Copper One Begins Drilling Up to 10,000 Feet at Majuba Hill in Nevada

On October 23, 2026, Copper One Resources Corp. announced that diamond core drilling had begun on the expanded second phase of its program at Majuba Hill in Pershing County, Nevada, the copper-silver-gold project it calls its flagship. The company's release sets the program at up to 10,000 feet of core and ties it to its objective of a first mineral resource estimate for the project.

Up to 10,000 feet, or 3,048 metres, is about two and a half times the 4,015 feet of the first phase, which the company reported complete on August 23, 2026. The release says the new phase is intended to accelerate the systematic testing of priority targets. Chief executive David Greenway said the geological information from the first phase "is helping guide our ongoing exploration."

One portable rig on a round-the-clock schedule

Diamond core drilling uses a ring-shaped, diamond-studded bit to cut a solid cylinder of rock, the core, which geologists log and send to a laboratory for assay. HQ and PQ, the sizes in the release, are standard core diameters.

Evolve Exploration Nevada, LLC, under a drilling services agreement dated September 15, 2026, holds the contract for the first approximately 5,000 feet (1,524 metres), using one portable HQ/PQ core drill. Copper One plans two shifts a day, seven days a week. Holes in that initial scope are planned to a maximum depth of about 1,700 feet (518 metres), with final locations, angles and depths to be set by its technical team.

Copper One expects Evolve's EVX Connect platform to send it live drilling metrics, daily reports and photographs of the core as it is recovered.

The ground was ready before the contract was signed. The company's August 23, 2026 release reported four drill pads prepared, one giving access to what it called "the relatively untested north-west ridge."

The second phase has more than doubled since August, when the company prepared for 4,000 feet; on September 18, 2026 it expanded the plan to up to 10,000 feet. Run in full, it would bring the first and second phases together to about 14,000 feet.

Majuba Hill produced copper from the early 1900s into the 1950s

Majuba Hill is "a past-producing copper mine," in the release's words. The company's project page says underground mines there produced copper from the early twentieth century into the 1950s, along with silver and tin. Earlier operators' records, as the company's October 2026 investor presentation notes, put the totals at 2.8 million pounds of copper and 184,000 ounces of silver.

The annual information form dated March 7, 2025, filed when the company was called Giant Mining Corp., gives the detail. About 4,000 tons were mined at 12 per cent copper in the First World War era, and about 23,000 tons at 4 per cent between 1942 and 1954. Its total of 1,270 tonnes of copper converts to about 2.8 million pounds, so the filing and the project page agree.

The drilling database counts for more. The release puts historical drilling at approximately 89,395 feet (27,248 metres), which the company estimated in June would cost about US$12.1 million to replace. The footage reconciles from one release to the next.

The first two rows add to the third, which matches the "more than 90,000 feet" across "more than 100 drill holes" in the October 23 release.

The company's October 2026 investor presentation makes integrating that drilling with geophysics, soil sampling and structural mapping a step on its path to a resource.

The first entry in the select-drilling table of the June 19, 2026 release is MHB-30, reported in September 2024 under the Giant Mining name. It cut 218.0 feet grading 1.35 per cent copper and 73.4 grams of silver per tonne from surface, a result the release describes as historical and not independently verified by Copper One.

The company calls Majuba Hill a porphyry copper project. In such a system, hot fluids from cooling magma spread copper thinly through a very large volume of rock, and systems of that kind supply most of the world's mined copper. The consulting firm RESPEC, author of the current technical report, identified tourmaline breccia pipes as "a key control of copper mineralization" in an independent recommendations report the company announced on February 23, 2026. A breccia pipe is a column of rock shattered into fragments and cemented back together, and copper can be deposited in the cement.

Copper One has held the ground since 2018, when the company, then New Point Exploration Corp., leased it with an option to buy. In June 2026 it amended that option to a cash price of US$1,300,000, a reduction of about US$2.7 million from the earlier terms by the company's account, and began the closing process. Releases since September call the project 100 per cent owned.

