only 30% of deposits have been discovered, with 70% remaining hidden beneath surface cover. Cruickshank notes that deposits "only 1% outcrop in the camp," making modern geophysical technology essential for new discoveries.

The camp operates on a roughly 20-year discovery cycle, coinciding with breakthroughs in geophysical technology. Nine Miles Metals believes it is positioned at the beginning of a new discovery cycle, having invested approximately $600,000 in 2024-2025 on comprehensive geophysics across its 140-square-kilometer land package. This continuous footprint covers the same geological formation that hosts all 45 known deposits in the district.

Nine Miles Metals' current portfolio comprises four projects: Nine Mile Brook, Wedge, California Lake, and Canoe Landing (East and West). The company has been operating in Bathurst for six to seven years, initially as a private entity called Fiddlehead Mining Corporation. When Stevens Gold Nevada (which became Nine Miles Metals) went public, it acquired Nine Mile Brook and Canoe Landing. Under Cruickshank's leadership, the company subsequently acquired California Lake and the historic Wedge mine, creating the consolidated land position.

The geology of these deposits is distinctive. Approximately 470 million years ago, underwater volcanic activity created solid mineralisation "blocks" of nearly 95% pure mineralisation. Over geological time, tectonic forces broke these blocks into multiple lenses. Successful deposits in Bathurst typically consist of five to six lenses that collectively form economic mining operations, similar to the famous Brunswick 12 and Caribou mines.

Nine Mile Brook: Exceptional Grades Present Processing Opportunity

Nine Mile Brook contains what Cruickshank describes as the highest-grade lens ever recorded in the Bathurst Mining Camp: 12% copper, 38% lead-zinc, 1,200 grams per ton silver, and 2.4 grams per ton gold over approximately 15 meters of solid mineralisation. The challenge facing the company is that this exceptional grade has created processing complications.

The Caribou mill, traditionally used for Bathurst concentrates, only processes lead-zinc with silver credits - it cannot handle the high copper and gold content. Additionally, the mill is currently offline following Trevali's bankruptcy and likely won't restart until 2028-2029. Even when operational, the hybrid nature of Nine Mile Brook's mineralisation (12% copper combined with 38% lead-zinc) requires mills to reconfigure their processing circuits, making toll milling economically challenging.

The company has spent over a year working with Glencore and evaluating facilities in Montreal, Quebec, and Kidd Creek to develop a processing solution. Cruickshank indicated that a "truly unique" solution is forthcoming, with a bulk sample update expected shortly. He noted that geologists and structural PhDs believe the lens was formed very close to the volcanic vent, explaining its exceptional grades, and that black chlorite found in drill core confirms this proximity.

Interview with Patrick Cruickshank, CEO of Nine Mile Metals

Wedge Mine: Proving Historical Resource at Depth

The Wedge represents a different opportunity - a past-producing mine operated by Caminco in the 1950s-60s before being acquired by Teck Resources. Operations ceased in the early 1960s when the head pillar collapsed. The mine had only extracted approximately one-third of the known mineralisation before abandonment, leaving two-thirds in place.

Using drone magnetometry, borehole EM, and surface time-domain electromagnetic (TDM) grids in fall 2024, Nine Miles Metals discovered an eastern extension to the deposit. Drilling confirmed this discovery with intercepts up to 134 meters of copper-lead-zinc-silver-gold mineralisation. The most recent drill program, completed just before Christmas 2025, tested "the depth and the southwest of that original deposit," with assays pending.

The company's strategy for Wedge is to prove an economic threshold of 7-10 million tons at high copper grades. Given that infrastructure and historical mining data already exist, Wedge offers lower exploration risk compared to greenfield targets.

Technology-Driven Exploration Success

Nine Miles Metals' most significant competitive advantage may be its systematic application of modern geophysical technology. The company flew 1,400 line kilometers of UAV drone surveys equipped with magnetics across its entire portfolio, generating conductive responses and targets. However, data collection alone doesn't ensure success - interpretation quality determines drilling effectiveness.

To enhance targeting, the company brought Mike Dufresne from Apex Geoscience in Edmonton onto its technical board. Apex employs approximately 100 geophysicists and has a strong track record of global discoveries. Dufresne is "quarterbacking with our technical team," filtering regional anomalies from actual targets by integrating "geological targets with the geophysical background," which Cruickshank described as a "game-changer."

This approach has delivered measurable results. At California Lake East, the company achieved an 80% success rate, hitting mineralisation in eight of ten drill holes, using only the first two holes for orientation. Based on this geophysical work and AI-assisted reprocessing of public and proprietary data, Nine Miles Metals announced in January 2025 that it had identified 11 different mineralised trends, including West Wedge and other cluster zones.

