True North Copper (ASX:TNC) has unveiled a new copper-cobalt-silver mineralised system at the Aquila prospect, part of the Mt Oxide Project in Northwest Queensland.
As part of an ongoing reverse circulation drilling campaign, which began in May 2025, assay results from the first three of five holes at Aquila have been returned. The assays confirm the substantial copper-cobalt-silver potential of the broader Mt Oxide system.
True North, which has a market capitalisation of $51.59 million, says drilling intersected copper mineralisation from surface, with two broad zones with “high-grade” sub-zones of mineralisation standing out.
Some of the results include 30m @ 2.45% copper, 0.02% cobalt, 6.2 grams per tonne silver from 20m, including 10m @ 5.31% copper, 0.02% cobalt, 12g/t silver from 31m; and 4m @ 1.62% copper, 0.20% cobalt, 3.9g/t silver from 119m.
Managing Director Bevan Jones says this is “game-changing” for True North.
“We are seeing a 150m wide, continuous mineral system with high-grade cores and strong geochemical signatures, starting from shallow depths,” Jones says.
“And critically, it’s open along strike and at depth, meaning there’s huge potential for us to grow significantly. What makes this even more exciting is that Aquila suits over 4km northeast of our existing Vero resource with a big fairway in between.
“This strongly suggests we’ve found a much larger, previously undiscovered deposit within the broader Mt Oxide system. These results validate our systematic, targeted exploration approach and are proof that our strategy is working.”
True potential to be realised
True North believes Aquila has potential to evolve into a major new resource, completely transforming the Mt Oxide Project.
With three mineralised holes confirming this system, and results from two more holes pending, the company is moving decisively to scale up exploration at the prospect.
The company intends to extend induced polarisation (IP) surveys along 3km of strike to the north and south of the current discovery zone. Once completed, high-resolution drone magnetics will be acquired to help refine the structural understanding across the broader Mt Gordon Fault Zone.
Field teams will also conduct mapping and sampling across prospective IP anomalies and broad zones. Upon completion, True North will design a follow-up drilling program and undertake permitting activities.
True North notes drilling has paused at Mt Oxide to allow for new geophysics to be acquired to refine further targeting. The rig has been mobilised to Cloncurry to conduct the programs at Wallace North and Salebury.
Results from drilling at other prospects in the Mt Oxide area will be reported as they become available.
Mt Oxide is an advanced copper-silver-cobalt exploration project with limited exploration work completed beyond the Vero deposit. The project represents an opportunity to apply exploration to build a larger copper inventory in a well-endowed mineral system.
True North Copper will be attending the Noosa Mining Investor Conference, held between 23-25 July, at the Peppers Noosa Resort. Mining.com.au is an official media partner of this year’s conference.
Australia is ranked second in the world for its copper resources, with 210,000 tonnes of copper produced a year at its largest mine — BHP’s (ASX:BHP) Olympic Dam Mine in South Australia, as reported by the Department of Industry, Science and Resources (DISR).
DISR adds that the demand for copper will continue to rise, driven by construction, electric vehicles, data centres, and broader investment in low emission technologies. Due to the rise in demand, copper supply is struggling to keep pace as new mines are slow to develop and trade barriers impact on copper scrap supply.
Australia’s copper export earnings are estimated at $13.2 billion in 2024-25, an increase from $11.4 billion in 2023-24. The export earnings are projected to grow even further to $18.2 billion in 2026-27.
Write to Aaliyah Rogan at Mining.com.au
Images: True North Copper
