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.
Write to Adam Drought at Mining.com.au
Images: True North Copper