True North Copper (ASX:TNC) has reported further drill assays that provide new insights into its Vero resource system within its Mt Oxide Project in Queensland.
Recent drilling undertaken at Vero has identified 3 key zones with ‘strong’ mineralisation and provided True North with new details of alteration and sulphide species zonation patterns and structural and lithological controls in the area.
The $57.70 million market capitalisation company says this information will feed into new 3D geological models that will be used in a resource update — expected to be announced in Q1 2024 — and an exploration program designed to test for extensions of the Vero resource at depth and along-strike.
Some of the ‘exceptional’ assay results from drillhole MOXD226A include 69.95m @ 1.91% copper (Cu), 17.7 grams per tonne (g/t) silver (Ag), and 675 parts per million (ppm) cobalt (Co) from 224.55m, including 9.65m @ 2.74% Cu, 24.1g/t Ag and 993ppm Co from 239.50m.
True North Copper Managing Director Marty Costello says these ‘phenomenal’ intersections further validate the potential of the Vero resource.
“Confirmation of the Vero resource’s outstanding mineralisation places us in a very confident position as we work to re-estimate the Vero resource. This final suite of Vero assay results will feed into our current geological modelling and ongoing mining studies.
Metallurgical sampling and test program design is also continuing across the Mt Oxide Project. We are committed to maximising the Vero resource and remain steadfast in unlocking the entirety of the Mt Oxide Project’s highly prospective potential.”
“This final suite of Vero assay results will feed into our current geological modelling and ongoing mining studies”
Following today’s (29 November) announcement, True North’s share price has climbed 13.63% to $0.125 as of 11:45am AEDT.
The Mt Oxide Project covers an area of 123km-square and sits in northwest Queensland. The project is considered prospective for copper, cobalt and silver.
True North Copper is a copper and cobalt-focused company headquartered in Cairns, Queensland. The company’s portfolio of projects lies in Queensland.
As of 30 September 2023, the company had $789,000 cash and cash equivalents at hand and $2 million in unused finance facilities, according to its latest quarterly report. Post quarter-end, True North conducted a capital raise for $15 million, as announced earlier this month.
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.
True North Copper (ASX:TNC) is set to pocket $15 million from a two-tranche share placement and US$28 million through a facility with a specialist mine finance group. Managing Director Marty Costello says the funds will help support exploration and development work across the company’s North Queensland assets and help True North complete its mining restart study for the Great Australia Mine.
True North Copper (ASX:TNC) has tapped investors for $15 million to fund the Great Australia Mine restart and copper exploration in Queensland.
The $71.55 million market capitalisation company says the placement will seek to raise about $10.7 million in cash — including about $4.3 million in debt converted — through a placement of 125 million new shares at $0.12 per share.
Bell Potter Securities and Morgans Corporate are acting as joint lead managers and joint bookrunners to the placement while Foster Stockbroking acts as co-manager. Steinepreis Paganin is acting as legal advisor.
True North Copper Managing Director Marty Costello says the placement comes ahead of the scheduled completion of a mining study for the Great Australia Mine, which is anticipated to be wrapped up by December this year.
Funds from the capital raising, in conjunction with existing cash, will be applied to exploration and mine life extension drilling at its Cloncurry Project and other activities across its project portfolio.
This includes further drilling and survey works at the Vero resource within its Mt Oxide Project, conversion of a short-term loan from significant shareholder Tembo Capital Holdings plus accrued interest to equity, partial repayment of a short-term working capital facility to Dyda Property Management, and general working capital.
Funds from the placement are expected to be issued under 2 individual tranche payments comprising $8.3 million through 69.2 million new shares and $2.4 million in cash and about $4.3 million in debt converted through 55.8 million shares, respectively.
As part of the placement, Tembo Capital Holdings provided a firm commitment — subject to shareholder and foreign investment review board (FIRB) approval — to secure just over 54 million new shares under tranche 2 of the placement, providing $6.5 million of the desired $6.7 million.
This commitment, inclusive of a conversion of the short-term capital facility from debt to equity at the placement price, will assist True North in unlocking further liquidity through targeted working capital facilities. These facilities are in ‘very advanced’ stages of negotiations.
Meanwhile, True North Copper has signed a term sheet with a specialist mine finance group to provide US$28 million in a finance facility to support the growth of the business.
The signed term sheet on a financing facility is designed to refinance the current cash backed environmental bonds and provide additional working capital to support the commencement of mining at Great Australia. The finance party is in the final stages of due diligence ahead of executing definitive documentation.
New shares under tranche one of the placement are expected to settle on 24 November this year and will be issued on 27 November.
Costello and Chairman Ian McAleese both subscribed for about 583,000 new shares collectively in the placement, however, this is subject to shareholder approval at an upcoming meeting.
True North Copper is a precious metals-focused explorer headquartered in Cairns, Queensland. The company has assets across Queensland considered prospective for precious and critical minerals.
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.