The company took the Copper One name in April 2026. Its shares trade on the Canadian Securities Exchange as CEXY, in Frankfurt as IW8 (WKN A42AGR) and in the United States as CEXYF, per the release's header. Copper One closed a C$2,500,000 unit offering on June 24, 2026, and C$7,955,900 of special warrants on September 29, 2026. Its other projects include Redonda in British Columbia, where Maple reported on October 20, 2026 that a step-out hole had logged copper sulphides.

Nevada ranks first, and copper settled above US$14,400 a tonne

Nevada ranked first of 68 jurisdictions on the Investment Attractiveness Index in the Fraser Institute's Annual Survey of Mining Companies for 2025, published in February 2026, up from second a year earlier. The index combines mining companies' views of a jurisdiction's mineral potential and of its policies. Majuba Hill covers about 3,919 hectares, some 113 road kilometres southwest of Winnemucca, with year-round road access and nearby power and water, according to the release.

The London Metal Exchange cash settlement for copper on October 23, 2026, the day of the release, was US$14,415 a tonne, about US$6.54 a pound, according to Westmetall's daily table of LME prices.

A larger company committed to copper two days earlier, in neighbouring Arizona. Hudbay Minerals and its joint-venture partner approved construction of the Copper World mine on October 21, 2026, according to Hudbay's release. The definitive feasibility study behind the decision puts initial growth capital at US$2.07 billion and targets first production in the second half of 2029. It assumes a long-term copper price of US$5.00 a pound, and the October 23 settlement is about 31 per cent above that. The comparison speaks to the metal's price, the backdrop every copper explorer works in, rather than to any one project.

From drill core to a first resource estimate

National Instrument 43-101 is the Canadian rule for how companies disclose technical information about mineral projects. Under it, a mineral resource estimate is a qualified person's calculation of the tonnes and grade of mineralized rock with reasonable prospects for eventual economic extraction, and a maiden estimate is a project's first. Economic studies are built on it. The company's October 2026 investor presentation sets out its path: infill and step-out drilling, followed by metallurgical and density work and then a maiden resource. Infill holes tighten the spacing between earlier holes, and step-out holes test how far the mineralization extends.

The first phase supplies the first new core. MHB-37B reached 2,513 feet in July, and MHB-38 cut tourmaline breccia from about 262 feet, according to the company's July releases. In August the company began a petrographic study of that core, examining thin slices of rock under a microscope, to refine where the second phase drills.

The release carries a photograph of what the company identifies visually as chalcopyrite, the most common copper ore mineral, with pyrrhotite, an iron sulphide, in the breccia of MHB-37B at about 1,982 feet (604 metres), an identification the company calls preliminary until the core is assayed. Larry Segerstrom, M.Sc. (Geology), CPG, a director of Copper One and its non-independent qualified person, approved the release's technical content.

The Phase 1 assays are pending, and the release states that no mineral resource or mineral reserve has been established at Majuba Hill. The interim statements to March 31, 2026 carried a going-concern note, written before the June and September financings. The company's LIFE offering document had estimated working capital at C$12,180,421 as of May 31, 2026, before both financings, and its October 2026 investor presentation put it at C$19,118,762 as of October 14, after them; both are unaudited company figures. Copper One plans to report the assays once they are "received, reviewed and validated," while Phase 2 continues.

The next documents from Majuba Hill

Greenway said the company looks forward to reporting the Phase 1 assays "alongside further updates from Phase 2 drilling." Its audited statements for the year to June 30, 2026 are due under National Instrument 51-102 within 120 days of the year end, by about October 28, 2026.

Beyond the drilling sits the objective the company has attached to it: a maiden NI 43-101 resource, which would put a first estimate of tonnes and grade on a past-producing mine with more than 90,000 feet of drilling behind it. Phase 2 drilling is under way at Majuba Hill, and the company has said the Phase 1 assays and further Phase 2 updates come next.