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True North Copper
Overview
True North Copper (ASX:TNC) is entering a transformative and exciting phase as we become Australia’s next copper producer. It’s 2024 and we’re ready to mine our Cloncurry copper project - low-cost, low-risk, fully funded and permitted.
The company’s next mine is the Vero resource at the Mt Oxide project. True North Copper is committed to developing and understanding this phenomenally mineralised project which boasts an updated copper-silver mineral resource estimate of 15.03 Mt at 1.46 percent copper and 10.59 g/t silver for a contained 220 kt copper and 5.13 Moz silver.
Copper demand is rising, in a market of diminishing supply. The global surge in artificial intelligence, electric vehicles, decarbonisation initiatives, and broader macro trends is intensifying the demand for copper.
True North Copper is ready.
Company Highlights
True North Copper is preparing to become Australia’s next copper producer.
True North Copper's two principal assets are located in northwest Queensland, Australia - a Tier 1 Jurisdiction:
- Cloncurry Copper Project (CCP) - IOCG and ISCG copper-gold deposits proposed for open pit mining operations, with extensive surrounding exploration tenure.
- Mt Oxide Project (Mt Oxide) – IOCG high-grade, globally significant, copper-cobalt-silver deposit subject to re- optimisation studies, and exploration in surrounding tenure.
Cloncurry Copper Project (CCP)
- Mining restart study confirms positive CCP project economics - AU$367 million with free cash flow of AU$111 million, and a pre-tax NPV10 of AU$88 million over a 4.6 year mine life, at US$8,500 per ton copper price and US$1,850 per ounce gold price (0.7 AU$:USD exchange rate).
- Wallace North Mine preparation and mobilisation. Wallace North is scheduled as the first open pit (one of four – Wallace North, Great Australia Mine [GAM], Taipan and Orphan Shear) to be mined as part of the mining restart at the CCP.
- Mining ramp-up will initially build ore stockpiles, with mining expected to start Q4 FY24(AUS). Oxide copper-gold ore will be transported by road train to the Cloncurry Operations heap leach. Sulphide ore will be transported to a nearby concentrator for toll treatment under TNC's toll-milling agreement with Glencore.
- CCP’s total reserves increased. TNC’s Cloncurry Copper Project (CCP) total reserves currently include 4.7Mt probable ore reserves grading 0.80 percent copper and 0.13g/t gold, containing 37.5 kiloton of copper and 20.0koz of gold.
Figure: Cloncurry copper project and Cloncurry operations hub
Mt Oxide Project
- Highly prospective and underexplored. Phenomenally mineralised system.
- Exploration results from True North Copper's maiden diamond drill program across MT Oxide’s Vero Resource not only returned outstanding and globally significant grades but also showcase the expanding nature of the Vero high-grade ore body including:
- 66.50 metres @ 4.95 percent copper, 32.7g/t silver and 685 ppm cobalt from 234.00 metres
- [inc.] 20.60 metres @ 10.51percent copper, 63. g/t silver and 1,149 ppm cobalt from
234.60 metres and - [inc.] 8.55 metres @ 6.03 percent copper, 51.6 g/t silver and 98 ppm cobalt from
290.15 metres
- [inc.] 20.60 metres @ 10.51percent copper, 63. g/t silver and 1,149 ppm cobalt from
- 66.50 metres @ 4.95 percent copper, 32.7g/t silver and 685 ppm cobalt from 234.00 metres
- Updated Copper-Silver Mineral Resource Estimate. The updated MRE for the Vero deposit contains 15.03 Mt at 1.46 percent copper and 10.59 g/t silver for a contained 220 kt copper and 5.13 Moz silver. Vero’s updated resource delivers a 20 percent increase in silver ounces, demonstrating the potential for Vero to deliver a significant silver co-product in addition to copper.
- Multiple exciting future exploration programs and high-priority potential targets along the 10 kilometres long mineralised trend that hosts Vero.
- Strongly Anomalous Copper and Pathfinder Elements.Results from a systematic rock chip sampling campaign at the Aquila and Ivena North prospects at the Mt Oxide project identified broad zones of copper mineralisation with samples from Aquila showing multiple gossanous breccia structures up to 30 metres wide. Sampling from Ivena North has identified copper, cobalt and arsenic trends within two geochemically anomalous zones from multiple gossanous breccia structures that are up to 25 metres wide.
