Blue Moon Announces Initial Deep Drilling Step-Out Results from Nussir, Supplemented with Increased Resource Confidence from Infill Drilling
Rhea-AI Summary
Blue Moon (NASDAQ: BMM) reported Q1-2026 drilling progress at the Nussir copper-gold-silver project in Norway, including successful deep navigational 200 m step-outs at ~1.12–1.17 km depth with significant Cu-Ag-Au intercepts and ongoing infill drilling to increase measured resources.
Key assays: NUS-DD-1401-02 returned 1.75% Cu over 6.7 m (2.08% CuEq) and NUS-DD-1401-03A 0.86% Cu over 3.0 m (1.19% CuEq); additional assays expected in Q2.
Positive
- 1.75% Cu over 6.7 m in NUS-DD-1401-02 (2.08% CuEq)
- Successful 200 m step-out intercepts at ~1.12–1.17 km depth
- 100% infill success for intersecting known mineralization (1,477 m completed)
- Newly located historical core at NGU found and available for sampling
Negative
- Key assay results for several deep holes remain pending into Q2 2026
- Phase 1 infill is 49% complete (1,477 of 3,000 m planned)
- Exploration target (8.5–16.5 Mt at 0.7–1.3% Cu) remains conceptual and unconfirmed
News Market Reaction – BMM
On the day this news was published, BMM gained 3.72%, reflecting a moderate positive market reaction. Argus tracked a peak move of +12.4% during that session. Our momentum scanner triggered 2 alerts that day, indicating moderate trading interest and price volatility. This price movement added approximately $23M to the company's valuation, bringing the market cap to $630.58M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Apr 02 | Project acquisition close | Positive | +0.8% | Closed Gage Project acquisition with share issuance and royalty structure. |
| Mar 18 | Acquisition agreement | Positive | -6.2% | Agreed to acquire Gage Project with NSR royalties, pending TSXV approval. |
| Mar 16 | Mine purchase close | Positive | +1.4% | Closed Apex mine acquisition from Teck with NSR and offtake terms. |
| Mar 10 | Equity financing | Negative | -4.1% | Issued 181,127 shares for C$1.3M gross proceeds to fund Nussir development. |
| Mar 06 | Financing & marketing | Negative | -2.0% | Financing update plus US$200k marketing mandate to support Nussir-focused growth. |
Recent company-building news (acquisitions, financing) has mostly seen price moves align with the constructive tone, with one notable negative divergence on an earlier Gage acquisition announcement.
Over the last six weeks, Blue Moon has focused on portfolio expansion and funding. It closed the Apex mine purchase on Mar 16, 2026 and then the Gage Project acquisition on Apr 2, 2026, issuing 420,935 shares and assuming various NSR royalties. Two separate financings around Mar 6–10, 2026 raised about $1.3M for Nussir development. Today’s Nussir drilling update builds on this sequence by emphasizing geological growth and resource confidence at the same flagship project.
Market Pulse Summary
This announcement underscores Blue Moon’s focus on building Nussir into a larger, longer‑life asset. Deep step‑out holes over 1 km and a completed 1,477 meters of infill support both expansion and resource confidence. Recent acquisitions and financings show a broader strategy of consolidating and funding critical‑metal projects. Investors may watch upcoming Q2 assay results, progress on the 3,000‑meter infill plan, and updates to the mineral resource estimates to gauge how this drilling translates into mine planning.
Key Terms
cueq technical
ni 43-101 regulatory
hq technical
fire assay technical
multi-element analysis technical
iso 17025 technical
certified reference materials technical
AI-generated analysis. Not financial advice.
