True North Copper (ASX:TNC) is looking to deliver a re-estimation of its Vero copper-silver-cobalt resource in Queensland after intersecting ‘exceptional’ visual copper mineralisation.
The $69.24 million market capitalisation company says the results from the first 2 holes of an initial diamond drilling program at its wholly owned Mt Oxide Project demonstrate ‘wide’ zones with high visual estimates of copper sulphide mineralisation.
From hole MOXD225, True North reports an 18.33m intersection with visual estimates of 3-4% chalcocite, 1% covellite, 0.5% chalcopyrite, and 4% pyrite from 259.67m, as well as a 57.33m intersection consisting of 3 ‘visually strong’ mineralised subdomains from 349.87m.
These subdomain results include a 7.48m intersection with visual estimates of 5% chalcocite, 2% covellite, 1-2% chalcopyrite, and 8% pyrite from 349.87m.
Meanwhile, from hole MOXD226A, True North reports a 70.75m intersection comprising 4 subdomains from 224.55m, including 19.6m with visual estimates of 2-3% chalcocite, 0.3% covellite, and 6% pyrite from 224.55m, as well as 18.95m with visual estimates of 2% chalcocite, 2% covellite, and 13% pyrite from 276.35m.
Assay results for the remaining Vero resource holes are expected in November this year (2023) and will be reported accordingly as received.
The company notes the visual estimations from MOXD225 extend the ‘high-grade’ mineralisation intercepted in previous drillhole MOXD089, which returned up to 6.3% copper and 0.31% cobalt, to the south.
These results extend and increase True North’s confidence in the ‘high-grade’ zone, with geological, structural, and mineralisation modelling at Vero anticipated to follow the receipt of assays.
The model will be used to guide resource domains in future resource estimations, select representative samples for metallurgical testwork, and guide future resource extension, infill, and exploration drill programs.
True North Copper Managing Director Marty Costello says the company could be on the trail of the feeder system for its Vero resource.
“We are incredibly excited by these stunning intercepts of visual copper mineralisation and associated drillcore data.
Our drilling program continues to confirm the phenomenal mineralisation of the Vero resource and is providing substantial insight into zonation and what we believe to be the principal feeder system of the Vero resource.
“Our drilling program continues to confirm the phenomenal mineralisation of the Vero resource…”
We look forward to updating the market in November on the remaining assay results from the Vero resource drilling program, and we remain on track to deliver an updated Mineral Resource Estimate (MRE) for the Vero resource in Q1 2024.”
True North Copper is a copper, cobalt, and critical minerals miner based in Cairns, North Queensland.
The company’s Mt Oxide project is located in Queensland and is considered prospective for copper, cobalt, and silver mineralisation.
True North Copper had $3.492 million cash and cash equivalents at hand as of 30 June 2023, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: True North Copper