Figure: Cross-section of MOXD217 (10 metres clipping window) showing the location of geological and grade composites as well as the updated interpretation of copper grade domains based on the results from MOXD217
Funding and Strategic Partnerships
- AU$42 million (US$28 million) USD-denominated senior secured loan facility (loan facility) with Nebari Natural Resources Credit Fund II LP (Nebari)1. The Loan Facility is provided in two tranches. Drawdown of Tranche 1 – US$18 million (approximately AU$25.5 million) on 9 February 2024.
- Binding offtake and toll-milling agreements with Glencore International AG(Glencore) for 100 percent of copper concentrate from TNC’s Cloncurry copper project (CCP) and toll-milling services of up to 1Mt of ore per year for the CCP’s Life of Mine (LoM).
Figure: Visual representation of Vero Resource within surrounding Mt Isa Inlier.
TNC 2024 Exploration Program
- Aggressive discovery strategy targeting transformative discoveries across TNC’s more than 850 sq km of tenure package within the Mt Isa Inlier.
- Significant potential for transformative discoveries of
copper-gold cobalt-silver) in three districts. - Numerous high-quality copper-gold-cobalt-silver targets located with mineralised structural corridors within the eastern & western fold belts such as:
- Cloncurry Fault Corridor 🡪 Host to the GAM and Mt Norma Resources
- Ernest Henry Corridor 🡪 Ernest Henry, E1 Camp and Monakoff
- Mt Gordon Corridor 🡪 Capricorn Copper and Vero
- Mt Roseby Corridor 🡪 Little Eva and Blackard.
- 12.55 Mt @ 0.82 percent copper (indicated and inferred resources).) and multiple prospects located within a 30-kilometre radius of the company's Cloncurry copper project represent near-term production advantage. Recent JV over highly prospective tenements with CMG deal increase TNC’s land position at the core of its Cloncurry copper project.
- TNC awarded the Queensland Government Collaborative Exploration Initiative (CEI) Grant. The CEI grant will be used towards delivery of leading edge MIMDAS induced polarisation, resistivity and magnetotellurics geophysical surveys at the Mt Oxide. The exploration aims to identify massive and disseminated sulphide mineralisation and deliver an improved understanding of the large-scale structural architecture that controls mineralisation throughout the Mt Oxide exploration leases.
Figure: Summary of exploration and development pipeline across all TNC projects.
Projects
Cloncurry Copper Project
Our Cloncurry copper project (CCP) hosts iron oxide copper-gold (IOCG) and iron-sulphide-copper-gold (ISCG) deposits with extensive surrounding exploration tenure. It is built on a strong economic basis and low-risk cost structure.
The CCP currently incorporates two reserves where mining will commence including – the Wallace North maiden resource and the Great Australia mine reserve (GAM):
- GAM includes GAM, Orphan Shear and Taipan deposits) totalling 4.7Mt grading 0.80 percent copper and 0.13g/t gold containing 37.5kt of copper and 20 koz of gold – upgrade to be announced mid-2024.
- Wallace North ore reserve totals 0.7Mt (probable) grading 1.01 percent copper and 0.46g/t gold for 6.8kt copper and 10 koz gold.
TNC’s CCP expansion is ongoing with exploration progressing and advanced projects in strategic locations surrounding the existing CCP operation, promising long-term growth prospects.
Our strategic partnerships, including a binding offtake and toll-milling agreements with Glencore International AG, supported by debt funding secured with Nebari, underscore our operational readiness and position TNC to capitalise on an extremely favourable copper market.
Mining operations will kick-off at the Wallace North open cut pit, targeting higher-grade ores (~1 percent copper) from surface mining. Ore will undergo primary crushing at the Cloncurry operations hub and the toll treatment facility, located within a 40km radius, with a predominant focus on sulphide ores.
All necessary permits for mining are secured across the CCP, bolstered by an established environmental monitoring network with a robust historical database.