True North Copper (ASX:TNC) is working towards a resource update for its Vero resource — part of its Mt Oxide Project in Queensland — following further ‘phenomenal’ drilling results.
The $69.24 million market capitalisation company says it’s lining up 3D geological interpretation of the latest results to help with the resource re-estimation.
True North plans to begin this upcoming work once all assays from drilling at the Vero resource are returned, and it will be undertaken in conjunction with ongoing metallurgical sampling.
The company’s latest round of drilling results includes ‘phenomenal’ assays from drillhole MOXD225, which intercepted 2 wide intervals of ‘high-grade’ copper mineralisation.
True North notes it has also received assays from drillhole MOXD223 that highlighted ‘strong’ pyrite mineralisation with chalcopyrite and chalcocite.
Key intercepts from hole MOXD225 include 26.2m @ 4.45% copper (Cu), 42.9 grams per tonne (g/t) silver (Ag), and 1,964 parts per million (ppm) cobalt (Co) from 258.8m, including 10.9m @ 7.32% Cu, 72.2g/t Ag and 2,915ppm Co from 265.5m; and MOXD223 with 4.2m @ 2.72% Cu, 32.4g/t Ag and 173ppm Co from 231.25m.
True North says the results support its belief that Vero hosts a ‘large-scale’ copper-cobalt-silver system with multiple wide, ‘high-grade’, steeply dipping copper-cobalt shoots and lenses.
Assays for the final drillhole, MOXD226A, are expected by late November this year.
True North Copper Managing Director Marty Costello says the new geological model will pave the way for the advancement of mining studies at the project as the company continues its search for additional ‘high-grade’ copper, cobalt, and silver deposits.
“Assay results continue to confirm the Vero resource’s phenomenal mineralisation. However, we are also committed to strategic exploration across the entire Mt Oxide Project and identifying other high-grade copper, cobalt, and silver deposits.”
“Assay results continue to confirm the Vero resource’s phenomenal mineralisation”
True North Copper is a copper, cobalt, and critical minerals miner based in Cairns, North Queensland.
The company’s Mt Oxide Project sits about 140km north of Mt Isa in Queensland and is considered prospective for copper, cobalt, and silver mineralisation.
True North Copper had $789,000 cash and cash equivalents at hand and $2 million in unused finance facilities as of 30 September 2023, according to its latest quarterly report.
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.
True North Copper (ASX:TNC) is heading towards a reserve statement and an extra bout of metallurgical testwork at its Wallace North Copper-Gold Project in Queensland. Managing Director Marty Costello says the company was ‘quite surprised’ by the high grades struck in its latest round of advanced grade control drilling as True North continues to ‘bulletproof’ its business plan for the fully-permitted project.
True North Copper (ASX:TNC) has hit ‘high-grade’ copper and gold zones via grade control drilling at the Wallace North section of its Cloncurry Project in Queensland.
The $64.63 million market capitalisation company says the results exceed its current resource model and are expected to have a ‘positive’ impact on future resource estimations and open-pit designs.
Some of the top results include hole WNR0088 with 17m @ 2.64% copper (Cu) and 2.70 grams per tonne (g/t) gold (Au) from 47m; and WNR0019 with 2m @ 8.24% Cu and 13.24g/t Au from 29m, including 1m @ 14.05% Cu and 25.7g/t Au from 29m.
True North says the mineralisation intersected is ‘as expected’ and generally of the same grade as defined in the resource model. However, in multiple locations, drillholes intersected Cu-Au grades ‘significantly higher’ than expected.
True North Copper Managing Director Marty Costello says the results confirm the position that the project has the potential to deliver ‘significant’ near-term value to the company in an early production scenario.
“These initial results confirm and, in some cases, exceed expected grades from comparisons to the current resource model. Not only do they indicate the potential to increase grade within the existing block model but also the potential to increase the overall resource.
With the return of all assays by the end of November 2023, mine optimisation and metallurgical studies will commence. These studies will assess the possibility of producing a copper-gold concentrate and will be finalised Q1 2024.
Wallace North is on a fully permitted mining lease, which allows near-term development options to be assessed during the optimisation study phase. The Wallace North resource is an important part of our Cloncurry Project mining plans, with its near-term value reinforced through recent drilling and resource upgrade work completed across the resource.”
“The Wallace North resource is an important part of our Cloncurry Project mining plans”
Following today’s announcement, True North’s share price has climbed 14.29% to $0.16 as of 1:20pm AEDT on 7 November.
The company notes that the drill results are still in the process of being interpreted, but initial assessments highlight multiple zones of a ‘higher grade’ than predicted.
Assays are pending for intercepts that remain open up or downhole and for those requiring quality assurance and quality control (QAQC) checks.
Final assay results from the drilling will be fed into optimisation studies and early mine planning.
The Cu-Au shoots remain open at depth and will be a target for future drilling.
The Cloncurry Project lies in northwest Queensland and is prospective for copper, gold, and cobalt.