HIGHLIGHTS
- In Q1-2026, two daughter holes were successfully completed from the mother hole NUS-DD-14-001, which previously returned 9.7 meters (7.4 meters true width) grading
0.93% Cu, 0.28 g/t Au, 11.5 g/t Ag and1.22% CuEq1 in 2014:- NUS-DD-1401-02 intersected the target at 1,166.5 meters as a 200 meter step-out hole resulting in
1.75% Cu, 0.16 g/t Au and 27.91 g/t Ag (2.08% CuEq1) over 6.7 meters; and - NUS-DD-1401-03A subsequently returned
0.86% Cu, 0.16 g/t Au and 27.75 g/t Ag (1.19% CuEq1) over 3.0 meters following an intersection at 1,120.7 meters, also as a 200 meter step-out hole.
1See Table 1 for metal equivalency formula
- NUS-DD-1401-02 intersected the target at 1,166.5 meters as a 200 meter step-out hole resulting in
- Completion of the second mother hole NUS-DD-26-07 which itself successfully intercepted deep mineralization resulting in a 6.85 meter section of mineralized material, coherent with the current Nussir resource. Assay results are expected later in Q2.
- The deep mineralization to the West remains open at depth and along strike.
100% success rate for intersecting the known mineralization in the surface infill program:- 1,477 meters completed of the planned 3,000-meter program designed to increase the measured resource;
- NUS-DD-26-05 and NUS-DD-26-06 highlight mineralization in a previous void in the current mineral resource estimate ("MRE"), resulting from a formerly unconstraint fault; and
- The program has also supported the presence of suspected mineralization in the parallel zone located some 60 meters above the known resource. Blue Moon eagerly awaits results from the program expected in Q2.
- Newly discovered, unsampled historical drill holes that intersect the current target horizon. The 2 holes were found to be stored at NGU's Løkken core storage facility.
The VP Exploration of Blue Moon, Theodore Veligrakis, stated:
"Drilling and delineation of deep, distal targets is important to Blue Moon's mission at the Nussir project with the aim of showing that Nussir is a multi-generational mine, and one of the most important copper mines in
DEEP NAVIGATIONAL DRILLING PROGRAM
Aiming to expand the current mineral resource inventory at Nussir, the deep drilling program aided by Devico's navigational drilling techniques, is centered around the high-grade intercept of 9.7 meters at
"The Nussir deposit is open to the west and to depth. In particular, the current limit of Inferred resources excludes the influence of three deep drillhole intersections, because they are excessively distant to the grid of holes above. The block of material around these deeper intersections therefore represents an exploration target, with a tonnage between 8.5 Mt and 16.5 Mt, and a Cu grade between 0.7 and
Of the three daughter holes from the first mother hole, two resulted in successful intercepts whilst one hole was abandoned due to technical difficulties prior to the anticipated mineralized zone. The recently completed NUS-DD-26-07, itself yielding an intercept of 6.85 meters of mineralization from the target horizon, will act as a mother hole for the following two targets.
This program, along with the ongoing infill drilling, is expected to provide extensive structural data for the Nussir deposit given Blue Moon's commitment to solely produce orientated drill core. In the western section of the deposit, historical programs have not always been completed with orientated drilling techniques. Relogging of historical core, coupled with this new orientated data, will aid the onsite team's structural appreciation of the deposit.
SAMPLING and QAQC
Drill cores currently produced on the site are in both NQ and HQ diameters; the phase 1 infill program is currently being drilled in HQ for greater sample yield for upcoming metallurgical test work. This resulting HQ drill core will be sampled with half sawn core for metallurgical test work and quarter core for multi-element analysis. The NQ drill core, produced from all other programs, will have half core samples for multi-element analysis. The remaining half and quarter core will be retained by Blue Moon for future reference.
Starting March 2026, Blue Moon's samples from Q1 drilling have been shipped and delivered to ALS Piteå in
Sample size is stipulated to be 1 meter, while acknowledging boundaries such as lithological contacts. The current procedure is to sample 15 meters either side of known and visual mineralization. QAQC samples, in the form of sample blanks, duplicates and certified reference materials (CRM) are currently inserted every 8th sample, equating to an insertion rate of
MINERALIZATION AT NUSSIR
The Cu–Ag–Au mineralization at the Nussir deposit is characterized as stratiform due to exceptional lateral continuity and grade homogeneity. It is hosted within a dolomitic horizon of the fine-grained siliciclastic Gorahatjohka Formation, located in the Paleoproterozoic Repparfjord Tectonic Window. The mineralized horizon extends laterally for more than 10 km and remains open at depth.
