True North Copper Limited (ASX: TNC) (TNC or the Company) is pleased to provide an update in relation to its fully underwritten $24.3 million equity raising announced on 23 May 2024 (Equity Raising).
Highlights
TNC has now successfully closed:
The breakdown of funds raised (subject to settlement occurring) under these components of the Equity Raising, and the number of new fully paid ordinary shares (New Shares) to be issues, is set out below:
Settlement of the New Shares under the Institutional Entitlement Offer and the Placement is expected to occur on 30 May 2024, with the New Shares expected to be issued and commence trading on 31 May 2024.
TNC’s Executive Chairman, Ian McAleese, said: “The proceeds of the Placement and Institutional Entitlement Offer provides True North Copper with strong liquidity to begin mining at the Cloncurry Copper Project (CCP), starting at the high grade Wallace North deposit. TNC’s immediate focus is to be Australia’s next copper producer and we look forward to updating shareholders over the coming weeks.”
Click here for the full ASX Release
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.
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.
Our next mine is the Vero resource at our Mt Oxide project. We are committed to developing and understanding this phenomenally mineralised project. Exploration and mining studies are underway.
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.
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)
Figure: Cloncurry copper project and Cloncurry operations hub
Mt Oxide Project
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
Figure: Visual representation of Vero Resource within surrounding Mt Isa Inlier.
TNC 2024 Exploration Program
Figure: Summary of exploration and development pipeline across all TNC projects.
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):
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.
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.
Figure: High priority exploration targets at the CCP
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 :
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:
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:
Figure: Location of geological and grade composites as well as the updated interpretation of copper grade domains based on the results from MOXD226A
TNC is committed to unlocking Mt Oxide’s underexplored high-quality targets.
Multiple exciting future exploration programs and high-priority potential targets along 10km long mineralised trend that hosts Vero including:
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.
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 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, 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.
Marty Costello is recognised as one of Australia’s leading project development and sustainability strategists across the resource sector, with more than 20 years of professional experience.
After working for several companies and government departments (domestic and international) managing, developing and implementing environment, sustainability and risk (ESR) programs and policies he established his own environmental consultancy – Northern Resource Consultants (NRC).
In the space of nine years, Costello developed NRC into an industry specialist with more than 25 employees focusing on environmental management and sustainability solutions for the resource sector. NRC delivered agile, best practice ESR strategies and multi-disciplinary environmental and sustainability services for clients like Evolution Mining, Futura, Sojitz, Adani, Red River Resources, CU River Mining, and others.
In 2018, NRC was acquired by SLR, a global leader in environmental and sustainability solutions. The acquisition facilitated considerable additional capability and geographic coverage to SLR’s existing mining and minerals in Asia Pacific business. During his consulting life, Costello was retained by Evolution Mining over an eight-year period to provide strategic project development, ESG advice to the board and executive management team.
Costello holds a Bachelor of Applied Science (environmental management) and Diploma of Applied Science.
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 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.
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 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 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.
"Well mineralized and highly prospective for exploration success, Woodjam remains our highest priority project," commented Steve Blower, Vice President of Exploration. "I'm looking forward to evaluating all of the target areas, especially Three Firs, as this is our first opportunity to expand the wide-open mineralization there."
The ProgramHigh priority targets will be evaluated in 3 areas – the Deerhorn deposit, the Three Firs zone and the Southeast deposit (Figure 2). At the Deerhorn copper-gold deposit, at least two drill holes will evaluate the potential to expand the higher-grade southern gold-rich portion of the deposit (Figure 3). At the copper-gold Three Firs zone, one drill hole will evaluate potential extensions to the southwest of the zone and another will evaluate a large circular magnetic anomaly northwest of the zone (Figure 4). Finally, drilling at the large Southeast copper deposit will attempt to expand the area of higher-grade gold mineralization along the south end of the deposit (Figure 5).
Approximately 3,600m of drilling is planned in 9 drill holes – some of which will be completed on the contiguous Redgold property. More information on the Redgold portion of the drilling program will follow as targets are finalized. The program will take approximately 6 to 8 weeks to complete. Samples will be submitted for assay regularly through the program, and analytical results will be disclosed in due course.
Figure 2 – Target Area Locations
Figure 3 – Deerhorn Deposit Target Area (Grade Shells at 810masl)
Figure 4 – Three Firs Zone Target Area (Grade Shells at 800masl)
Figure 5 – Southeast Deposit Target Area (Grade Shells at 790masl)
About Vizsla Copper
Vizsla Copper is a Cu-Au-Mo focused mineral exploration and development company headquartered in Vancouver, Canada. The Company is primarily focused on its flagship Woodjam project, located within the prolific Quesnel Terrane, 55 kilometers east of the community of Williams Lake, British Columbia. It has three additional copper properties: Poplar, Copperview, and Redgold, all well situated amongst significant infrastructure in British Columbia. The Company's growth strategy is focused on the exploration and development of its copper properties within its portfolio in addition to value accretive acquisitions. Vizsla Copper's vision is to be a responsible copper explorer and developer in the stable mining jurisdiction of British Columbia, Canada and it is committed to socially responsible exploration and development, working safely, ethically and with integrity.