TNC's operational strategy involves a phased approach to mine development, with plans to commence mining operations in 2024 and manage capacity ramp-up throughout 2025.
Cloncurry Operations Hub
The Cloncurry operations hub is strategically located to the CCP’s four open pit deposits including: Great Australia, Orphan Shear, Taipan and Wallace North.
The COH is located 2 kilometres from the township of Cloncurry and provides essential infrastructure, technical systems and support to all of TNC’s project operations. An active oxide heap leach and solvent extraction (SX) processing plant, mine buildings, site administration facilities, workshops, open pit mine facilities, onsite explosive magazines, site storage, water management systems and existing site power supply are located at the COH.
Cloncurry Copper Project – Project Economics
- Mining 4.8Mt of ore over an initial 4.6 year mine life, at a low strip ratio of 4.2, delivering 35kt copper and 29 koz gold contained metal (based on existing JORC reserves)
- Anticipated mine revenue of AU$367 million with free cash flow of AU$111 million, and a pre-tax NPV10 of AU$88 million, demonstrating strong operating economics at US$8,500/t copper price and US$1,850/oz gold price (0.7 AU$:USD exchange rate).
- Payback expected within six months post mining restart, driven by favourable commodity prices and low all-in sustaining cost (AISC) of US$2.65/lb copper.
- Low up front capex of AU$1.5 million leverages existing infrastructure, while peak operating expenditure is estimated at AU$2.2 million.
- Sulphide and oxide ore production – two copper products. copper sulphide (LoM approx. 90 percent) + copper sulphate (LoM approx. 10 percent).
- Mineral concentrate grade 22-26 percent copper (with gold/silver credits).
- Sulphide Ores more than88 percent expected recovery.
- Transitional Ores more than 77 percent expected recovery.
- Very low deleterious elements in mineral concentrate.
Cloncurry Copper Project – Exploration 2024
- CCP expansion and exploration focused on rapid copper-gold-ore source growth.
- With more than 80 prospects located within a 30-kilometre radius of the CCP, TNC is focused on significant expansion and the exploration potential for additional copper-gold-cobalt-silver mineralisation to be brought into the production fold including large-scale company transformative major discoveries.
- Thanks to our successful 2023 Exploration Program we have identified through a systematic approach, and analysis at a mineral system scale, the following new targets:
- Cloncurry Copper Project - eight new drill targets at Greater Australian and Copperhead in new Induced Polarisation.
- Salebury and Rocklands South - Compelling untested geophysical anomalies in historic data.
- Mt Norma- untested surface anomalies and down plunge resource extension targets on mining lease within 30 kilometres of the Cloncurry operations hub.
- Wynberg, Notlor, Marimo Trend and Tanbah limited historic exploration significant copper-gold in surface sampling and drilling, limited testing.
Figure: High priority exploration targets at the CCP
Mt Oxide Project
The Mt Oxide project hosts the Vero resource of 15.98 Mt @ 1.43 percent copper(measured, indicated and inferred) a Mt Isa style sediment-hosted copper-silver-cobalt system. Analogues include Capricorn copper and Mt Isa copper.
The Vero resource at our Mt Oxide project is our next mine. We are focused on understanding this phenomenally mineralised system.
Mt Oxide’s Vero Resource 2023 exploration program returned outstanding and globally significant grades. The program included our 2023 maiden drilling program across the Vero resource and results showcased the expanding nature of the Vero high-grade ore body.
During 2024, TNC will be exploring multiple, exciting high-priority exploration targets along a 10 kilometres mineralised trend that hosts Vero.
We will also be delivering during 2024 the Vero Resource re-estimation and mining optimisation and feasibility studies.
Vero Resource maiden drilling program
In 2023, TNC completed an initial 12-hole diamond drilling program at Mt Oxide designed to confirm historical high-grade intersections and test the depth and strike extensions to the existing Vero Resource.
2023 Vero resource drilling highlights included (* = Estimated True Width):
MOXD217 returned phenomenal results that placed the drill hole in the top globally ranked copper drill holes of 2023 including :
- 66.50 metres (48.00 metres*) @ 4.95 percent copper, 32.7 g/t silver and 685 ppm cobaltfrom 234 metres.
