True North Copper (ASX:TNC) has identified ‘significant’ extension and resource growth potential through drilling and induced polarisation (IP) survey results at its Great Australia Mine within its Cloncurry Project in Queensland.
The $115.41 million market capitalisation company reports Australian Geophysical Services recently completed a 6 line kilometre, 5 line kilometre, and 50m dipole-dipole spacing IP geophysical survey at the mine.
This is the first systematic IP survey designed to test the area that lies between the Taipan and Great Australia resource, known as the Greater Australian Target. An additional, single east-west 1km line was surveyed north of the Great Australian Pit to test the new Copperhead prospect and for potential extensions of the Orphan Shear mineralisation.
True North Copper Managing Director Martin Costello will be presenting at 2:45pm on day 3 of the Noosa Mining Investor Conference being held from 19-21 July 2023.
At the Greater Australian Target, the company reports 3D inversions of the IP survey highlight a 200m by 60m ‘strong’ chargeability anomaly that is coincident with the Taipan copper resource.
True North says 4 additional chargeability anomalies of similar dimensions and magnitude were identified in the Greater Australian Target area that represent ‘compelling’ drill targets for further copper mineralisation.
Meanwhile, the single kilometre-long east-west-oriented IP line surveyed north of the Great Australia Mine-Orphan Shear system has outlined a further 4 chargeability anomalies, including 2 ‘high-priority’ drill targets at the new Copperhead prospect below undrilled outcropping gossanous structures and zones of supergene copper mineralisation.
True North reports detailed drillhole planning, design, required on-ground clearance, and earthworks are underway, while drilling is planned to test a number of these targets towards the end of Q3 2023.
The company says extensions to the Greater Australian IP survey are also in the planning stages to test a previously unexplored area to the southwest of the Paddock pit.
Along with the new targets defined through IP surveys across the project, True North reports the results of hole GAD014 completed at the Great Australia Resource demonstrate a potential increase in resources.
Results found in hole GAD014 include 10.6m @ 1.15% Cu from 217m, 15m @ 0.79% Cu from 284m, 12.55m @ 1.48% Cu from 381.45m, and 11m @ 0.73% Cu from 317m.
The company says these assay results are reflective of visual sulphide mineral estimates, with strong chalcopyrite-pyrite mineralisation dispersed within variably skarn-altered breccia. This style of mineralisation and intensity of alteration indicates that the system is potentially open further down-dip.
Commenting on the results, Costello says: “These results represent an exceptional opportunity for resource expansion within the Great Australia Resource and our Cloncurry Project.
“Our assay results from GAD014 reveal copper mineralisation at the target depth, representing a 55m down-dip extension of the Great Australian Copper Shoot”
Our assay results from GAD014 reveal copper mineralisation at the target depth, representing a 55m down-dip extension of the Great Australian Copper Shoot.
The IP survey results also significantly expand our understanding of the copper system at the Great Australia Resource and suggest the potential for a larger copper system, with the possibility of mineralisation coalescing at depth into a feeder zone.
We are now in the process of finalising an exploration program that will define additional copper mineralisation and further test the hypothesis of a deep feeder to the Great Australia Mine Complex Copper System.
We will be using IP survey extensions and drill testing priority chargeability anomalies as part of our continued exploration of the Great Australia Resource. True North Copper is committed to maximising the exploration and development potential of the Great Australia Resource and our Cloncurry Project.”
True North Copper is a Cairns-based critical minerals miner focused on its Cloncurry and Mt Oxide projects in northwest Queensland. Cloncurry comprises several granted mining leases and exploration tenures and features a copper flotation plant, solvent extraction crystal plant, heap leach pads, tailings impoundment, and waste dumps.
Write to Harry Mulholland at Mining.com.au
Images: True North Copper Ltd