Financial Discipline

With 185 million shares outstanding and $5.5 million recently raised, Nine Miles Metals has positioned itself for two years of drilling without additional financing. Cruickshank emphasised that the company turned away additional financing at current levels, believing the stock is significantly undervalued. The company has also reduced overhead by closing its Vancouver offices and relocating to New Brunswick, saving over $300,000 annually.

This financial positioning allows the company to execute a multi-pronged 2026 program: Phase 2 drilling at Nine Mile Brook beginning in April, Phase 3 drilling at Wedge's western flank (also in April), and exploration drilling on California Lake and newly identified targets. The company maintains fiscal discipline by operating in a low-cost environment where drilling costs approximately $85-100 per meter (all-in with assays), permits are issued within 30 days, and 70% year-round access is available.

Strategic Positioning for Consolidation

Nine Miles Metals is explicitly positioning for eventual consolidation in the Bathurst Mining Camp. The company's strategy centers on creating "size and scale" attractive to major mining companies. The camp's extensive infrastructure - roads, power, skilled workforce, and proximity to tidewater - makes it economically compelling for larger players seeking to feed either existing mills or justify new processing facilities.

Cruickshank noted that majors require 10-20 million tons collectively across several deposits to justify mill construction or toll milling arrangements. The company is in discussions with domestic and international majors and mid-tier producers, though it maintains that creating shareholder value through regional-scale consolidation of its four projects remains the primary objective. However, the company remains open to joint ventures or other structures that enhance shareholder value, particularly for individual assets like Nine Mile Brook.

2026 Outlook and Catalysts

The company expects multiple catalysts through 2026. Imminent assay releases from the recently completed Wedge drill program will provide the first indication of depth and southwestern extensions. The bulk sample analysis and processing solution update for Nine Mile Brook represents a potentially transformational catalyst, as it will demonstrate the economics of the ultra-high-grade mineralisation.

Beginning in April, drilling will resume at both Nine Mile Brook (searching for additional lenses) and Wedge (proving up the western flank toward the 10-million-ton threshold). The company will also test selected targets from its 11 identified trends, with California Lake receiving attention through a government grant program to be completed by end of February.

Operating in what Cruickshank characterised as a jurisdiction that "wants you to succeed," with crown land providing straightforward permitting and strong government support including grants, Nine Miles Metals has positioned itself to execute an aggressive exploration program without near-term financing needs while maintaining optionality for strategic partnerships or eventual consolidation.

The Investment Thesis for Nine Miles Metals

• Exceptional Grade Discovery: Nine Mile Brook hosts the highest-grade lens ever recorded in Bathurst Mining Camp (12% Cu, 38% Pb-Zn, 1,200 g/t Ag, 2.4 g/t Au), providing significant upside if additional lenses are discovered
• Technology-Driven Discovery Platform: 1,400 line-km UAV geophysics across 140 sq km identified 11 new target trends; proven 80% drill success rate at California Lake validates targeting methodology
• Near-Term Production Optionality: Historic Wedge mine offers path to near-term economics with two-thirds of known mineralisation remaining; recent drilling extended footprint with intercepts up to 134 meters
• Two Years Funded: $5.5 million recently raised provides capital through 2026-2027 with no dilution planned; 185 million shares outstanding; reduced overhead by $300K annually
• Strategic Consolidation Play: Four-project portfolio with continuous 140 sq km footprint positions company as acquisition target for majors seeking district-scale opportunities in tier-one jurisdiction
• Multiple 2026 Catalysts: Pending Wedge assays; bulk sample processing solution for Nine Mile Brook; drilling resumes April 2026 at both Nine Mile Brook and Wedge; government-funded California Lake work completing February
• Infrastructure Advantage: All projects on crown land with 30-day permitting; $85-100/m all-in drilling costs; 70% year-round access; skilled local workforce; existing mill infrastructure in district
• Commodity Leverage: High copper-gold exposure positions company for potential supercycle in critical minerals amid geopolitical supply concerns and sovereign resource priorities

Nine Miles Metals operates at the intersection of multiple compelling macro themes: the critical minerals imperative, copper supply constraints, and jurisdictional risk in traditional mining regions. Canada's Bathurst Mining Camp represents a rare tier-one VMS district in a stable jurisdiction with established infrastructure, offering major mining companies domestic supply security for copper, zinc, lead, silver, and gold. The camp's geological endowment - with an estimated 70% of deposits yet to be discovered - combined with modern geophysical technology creates a generational exploration opportunity. As Cruickshank noted, 

"We're in the beginning of a supercycle."

TL;DR

Nine Miles Metals controls 140 sq km in Canada's Bathurst Mining Camp with four VMS projects including the highest-grade lens ever recorded (12% Cu, 38% Pb-Zn). Advanced UAV geophysics identified 11 new target trends with proven 80% drill success. Company is fully funded for two years ($5.5M raised), targeting 7-10 million tons at Wedge mine while searching for additional lenses at Nine Mile Brook, positioning for sector consolidation.

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