Nine Mile Metals Ltd. pushes the Wedge project forward with new drill data
Nine Mile Metals Ltd. (CSE: NINE, OTC Pink: VMSXF, FSE: KQ9) announced on 3 December 2025 that it has completed its second drill hole, DDH‑WD‑25‑02, within the Wedge Western Extension Drill Program. The hole was drilled from the same pad as the first drill, WD‑25‑01, at an azimuth of 310° and a dip of –50°, intersecting a mineralized plate roughly 50 m to the west of the first hole. This extension confirms a broader strike length of copper‑rich VMS (volcanic‑magmatic sulphide) mineralization and demonstrates that the target zone is not a narrow anomaly but a more extensive, linear feature.
The company’s statement notes that drilling is already underway on the third hole, DDH‑WD‑25‑02B, which will further test the continuity of the zone identified by WD‑25‑02. By targeting a second plate on the same drill pad, Nine Mile is effectively tightening its understanding of the deposit geometry and providing data that will be essential for a future resource estimate.
What the drill results mean for Nine Mile’s prospects
Expansion of mineralized strike: The new intercept extends the known mineralized zone to the west, suggesting that the VMS deposit is more extensive than previously documented. A longer strike is a prerequisite for a viable resource, as it increases the volume of ore that could be mined economically.
Copper‑rich VMS confirmation: The company continues to confirm two zones of copper‑rich VMS mineralization, a target that is attractive in the current commodity environment. Copper prices remain high, and the presence of associated nickel and cobalt—often found in VMS systems—adds value.
Strategic drill layout: By drilling from the same pad as the first hole, Nine Mile minimizes surface disturbance while maximizing data density. This approach aligns with the company’s stated commitment to sustainable mining practices, reducing the environmental footprint of exploration activities.
Financial context
Despite the positive drill news, Nine Mile’s market metrics paint a more cautious picture. As of 2 December 2025, the stock closed at CAD 0.09, with a 52‑week high of CAD 0.11 and a 52‑week low of CAD 0.005. The company’s market cap hovers around CAD 10.5 million, and its price‑earnings ratio is –0.71, reflecting the absence of earnings. These figures underscore that the company is still in the exploration phase, and while drill success is encouraging, it does not guarantee a commercially viable mine.
Critical assessment
Nine Mile’s drill results are a step in the right direction, yet several factors temper enthusiasm:
Lack of resource definition: A drill hole, no matter how promising, does not equate to a defined resource. The company still needs to drill more holes to establish grade, tonnage, and continuity.
Commodity price volatility: Copper, nickel, and cobalt prices can swing dramatically. A downturn could render the deposit uneconomic, especially given the small scale of Nine Mile’s operations.
Capital constraints: With a modest market cap and negative earnings, funding further exploration or a subsequent development phase may require significant capital raises, which could dilute existing shareholders.
Regulatory and environmental hurdles: Even with a focus on sustainable mining, any development in British Columbia must navigate a complex web of permitting and community engagement processes.
Outlook
The completion of DDH‑WD‑25‑02 marks a tangible advancement for Nine Mile Metals Ltd., reinforcing the potential of the Wedge project as a copper‑rich VMS system. However, stakeholders should remain realistic about the timeline to a commercial mine and the need for additional drilling to substantiate the deposit’s economics. Until a qualified resource is published, the company’s valuation will likely remain sensitive to exploration outcomes and broader commodity market dynamics.
