Copper in oil?

[Pandersen33]

I changed the oil on my 35 with what I believe to be the original motor. Just a tad bit of gray sludge on the cap which seems like good news but when inspecting the catch pan there are several clumps of what look like copper-ish material. Engine seems to run fine even with lower compression in a couple of cylinders. Are these deposits somewhat normal? It is my second oil change after having the car for about a year. Again i know the engine is tired but is this a real bad sign? Thanks