- 11 metres (8.19 metres*) @ 3.06 percent copper, 34.2 g/t silver and 682 ppm cobalt from 357.50 metres.
- 8.55 metres (8.55 metres*) @ 6.16 percent copper, 45.9 g/t silver and 140 ppm cobalt from 172.50 metres.
MOXD221 intercepted a wide interval of high-grade shallow dipping mineralisation as well as a second deeper intercept, providing indications of rapidly increasing grade and widths of mineralisation to the south including:
- 42.10 metres (41 metres*) @ 1.66 percent copper, 13.5 g/t silver and 1,083 ppm cobalt from 154.90 metres.
- [including] 4 metres (2.24 metres*) @ 7.65 percent copper, 57.3 g/t silver and 1,164 ppm cobalt from 191.20 metres.
MOXD226A returned three key zones of strong mineralisation including a broad interval of 69.95 metres and further intervals of up to 11.19 percent copper.
Highlights include:
- 69.95 metres (42.85 metres*) @ 1.91percent copper, 17.7g/t silver and 675 ppm cobalt from 224.55 metres
- [including] 9.65 metres (5.89 metres*) @ 2.74 percent copper, 24.1g/t silver and 993 ppm cobalt from 239.50 metres
- [including] 18.15 metres (11.07 metres*) @ 3.23 percent copper, 26.8g/t silver and 585 ppm cobalt from 276.35 metres
- 16.75 metres (16.75 metres*) @ 5.30 percent copper, 44- g/t silver and 120 ppm cobalt from 165.25 metres
- [including] 4.65 metres (4.65 metres*) @ 11.19 percent copper, 93.9g/t silver and 136 ppm cobalt from 172.55 metres
Figure: Location of geological and grade composites as well as the updated interpretation of copper grade domains based on the results from MOXD226A
Mt Oxide Discovery Strategy
TNC is committed to unlocking Mt Oxide’s underexplored high-quality targets.
- Mt Oxide lies adjacent to a large crustal scale structure - the Mt Gordon Fault Zone. Splays off this structure (Dorman Fault) host Vero.
- Mt Oxide has evidence of large-scale fluid flow, big mineral system potential.
- Copper-silver-cobalt mineralisation interpreted to have been formed near surface and upper parts are preserved.
- Excellent depth potential of mineralisation in the Mt Oxide project.
- Limited systematic modern exploration outside of the Vero resource.
- Significant opportunity to apply leading-edge mineral exploration to build a larger copper inventory in a well-endowed mineral system.
- More than 10 kilometres trend along Dorman fault zone of intermittently outcropping gossanous / silica breccias, virtually no drilling, surface sampling or effective geophysics.
- Multiple untested targets with significant alteration-mineralisation footprints.
- No application of tried and tested geophysics or systematic surface rock chip geochemistry and mapping.
- Low cost highly effective exploration techniques to filter and prioritise drill targets.
Multiple exciting future exploration programs and high-priority potential targets along 10km long mineralised trend that hosts Vero including:
- Aquila & Mt Gordon
- Ivena North
- Camp Gossans
- Cave Creek
- Big Oxide
Figure: Multiple exciting future exploration programs and high-priority potential targets along the 10-kilometre long mineralised trend that hosts Vero resource’s Mt Oxide project.
A systematic rock chip sampling campaign at the Aquila and Ivena North prospects indicated strongly anomalous copper and pathfinder elements.
- Sampling at Aquila highlighted six zones of anomalous copper, cobalt and arsenic associated with multiple gossanous breccia structures up to 30 metres wide.
- Aquila B Trend: +180 metres long and +30 metres wide copper +/- cobalt-arsenic-silver within a 440 metres long fault breccia with visible copper oxide mineralisation. The trend includes rock chip channels returning 3.6 metres @ 0.49 percent copper with a peak assay of 0.94 percent copper.
- Aquila A Trend: +20 metres long and up to 12 metres wide copper-arsenic-antimony anomalous zone within +210 metres strike of hematite altered hydrothermal breccias, returning up to 0.05 percent copper and 12.7g/t silver and anomalous pathfinders.