True North Copper is a precious metals-focused explorer headquartered in Cairns. The company has assets across Queensland that are prospective for precious and critical minerals.
As of 30 September 2023, the company had $789,000 cash and cash equivalents at hand and $2 million in unused finance facilities, according to its latest quarterly report.
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.
True North Copper (ASX:TNC) is looking to deliver a re-estimation of its Vero copper-silver-cobalt resource in Queensland after intersecting ‘exceptional’ visual copper mineralisation.
The $69.24 million market capitalisation company says the results from the first 2 holes of an initial diamond drilling program at its wholly owned Mt Oxide Project demonstrate ‘wide’ zones with high visual estimates of copper sulphide mineralisation.
From hole MOXD225, True North reports an 18.33m intersection with visual estimates of 3-4% chalcocite, 1% covellite, 0.5% chalcopyrite, and 4% pyrite from 259.67m, as well as a 57.33m intersection consisting of 3 ‘visually strong’ mineralised subdomains from 349.87m.
These subdomain results include a 7.48m intersection with visual estimates of 5% chalcocite, 2% covellite, 1-2% chalcopyrite, and 8% pyrite from 349.87m.
Meanwhile, from hole MOXD226A, True North reports a 70.75m intersection comprising 4 subdomains from 224.55m, including 19.6m with visual estimates of 2-3% chalcocite, 0.3% covellite, and 6% pyrite from 224.55m, as well as 18.95m with visual estimates of 2% chalcocite, 2% covellite, and 13% pyrite from 276.35m.
Assay results for the remaining Vero resource holes are expected in November this year (2023) and will be reported accordingly as received.
The company notes the visual estimations from MOXD225 extend the ‘high-grade’ mineralisation intercepted in previous drillhole MOXD089, which returned up to 6.3% copper and 0.31% cobalt, to the south.
These results extend and increase True North’s confidence in the ‘high-grade’ zone, with geological, structural, and mineralisation modelling at Vero anticipated to follow the receipt of assays.
The model will be used to guide resource domains in future resource estimations, select representative samples for metallurgical testwork, and guide future resource extension, infill, and exploration drill programs.
True North Copper Managing Director Marty Costello says the company could be on the trail of the feeder system for its Vero resource.
“We are incredibly excited by these stunning intercepts of visual copper mineralisation and associated drillcore data.
Our drilling program continues to confirm the phenomenal mineralisation of the Vero resource and is providing substantial insight into zonation and what we believe to be the principal feeder system of the Vero resource.
“Our drilling program continues to confirm the phenomenal mineralisation of the Vero resource…”
We look forward to updating the market in November on the remaining assay results from the Vero resource drilling program, and we remain on track to deliver an updated Mineral Resource Estimate (MRE) for the Vero resource in Q1 2024.”
True North Copper is a copper, cobalt, and critical minerals miner based in Cairns, North Queensland.
The company’s Mt Oxide project is located in Queensland and is considered prospective for copper, cobalt, and silver mineralisation.
True North Copper had $3.492 million cash and cash equivalents at hand as of 30 June 2023, according to its latest quarterly report.
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.
True North Copper (ASX:TNC) has delivered a 14% increase to its copper and gold Mineral Resource Estimate (MRE) at the Wallace North section of its Cloncurry Project in Queensland.
The $80.78 million market capitalisation company says the MRE increase follows an 8-hole infill and extension drilling program at Wallace North that identified open zones of ‘high-grade’ copper and gold, as reported on 3 October this year.
True North reports the new MRE has delivered a 7% increase in contained copper and an 18% increase in contained gold.
“The updated Wallace North Indicated and Inferred Resource now stands at 1.59Mt with grades of 1.29% copper and 0.93 grams per tonne (g/t) gold,” True North Copper Managing Director Marty Costello says.
The company notes these increased gold ounces demonstrate the potential for Wallace North to deliver a ‘significant’ gold co-product in addition to copper from the project.
True North also notes prospective drilling targets have been highlighted and have the potential to further extend the resource both down-dip and along-strike.
The drilling of these targets is scheduled for Q2 2024.
In addition to the 8 resource infill and extension holes, a 142-hole grade control drilling program has also been completed at Wallace North.
Assays for these holes are pending but when made available will be incorporated into an optimised open-cut mine production schedule in late 2023.
True North states it has engaged Core Metallurgy to complete metallurgical studies on representative samples of oxide, transition, and sulphide ore obtained from Wallace North, with results expected in Q1 2024.
Costello says it’s particularly pleasing that today’s MRE upgrade came on the back of just 8 holes in the Wallace North area.
“The increase in the gold mineral inventory will significantly improve project economics. We remain excited about the potential of Wallace North to deliver early cashflow to the company and add early value for shareholders.
