True North Copper secures grant for Mt Oxide

True North Copper (ASX:TNC) has secured $300,000 from the Queensland government’s Collaborative Exploration Initiative to undertake geophysical surveys at its Mt Oxide Project about 140km north of Mt Isa. 

True North Copper, which has a $61.74 million market capitalisation, says the MIMDAS surveys will investigate prospective targets along strike from the 15.98 million tonne Vero resource to identify massive and disseminated sulphide mineralisation. 

The surveys will also develop an improved understanding of the structural architecture that controls mineralisation.

Key targets include the 1.8km Camp Gossans trend, the undrilled and under-explored Ivena North area, and the 1.5km long and 250m wide Aquilla and Mt Gordon zone. 

Integration of the new geophysics with mapping and planned surface geochemical sampling will allow for the identification and prioritisation of a series of drill targets for testing in Q3 to Q4 2024.  

Managing Director Marty Costello says despite significant historical investment by previous Mt Oxide owners at the Vero resource, multiple prospects have never been systematically explored or drill tested.

“Our 2024 exploration program aims to further develop Vero and a number of high-quality priority exploration targets across the prospective, underexplored and phenomenally mineralised Mt Oxide Project tenements. 

The awarding of a $300,000 CEI grant by a panel of geoscience and geophysical experts to undertake this geophysical survey highlights the business case for this program and the potential for new critical metal discoveries at the Mt Oxide Project.”

True North Copper is a copper, cobalt, and critical minerals mining company, headquartered in Cairns. The company has two ‘major’ projects, namely the Cloncurry and Mt Oxide projects. 

Mt Oxide sits in northwest Queensland and is wholly owned by True North Copper. 

As of 31 December 2023, the company had $1.635 million in cash and cash equivalents at hand, according to its latest quarterly report. 

Write to Adam Drought at Mining.com.au

Images: True North Copper
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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.