Gold Discovery Hunt Resumes in Chile as Copper-Gold Drill Targets Take Shape

Important Disclosures:

1. Gelum Resources Ltd. is a billboard sponsor of Streetwise Reports. The company pays a monthly sponsorship fee of US$3,000–US$6,000 for banner advertising and an enhanced company profile page. Streetwise Reports’ editorial content is fully independent and is not influenced by sponsorship. 
2. As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of Gelum Resources Ltd. 
3. James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. 
4. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company. 

For additional disclosures, please click here.

1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Key Investor Takeaways

• Geophysical Survey Resumes at Las Tinajas: Gelum Resources Ltd. resumed its 2,600-hectare geophysical survey in Chile's Maricunga gold belt on October 20, 2026, following weather-related delays. Completion is expected in approximately three weeks.
• Copper-Gold Drill Targets Being Defined: Magnetotelluric and vector induced polarization surveys are mapping resistivity to depths of approximately 3,000 meters and 800 meters, respectively, to identify porphyry copper-gold drill targets. Management intends to begin drilling once targets are established.
• Historical Gold Intercepts and Expanded Exploration Targets: Previous drilling returned intervals including 88 meters grading 1.39 grams per tonne gold, while recent sampling extended the Northeast Breccia target from 500 meters to 700 meters across. Mineralization remains open at depth and laterally.
• Copper-Molybdenum Anomalies Identified: Sampling at the Southeast Anomaly returned 75 meters averaging 730 parts per million copper and 65 meters averaging 107 parts per million molybdenum. The ongoing geophysical program will investigate this area ahead of planned drilling.
• Project Surrounded by Rio Tinto-Codelco Joint Venture: Las Tinajas is surrounded by the Nuevo Cobre project, where Rio Tinto and Codelco are targeting porphyry copper mineralization beneath epithermal gold deposits. Gelum has signed an option agreement to earn a 100% interest in Las Tinajas, with terms including US$9 million in cash payments, an additional US$2.5 million conditional payment upon specified events, and US$3 million in exploration expenditures, including at least 4,000 meters of drilling.

Geophysical Survey Resumes at Chilean Gold Project Following Weather Delays

Gelum Resources Ltd. (GMR:CSE; GMRCF:OTCQB) announced that geophysical surveying resumed on October 20 at its Las Tinajas gold project in northern Chile. The survey covers 2,600 hectares at the northern end of the Maricunga gold belt and is expected to be completed in approximately three weeks.

The program originally began in July 2026 but was interrupted after significant snowfall during August and September forced crews to demobilize. Approximately half of the survey had been completed before operations were suspended.

Contractor Southern Rock Geophysics has mobilized to complete magnetotelluric (MT) and vector induced polarization (VIP) surveys across the property. The work is designed to characterize resistivity from near-surface levels to depths of approximately 3,000 meters or greater using MT surveying and approximately 800 meters using VIP chargeability and resistivity measurements.

The survey's primary objective is to establish specific porphyry drill targets using historical geological data collected and analyzed to date. Management intends to use proceeds from a recent equity raise to begin drilling once targets have been established, according to the company's October 21 news release.

Las Tinajas is surrounded by a land package being developed through a joint venture between Rio Tinto Plc. (RIO:NYSE;  RIO:LSE) and Codelco, known as the Nuevo Cobre project. That venture is targeting porphyry copper mineralization beneath epithermal gold deposits in the district. Several porphyry copper deposits are located within 10 kilometers of Las Tinajas in the Potrerillos copper-gold district.

Hendrik van Alphen, chief executive officer of Gelum Resources, commented on the property's geological setting and historical exploration results.

"The Las Tinajas gold project is a fantastic land package. We know we have significant gold mineralization already, as evidenced by past work, but the general neighborhood around the project is ripe with other geological features, including copper mineralization," van Alphen stated in the company news release.

"The respective leaders of the joint venture between Rio Tinto and Codelco have said on the record that the region promises to be an entire mining district and Gelum is fortunate enough to be right in the middle," he added.

The company previously addressed the geophysical program in announcements dated April 30, May 19, June 23, and August 11, 2026. Its June 23 announcement outlined the involvement of Southern Rock Geophysics and management's intention to conduct drilling following the identification of targets.

Gold and Copper Markets Reflect Industrial Demand and Economic Conditions

According to an October 21 report from Seeking Alpha, Bank of America technical analyst Paul Ciana identified diverging trends across commodity markets, with copper and gold showing signs of weakening momentum following earlier advances. Copper's recent gains had produced a rising wedge formation accompanied by technical exhaustion signals and momentum divergences. Gold, meanwhile, had entered a corrective phase following a multiyear advance, with Bank of America identifying US$3,943 per ounce as an important technical level. The analysis also highlighted the strengthening U.S. dollar, which had reached an 18-month high, as an additional source of pressure on metals markets.

By October 22, Trading Economics reported that copper had declined to approximately US$6.40 per pound, although it remained 26.13% higher than a year earlier. The publication described copper's "essential role in data centers and power infrastructure" while reporting that a selloff in artificial intelligence stocks had affected market sentiment. Copper had reached a historical high of US$6.85 per pound in September.

Gold also traded lower on October 22, with Trading Economics reporting a price of approximately US$4,084 per troy ounce. The metal had declined approximately 4.75% over the preceding month. The publication identified geopolitical tensions, rising energy prices, and inflation concerns among the factors influencing trading. It also noted gold's established role as a safe-haven asset during periods of economic uncertainty.

Upcoming Exploration and Drilling at Las Tinajas

Gelum Resources outlined several exploration activities at its Las Tinajas gold project in its October 2026 corporate presentation, including completion of geophysical surveying, identification of copper-gold drill targets, and further investigation of previously identified mineralization.

The ongoing magnetotelluric (MT) and vector induced polarization (VIP) survey is designed to map resistivity to depths of approximately 3,000 meters and 800 meters, respectively. The program includes 10 kilometers of induced polarization dipole lines and is intended to define the extent of the main diatreme breccia and its northeast extension. The company plans to use the results alongside historical drilling and recent rock sampling to establish drill targets.

Additional exploration targets include the Central and Northeast breccias, where historical drilling identified gold intervals exceeding 1 gram per tonne. Mineralization remains open at depth and laterally, while recent rock sampling extended the Northeast Breccia target approximately 200 meters east, increasing its width from 500 meters to 700 meters.

The company is also examining the Southeast Anomaly, where sampling returned 75 meters averaging 730 parts per million copper and 65 meters averaging 107 parts per million molybdenum. The ongoing geophysical survey is intended to identify sulphide mineralization in this area ahead of planned drilling. Additional skarn, porphyry, and sediment-hosted gold targets elsewhere on the property require further geophysical and surface exploration before drilling can be planned. 

Gelum's presentation also outlined the terms of its signed option agreement to earn a 100% interest in Las Tinajas. According to the company's April 30, 2026, news release, Gelum had executed the agreement and completed due diligence to its satisfaction. The agreement provides for US$9 million in cash payments and US$3 million in work commitments, including a minimum of 4,000 meters of drilling. The company has not yet completed the full earn-in.

Ownership & Share Information¹

Gelum Resources Ltd. has a market cap of  CA$23.97 million, with 33.76 million shares outstanding. The company's 52-week range is CA$0.10-CA$1.13.

Institutions own 14.84% of shares, while Management & Insiders own 21.62%. The remaining 63.54% of shares are Retail.