Where Are the Assays From Super Copper's First Four Chilean Holes?

Every metre of drill core is read twice. First a geologist logs it by eye at the core shack and writes down which minerals are visible and at what depth. Weeks later a laboratory returns a certificate giving a number for each sample: so many per cent copper, so many grams of gold per tonne. The two readings answer different questions. The first says copper is present somewhere in that metre of rock. Only the second says how much, and only the second can go into a resource estimate or be used to value anything.

Super Copper Corp. has published the first reading.

The company, which trades on the Canadian Securities Exchange under the symbol CUPR, announced on 1 October 2026 that visible copper minerals had been logged in all four completed holes of the maiden drill programme at its Cordillera Cobre project, 43 kilometres east-northeast of Copiapó in Chile's Atacama region. The release gives depths, mineral names and metreage in detail. It gives no grade, because none exists yet. Chief Executive Officer Zachary Dolesky said as much in the release: the next step, he said, is to let the assays show which structures and host units carry meaningful copper.

That is a fair description, and it is the correct standard. The purpose of reading this release carefully is to establish what has and has not been met against it.

Four holes, roughly 2,348 metres, and no grade

The reported observations are specific. In DH26CC-001 the company logged chrysocolla and cuprite between 284.82 and 288.70 metres, with possible trace native copper higher up. In DH26CC-002 it logged malachite and copper wad in two narrow intervals and chalcocite-bearing calcite veinlets between roughly 313 and 329 metres, with bornite noted locally. DH26CC-003, at 593.2 metres the deepest hole completed, recorded ten separate copper occurrences from about 30 metres to about 581 metres, including a native-copper-bearing tuff between 356 and 360 metres used as a marker horizon. DH26CC-004 logged native copper at 51.10 metres, again near 98 metres, again at 295.60 metres, and disseminated through the same 356 to 360 metre tuff.

Chrysocolla, malachite and cuprite are oxide copper minerals, the green and blue stains that form where copper-bearing rock has weathered near surface. Chalcocite and bornite are sulphides, the forms copper usually takes at depth and the forms a mine would normally process. Native copper is the metal itself, in grains. Finding all of these across four widely spaced holes tells a geologist that a copper system is present and that it is not confined to one level. It does not tell anyone what percentage of the rock is copper, and the difference between 0.2 per cent and 0.8 per cent copper is the difference between a geological curiosity and a deposit.

Hole DH26CC-001 stopped short of its planned depth. Holes three and four were collared about 500 metres apart. Together the five holes logged as at 29 September 2026 total roughly 2,348 metres of a programme announced on 6 August 2026 as up to 15 holes and about 5,000 metres, targeting a chargeability corridor the company describes as more than 800 metres along strike. Chargeability is a geophysical signal that indicates where disseminated sulphide minerals may sit underground. It locates a target. It does not grade it.

The laboratory work is commissioned, and it will settle this

Super Copper has specified what it has sent for and the specification is a serious one. Samples from the first three holes are submitted or in preparation under a 48-element four-acid digestion package, a 30-gram fire assay for gold, and cyanide-soluble copper analysis on selected intervals, with quality-control material inserted at about 20 per cent of the sample stream. Core is logged by APEX Geoscience Ltd. under chain of custody, per the 1 October 2026 release.

The cyanide-soluble copper test is the one that will shape the economics. It measures how much of the copper in a sample can be leached with cyanide, which approximates how much is in oxide form and could be recovered cheaply by heap leaching rather than by milling and flotation. In a project whose first four holes logged both oxide and sulphide copper, the ratio between total copper and leachable copper will matter as much to the economics as the headline grade.

The qualified person is Michael Dufresne, M.Sc., P.Geol., P.Geo., President of APEX Geoscience Ltd., and the release states he is independent of the company. A qualified person is the credentialled geologist or engineer who takes professional responsibility for technical disclosure under Canadian rules. Independence is not required under those rules, and here it is present.

Cordillera Cobre has never carried a resource estimate, historical or current

The project's NI 43-101 technical report, with an effective date of 4 June 2024 and authored by Dufresne and Anetta Banas, M.Sc., P.Geol., of APEX, is unambiguous on this point: there are no historical resources that have been reported for the property. There is therefore nothing superseded, nothing stale and nothing to update. There is no count of tonnes or grade at Cordillera Cobre and there never has been.

The report classifies the project as early-stage exploration and concludes it is a property of merit warranting further work. Its recommended programme was staged at roughly C$125,000 for mapping and sampling, then about C$1,125,000 for further sampling, surveys and up to 2,000 metres of diamond drilling. The 2026 campaign has already exceeded that drilling recommendation, which is a reasonable thing for a company to do when it has raised the money, and which also means the current programme is larger than the only independent technical document on the property contemplated.

What the company has published on grade to date is surface sampling: an El Alto outcrop at 10.30 per cent copper and 296.0 grams of silver per tonne, and Calcite Hill float at 7.47 per cent copper and 42.4 grams of silver. Rock chips and float are selected samples of the best material visible at surface. They establish that high-grade copper exists somewhere in the system. They carry no information about average grade or continuity, which is precisely what drilling and assaying are for.

