Raptor Metals Defines Copper Targets at Chester With Geophysical Alignment

BHEM survey defines copper conductors and new drill targets at Chester

A completed borehole electromagnetic (BHEM) survey across 12 diamond drill holes has defined multiple discrete copper conductors at Raptor Metals’ Chester Copper Project in New Brunswick, Canada, according to an ASX announcement released on 14 September 2026. The survey, conducted at the company’s 100%-owned Chester project in the Bathurst Mining Camp, has given Raptor a clearer picture of where copper mineralisation extends beyond existing drill holes, with strong off-hole responses identifying undrilled targets for follow-up.

What is borehole electromagnetic surveying and why does it matter for copper exploration?

Borehole electromagnetic surveying (BHEM, also referred to as DHEM or BHTEM) works by sending electromagnetic pulses down a drill hole to detect conductive material, such as copper sulphides, beyond the physical path of the drill hole itself. The technique produces two types of responses that matter to exploration geologists.

An “on-hole” conductor is detected in line with the drill path, confirming that drilling physically intersected a conductive zone. An “off-hole” conductor is detected adjacent to but not physically intersected by the drill hole, meaning conductive mineralisation exists nearby that no drill hole has yet reached.

Off-hole responses are particularly valuable from an investor standpoint: they identify mineralised zones that existing drilling has missed, providing defined targets for follow-up holes without the uncertainty of blind, untested exploration. The Chester survey was completed by Abitibi Geophysics using a Crone Coils system, within a fixed loop of approximately 950m x 500m across the 12 surveyed holes. Independent consulting geophysicist Brett Adams assessed data quality as good, with excellent repeatability.

Two conductor systems confirmed, with standout CDH001 response

Interpretation of the BHEM survey defined two discrete conductor systems across the surveyed area.

Central conductor system (6 holes: CDH004, CDH007, CDH008, CDH014, CDH017, CDH019)

• A large, shallow west-dipping conductor traced across six holes in the central portion of the surveyed area
• On-hole intersections coincide with previously reported high-grade copper results, including:
• CDH008: 3.55m @ 1.79% Cu from 26.1m (including 0.53m @ 9.13% Cu from 28.17m), on-hole at 25m downhole
• CDH007: 9.50m @ 1.05% Cu from 30.5m, on-hole at 35m downhole
• CDH004: polymetallic zone of 10m @ 0.98% Cu, 4.88% Zn, 1.64% Pb, 24.4g/t Ag from 13m; plus 1.78m @ 2.12% Cu from 53.2m and 5.18m @ 3.15% Cu from 57.1m, on-hole at 25m and 55m downhole
• A consistent off-hole response at 10m downhole recorded in CDH007, CDH008, and CDH019 supports lateral continuity of the conductor across the broader six-hole system

Eastern conductor system (4 holes: CDH009, CDH010, CDH012, CDH013)

• Defined across four holes at the eastern end of the surveyed area
• On-hole intersection in CDH010 at 20m downhole, coincident with 11.75m @ 1.49% Cu (with 1.30% Zn, 0.48% Pb, 7.3g/t Ag) from 10m
• Off-hole responses recorded in CDH009 (20m), CDH012 (20m), and CDH013 (10m)
• Modelling indicates moderate lateral extent and a sub-horizontal orientation, extending beyond individual hole intercepts

CDH001: the standout targeting opportunity

CDH001 intersected an on-hole conductor at 82m downhole, coincident with a high-grade result of 3.16m @ 3.03% Cu from 82.6m. The survey recorded the strongest off-hole response of the entire program at 35m downhole in CDH001, along with a second, more subdued off-hole response at 70m downhole. Neither off-hole conductor was physically intersected by CDH001, representing clear undrilled mineralisation adjacent to an already high-grade intersection.

Three independent datasets now point to the same copper trend

The BHEM results do not stand alone. The conductor positions defined by the survey correlate closely with Raptor’s previously reported airborne VTEM conductor models and coincident magnetic (AMAG) anomalies, producing three independent geophysical datasets pointing to the same interpreted mineralised trend at Chester.

For investors, that convergence matters. When three separate geophysical methods identify the same subsurface structure, and copper assays from drilling confirm mineralisation along that same structure, drill targeting becomes significantly more defined. The spatial relationship between geophysical responses and copper assay results also supports the use of these datasets as repeatable vectoring tools for future programs.

Significantly, the VTEM interpretation indicates the conductor system extends further west beyond the current BHEM survey area. That western extension is currently being tested by Raptor’s ongoing 2026 diamond drilling programme, with assay results pending.

Brett Wallace, Managing Director

“What matters here is that we are starting to build a much clearer picture of what is happening between and beyond the drill holes at Chester… Combined with the VTEM, magnetic and drilling data, we now have a much stronger basis for deciding where the next holes can add the most value.”

Next steps: expanding the survey and designing priority drill targets

Raptor outlined the following next steps following the BHEM survey results:

• Integrate BHEM, VTEM, and magnetic datasets with updated drilling results to refine the 3D geological model at Chester
• Extend BHEM surveying to further areas across Chester as drilling advances, using a slower base frequency (2.5Hz / 100ms or 5Hz / 50ms) as recommended by the interpreting geophysicist
• Design and prioritise follow-up drill targets to test the CDH001 off-hole conductor responses and the VTEM-indicated western extension of the conductor system
• Continue assessing the broader Chester system for Mineral Resource growth potential

The BHEM survey results mark a meaningful step in Raptor’s effort to build a multi-target copper system at Chester. With three independent geophysical datasets now aligned, high-grade assays confirming mineralisation along defined conductors, and an undrilled off-hole response at CDH001 representing the strongest signal of the entire program, the company’s targeting framework at one of Canada’s most historically productive base metal camps is becoming progressively more defined.

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