True North Copper (ASX:TNC) has revealed three new geophysical targets for drilling, after conducting a geophysical survey at the Mt Oxide Project in Queensland.
The company has initiated a rock chip sampling program targeting the newly discovered targets. The sampling aims to uncover anomalous copper and pathfinder element trends on the structures, as well as further refine and prioritise drill targeting.
At the Rhea deposit, a new shallow, 140m long chargeability anomaly has been identified coincident with the Rhea hematite structural breccia. The anomaly remains open to the south and has not been previously drilled.
Systematic rock chip sampling has been completed at Rhea and Black Marlin, and infill sampling at the Aquila prospect, with 351 samples being collected. Additional sampling has been planned along the remaining 750m inferred strike of the Rhea structure.
The Black Marlin deposit is now defined as an open, more than 200m long chargeability target with a new 130m wide strong chargeability zone on its northwestern end. The target has also not been previously drilled tested.
Meanwhile, at Camp Gossans, a new shallow 100m wide high order chargeability-conductivity anomaly has been identified, where the previously discovered Camp Gossan anomalies are interpreted to intersect the Dorman fault.
Managing Director Bevan Jones says the survey results from the collaborative $300,000 exploration initiative grant revealed multiple anomalies with similar signatures to the Vero deposit that are coincident with prospective geology at surface.
“These anomalies form within a 10km section of the Dorman fault that hosts the Vero resource, are shallow, and could represent mineralisation that, if discoveries are made, may be able to be mined by open pit methods,” Jones says.
With the geophysics survey completed, results have been integrated with rock chip sampling and geological mapping to define 11 drill targets across six prospects. Besides the historical Mt Gordon Mine, all of the prospects have not been drilled.
Meanwhile, Ian McAleese and Jane Seawright have both resigned from the company’s board of directors. McAleese has been working with True North as non-executive Chairman since May 2023, while Seawright has been non-executive director since July 2023.
Their resignations come as True North Copper seeks to resume trading on the Australian Securities Exchange (ASX), which could be before Christmas, as reported by Mining.com.au.
Administrators KordaMentha had been undertaking a dual-track equity recapitalisation and sale process for True North. The firm recently announced an equity recapitalisation, meaning a previously announced sale process has ceased.
The proposed equity raise will reportedly enable both companies to restructure and repay debt and creditor positions, while also setting a new direction for growth.
Once the recapitalisation is completed, True North is anticipated to relist on the ASX with a new board of directors and be debt-free.
Write to Aaliyah Rogan at Mining.com.au
Images: True North Copper
