Copper Discovery Hits 40.8 Meters in 1.2-Kilometer Step-Out, Including 15 Meters at 1.09% CuEq

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1. James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
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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

• New Drilling Results: Viridian Metals reported 40.8 meters grading 0.63% copper equivalent (CuEq), including 15.05 meters at 1.09% CuEq, at its Kraken Main copper-nickel-cobalt project in Labrador.
• Significant Step-Outs: Two drill holes located approximately 1.2 and 1.5 kilometers south of previous drilling intersected copper-nickel-cobalt mineralization, extending the area of confirmed mineralization.
• Thicker Mineralized Intervals: Recent drilling encountered mineralized intervals exceeding the 8.6-meter average thickness used in the company's initial Exploration Target.
• Additional Exploration Targets: Viridian identified more than 60 conductive targets across Kraken, with all four previously drill-tested conductors intersecting magmatic sulphide mineralization.
• 2027 Resource Milestones: The company outlined plans to update its Exploration Target in 2027, supported by additional drilling, laboratory assays, and geological modeling, as part of its strategy to advance toward an initial Mineral Resource.

Copper-Nickel-Cobalt Drilling Intersects 40.8 Meters at 0.63% CuEq at Kraken Main

Viridian Metals Inc. (VRDN:CSE; VIRMF:OTCQB) reported new copper-nickel-cobalt assay results from its Kraken project in Labrador, Canada, including an intersection of 40.8 meters grading 0.63% copper equivalent (CuEq), with a higher-grade interval of 15.05 meters at 1.09% CuEq. The results, announced on October 23, 2026, represented the first assays from the company's southern step-out drilling program at Kraken Main.

According to the company's news release, drill hole VKS26-062, located approximately 1.2 kilometers south of previous drilling, intersected 40.8 meters at 0.63% CuEq, including 15.05 meters at 1.09% CuEq. A second hole, VKS26-060, located approximately 1.5 kilometers south of the previous drilling, intersected 23.0 meters at 0.44% CuEq, including 10.85 meters at 0.72% CuEq.

Both holes encountered mineralization immediately beneath the overburden and remained mineralized to the end of drilling. The company reported that mineralization began beneath 9.8 meters of unconsolidated overburden in VKS26-062 and 14.4 meters in VKS26-060.

The results followed Viridian's October 2 announcement that eight successfully drilled holes had encountered visually identified sulphide mineralization across approximately 3 kilometers of the southern Kraken Main Zone.

The two newly assayed holes corresponded to previously reported patchy net-textured sulphide intervals measuring 33.2 meters in VKS26-062 and 22.3 meters in VKS26-060. Laboratory results confirmed that copper-nickel-cobalt mineralization extended beyond those visually identified intervals.

In VKS26-062, the 40.8-meter mineralized intersection extended beyond the previously identified 33.2-meter sulphide interval. Both holes remained mineralized at their final depths, leaving the full thickness of the mineralized horizon undetermined.

Viridian stated that the results supported its geological model of a thicker mineralized system than the 8.6-meter average thickness used in its initial Exploration Target. The company's 2026 drilling program was designed to examine the continuity of near-surface mineralization across Kraken Main and test mineralized thicknesses exceeding 30 meters.

"Our first Exploration Target was built around an average mineralized thickness of 8.6 meters. We are regularly seeing intervals of 30 to 50 meters, with locally higher grades, at massive step-outs along Kraken Main," said Tyrell Sutherland, President and CEO of Viridian Metals, in the company's news release. "These results reinforce our working model of a substantially thicker mineralized system than previous drilling suggests," he added.

The company also reported that both holes intersected grades exceeding 1.5% CuEq at the bedrock contact. Viridian interpreted these results as supporting its model of localized higher-grade zones within the broader mineralized system.

The new intersections complemented a previously reported 50.15-meter mineralized interval at Kraken Main. That earlier intersection graded 0.68% CuEq and included 18.8 meters at 1.12% CuEq.

Across the eight southern step-out holes, seven encountered mineralization immediately beneath the overburden, while five remained mineralized at the end of drilling.

Viridian reported that its 2026 drill holes were generally limited to approximately 50 meters in depth, consistent with the program's focus on testing a mineralized horizon anticipated to measure approximately 30 meters thick.

The company stated that mineralization remained open along strike and down dip, with the full extent of the system yet to be defined.