“Wallace North is an important part of our Cloncurry Project mining plans, and the recent infill drilling and resource upgrade work have confirmed the potential of Wallace North to deliver near-term value”
As we have previously stated, Wallace North is an important part of our Cloncurry Project mining plans, and the recent infill drilling and resource upgrade work have confirmed the potential of Wallace North to deliver near-term value.
To this end, we are commencing mine optimisation studies and will conduct revised metallurgical tests to bed downthe process plant flowsheet for both copper and gold.”
True North Copper is a copper, cobalt, and critical minerals miner headquartered in Cairns, North Queensland.
The company’s Cloncurry Project is centred around the Great Australia Mine Complex and is considered prospective for copper, cobalt, and gold mineralisation.
True North Copper had $3.492 million cash and cash equivalents at hand as of 30 June 2023, according to its latest quarterly report.
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.
Australia, Chile, Mexico, Peru, and the US are vastly different countries but have one common element amongst them – they are flush with copper.
In fact, the United States Geological Survey (USGS) says of the identified copper that exists on Earth but is yet to be extracted from the ground, about 65% is found in these 5 countries alone.
According to the scientific agency, the 700 million metric tons of copper that has ever been produced equates to just 20% of the estimated resources of the soft, malleable metal still to be discovered.
The USGS says current identified deposits around the world contain an estimated 2.1 billion metric tons of additional copper to the 700 million tons already mined, meaning the total amount of discovered copper totals 2.8 billion metric tons.
Mind-blowingly, it is estimated that undiscovered copper resources amount to about 3.5 billion metric tons. This means collectively there is roughly 6.3 billion metric tons of the ductile metal on Earth.
To put that into perspective, the USGS says 244,000 metric tons of gold has ever been discovered to date. Most of the precious metal has been mined from just 3 countries – China, South Africa, and again, Australia.
Part of the reason significantly more copper is produced is due to its importance – it is a critical metal for the energy transition.
The International Energy Agency (IEA) notes that in a scenario that meets the Paris Agreement goals, clean energy technologies’ share of total demand rises significantly over the next 2 decades to more than 40% for copper and rare earth elements, 60-70% for nickel, and cobalt, and almost 90% for lithium.
The Paris Agreement is a legally binding international treaty on climate change. It was adopted by 196 parties at the UN Climate Change Conference (COP21) in France on 12 December 2015. It came into force on 4 November 2016. Its overarching goal is to hold ‘the increase in the global average temperature to well below 2°C above pre-industrial levels’ and pursue efforts ‘to limit the temperature increase to 1.5°C above pre-industrial levels’.
As the world transitions towards decarbonisation and reaching net-zero emissions by 2050, copper demand is at unprecedented levels. Research suggests by 2050, global will demand will be nearly twice the volumes of copper the world has produced over the previous 3,000 years.
The metal’s applications are wide and varied. It is used in various clean energy technologies such as solar panels, wind turbines, electric vehicles (EVs), batteries, as well as hydrogen production.
Avalon Global Research notes that an EV consumes around 4x (80kg/car) more copper than combustion cars (18-20kg/car), while a solar plant uses some 9,000 pounds of copper per MW of peak capacity. Similarly, wind farms require 5,600-14,900 pounds of copper per MW, while offshore wind farms require 21,000 pounds per MW.
S&P Global suggests current copper production capacity is only projected to increase by about 20% over the next decade. As such, new investments and discoveries of copper resources is urgently required.
These copper supply issues are exacerbated by declining resource quality. The IEA says concerns about resources are more about quality rather than quantity. In recent years, ore quality has continued to fall across a range of commodities. For copper, the average ore grade in Chile declined by 30% over the past 15 years. Extracting metal content from lower-grade ores requires more energy, exerting upward pressure on production costs, greenhouse gas emissions, and waste volumes.
However, it is not all doom and gloom. There’s a growing number of copper plays on the ASX, many of which are on a pathway towards production.
Junior explorer KGL Resources (ASX:KGL) recently said in its latest quarterly report the bullish outlook for copper prices and the essential need for more copper has allowed it to review optimisation for the mine plan of its for its Jervois Project in the Northern Territory.
At the time, KGL Executive Chairman Denis Wood said growing the organisation to deliver the Jervois Project while optimising the mining and process plant remains the highest priority for the company to enable a financial investment decision.
“Exploration continues to increase the confidence of the overall resource and confirm it to be a significant and robust development for the company. The market outlook for copper remains strong. These current market circumstances allow KGL to refine and further improve its plans.”
KGL has appointed Nicholas Spencer as its new Chief Executive Officer (CEO) and Chris Dippenaar as Chief Financial Officer (CFO) to drive the development of the Jervois Copper Project. These appointments have been made as the $73.74 million market capitalisation company progresses work on the optimisation studies for the project post Feasibility Study.
True North Copper (ASX:TNC) in July 2023 began copper sulphate production at its Cloncurry Project in Queensland under an exclusive offtake agreement with Kanins International.
