True North Copper (ASX:TNC) has increased the Mineral Resource Estimate (MRE) by 300% in the indicated category for the Wallace North prospect, as part of the Cloncurry Copper Project in Queensland.
Managing Director Marty Costello says the recently completed Wallace North grade control drilling had resulted in this ‘significant’ increase.
The $48.10 million market capitalisation company reports the indicated resources increased from 360,000 tonnes to 1.43 million tonnes (Mt) at 1.25% copper (Cu).
There is also a 280% increase in indicated contained copper metal, from 4,700 tonnes to 17,800 tonnes, while indicated gold ounces of more than 224% (from 9.93,000oz Au to 32.18,000 oz Au) from the October 2023 resource.
This updated resource is currently being used in the development of the initial Wallace North Mine Reserve, which will form part of the Cloncurry project.
Costello says: “Having most of the mineral inventory (90%) now classified as indicated resources, greatly increases our confidence and allows for a conversion to probable reserves of the economically viable material following mine-design.
We look forward to announcing the Wallace North Reserve shortly and subsequently the finalised Cloncurry Copper Project mine plans.”
The updated Wallace North Copper Project Mineral Resource has been classified and reported in accordance with the JORC (2012) Code.
True North Copper says recent positive exploration and development outcomes across the Great Australia Mine Reserve (GAM) and the Wallace North Resource resulted in the decision to combine both projects as part of the Cloncurry Copper Project mine plan.
Cloncurry sits in north-west Queensland and is considered ‘highly prospective’ copper, cobalt, gold.
The Wallace North copper-gold project is located in Cloncurry District of the Eastern Fold Belt, the easternmost of 3 major tectonic units that make up the Proterozoic Mount Isa Inlier.
The Eastern Fold Belt is a poly-deformed, Paleo- to Meso- Proterozoic orogenic belt with a protracted depositional, tectonic and metasomatic history. The mainly volcanic and sedimentary rocks in the belt were deposited in a series of intracontinental basins that unconformably overlie older, previously deformed and metamorphosed basement.
True North Copper is a copper and cobalt-focused explorer with assets in Queensland, Australia.
As of 30 September 2023, the company had $789,000 cash and cash equivalents at hand, according to its latest quarterly report. Post-quarter-end, True North conducted a placement to raise $15 million.
Write to Aaliyah Rogan at Mining.com.au
Images: True North Copper