The flagship is optioned, not owned

Super Copper holds the right to earn up to 100 per cent of Cordillera Cobre from Gardner Y Esteffan Limitada under an agreement effective 1 September 2023. The earn-in requires cash payments of US$50,000 and US$100,000 early, a final payment of US$2,000,000 at 54 months, the issue of 6,000,000 common shares in tranches, and US$2,490,000 of exploration expenditure. The agreement's forfeiture clause, as set out in the 4 June 2024 technical report, is explicit: if the payments are not made, the earn-in rights terminate and the company's interest is whatever percentage it has earned by that deadline.

Fifty-four months from 1 September 2023 falls around March 2028. How much of that cash, share and work commitment has been satisfied, and what percentage interest is presently vested, is not restated in the 6 August 2026 drill-commencement release or the 1 October 2026 results release, and neither gives an ownership figure at all. The company's own project page describes the holding as an option to earn up to 100 per cent ownership.

The second Chilean project, Castilla, is different and cleaner: bought outright from Verdant Resources SpA for US$100,000 at closing on 15 September 2025, free of royalties and back-in rights, with contingent payments of US$50,000 on a drill intercept meeting a stated threshold, US$150,000 on a positive preliminary economic assessment with an after-tax net present value of at least US$50 million, and US$1,000,000 on first commercial sale. Castilla covers about 7,200 hectares after staking, has returned surface assays as high as 53.8 grams of gold per tonne and 17.7 per cent copper, and has not been drilled. A second phase of induced-polarisation geophysics over about 22 line-kilometres began on 8 September 2026.

The company was a private-equity shell until February 2024

This comes from the company's own filed financial statements. Super Copper Corp. was incorporated in British Columbia on 23 January 2019 as Kepler Private Equity Ltd. and changed its name on 23 February 2024, about seven and a half months before listing on the CSE on 7 October 2024. The Cordillera Cobre option was signed under the former name.

Alongside the exploration business the company has added two things that are not exploration. In January 2025 it launched a material science division aimed at the mining-chemicals market and announced a joint programme with MetaFLO Technologies Inc. to develop biopolymer applications, with resulting intellectual property owned equally. On 24 September 2026 it reported a first laboratory demonstration of a copper recovery process from that programme, and attached its own careful qualifier: the demonstration was qualitative and did not establish recovery percentage, purity, selectivity, reagent consumption, cost or commercial performance. In July 2025 the board approved allocating up to 20 per cent of corporate treasury to Bitcoin. No subsequent release discloses any purchase, and the most recent filed statements available show no digital assets.

A raise at C$0.75, and what two shareholders have been promised

Super Copper closed a brokered financing on 6 March 2026: 13,000,000 units at C$0.75 for gross proceeds of C$9,750,000, each unit carrying a full warrant exercisable at C$1.15 for 36 months, with a 6 per cent cash commission of about C$585,000 and 780,000 broker warrants. The offering was escalated from C$2 million to C$10 million over eight days in late February and early March 2026.

As at 12 March 2026 the company reported 53,938,594 shares outstanding against 19,356,429 warrants, 4,080,000 options and 500,000 restricted share units, a fully diluted figure near 77.9 million. That table is now out of date in one direction. At the annual meeting held 14 August 2025 shareholders approved Apeiron Investment Group Limited as a control person and authorised annual grants of restricted share units equal to 2.5 per cent of the issued shares to Apeiron, with a further 2.5 per cent a year to the chief executive's management company. Under that authority, 3,723,930 units were granted in July 2026. Roughly 5 per cent of the share count can be issued to two related parties every year.

At a close of C$0.55 on 2 October 2026 the March buyers sit about 27 per cent below their issue price and the C$1.15 warrants are at more than twice the market. The most recent financial statements obtainable are the interim statements for the three months ended 31 May 2025, which carried a material uncertainty about the company's ability to continue as a going concern and showed cash of C$1,013,610. Those figures predate the March 2026 financing by nine months and describe a different company; the 8 July 2026 corporate update says only that Super Copper is fully funded and gives no treasury figure.

Where the shares actually trade

Super Copper's primary market is the CSE. It also carries an OTCQB quotation under CUPPF and a Frankfurt listing under the symbol N60, with German securities number A40R2U and the ISIN CA86804H1091, per Deutsche Börse and Tradegate records read on 2 October 2026.

The Frankfurt line is thin to the point of being nominal. Tradegate recorded 2,500 to 4,493 shares and about one thousand euros of turnover on 2 October 2026, against 237,476 shares on the Canadian market the same day, which was itself about four times Super Copper's 57,385-share average. Prices on the German line follow Toronto rather than setting anything, and a position taken there is exposed to a spread that the Canadian book does not have.

Four holes have put a copper system on the map at El Alto and taken it off the list of things that might not exist. The number that decides whether it is worth drilling eleven more is sitting in a laboratory queue, and until it arrives everything written about Cordillera Cobre, including this, is written about rock nobody has measured.

Transparency note. This is an independent due-diligence analysis and editorial opinion piece produced by The Maple Markets editorial desk. It is not sponsored, promoted or commissioned, and no compensation of any kind has been received from Super Copper Corp. (CSE: CUPR), MetaFLO Technologies Inc. or any party acting on their behalf. The analysis is based on public disclosure available as of the publish date; every figure is attributed to its primary source. The Maple Markets and its authors may hold positions in securities mentioned; nothing here is a recommendation to buy, sell or hold any security, and readers should not treat it as investment advice. Past disclosure does not guarantee future results. Policies: Editorial Standards · Financial Disclaimer.