At the time, Managing Director Marty Costello said: “We believe our offtake agreement with Kanins International provides confidence in True North Copper’s revenue generation. The agreement ensures a premium above the London Metal Exchange price for our high-quality copper sulphate, providing a stable and predictable revenue stream.
“This is another milestone completed that forms part of our overarching strategy to become Australia’s next critical minerals producer of copper and cobalt as we finalise restart studies for full-scale production“
This is another milestone completed that forms part of our overarching strategy to become Australia’s next critical minerals producer of copper and cobalt as we finalise restart studies for full-scale production.”
On 20 September 2023 True North received assay results that confirm its Vero resource in Mount Isa, Queensland, hosts ‘large-scale’ and ‘high-grade’ copper-cobalt-silver (Cu-Co-Ag) mineralisation.
Another emerging copper company is Argonaut Resources (ASX:ARE), which has a diversified portfolio that includes the Torrens joint venture with Aeris Resources. The Torrens JV is exploring for Iron Oxide Copper‐Gold (IOCG) systems in the highly prospective Stuart Shelf region of South Australia. The project is situated 75km from BHP’s (ASX:BHP) Olympic Dam mine, within 50km of OZ Mineral’s (ASX:OZL) Carrapateena mine, and only 40km from BHP’s recent Oak Dam West copper discovery.
Meanwhile, In June 2023, Cazaly Resources (ASX:CAZ) received positive Scoping Study results from AuKing Mining’s Koongie Park copper-zinc project which included mineralisation from the company’s 100%-owned Halls Creek and Bommie copper deposits.
In late 2022, Cazaly executed a memorandum of understanding (MoU) with AuKing to include the Halls Creek project into the study. The AuKing study confirms the potential for a financially robust, globally competitive operation with life-of-mine of 11 years with an estimated total production of 110,000t Cu, 38,000t Zn and 355,000oz Ag.
Cohiba Minerals (ASX:CHK) holds a strategic tenement package in the ‘world-class’ Gawler Craton comprising 8 exploration licences covering 831km-square in the Horse Well (Pernatty B), Pernatty C, and Andamooka-Peninsula (Lake Torrens) areas.
In August, CEO Andrew Graham reiterated that Cohiba’s Olympic Domain projects in South Australia remain key priorities and has generated some third party interest.
“We have completed a review of the Olympic Domain projects and identified additional strategic drill hole sites. We have also had numerous discussions in relation to direct investment into the Wee MacGregor copper project in Queensland and are working towards securing an outcome. We have further incentivised this investment opportunity by securing an extension on ML90098, a key Mining Lease at Wee MacGregor, until 31 December 2034.”
Castillo Copper (ASX:CCZ) has 4 properties comprising the NWQ Copper Project in Mt Isa’s copper-belt, the BHA Project near Broken Hill’s ‘world-class’ silver-zinc-lead deposit in NSW, the historic Cangai Copper Mine, and assets across Zambia’s copper-belt.
In July, Castillo produced an updated 2012 JORC-compliant Mineral Resource Estimate (MRE) for its Cangai Copper Mine in New South Wales, Australia.
At the time, Chairman Ged Hall said having a high-grade MRE for circa 114,000 tonnes copper metal plus significant exploration potential was an excellent value-add outcome.
“Moreover, when reconciling Cangai Copper Mine’s favourable fundamentals with long-term global demand trends for copper, the board believes it has a compelling business case to leverage and align with a strategic development partner“
“Moreover, when reconciling Cangai Copper Mine’s favourable fundamentals with long-term global demand trends for copper, the board believes it has a compelling business case to leverage and align with a strategic development partner.”
Kincora Copper (ASX:KCC) is an active explorer and project generator focused on world-class copper-gold discoveries. Kincora’s portfolio includes district scale landholdings and scale-able drill ready targets in both Australia and Mongolia’s leading porphyry belts, the Macquarie Arc, and Southern Gobi respectively.
In July, Kincora signed a conditional agreement to acquire RareX’s (ASX:REE) 35% interest in the Trundle, Fairholme, Jemalong, Cundumbul, and Condobolin projects in New South Wales. Under the agreement, Kincora will issue 40 million chess depositary interests (CDIs) and will grant RareX a 1% net smelter royalty (NSR) for the vended licences.
Great Western Exploration (ASX:GTE) is a copper, gold, and nickel explorer with a large land position in prolific regions of Western Australia. Great Western’s tenements have been underexplored or virtually unexplored.
Mining.com.au Managing Editor Adam Orlando has more than 20 years’ experience in the media having held senior roles at various publications, including as Asia-Pacific Sector Head (Mining) at global newswire Acuris (formerly Mergermarket). Adam has worked in newsrooms around the world including Hong Kong, Singapore, London, and Sydney.
In today’s Mining Minute, Allup Silica (ASX:APS) shares spiked after the company discovered clay-hosted rare earth elements below silica at its Pink Bark Project north of Esperance in Western Australia, and True North Copper (ASX:TNC) has recorded up to 7.65% copper over 4 metres from drilling at its Mt Oxide Project in Queensland.
