September 11 Mining Update: Copper Volatility and Northern Ontario Drilling Results
Canadian mining companies dominate the TSX30, gold holds above US$4,300, and exploration programs near Thunder Bay and Red Lake report new mineralized intersections.
THUNDER BAY — MINING NEWS — September 11, 2026 — Mining markets ended the week with sharp commodity-price swings, new drilling results and continued concern about tariffs, permitting and project costs.
Copper produced the biggest market drama. After rising above US$14,700 per tonne earlier in the week, the metal retreated when reports suggested the White House had not decided whether to impose tariffs on refined copper imports.
For Northern Ontario’s mining sector, the underlying message remains positive but complicated: metal prices are supporting project development, while volatile markets, higher construction costs and regulatory uncertainty continue to challenge companies seeking financing.
Commodity Price Check
Precious-metal prices below were reported during Friday morning trading. Prices are in U.S. dollars and can change rapidly.
| Commodity | Latest Price | Market Movement |
|---|---|---|
| Gold | US$4,346.44 per ounce | Up 0.7% Friday morning |
| Silver | US$64.08 per ounce | Up 0.8% Friday; down about 3% for the week |
| Platinum | US$1,800.25 per ounce | Up 1.3% |
| Palladium | US$1,302.67 per ounce | Up 1.6% |
| Copper | Approximately US$14,233 per tonne, or US$6.46 per pound | Recovering slightly after Thursday’s sharp decline |
Gold recovered Friday morning but remained on track for another weekly loss. Markets are weighing inflation, higher energy costs and the possibility that interest rates could remain elevated. Those concerns continued to limit the rally in precious metals.
The broader commodity snapshot supplied to NetNewsLedger was recorded at approximately 7:45 p.m. Eastern on September 10:
| Commodity | Price in U.S. Dollars | Daily Change |
|---|---|---|
| Aluminum | US$1.49 per pound | Down 2.51% |
| Zinc | US$1.90 per pound | Up 1.82% |
| Lead | US$0.849 per pound | Up 0.66% |
| Nickel | US$7.56 per pound | Down 0.04% |
| Tin | US$54,725.08 per tonne | Down 0.50% |
| Lithium Carbonate | US$21,570.03 per tonne | Down 0.74% |
| Cobalt | US$19.82 per pound | Down 2.86% |
| Iron Ore | US$89.94 per tonne | Down 0.70% |
| Uranium — U3O8 | US$89.75 per pound | Unchanged |
International: Copper Tariff Questions Shake the Market
Copper’s record rally ran into trouble Thursday after reports that the United States might delay or reconsider tariffs on refined copper.
Washington has been examining measures intended to increase American copper production and reduce reliance on imported refined metal. However, tariffs could also raise prices for manufacturers that use copper in vehicles, electrical equipment, construction and energy infrastructure.
A recommendation under consideration reportedly called for a 15% tariff beginning in 2027, rising to 30% in 2028. No final decision had been announced as of Friday morning.
Copper prices fell more than four per cent following the report. Shares of major producers also declined, including Freeport-McMoRan, BHP and Rio Tinto. U.S. officials were weighing domestic manufacturing costs against their goal of rebuilding American copper capacity.
For Canadian miners, the final U.S. decision matters. Canada is a major supplier of copper and other critical minerals to American manufacturers. Tariffs could disrupt established supply chains, alter premiums and potentially redirect Canadian metal into other markets.
Anglo-Teck Merger Still Waiting for China
The proposed merger of Anglo American and Teck Resources remains one of the largest stories in global mining.
The approximately US$54-billion transaction would combine two companies with major copper interests. The merged company would account for roughly five per cent of global copper production.
Most required approvals have been secured, but the deal is still awaiting clearance from Chinese regulators. China’s review is especially important because it is the world’s largest consumer of refined copper.
The wait demonstrates how global mining mergers increasingly depend on regulatory decisions far beyond the countries where mines are located. The merger’s review process illustrates the rising cost and complexity of large mining transactions.
International Drilling and Resource Watch
Several smaller companies also reported exploration and resource developments:
- CGN Resources reported its first drilling results from the Christmas Well gold targets in Western Australia. Company-reported results included 10 metres grading 1.05 grams per tonne gold from 24 metres, three metres grading 1.96 grams per tonne from 49 metres and one metre grading 8.44 grams per tonne.
- Black Cat Syndicate reported that extension drilling had increased the mineralized footprint at its Trojan target. Further drilling will be needed to determine whether the expanded footprint can support a larger resource.
- Maritana Minerals reported a 62% increase in the Burbanks gold deposit. The updated estimate contains approximately 13.7 million tonnes grading 1.7 grams per tonne gold for about 755,000 ounces. A mineral resource is not the same as a mineral reserve and does not, by itself, establish that the deposit can be mined economically.
National: Mining Companies Dominate the TSX30
Mining companies account for a record 60% of the Toronto Stock Exchange’s 2026 TSX30 ranking.
Eighteen of the 30 companies on this year’s list are miners. Montage Gold ranked second overall after recording a three-year dividend-adjusted increase of more than 2,500%. Faraday Copper, Aclara Resources and Trilogy Metals were also among the strongest performers.
The ranking reflects renewed investor interest in gold, copper, uranium and critical minerals. It also shows how rising commodity prices can rapidly change the market value of companies with advanced projects.
