True North Copper (ASX:TNC) says results from ongoing geophysical surveys at the Mt Oxide Project in Queensland highlight the growth opportunities of the Vero and Camp Gossans prospects.
Numerous unexplored geophysical anomalies have been identified following the completion of two MIMDAS induced polarisation and magnetotelluric lines.
At Vero, True North — which has a market capitalisation of $36 million — says the results show a correlation between the resource mineralisation and MIMDAS chargeability highs, providing confidence in the technique to uncover targets in the district.
Meanwhile, at Camp Gossans, two chargeability high responses have been identified, less than 100m beneath the outcropping geochemically anomalous Alpha and Beta gossan targets.
A third, undrilled chargeability anomaly was uncovered 250m northwest of Camp Gossans beneath a previously unmapped 400m long, northeast striking, hematite altered fault breccia at a new target called Black Marlin.
The company reports a further 275m wide and up to 350m deep chargeability anomaly was identified 1km east of Vero.
Managing Director Bevan Jones says the recent survey, which was supported by a $300,000 Queensland Government collaborative exploration initiative grant, has yielded anomalies that match the existing Vero copper, silver, cobalt resources, providing confidence to use this method to uncover more targets across the area.
“Exciting new drilling targets have been identified at Camp Gossans and Vero and we have also found new potential mineralised structures like Black Marlin,” Jones says.
“The deep seeking MT survey at Vero has found an anomaly that suggests the main mineralised zone could extend more than 1km deeper than our current drilling.
“With multiple high-quality drill targets coming together, our Mt Oxide Project is conceptually building into a potentially significant copper mineralised district of which Vero is just one deposit.”
The geophysical survey is still in progress over several highly prospective copper bearing leached gossans mapped north along strike of Vero, including Ivena North, Aquila, and Mt Gordon.
True North’s exploration team will continue integrating and interpreting new data from the geophysics, rock chip sampling, and geological mapping programs being completed at Mt Oxide to uncover and prioritise a series of drill targets for testing in future campaigns.
The Mt Oxide Project is considered prospective for copper, cobalt, and silver and lies in northwest Queensland.
Write to Aaliyah Rogan at Mining.com.au
Images: True North Copper