Joining Mining.com.au from the West Coast, finance presenter Carolyn began her journalism degree in Townsville and developed a passion for mining news after a FIFO stint in WA's Goldfields.
True North Copper (ASX:TNC) has received assay results from 3 drillholes that confirm the Vero Resource in Mount Isa, Queensland, hosts ‘large-scale’ and ‘high-grade’ copper-cobalt-silver (Cu-Co-Ag) mineralisation.
The $85 million market capitalisation company conducted a diamond drilling program with drillhole MOXD221 intercepting a wide interval of ‘high-grade’ shallow dipping mineralisation, alongside a second deeper intercept providing indications of ‘rapidly increasing’ grade and widths of mineralisation to the south.
Assay results returned include drillhole MOXD221 with 42.10m @ 1.66% Cu, 13.5g/t Ag, and 1,083 parts per million (ppm) Co from 154.90m, including 4m @ 7.65% Cu, 57.3g/t Ag, and 1,164ppm Co from 191.20m, and 36.10m @ 1.23% Cu, 15.7g/t Ag, and 1,952ppm Co from 266.90m.
Commenting on the drill results, True North Copper Managing Director Marty Costello says: “Today’s results, which include an intersection of 7.65% copper over 4m, demonstrate the high-grade nature of copper mineralisation in the area and further extension of the Vero Resource’s high-grade ore body.
“This is the first significant on-ground exploration since 2012”
Our Mt Oxide Project and its Vero Resource are underexplored, and this is the first significant on-ground exploration since 2012. This drilling program allows us to extend the Vero Resource and its incredibly impressive mineralisation. It also allows us to develop our exploration program and target new discoveries much more efficiently across the entire Mt Oxide Project.
The latest assay results provide us with continued confidence in our 100% owned Vero Resource. We will use the results from this program to update existing copper, silver, and cobalt resource estimates for the Vero Resource.”
Resource infill and extension drilling is continuing, with further assay results expected to be released through to the end of Q4 2023.
True North is also planning for airborne geophysics, prospect scale mapping, and soil surveys across several prospective copper mineralised zones within the Mt Oxide Project, which have received limited modern exploration.
The Vero Resource is part of the Mt Oxide Project, located in Mount Isa of Queensland, Australia.
True North Copper is an ASX-listed copper, cobalt, and critical minerals mining company, headquartered in Cairns, Queensland.
As of 30 June 2023, the company had about $3.5 million cash and cash equivalents at hand, according to its latest quarterly report.
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.
True North Copper (ASX:TNC) has consistently increased copper sulphate production throughout August 2023, the company says in an operational update for the month.
The $101.56 million market capitalisation company says it has continued increasing copper sulphate production at its Cloncurry Project in Queensland, Australia throughout the month, in tandem with the rise in soluble metal concentrations within the SX Plant production circuit.
The company anticipates metal concentrations to continue rising throughout September 2023 (as consistent with testwork), until the plant achieves its projected production capacity, projected to be by the end of September 2023.
True North Copper has an exclusive offtake agreement with Kanins International for its copper sulphate production in Queensland.
Addressing the month’s performance, Managing Director Marty Costello says: “Commissioning of our SX Plant commenced in late June following refurbishment works. Despite a delay of approximately three weeks to our initial commissioning schedule, our sulphate production levels are now progressing as anticipated. Production of copper sulphate is low cost, and its market value ensures we receive timely revenue, typically within 5 days post-production.
Our decision to initiate production with existing oxide ore stockpiles was strategic, allowing us to solidify our operational foundation as exploration progresses at our Mt Oxide and Cloncurry Projects and we finalise mining restart studies. With the planned commencement of mining at our Cloncurry Project, copper sulphate production is projected to constitute 20-25% of our annual metal output.
We’re nearing the final stages of studies supporting the pending decision to resume mining operations at Cloncurry, which will allow us to commence copper concentrate production, and we expect to update the market in the December quarter.”
True North’s copper sulphate product contains greater than 24% copper content (generally between 24-26%), crystallised form and free flowing.
Copper sulphate is a mineral salt widely used in various industries, including agriculture, mining, water treatment, and chemical manufacturing. Its applications range from agricultural fungicides, animal feed supplements, and soil sterilisation to electroplating and laboratory reagents.
True North Copper is paid (100% LME price + premium) for the copper content of each bag. Each bag carries up to 1.25 tonnes of product. The company has an offtake agreement which requires all copper sulphate produced by True North Copper at its Queensland sites for the life of copper sulphate production from those sites to be purchased by Kanins International.
Since commencement of copper sulphate production, copper concentrations in solutions have continued to increase. The current PLS grade is 1.2g/L and flows from heap are 39.1m3/hr. True North Copper expects this to increase as per testwork and operational metallurgical balance, until process and plant capacity is reached.