- Aquila D Trend: +100 metres long and up to 4 metres wide copper-cobalt trend associated with a historical prospecting pit with strong copper oxide mineralisation, and a peak assay of 0.87 percent copper.
- At Ivena North, sampling has identified copper, cobalt & arsenic trends within two geochemically anomalous zones from multiple gossanous breccia structures that are up to 25 metres wide.
- Ivena North A Trend – +130 metres long and up to 15 metres wide copper-cobalt-aresenic trend within a +580 metres strike of hydrothermal breccia and gossans that returned assays up to 1.38 percent copper and anomalous arsenic +/- silver-antimony-bismuth-molybdenum.
TNC's next steps include prioritisation of these targets, designing and planning upcoming drill programs, and securing the necessary permits for on-ground access.
Management Team
Ian McAleese - Executive Chairman
Ian McAleese worked as a mine geologist at Mt Isa, Jabiluka and Bougainville for 15 years before moving into copper concentrate marketing on Bougainville. On returning to Australia in 1987, he worked initially as a mining analyst and subsequently as a portfolio manager specialising on investment in mining companies for a number of large investment institutions. McAleese then returned to the mining industry in business development and investor relations roles for a number of coal mining companies, including Macarthur Coal and Whitehaven Coal. After retiring from Whitehaven Coal in late 2020, he joined Duke Exploration as a non-executive director just prior to the Duke Exploration IPO. In December 2022 he became the non-executive chair of True North Copper.
Bevan Jones - Managing Director
Bevan Jones is a seasoned operations officer offering nearly 30 years of experience in mine management across a diverse range of commodities and has a proven track record in directing business improvement initiatives and operational transformation. Jones’ previous roles include chief operating officer at Karora Resources (TSX:KRR), as well as general manager of Gold Fields Limited’s (JSE:GFI) St Ives Gold Mine in WA, where he executed transformative growth strategies and delivered exceptional operational results. Most recently, Jones was the managing director at Brisbane-based Extra Mining Solutions, where he played a leading role in establishing the company focusing on business transformation and operational excellence. Jones gained international operational experience as chief operating officer of BCM Group International in West Africa, general manager of the Wetar Copper Mine in Indonesia and general manager of the Hidden Valley Mine in Papua New Guinea, as well as mining manager of Barrick Gold’s Lumwana Copper Mine in Zambia.
Craig Gouws - Chief Financial Officer
Craig Gouws, a chartered accountant, has extensive Australian and international experience as a CFO and board of director with a demonstrated history of successfully leading financial operations across diverse industries and international markets. Gouws holds a Bachelor of Commerce and a Post Graduate Diploma in Accounting from the University of Cape Town and is a fellow of the Institute of Chartered Accountants in England and Wales and a member in South Africa.
Peter Brown - Chief Operating Officer
Peter Brown has held senior management roles in the resources sector, both domestically and internationally, including recent positions at Round Oak Minerals and Diatreme Resources where he oversaw project development and operations. Brown has diverse experience and an impressive track record that demonstrates his ability to successfully deliver projects and foster positive relationships with all project stakeholders.
He has managed discovery programs for gold, copper and chromite in South America, Japan, Vietnam and Indonesia, including government and community relations. He also drove improvements and provided training in mine geology, resource evaluation and mine technical services at prominent mines such as Mt Muro Gold Mine, George Fisher Mine and Peak Gold Mines. Additionally, Brown played a significant role in reviving abandoned satellite projects at Peak Gold Mines.
Other achievements include successfully re-permitting and constructing the 1-Moz Toka Tindung Gold Mine in Indonesia as director of Indonesian companies and general manager at Archipelago Resources; leading the permitting, engineering redesign and construction of the 0.8-Moz Mt Carlton Gold Mine in Queensland; the successful development of Mt Carlton and Pajingo projects, which contributed to the establishment of Evolution Mining; and recommissioning and developing several mining projects in the Mount Isa and Cloncurry region.
Sven Sewell - Sustainability & Net Zero Manager
Sven Sewell has over 25 years’ experience working in a range of environmental fields, including environmental consulting, environmental regulation and within the industry.
