Stage 2 Geophysical Program Identifies Multiple Exploration Targets in Attic Zone at Giga Metals' Turnagain Project
Giga identified stage two geophysics targets and acquired a Mitsubishi joint venture stake for a nominal cost.
Giga Metals Corporation (GIGA) has announced initial results from its Stage 2 geophysical program at the Turnagain Project's Attic Zone. The survey successfully mapped the three-dimensional volume of the ultramafic intrusive complex and identified a new, unexplored conductive feature beneath a previously identified diorite and a known copper-in-soils anomaly.
Mira Geosciences has been retained to perform joint 3D inversions of Magnetotelluric (MT) and HeliSAM datasets to prioritize targets for future drilling. This update follows the June 2026 launch of the property-scale MT/HeliSAM survey and builds upon the November 2025 MT results that confirmed an up-facing intrusive geometry.
In a concurrent corporate transaction, Giga Metals acquired Mitsubishi Corporation's approximate 15% interest in the Turnagain joint venture for nominal consideration, triggered by Mitsubishi exercising a put right. The transaction is anticipated to close around October 12, 2026.
Giga Metals Corporation (GIGA) released a geophysics update that serves as a logical follow-up to the survey commencement in June 2026. The update confirms the company is progressing through its planned exploration phases without deviation. The identification of a new conductive feature is technically positive but remains strictly pre-drill, meaning it does not yet constitute a resource estimate, assay result, or economic indicator.
Additionally, Mitsubishi’s buyout removes a joint venture partner, granting Giga 100% control of the project. While this move strategically simplifies the project's capital structure, the nominal consideration suggests the partner was exiting due to broader nickel market uncertainty rather than recognizing project overvaluation. The news is incremental and aligns with the company's stated 2026 exploration roadmap, without altering the fundamental risk profile, valuation, or near-term cash requirements.
Giga Metals Corporation is a pre-revenue exploration company focused on the Turnagain Nickel-Cobalt Project in northern British Columbia. The project features a Pre-Feasibility Study (PFS) completed in October 2023, outlining a 30-year mine life with C1 cash costs of $4.65/lb Ni and low carbon intensity (<1.8 t CO2/t Ni). The PFS identified 4,296 million lbs of contained nickel and 267 million lbs of contained cobalt.
Exploration is currently shifting focus to the Attic Zone, an underexplored area adjacent to the known resource, targeting copper, platinum, and palladium mineralization. The company has partnered with Arca Climate Technologies for a 10-year exclusive agreement to evaluate carbon removal using ultramafic waste rock, potentially sequestering up to 220 million tonnes of CO2.