The reported intercepts represented downhole core lengths rather than confirmed true thicknesses. Viridian also reported completing specific gravity measurements and full multi-element geochemical analyses on its samples to support ongoing geological characterization of Kraken.

Copper Supply Pressures and Expanding Industrial Demand Draw Market Attention

Copper remained a focus of global commodity markets in October 2026 as demand associated with artificial intelligence infrastructure, electrification, and industrial expansion coincided with concerns about long-term production capacity. 

According to an October 23 report from the Financial Times, copper had become increasingly important to several sectors, including renewable energy, electric vehicles, military equipment, construction, and artificial intelligence infrastructure. Its electrical conductivity made it a central component of power systems, solar installations, electric vehicles, and data center equipment.

Financial Times journalist Simon Mundy described copper demand as "embarking on an epic climb," reflecting the metal's expanding industrial applications. The publication cited research released earlier that week by BloombergNEF, which projected a "massive long-term shortage" beginning in 2028. The research estimated that global copper supplies would fall 8% short of demand by 2035, with the deficit potentially reaching 44% by 2050.

"The project is a lot bigger than they had planned," Bob Moriarty of 321gold.com wrote.

Copper prices reflected these developments during 2026. The Financial Times reported that London Metal Exchange copper reached a record US$14,875 per metric ton in September, an increase of 76% from the beginning of 2024. The publication linked part of the increase to disruptions in sulphur supplies used in copper extraction and inventory accumulation ahead of potential U.S. tariffs.

More recent market data showed copper recovering from earlier declines. According to Trading Economics, copper traded at US$6.5692 per pound on October 27, representing a 0.94% daily increase and a 27.74% gain from a year earlier. The metal's monthly change stood at 0.04%.

The publication noted that copper had reached record prices during the preceding month as traders moved shipments into U.S. warehouses ahead of possible tariffs. Those movements reduced available supplies in other markets, while uncertainty surrounding potential tariffs on refined copper imports continued to affect trading conditions.

Meanwhile, physical copper markets in China experienced higher prices and tighter inventories. According to an October 27 report from Shanghai Metals Market, inventories in Guangdong declined for five consecutive days, primarily because fewer shipments arrived in the region.

The average price of No. 1 copper cathode increased 840 yuan to 110,350 yuan per metric ton, while the average spot premium rose 255 yuan to 920 yuan per metric ton. Prices and premiums for SX-EW copper also increased.

Despite declining inventories and firmer supplier pricing, downstream purchasing activity weakened as buyers responded to higher costs. Shanghai Metals Market reported that "market trading sentiment turned softer," with its copper cathode purchasing sentiment index declining 0.25 to 2.53 and its selling sentiment index decreasing 0.12 to 2.61.

Third-Party Highlights Strong Drill Results and Expanding Mineralized Intervals at Kraken

In an October 26 article published by 321gold, mining commentator Bob Moriarty assessed Viridian Metals' latest drilling results at its Kraken copper-nickel-cobalt project in Labrador. Referring to the company's newly released assays, Moriarty wrote, "They are excellent."

Moriarty highlighted the difference between the mineralized thicknesses anticipated in Viridian's original exploration model and those encountered during its 2026 drilling program. The company had initially used an average mineralized thickness of approximately 8.6 meters, while recent drilling encountered intervals measuring between 30 and 50 meters. "That means the project is a lot bigger than they had planned," he wrote.

He specifically referenced drill hole VKS26-062, which returned 40.8 meters grading 0.63% copper equivalent (CuEq), including 15.05 meters at 1.09% CuEq. 

Moriarty also discussed the scale of the broader Kraken property, describing a 64-kilometer mineralized trend containing numerous near-surface conductive targets. He noted that Viridian had completed 27 shallow drill holes during 2026 and was operating two drill rigs through the end of October. He also reported that additional assay results were expected at intervals of approximately two to three weeks.

Regarding the company's market valuation, Moriarty expressed his expectation of a share price revaluation as additional drilling results became available. He concluded that the latest assays supported management's geological interpretation, writing, "These are excellent results and support the theories about the potential of the project from management."

Additional Drilling and Resource Definition Work Planned at Kraken

Viridian Metals outlined several exploration and technical milestones for its Kraken copper-nickel-cobalt project in its September 2026 corporate presentation. These included additional drilling, laboratory assays, metallurgical evaluation, and an updated Exploration Target planned for 2027.