Since commencement of copper sulphate production, copper concentrations in solutions have continued to increase
The company’s operational team has delivered significant advancements in recent weeks as its operational knowledge and experience increases. Additionally, maintenance crews have transitioned from reactive measures, which were part of the initial plant commissioning, to now executing planned and scheduled programs.
As of 29 August 2023, current run-of-mine uncrushed oxide ores stocks are circular 50kt of ore transported from True North Copper’s Mt Norma mine site. This oxide ore is uncrushed (sizing 100mm- 800mm) and unleached grading approximately 2%.
All-in sustaining costs for this copper sulphate product are expected to be in the range of $0.8 – 1.40 per/lb AUD. August 2023 production is within this guidance, the company reports.
Mining.com.au Managing Editor Adam Orlando has more than 20 years’ experience in the media having held senior roles at various publications, including as Asia-Pacific Sector Head (Mining) at global newswire Acuris (formerly Mergermarket). Adam has worked in newsrooms around the world including Hong Kong, Singapore, London, and Sydney.
True North Copper (ASX:TNC) Managing Director Marty Costello says the ‘simply stunning’ results from the first bout of drilling at the Vero Resource reaffirm the company’s view that this is an ‘impressive’ asset.
True North Copper (ASX:TNC) has begun copper sulphate production at its Cloncurry Project in Queensland under an exclusive offtake agreement with Kanins International.
The $108.48 million market capitalisation company says the offtake agreement will see Kanins acquire all copper sulphate produced at the sites for the life of copper sulphate production from those sites. Kanins will provide technical services to True North at negotiable fees as required to assist in producing products that will achieve the ‘highest’ return.
Under the offtake deal, the price of copper sulphate sold to Kanins is determined by reference to the London Metals Exchange (LME) copper price at that time plus a surcharge.
It is estimated that about 12,000 tonnes of copper sulphate crystal will be produced per annum from the Cloncurry Project.
Commenting on the production activities, True North Copper Managing Director Marty Costello says: “This accomplishment is a testament to the dedication and efforts of our entire team.
“We believe our offtake agreement with Kanins International provides confidence in True North Copper’s revenue generation”
We believe our offtake agreement with Kanins International provides confidence in True North Copper’s revenue generation. The agreement ensures a premium above the London Metal Exchange price for our high-quality copper sulphate, providing a stable and predictable revenue stream.
This is another milestone completed that forms part of our overarching strategy to become Australia’s next critical minerals producer of copper and cobalt as we finalise restart studies for full-scale production.”
Kanins International is an Australian owned business founded in Melbourne and operating globally since 2006 and has manufacturing partners in Australia, Taiwan, Singapore, South Korea, China, India, Turkey, and throughout Africa and North and South America.
The company is a key supplier of mineral sulphates and oxides to the agricultural market and a preferred supplier to many multinational feed mills and agribusinesses. It also supplies to many of the global mining/mineral processing companies.
True North Copper is an ASX-listed company headquartered in Cairns, Queensland. The company is focused on its copper and cobalt projects located in Cloncurry and Mt Oxide.
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.
True North Copper (ASX:TNC) has identified ‘significant’ extension and resource growth potential through drilling and induced polarisation (IP) survey results at its Great Australia Mine within its Cloncurry Project in Queensland.
The $115.41 million market capitalisation company reports Australian Geophysical Services recently completed a 6 line kilometre, 5 line kilometre, and 50m dipole-dipole spacing IP geophysical survey at the mine.
This is the first systematic IP survey designed to test the area that lies between the Taipan and Great Australia resource, known as the Greater Australian Target. An additional, single east-west 1km line was surveyed north of the Great Australian Pit to test the new Copperhead prospect and for potential extensions of the Orphan Shear mineralisation.
True North Copper Managing Director Martin Costello will be presenting at 2:45pm on day 3 of the Noosa Mining Investor Conference being held from 19-21 July 2023.
At the Greater Australian Target, the company reports 3D inversions of the IP survey highlight a 200m by 60m ‘strong’ chargeability anomaly that is coincident with the Taipan copper resource.
True North says 4 additional chargeability anomalies of similar dimensions and magnitude were identified in the Greater Australian Target area that represent ‘compelling’ drill targets for further copper mineralisation.
Meanwhile, the single kilometre-long east-west-oriented IP line surveyed north of the Great Australia Mine-Orphan Shear system has outlined a further 4 chargeability anomalies, including 2 ‘high-priority’ drill targets at the new Copperhead prospect below undrilled outcropping gossanous structures and zones of supergene copper mineralisation.
True North reports detailed drillhole planning, design, required on-ground clearance, and earthworks are underway, while drilling is planned to test a number of these targets towards the end of Q3 2023.
The company says extensions to the Greater Australian IP survey are also in the planning stages to test a previously unexplored area to the southwest of the Paddock pit.
Along with the new targets defined through IP surveys across the project, True North reports the results of hole GAD014 completed at the Great Australia Resource demonstrate a potential increase in resources.