For the 15 years prior to joining TNC, Sewell held senior environmental positions at several operating mines across northern Australia. At those operations, he was generally the most senior environment, responsible for all aspects of permitting, compliance, rehabilitation and general environmental management. Sewell's experience in northern Australian mines includes several new and established gold, uranium and bauxite operations.
Sewell holds a BSc (with honours) in environmental science.
Mark Brown - General Manager, Cloncurry Operations
With more than 30 years of domestic and international mining industry experience, Mark Brown offers a comprehensive skill set grounded in practical resource sector execution and invaluable leadership experience. His career journey has been marked by a commitment to safety, operational excellence, and fostering positive work cultures.
Brown has held a variety of senior leadership operational roles throughout his career, overseeing various aspects of mining operations. He has extensive experience across all mining regulatory and compliance aspects and has expertise in health and safety management including emergency response, crisis management, contractor management, and comprehensive incident investigations.
Michelle Ellis - Cloncurry Projects Exploration Manager
Michelle Ellis retains over 15 years’ mineral exploration, resource and mining experience predominantly in iron-oxide-copper-gold deposits and terrains across South Australia and Northwest Queensland.
Over the past 11 years, she has actively explored a range of commodities and deposit styles throughout the Mount Isa Inlier.
Ellis has an MSc in economic geology, MSc in environmental management and BSc in applied science - geoscience, and is a member of the Australasian Institute of Mining and Metallurgy.
Rhonda Freeman - Group Manager (Human Resources)
Rhonda Freeman has more than 18 years’ experience attracting top talent, fostering employee development and helping organisations develop safe and supportive work environments. She has worked extensively across the resource sector, including for large national-wide drilling companies.
Freeman has worked for mining companies across a variety of geological settings including brown coal, black coal, uranium, mineral sands and oil & gas. She brings a diverse skill set specific to the resource sector, having worked across all commercial aspects of drilling operations including as an exploration manager.
Geophysics Reveal Further Highly Prospective Targets at Mt Oxide Project
HIGHLIGHTS
- Three MIMDAS Induced Polarisation (IP) and Magnetotelluric (MT) lines at the historic Mt Gordon Copper Mine and Aquila prospect have revealed multiple unexplored geophysical targets with similar signatures to the Vero Cu-Ag-Co resource at Mt Oxide.
- Mt Gordon – Three new shallow and untested anomalies, similar to the Vero resource, have been identified and are partially coincident with historic drilling intersections, including 1.9m @ 3.0% Cu from 106m downhole in ECM11.
- Aquila –Chargeability highs of 15mV/V from two MIMDAS lines spaced 85m apart are coincident with mapped iron oxide-rich breccias which returned up to 0.94% Cu in rock chip samples2.
- A 20m wide, shallow highly chargeable anomaly associated with a 150m long trend of fault breccias with anomalous Cu +/- Ag-As-Bi and no previous drilling.
- A 20m wide and up to 25m deep +25mV/V chargeability and <250ohm.m conductivity anomaly, un-drill tested and correlating with a Dorman trending structure 80m below surface.
- Next Steps
- The geophysical survey is nearing completion with processing pending on Ivena North and an additional line being undertaken at Camp Gossans to test the strike extent of the anomaly at Camp Gossans and the new Black Marlin target3.
- True North Copper’s Exploration team are currently sampling recently identified mineralised structures at Aquila, Rhea and Black Marlin.
- The new geophysics will be integrated with ongoing mapping and surface geochemical sampling campaigns to identify and prioritise targets for future drill campaigns.
- Heritage clearance and access planning for drilling has commenced.
COMMENT
True North Copper’s Managing Director, Bevan Jones said:
“Our geophysical survey at Mt Oxide has revealed several new, highly prospective targets that share similar characteristics with our high-grade Vero deposit. The results of this survey, which has been supported by a Queensland Government CEI Grant, have uncovered significant anomalies at both the historic Mt Gordon Copper Mine and Aquila prospect. These results are in addition to the positive results at Vero and Camp Gossans announced in August. With these exciting developments, we’re optimistic about expanding our exploration footprint and identifying additional drill targets. The continued integration of geophysics, mapping, and sampling will be key to advancing our future exploration programs at Mt Oxide, including the design of the next phase of drilling.”
