True North Copper (ASX:TNC) has added to the copper-silver resource at the Vero deposit, as part of the Mt Oxide Project in Queensland, delivering a 20% increase in silver ounces.
The updated resource estimate for Vero contains 15.03 million tonnes @ 1.46% copper and 10.59 grams per tonne silver, for a contained 220,000 tonnes of copper and 5.13 million ounces of silver.
True North Copper, which has a market capitalisation of $40.16 million, says this is the first resource estimate for Vero completed by the company and follows the completion of 12 infill and extensional diamond drillholes completed in October 2023, and a geological model update.
CEO Bevan Jones says this updated resource provides confidence in the deposit, following the company’s first program of confirmatory drilling and a substantially updated geological model, which includes historic resource depletion by previous mining.
“We are pleased to deliver an update to Vero’s contained resources, particularly an increase in silver, a metal which is currently seeing a supply-demand imbalance though demand in solar and other technology applications,” Jones says.
“We see exploration upside within reach of shallow drilling at Ivena, north of the resource, and along a 10km section of the Dorman fault where we are actively exploring for satellite zones of mineralisation with MIMDAS crew onsite completing the line at Camp Gossans.
“The survey team are now moving to the north to acquire the line over the Vero deposits with the aim to identify drill targets at depth below the current resource.”
The updated resource estimate and geological model has uncovered Vero’s potential upside proximal to the resource, not requiring deep exploration holes.
Infill drilling of “high-grade” zones also has the potential to upgrade resource categories.
The Vero resource estimate is also being used to further project development studies with metallurgical testwork and mining studies in progress.
True North Copper is a copper and cobalt-focused explorer that owns projects in Queensland.
Write to Aaliyah Rogan at Mining.com.au
Images: True North Copper
