True North takes to Toronto to talk Cloncurry 

True North Copper (ASX:TNC) has taken the opportunity at this year’s PDAC Convention in Toronto, Canada to showcase its flagship Cloncurry Copper Project in Queensland. 

During today’s (5 March 2024 Australia) presentation, the $55.86 million market capitalisation company highlights how the wholly owned Cloncurry project will help True North emerge as one of Australia’s newest copper and critical minerals producers.   

Key finance metrics of the project include a free cash flow of $111 million within the first 4.6 years, with an estimated net present value of $88 million for the same time frame. 

Cloncurry has an estimated reserve life of mine of 4.6 years, with 8.8 million tonnes of both ore and sulphide ore estimated to be milled, and 63 million pounds of payable copper metal tonnes produced in the first 4 years.

Mining is expected to begin at the Wallace North area in early 2024. 

On 28 January this year, True North signed binding offtake and toll-milling agreements with global diversified natural resource company Glencore (LON:GLEN) regarding Cloncurry, as reported by Mining.com.au. 

Around this time, the company also secured a 4-year US$28 million funding package ($42 million) from Nebari Natural Resources Credit Fund II LP.  

Cloncurry is also home to the Greater Australian Target, which the company says is one of a number of priority exploration targets during 2024. 

True North is expected to drill test targets during Q3 and Q4 2024, as well as expand an induced polarisation (IP) survey to test the Paddock Lode South target.  

The project leverages an ‘extensive’ existing infrastructure network through the Cloncurry Operations Hub and has ‘significant’ expansion and exploration potential for additional copper-gold-cobalt-silver mineralisation to be brought into the production fold. 

Another asset which the company will showcase is its Mt Oxide Project, also in northwest Queensland, which True North says will be its ‘next mine’. 

Mt Oxide holds the Vero deposit which demonstrates a ‘strong’ analogy with 29 Metals (ASX:29M) Capricorn Copper deposit (62.2 million tonnes at 1.8% copper, 9 grams per tonne silver). 

It is True North’s objective to unlock the project’s underexplored, ‘high-quality’ targets and potential beyond the Vero resource, including the more than 10km trend along the Dorman fault zone with intermittently outcropping gossanous/silica breccias, as reported by this news service in February.  

PDAC is a major minerals exploration and mining convention which attracts up to 30,000 attendees from more than 130 countries for its educational programming, networking events, and business opportunities. 

The convention began on 3 March 2024 at the Metro Toronto Convention Centre (MTCC) and Fairmont Royal York Hotel and is scheduled to conclude on 6 March. 

True North Copper is an Australian copper and cobalt explorer headquartered in Cairns. 

As of 31 December 2023, the company had $1.635 million cash and cash equivalents at hand, according to its latest quarterly report.

Write to Adam Drought at Mining.com.au

Images: True North Copper
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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.