True North Copper (ASX:TNC) is progressing mining activities, achieving the first oxide ore at the Wallace North deposit, part of the Cloncurry Copper Project (CCP) in Queensland.
Last week, the company began transportation of fire oxide ore from the Wallace North put to the Great Australia Mine (GAM) crushing facility. Irrigation of the ore will begin next month and contribute to improved copper production from the solvent extraction plant.
True North, which has a market capitalisation of $37 million, says this will be the first ore mined by the company that will be added to the heap leach since commissioning the plant in 2023.
Managing Director Bevan Jones says the team has continued to advance mining activities on schedule with the current mine plan.
“TNC’s progress towards becoming Australia’s next copper producer has taken significant steps forward since our previous Wallace North update, with 6,000 tonnes of oxide ore having now been mined and transportation of this ore to the GAM crusher underway,” Jones says.
“We expect to commence stacking of this ore on the leach pad in October, the next milestone in this process that we are now targeting.
“In parallel, TNC is focussed on growing our workforce to deliver on these objectives at CCP. The recruitment process continued for the GAM and Wallace North, with a substantial number of positions to be filled by mid-October.”
Jones adds that this progress positions the company as an emerging copper and critical minerals company, as well as a North Queensland-based company focused on providing opportunities within the communities in which it operates.
True North began mining activities at Wallace North in July 2024. Wallace North is one of four open-pit deposits that makes up the Cloncurry Project. It has an ore reserve totalling 700,000 tonnes at 1.01% copper and 0.46 grams per tonne gold for 6,800 tonnes of copper and 10,000 tonnes of gold.
Since starting mining activities, True North has mined about 155,000 bank cubic metres of overburden, with 6,000 tonnes of oxide ore mined and placed on the run of mine to date.
The Cloncurry Project is estimated to generate free cash flow of $200 million at current copper spot prices — US$4.16 per pound ($6.19) — over its initial 4.6-year mine life.
True North has binding offtake and toll milling agreements with global commodity trader Glencore International for 100% of copper concentrate produced at the project and toll milling of up to 1 million tonnes of ore annually.
Under the toll milling agreement, sulphide ore will be transported to a third-party concentrator for toll treatment.
True North Copper is an emerging critical minerals mining company, headquartered in Cairns, north Queensland. The company is focused on its two major projects, the Cloncurry and Mt Oxide projects, both of which lie in north-west Queensland.
Write to Aaliyah Rogan at Mining.com.au
Images: True North Copper
