BCM Resources Corporation (TSXV: B) shares jumped as much as 22% before closing up 7% to $0.29 on Monday after the mineral exploration company said it has completed the first core drill hole of its 2026 Thompson Knolls Phase 4 exploration program.
Hole TK15, which was drilled about 250 metres (m) southwest of Hole TK8, reached a record depth of 1,219m. The hole was expected to test the extension of skarn copper-gold-silver-molybdenum mineralization previously encountered in Hole TK8.
BCM Resources CEO Sergei Diakov called Hole TK15 “an encouraging indication that we are dealing with a sizeable, mineralized trend”.
The news release was highly technical, but the most important thing to note is drilling has apparently extended the mineralization four-fold over the discovery hole (TK8) of 510 feet of 0.66% copper.
BCM’s flagship Thompson Knolls (TK) porphyry copper-gold-silver-molybdenum project is in Utah’s Great Basin. TK is situated about 208 kilometres (km) southwest of Kennecott Copper’s Bingham Canyon Mine.
Kennecott, the exploration arm of Rio Tinto, has staked around the BCM claims.
BCM Resources is led by Sergei Diakov, who had previously led the BHP exploration team to the discovery of the giant Oyu Tolgoi deposit in Mongolia.
Shares of BCM Resources have surged about 35% since we first wrote about the company on March 15, 2026.
Read more about BCM Resources here
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