True North Copper (ASX:TNC) has reported further drill assays that provide new insights into its Vero resource system within its Mt Oxide Project in Queensland.
Recent drilling undertaken at Vero has identified 3 key zones with ‘strong’ mineralisation and provided True North with new details of alteration and sulphide species zonation patterns and structural and lithological controls in the area.
The $57.70 million market capitalisation company says this information will feed into new 3D geological models that will be used in a resource update — expected to be announced in Q1 2024 — and an exploration program designed to test for extensions of the Vero resource at depth and along-strike.
Some of the ‘exceptional’ assay results from drillhole MOXD226A include 69.95m @ 1.91% copper (Cu), 17.7 grams per tonne (g/t) silver (Ag), and 675 parts per million (ppm) cobalt (Co) from 224.55m, including 9.65m @ 2.74% Cu, 24.1g/t Ag and 993ppm Co from 239.50m.
True North Copper Managing Director Marty Costello says these ‘phenomenal’ intersections further validate the potential of the Vero resource.
“Confirmation of the Vero resource’s outstanding mineralisation places us in a very confident position as we work to re-estimate the Vero resource. This final suite of Vero assay results will feed into our current geological modelling and ongoing mining studies.
Metallurgical sampling and test program design is also continuing across the Mt Oxide Project. We are committed to maximising the Vero resource and remain steadfast in unlocking the entirety of the Mt Oxide Project’s highly prospective potential.”
“This final suite of Vero assay results will feed into our current geological modelling and ongoing mining studies”
Following today’s (29 November) announcement, True North’s share price has climbed 13.63% to $0.125 as of 11:45am AEDT.
The Mt Oxide Project covers an area of 123km-square and sits in northwest Queensland. The project is considered prospective for copper, cobalt and silver.
True North Copper is a copper and cobalt-focused company headquartered in Cairns, Queensland. The company’s portfolio of projects lies in Queensland.
As of 30 September 2023, the company had $789,000 cash and cash equivalents at hand and $2 million in unused finance facilities, according to its latest quarterly report. Post quarter-end, True North conducted a capital raise for $15 million, as announced earlier this month.
Write to Aaliyah Rogan at Mining.com.au
Images: True North Copper