The company's initial Exploration Target at Kraken Main covered an estimated 41 million to 61 million tonnes grading between 0.35% and 0.52% CuEq. Based on pre-2026 drilling, the estimate incorporated an average mineralized thickness of 8.6 meters across an approximate 2-square-kilometer footprint. It excluded the company's 2026 drilling results, including thicker mineralized intersections and step-out drilling conducted beyond the original exploration area.

Viridian's 2026 exploration program included testing at 2-kilometer and 3.5-kilometer step-outs, along with continued evaluation of mineralized thicknesses and geological continuity. The company also identified more than 60 conductive targets across Kraken, four of which had been drill-tested and encountered magmatic sulphide mineralization. Additional targets included Neptune, Venus, Alpha Centauri, Jupiter, Mars, Terra, Mercury, and Saturn.

The company plans to incorporate additional drilling results, laboratory assays, and geological modeling into its updated Exploration Target in 2027. Metallurgical testing, infill drilling, and further step-out drilling were also identified as components of its resource definition strategy, with the stated objective of advancing Kraken toward an initial Mineral Resource.

Viridian outlined potential economic studies and development planning as subsequent stages, although no firm completion dates were provided. The company stated that the timing of these activities depended on technical results, financing, and corporate decisions.

The presentation also identified potential financing sources, including Canadian and U.S. critical-minerals programs, development and export financing, provincial support, strategic investors, and potential industry partners. Viridian stated that no government or strategic financing had been committed or implied.

Separately, the company identified its approximately 2,600-square-kilometer Sedna copper project, which had been selected for BHP's Xplor accelerator program. Viridian identified Kraken as its near-term priority while maintaining Sedna as a separate exploration project.

Ownership and Share Structure¹

About 56% of the company is owned by insiders and management, and about 17% by institutions. The rest is retail.

Its market cap is CA$42.86 million with 57.93 million shares outstanding. It trades in a 52-week range of CA$0.33 and CA$1.01.

Frequently Asked Questions About Viridian Metals and the Kraken Copper-Nickel-Cobalt Project

What were Viridian Metals' latest copper, nickel, and cobalt drilling results at Kraken Main?

Viridian Metals reported new drilling results from its Kraken Main project in Labrador, Canada, including 40.8 meters grading 0.63% copper equivalent (CuEq) in hole VKS26-062. That intersection included 15.05 meters at 1.09% CuEq. A second hole, VKS26-060, returned 23.0 meters at 0.44% CuEq, including 10.85 meters at 0.72% CuEq. The results were announced on October 23, 2026.

Why are Viridian Metals' latest Kraken copper drilling results significant?

The latest drilling encountered mineralized intervals considerably thicker than those incorporated into Viridian's original Exploration Target. The company's initial geological model used an average mineralized thickness of 8.6 meters, while recent drilling identified intervals measuring approximately 30 to 50 meters. Both newly reported holes also remained mineralized at their final depths.

Does Viridian Metals have a defined copper-nickel-cobalt mineral resource at Kraken?

Viridian had not established an initial Mineral Resource at Kraken. Its original Exploration Target is estimated between 41 million and 61 million tonnes grading approximately 0.35% to 0.52% CuEq. The estimate was conceptual, based on an approximate 2-square-kilometer footprint, and excluded the company's 2026 drilling results. Additional exploration was required before a Mineral Resource could be defined.

When will Viridian Metals release more Kraken drilling results?

In his October 26, 2026, article for 321gold, mining commentator Bob Moriarty reported that Viridian had completed 27 shallow drill holes during its 2026 exploration program. He stated that additional assay results were expected approximately every two to three weeks until the program had been fully reported. The company had been operating two drill rigs, with drilling scheduled through the end of October.

What are Viridian Metals' exploration and resource development plans for 2027?

Viridian outlined plans to update its Kraken Exploration Target in 2027 using additional drilling results, laboratory assays, and geological modeling. Its resource definition strategy also included metallurgical evaluation, infill drilling, and further step-out drilling. The company's stated objective was to advance Kraken toward an initial Mineral Resource.

What did mining Newsletter Writer Bob Moriarty say about Viridian Metals' drilling results?

In an October 26, 2026, article published by 321gold, Bob Moriarty described Viridian's latest assays as "excellent." He highlighted mineralized intervals measuring approximately 30 to 50 meters compared with the 8.6-meter average thickness incorporated into the original Exploration Target. Moriarty also discussed the project's numerous near-surface conductive targets and expressed his expectation of a share price revaluation as additional assays became available.