The playbook — copper · October 15, 2026
BCM logs thick skarn in TK21 — but no assays, just chalcopyrite by eye
A deep twin hole at Thompson Knolls hit a long mineralized interval. Every grade number is a visual estimate. Two holes now wait on the lab.
BCM Resources drilled a deep diamond hole, TK21, straight down from the same platform it used for an earlier hole called TK5 at its Thompson Knolls project in Millard County, Utah. Over roughly 304.8 metres (about 1,000 feet) the core logged skarn — a copper-bearing rock formed where hot fluids cook limestone — including a 140-metre stretch (about 460 feet) the company says carries more than 1% copper by volume. Both widths are down-hole lengths; true width is not stated in the release, and the geometry of the dipping skarn relative to the vertical hole has not been quantified. Here is the catch, stated plainly: that number comes from looking at chalcopyrite (the brassy copper mineral) in the core, not from a lab. There are no assays in this release. None.
Because TK21 was collared from the TK5 pad as a near-vertical twin, it confirms the skarn sits where an earlier hole already found it, between roughly 900 and 1,205 metres below surface — it does not step the system out to new ground, and the release states no distance or strike length for any extension. That makes this a progress-and-geology update rather than a result. The man signing off is Richard Redfern, a qualified person who is also a shareholder and former director of BCM — a dual conflict the company discloses. The stock, meanwhile, has run about 293% over three months while copper rose 4% and the COPX miner index added 8% — a roughly 36-fold divergence from the sector that points to a company-specific story, not a macro tide. The step-change in the share price landed mid-period, well before this particular release.
Two things gate the next read. Assays from TK21 are still to come — logging, sawing and sampling are underway, with no timing stated. Assays from the prior hole, TK20, are also pending, held up by lab backlogs, so two consecutive holes now sit without analytical numbers. Beyond that, BCM plans to drill TK22 from the TK21 platform and to design its Phase 5 program once contractors finish 3D IP/MT geophysical models. Note the operational drag at depth: TK5 was lost at 840.6 metres and TK21 at 1,293 metres in hard quartzite. Thompson Knolls still has no resource estimate after multiple drill phases. Until the lab reports, the gram-meter math here cannot be done, because the grade simply does not exist yet.