Gelum's Geophysical Survey Resumes at the Las Tinajas Project, Chile

Gelum resumes geophysical survey at Las Tinajas, targeting drill-ready porphyry gold-copper prospects.

What the company is saying

Gelum Resources Ltd. is emphasizing the resumption of its geophysical survey at the 2,600-hectare Las Tinajas Gold Project in Chile, after weather-related delays. The company highlights the technical scope, with magnetotellurics (MT) surveying to depths of 3,000 metres and vector induced polarization (VIP) to 800 metres, aiming to define porphyry drill targets. Management frames the project as strategically located, surrounded by the Rio Tinto and CODELCO Nuevo Cobre Joint Venture, and references the area's potential as a future mining district. CEO Hendrik van Alphen asserts confidence in the project's gold mineralization and regional copper potential, using language that positions Gelum as central to district-scale opportunity. The announcement stresses the intention to rapidly advance to drilling using recently raised equity funds, contingent on survey results. Technical approval is underpinned by John Drobe, P.Geo., a qualified person who has reviewed and approved the release. The tone is optimistic, with a focus on imminent operational milestones rather than speculative long-term outcomes.

What the data suggests

The survey covers a 2,600-hectare area and is expected to be completed in about three weeks from October 20, 2026, indicating a near-term operational milestone. The MT survey will probe resistivity to depths of 3,000 metres or more, while the VIP survey will reach approximately 800 metres, both parameters consistent with targeting deep porphyry systems. The project is located in a geologically active district, within 10km of several known porphyry copper deposits, and adjacent to a major joint venture between Rio Tinto and CODELCO. The operational update is specific on technical objectives and timelines but does not disclose financial figures for the recent equity raise, survey costs, or planned drilling budget. No resource estimates, drill intercepts, or economic assessments are provided, which is typical for this pre-drilling stage. The company’s stated plan is to move directly to drilling once targets are defined, using existing funds. All technical disclosures have been reviewed by a qualified person, supporting the credibility of the operational details. The evidence presented is consistent with a project in the late exploration targeting phase, with the next major catalyst being initial drill results.

Analysis

The announcement provides a factual operational update on the resumption of a geophysical survey at the Las Tinajas Gold Project, with specific dates, technical parameters, and project context. The majority of claims are realised and relate to the status of the survey, its technical scope, and the project's location. Forward-looking statements are limited to the expected survey completion in three weeks and management's intent to drill once targets are established, both of which are standard for an exploration-stage update. There is no exaggerated language or overstatement of imminent value creation; the tone is positive but proportionate to the actual progress. No large capital outlay is disclosed beyond a general reference to a recent equity raise, and there is no claim of immediate financial impact. The gap between narrative and evidence is minimal, with most statements supported by operational facts.

Risk flags

• ●Operational risk is elevated due to recent weather disruptions—significant snowfalls in August and September forced a pause in fieldwork, and similar conditions could cause further delays or impact survey quality.
• ●Financial risk is present as the company references a recent equity raise but provides no details on the amount raised, current cash position, or sufficiency of funds to support both the survey and immediate drilling.
• ●Exploration risk is inherent at this stage: while the technical survey aims to define porphyry drill targets, there is no guarantee that economically viable mineralization will be identified, and no resource or drill results have been disclosed.
• ●Strategic risk exists given the project's proximity to major players (Rio Tinto and CODELCO), which may increase competitive pressure or complicate future development, despite the implied benefit of being in an emerging district.

Bottom line

Gelum Resources has resumed its geophysical survey at the Las Tinajas Gold Project, with completion expected in early November 2026 and immediate drilling planned once targets are defined. The project’s 2,600-hectare scale, deep geophysical targeting (to 3,000 metres), and proximity to major copper-gold systems and the Rio Tinto–CODELCO JV provide strong geological context but do not guarantee discovery or development. The absence of disclosed financial details on the recent equity raise or drilling budget leaves uncertainty about capital sufficiency. Operational execution will depend on weather stability and successful survey completion. The most actionable takeaway is that investors should expect a near-term update on survey results and, if targets are confirmed, the start of drilling as the next material catalyst.

Announcement summary

(CSE:GMR, OTCQB:GMRCF) Gelum Resources Ltd. announced that the geophysical survey at its Las Tinajas Gold Project, covering 2,600 hectares in the north end of the Maricunga Gold Belt, Chile, resumed on October 20, 2026. The survey originally commenced in July 2026 but was paused when crews demobilized due to significant snowfalls in August and September. The survey is expected to be completed in about three weeks from the resumption date. The Las Tinajas Gold Project is surrounded by a land package under development by a Joint-Venture between Rio Tinto and CODELCO, known as the Nuevo Cobre Project, which targets porphyry copper mineralization below epithermal gold deposits. Several porphyry copper deposits are located within 10km of Las Tinajas in the Potrerillos Cu-Au District. Southern Rock Geophysics, the company’s contractor, has mobilized to complete magnetotellurics (MT) and vector induced polarization (VIP) surveying at Las Tinajas. The MT survey aims to characterize resistivity down to depths of nominally 3,000 metres or greater, while the VIP survey will cover resistivity and chargeability parameters to approximately 800 metres. The primary objective of the survey is to establish specific porphyry drill targets based on historical data collected and analyzed to date. Management intends to use funds from a recent equity raise to immediately drill once targets are established. Hendrik van Alphen, CEO of Gelum Resources, commented that the Las Tinajas Gold Project is a significant land package with known gold mineralization and is located in a region with additional geological features, including copper mineralization. The leaders of the Rio Tinto and CODELCO Joint-Venture have stated that the region promises to become an entire mining district, with Gelum positioned centrally. John Drobe, P.Geo., a qualified person as defined by NI 43-101, has reviewed and approved the technical disclosure in this news release. Mr. Drobe is a consultant for the company and holds stock options.

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