Canadian exchanges remain a major source of mining capital. Through July, companies listed on the TSX and TSX Venture Exchange had raised approximately $20.5 billion in equity, with mining companies accounting for about $10.1 billion.
Osisko Reports High-Grade Copper at Gaspé
Osisko Metals reported a significant copper intersection beneath historical workings at the Gaspé Copper project in eastern Quebec.
Hole 30-1228 intersected 256.7 metres grading 0.85% copper and 5.13 grams per tonne silver from a depth of 33 metres. That included a higher-grade section of 28.5 metres grading 4.74% copper and 27.4 grams per tonne silver.
Another hole returned 258 metres grading 0.39% copper and 3.6 grams per tonne silver.
The results are important because they indicate that higher-grade mineralization may exist within a very large, lower-grade copper system. However, reported widths are drilling intervals unless a company confirms true geological widths.
Osisko is studying a large-scale operation with potential throughput of up to 160,000 tonnes per day. Its preliminary plans contemplate approximately $1.8 billion in initial construction costs, with permitting and construction potentially extending into the early 2030s. Read the reported Gaspé results.
Troilus Updates Quebec Copper-Gold Project
Troilus Gold has released an updated study for its proposed copper-gold mine in Quebec.
The report gives the project an after-tax net present value of approximately $3.2 billion, an internal rate of return of 22% and an estimated 3.6-year payback period. The proposed mine would operate for 26 years and require approximately $1.43 billion in initial capital.
The economic model uses long-term prices of US$3,600 per ounce for gold, US$5 per pound for copper and US$50 per ounce for silver. Those assumptions are important: a project’s value can change significantly if future commodity prices are lower than projected.
The project’s reserves contain an estimated 6.7 million ounces of gold, 568 million pounds of copper and 14.2 million ounces of silver. Troilus is also carrying out a 40,000-metre drilling program.
Northwestern Ontario: Moss Gold Drilling Extends Mineralization
Gold X2 Mining has reported new drilling results from the Moss Gold project west of Thunder Bay.
The company says drilling beneath the proposed QES open pit intersected 173 metres grading 0.89 grams per tonne gold about 100 metres below the current pit design.
Other reported intersections from the program included:
- 227.2 metres grading 0.73 grams per tonne gold; and
- 271.6 metres grading 0.73 grams per tonne gold.
Gold X2 says the results could support an expansion of the open-pit mineralized area at depth. Twelve holes have been completed as part of a planned 21-hole campaign.
Core from the project is stored near Kashabowie, while sample preparation is being completed in Thunder Bay. Additional assay results remain pending. Gold X2’s complete company release is available here.
Red Lake: Starratt-Olsen Produces High-Grade Gold Intersections
West Red Lake Gold Mines has released results from the first five holes of a 12-hole drilling program at the historical Starratt-Olsen property.
The property is about 1.1 kilometres southwest of the company’s Madsen Mine in the Red Lake district.
Reported intersections included:
- 1.5 metres grading 16.16 grams per tonne gold, including 0.85 metres grading 24.60 grams per tonne; and
- 4.5 metres grading 5.16 grams per tonne gold, including 1.5 metres grading 10.94 grams per tonne.
The company says the drilling indicates that Madsen-style gold mineralization remains near the old Starratt-Olsen workings.
West Red Lake Gold is examining several nearby deposits as potential sources of future feed for the Madsen processing facilities. That hub-and-spoke strategy could become valuable if smaller deposits can be developed without each requiring a separate mill. See the complete Starratt-Olsen drilling release.
Thunder Bay Conference Puts Northern Projects in the Pipeline
Northern Ontario’s mining pipeline was on display at the CEN CAN Expo in Thunder Bay this week.
Presentations covered Gold X2’s Moss project, Frontier Lithium’s PAK project, First Mining Gold’s Springpole development, Green Technology Metals’ Seymour lithium project and West Red Lake Gold’s work at Madsen.
The conference also included updates on:
- Alamos Gold’s Phase 3-plus expansion;
- Hemlo’s exploration and growth plans;
- Wyloo’s Eagle’s Nest project in the Ring of Fire;
- a proposed Lake Superior lithium refinery;
- mineral exploration around Beardmore and Geraldton; and
- partnerships between mining companies and First Nations.
The gathering highlights the scale of Northern Ontario’s project pipeline. It also underlines the need for power, roads, skilled workers, Indigenous partnerships, processing capacity and predictable permitting.
What RockHawks Should Watch Next
Four issues could shape mining markets over the coming weeks:
- A final United States decision on refined-copper tariffs.
- Additional assays from Moss, Red Lake and other Northern Ontario programs.
- Chinese regulatory approval—or further delay—for the Anglo-Teck merger.
- Whether elevated gold and copper prices translate into construction decisions and project financing.
High commodity prices improve the economics of many projects, but they cannot eliminate geological, financing, permitting or construction risks. RockHawks should examine grades, widths, recovery rates, capital requirements and First Nations agreements—not simply headline metal prices or estimated ounces.
Commodity prices are time-sensitive. Drilling results, resource estimates and economic projections are company-reported unless otherwise stated and have not been independently verified by NetNewsLedger. This article is for news and information purposes and is not investment advice.
Remember: Gold holds above US$4,300 as copper tariff uncertainty rattles markets. New mining results emerge from Moss, Red Lake, Gaspé and other projects.
