True North Copper (ASX:TNC) is streamlining further geophysical surveys at its wholly owned Salebury Project in Cloncurry in northwest Queensland, after recent drilling identified a “large, high-potential” iron oxide copper-gold (IOCG) system.
The company intends to infill data gaps and define a future drill program to locate the system’s higher-grade core.
Recent drilling was conducted at the Gully, Raleigh’s, and Salebury Main prospects, comprising three holes over 963m, following up on induced polarisation chargeability, magnetic, and gravity anomalies.
CEO Andrew Mooney says the results from recent drilling confirm “favourable” structures, along with a prospective IOCG system with mineralisation that extends over a 1km zone.
“While still early, it’s encouraging to see Salebury emerging as a potentially large-scale system that complements the high-grade discoveries ongoing at our Mt Oxide and Cloncurry Copper Projects,” Mooney says.
“True North’s focus is clear – to build a strong copper growth pipeline across the short, medium and long term through our Cloncurry, Mt Oxide, and regional projects respectively.
“Our three-stage strategy is to extend mine resources for a near-term restart, advance district-scale discoveries, and systematically test our regional targets.”
Located 20km east of the company’s Great Australia Mine, Salebury is considered prospective for its location within a regional north-northeast structural corridor, which similarly hosts Evolution Mining’s (ASX:EVN) Ernest Henry deposit.
True North Copper is a copper explorer focused on developing its portfolio of assets in Mt Isa, Queensland.
Write to Maddison Elliott at Mining.com.au
Images: True North Copper