Results found in hole GAD014 include 10.6m @ 1.15% Cu from 217m, 15m @ 0.79% Cu from 284m, 12.55m @ 1.48% Cu from 381.45m, and 11m @ 0.73% Cu from 317m.
The company says these assay results are reflective of visual sulphide mineral estimates, with strong chalcopyrite-pyrite mineralisation dispersed within variably skarn-altered breccia. This style of mineralisation and intensity of alteration indicates that the system is potentially open further down-dip.
Commenting on the results, Costello says: “These results represent an exceptional opportunity for resource expansion within the Great Australia Resource and our Cloncurry Project.
“Our assay results from GAD014 reveal copper mineralisation at the target depth, representing a 55m down-dip extension of the Great Australian Copper Shoot”
Our assay results from GAD014 reveal copper mineralisation at the target depth, representing a 55m down-dip extension of the Great Australian Copper Shoot.
The IP survey results also significantly expand our understanding of the copper system at the Great Australia Resource and suggest the potential for a larger copper system, with the possibility of mineralisation coalescing at depth into a feeder zone.
We are now in the process of finalising an exploration program that will define additional copper mineralisation and further test the hypothesis of a deep feeder to the Great Australia Mine Complex Copper System.
We will be using IP survey extensions and drill testing priority chargeability anomalies as part of our continued exploration of the Great Australia Resource. True North Copper is committed to maximising the exploration and development potential of the Great Australia Resource and our Cloncurry Project.”
True North Copper is a Cairns-based critical minerals miner focused on its Cloncurry and Mt Oxide projects in northwest Queensland. Cloncurry comprises several granted mining leases and exploration tenures and features a copper flotation plant, solvent extraction crystal plant, heap leach pads, tailings impoundment, and waste dumps.
Hailing from the Central Coast region of NSW, Harry is a passionate journalist with a background in print, radio and ESG news. When not bashing away on his keyboard, he can be found brewing a coffee or playing with his dog.
Australian copper specialist True North Copper (ASX:TNC) has begun trading on the ASX under the ticker TNC following its merger with Duke Exploration (ASX:DEX).
As part of the merger and listing process, the company recently completed an underwritten capital raising and a priority offer to existing Duke Exploration shareholders, raising a total of $37.3 million at $0.25 per share. The proceeds of the raise funded the company’s acquisition of its Mt Oxide Project, which was completed on 6 June 2023.
Speaking to Mining.com.au, True North Copper Managing Director Marty Costello says the company’s motivation for its public listing was to give its investors ‘absolute certainty and transparency’ around the pathway for them to receive tradable shares.
Managing Director says: “We made the decision to try and align with a group like Duke Exploration, who have got investors with interest in Queensland copper.
We thought there were good synergies between both outfits, and that also gave our shareholders absolute certainty that they’re going to be listing on the ASX.”
The company began trading with a market capitalisation of $115.4 million, a share price of $0.25, and zero debt.
As of 3:00pm, True North’s shares were trading at $0.24.
Commenting on the share price movement, Costello says: “There are multitudes of reasons why people sell, and we can’t control that. What we can control is out business plan.
“What we can control is out business plan”
I think there’s probably a combination of it being the end of the financial year, selling — which typically happens. But what’s more important to me is actually the fact that the stock has rebounded and rebounded quite strongly back to sort of the $0.25 IPO price.”
In any case, Costello says the company’s ASX listing is the latest milestone in its ‘transformation’ into Australia’s next copper producer.
“With funds raised via our offer and our recently completed acquisition of the high-grade Mt Oxide copper-cobalt-silver project, we have all the assets in place to achieve this.
“This timing is excellent given the current price cycle for copper and expected supply deficit in the next few years”
This timing is excellent given the current price cycle for copper and expected supply deficit in the next few years. We have a large combined Indicated, Measured, and Inferred JORC resource base, containing 326,000 tonnes of copper, as well as significant cobalt, gold, and silver infrastructure, including a copper concentrator, solvent extraction plant and copper sulphate crystallisation plant.
We plan to move into production in the second half of CY2023, subject to successful technical studies and further financing if required, while we will continue to explore our projects for opportunities to expand our resource base, with drilling commenced at Mt Oxide’s Vero Resource underway.”
True North expects its first sales from copper sulphate production over the coming weeks, with copper concentrate production expected to restart immediately following the completion of a restart study due in Q3 CY23.
In addition, Costello shares that the company is weeks away from its first cash flow out of the solvent extraction (SX) plant at the Cloncurry Project, which will continue once True North’s restart studies are finalised in mid-July 2023.
The company’s portfolio includes the Cloncurry Hub, a package consolidated from various vendors centred around the Great Australia Mine Complex and associated infrastructure currently on care and maintenance, and its recently acquired Mt Oxide Project.
True North Copper is an ASX-listed copper, cobalt, and critical minerals mining company headquartered in Cairns, Queensland.
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.
