True North Copper grows Wallace North resource by 14% 

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 down the 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.

Write to Adam Drought at Mining.com.au

Images: True North Copper
Author Image
Written By Adam Drought
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.