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.
Write to Aaliyah Rogan at Mining.com.au
Images: True North Copper