Figure 1. Location of the Mt Oxide Project, within context of Mt Isa Inlier.
Mt Oxide MIMDAS Survey Results Summary
In July 2024, TNC announced it had commenced its leading edge MIMDAS Induced Polarisation (IP), Resistivity and Magnetotellurics (MT) geophysical survey (MIMDAS survey) at Mt Oxide4. Partial funding of $300k was granted to TNC in Round 8 of the Collaborative Exploration Initiative (CEI) to undertake the survey (Figure 6).
The MIMDAS survey has aimed to identify potential sulphide mineralisation developed below numerous leached gossan zones and build an improved understanding of the regional scale structural and geological architecture. Two previously reported lines identified chargeability anomalies correlating with mineralisation in the Vero resource and a series of untested anomalies including a chargeability anomaly 1km east of Vero, and two chargeability high responses at Camp Gossans3 beneath outcropping breccias with similar surface geochemical signatures to the Esperanza Deposit5. The coincidence of anomalies directly associated with the Vero resource highlights the applicability of MIMDAS to target copper-silver mineralisation within the Mt Oxide District.
Three additional lines have recently been completed, including two lines 85m apart for 2.3 line-kms over the highly prospective Aquila prospect and one line for 1.5 line-kms over the historic Mt Gordon Copper Mine (Figure 2).
At Aquila, the survey has identified two (2) chargeability responses in the Mount Gordon Fault Zone and the Dorman fault trend, and one conductivity response below a geochemically anomalous fault breccia.
At Mt Gordon, the survey has identified four (4) chargeability responses in the Mount Gordon Fault Zone and in resistive sandstone over a 600m wide chargeability trend.
The geophysical survey is nearing completion with processing pending on Ivena North and an additional line at Camp Gossans, 150m northeast of the line completed in August that returned a very high-order chargeability anomaly coincident with mapped Gossans and defined the new Black Marlin Target3.
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This article includes content from True North Copper, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
BHP and CBE Sign Letter of Intent to Explore for Tier 1 Copper-Silver Deposits in Botswana
The Proposed Transaction underscores Cobre's confidence in the potential for its projects to host Tier 1 copper-silver deposits. A partnership with BHP would provide the exploration scale and expertise to maximise our chances of making significant new discoveries on our basin margin exploration ground while retaining 100% ownership of our Ngami and Okavango Copper Projects which are excluded from the Proposed Transaction.
The Proposed Transaction is subject to approval and execution of formal binding documents (Definitive Agreements) and the completion of BHP's due diligence investigations within the exclusivity period. Final details of the Proposed Transaction will be released to the market following completion of the long-form documents.
Commenting on the Proposed Transaction, Adam Wooldridge, Cobre’s Chief Executive Officer, said:
“Successful negotiation and completion of this significant transaction with BHP, one of the world’s leading mining companies, will be a major moment in time for Cobre as a company. Participating in the BHP 2024 Xplor cohort has provided the opportunity to do a belt scale review of the Kalahari Copper Belt, culminating with the collection of seismic data over the prospective northern margin of the belt. The Proposed Transaction with BHP would allow us to fully fund our follow-on exploration programmes and focus on discovering the Tier 1 deposits we believe may be hosted in our Kitlanya West and East Projects.
Independently, Cobre will continue advancing its 100% owned in-situ copper recovery development at Ngami – with a scoping study due in early October - along with further drilling at Cobre’s 100% owned Okavango project. This combined strategy provides exposure to potential Tier 1 discoveries, a development opportunity at Ngami and short-term discoveries on our Okavango project.”
A locality map illustrating the project locations is provided in Figure 1.
Figure 1. Locality map illustrating the position of Cobre’s project areas. Green licenses are relevant tothe Proposed Transaction, dark grey licenses will be run independently by Cobre.
Cobre will continue to provide shareholders with further updates on material developments in respect of the Proposed Transaction.
This ASX release was authorised on behalf of the Cobre Board by: Adam Wooldridge, Chief Executive Officer.
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This article includes content from Cobre Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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