The primary Cu–Ag–Au mineralization consists predominantly of chalcocite, with subordinate bornite–chalcopyrite assemblages. In the sedimentary host, the mineralization, likely originally emplaced as fine-grained chalcocite, occurs both as disseminations within the dolomitic matrix and as later vein- and fracture-hosted phases.
The dolomitic horizon appears to have acted as a mechanically favorable detachment level, accommodating minor thrusting. This interpretation is supported by the presence of quartz-calcite shear zones, frequently mineralized, consistently developed along the hanging wall of the mineralized horizon. In some areas, the original dolomitic horizon is no longer preserved, and mineralization is instead confined to calcitic shear zones within the surrounding schists. This suggests that the primary-early diagenetic mineralization also served as a structurally controlled pathway for subsequent metamorphic remobilization and local enrichment of Cu sulfides. This overprint is interpreted to have occurred under upper greenschist to lower amphibolite facies conditions.
Geochemically, distinct Ag/Cu ratios are observed where primary mineralization is preserved. In contrast, zones affected by metamorphic remobilization, characterized by fracture-controlled chalcopyrite and bornite mineralization in footwall and hanging wall, show a decoupling of Cu and Ag. In addition, this metamorphic overprint is typically enriched in Au and may locally exhibit elevated PGE concentrations.
QUALIFIED PERSONS
The technical and scientific information of this news release has been reviewed and approved by Mr. Lazaros Dalampiras, MAusIMM, CP(Geo), Blue Moon's Head of Mineral Resources, and a non-Independent Qualified Person, as defined by NI 43-101.
About Blue Moon
Blue Moon is advancing 5 brownfield polymetallic projects, including the Nussir copper-gold-silver project in
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY DISCLAIMER - FORWARD LOOKING STATEMENTS
This news release contains forward-looking statements and forward-looking information (collectively "forward-looking information") within the meaning of applicable Canadian and
This news release contains forward-looking information, pertaining to, among other things, the advancement by the Company of multiple projects across jurisdictions. The Company cautions that all forward-looking information is inherently subject to change and uncertainty and that actual events, results and performance may differ materially from those expressed or implied by the forward-looking information. A number of risks, uncertainties and other factors could cause actual results and events to differ materially from those expressed or implied in the forward-looking information or could cause the Company's current objectives, strategies and intentions to change. These risks and uncertainties include but are not limited to: the risk that exploration activities will not result in finding economically viable mineralization; uncertainties inherent in exploration and drilling, including geological, technical, and metallurgical risks; inaccurate or incomplete geological models or interpretations; operational risks such as equipment failure, contractor performance, accidents; environmental, health and safety risks; adverse weather or seasonal access constraints; changes in laws, regulations, or government policies; community or stakeholder opposition; fluctuations in commodity prices and currency exchange rates; cost overruns; and risks related to the availability of capital and financing. A comprehensive discussion of other risks that impact Blue Moon can also be found in its public reports and filings which are available at www.sedarplus.ca and on the website of the
Any forward-looking information contained in this news release represents management's current expectations and are based on information currently available to management and are subject to change after the date of this news release. Accordingly, the Company warns investors to exercise caution when considering statements containing forward-looking information and that it would be unreasonable to rely on such statements as creating legal rights regarding the Company's future results or plans.
The Company cannot guarantee that any forward-looking information will materialize and readers are cautioned not to place undue reliance on this forward-looking information. The Company is under no obligation (and expressly disclaims any intention or obligation) to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law. All of the forward-looking information in this news release is qualified by the cautionary statements herein.
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SOURCE Blue Moon Metals