Vizsla Copper is a spin-out of Vizsla Silver (TSX.V: VZLA) (NYSE: VZLA) and is backed by Inventa Capital Corp., a premier investment group founded in 2017 with the goal of discovering and funding opportunities in the resource sector. Additional information about the Company is available on SEDAR+ (www.sedarplus.ca) and the Company's website (www.vizslacopper.com).
Qualified Person
The Company's disclosure of technical or scientific information in this press release has been reviewed and approved by Ian Borg, P.Geo., Senior Geologist for Vizsla Copper. Mr. Borg is a Qualified Person as defined under the terms of National Instrument 43-101.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
FORWARD LOOKING STATEMENTS
The information contained herein contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. "Forward-looking information" includes, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including, without limitation, planned exploration activities. Generally, but not always, forward-looking information and statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof. Forward-looking statements in this news release include, among others, statements relating to: obtaining required regulator approvals for the Copperview Acquisition and the RG Copper Acquisition; satisfying the requirements of the Underlying Option Agreement; the exploration and development of the Woodjam Project, Redgold Project and Copperview Project; and the Company's growth and business strategies.
Such forward-looking information and statements are based on numerous assumptions, including among others, that the results of planned exploration activities are as anticipated, the anticipated cost of planned exploration activities, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms, that third party contractors, equipment and supplies and governmental and other approvals required to conduct the Company's planned exploration activities will be available on reasonable terms and in a timely manner. Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate.
Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual events or results in future periods to differ materially from any projections of future events or results expressed or implied by such forward-looking information or statements, including, among others: negative operating cash flow and dependence on third party financing, uncertainty of additional financing, no known mineral reserves or resources, the limited operating history of the Company, the influence of a large shareholder, aboriginal title and consultation issues, reliance on key management and other personnel, actual results of exploration activities being different than anticipated, changes in exploration programs based upon results, availability of third party contractors, availability of equipment and supplies, failure of equipment to operate as anticipated; accidents, effects of weather and other natural phenomena and other risks associated with the mineral exploration industry, environmental risks, changes in laws and regulations, community relations and delays in obtaining governmental or other approvals.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.
Click here to connect with Vizsla Copper Corp. (TSXV: VCU) (OTCQB: VCUFF) (FRANKFURT: 97E0), to receive an Investor Presentation
Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) ("Forum" or the "Company") is pleased to announce that it has initiated diamond drilling on its 100% owned Aberdeen Project (Figure 1). Forum plans on drilling approximately 10,000 metres (25-30 drill holes) largely within the Tatiggaq anomaly, as well as drill approximately 10 drill holes on other highly prospective areas - the Ned, Bjorn, and Qavvik targets.
HIGHLIGHTS
Dr. Rebecca Hunter, Forum's VP, Exploration stated, "I am very excited to be launching the first large-scale uranium exploration program in the Thelon Basin since 2012. We have numerous high-priority targets to test this summer that have globally significant deposit potential."
The current understanding of uranium mineralization within the Tatiggaq deposit consists of two zones - the Main and West Zones - and is located at depths between 80 and 180 m. The mineralization is hosted in a series of high-grade subparallel, steep, south-dipping fault zones that sit within a 50 m wide area (Figure 2). Targeting in 2024 is focusing on extending the Tatiggaq West and Main zones and evaluating the mineralization potential along trend within the 0.7 km wide by 1.5 km long Tatiggaq gravity anomaly (Figure 3). Forum has 3D modelled several ENE-trending, subvertical faults, using the ANT data, including the uranium-hosting Tatiggaq Fault, and are using the fault traces, and areas of abrupt velocity contrast to refine drill targeting. The ANT data is being used to refine targeting at the Ned and Bjorn grids, which has allowed for modelling the Thelon sandstone - basement contact, as well as possible zones of fault development and hydrothermal alteration.
Rebecca Hunter, Ph.D., P.Geo., Forum's Vice President of Exploration and Qualified Person under National Instrument 43-101, has reviewed and approved the contents of this news release.
Figure 1 The Thelon Basin is a geologic analogue to the Athabasca Basin in Saskatchewan. Orano's uranium deposits are along the same controlling structures as Forum's Tatiggaq deposit and over 20 other targets are present within the project, which could host additional uranium deposits similar to the Athabasca Basin.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4908/214272_d27105274419fbdc_003full.jpg
Figure 2 The Tatiggaq Main and West zones are interpreted to be a series of near vertical, uranium- bearing lenses that trend for 1.5 km. The width of the mineralized section is interpreted to be approximately 50 m but its total width is not yet determined. TAT23-002 only intersected two of these lenses that were intersected in near vertical holes by Cameco's previous drilling (for example 0.85% over 13.7m in hole TUR14A). Proposed future drill holes will target mineralization to intersect the true width of the zone and its strike extent.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4908/214272_d27105274419fbdc_004full.jpg
Figure 3 Tatiggaq gravity anomaly and 2023 drill holes. 2024 targeting will focus expanding the known uranium mineralization to the west-southwest and the east-northeast along the Tatiggaq Fault. The modelled sub-parallel east-northeast-trending faults will also be targeted.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4908/214272_d27105274419fbdc_005full.jpg
About Forum Energy Metals
Forum Energy Metals Corp.(TSXV: FMC) (OTCQB: FDCFF) is focused on the discovery of high-grade unconformity-related uranium deposits in the Athabasca Basin, Saskatchewan and the Thelon Basin, Nunavut. For further information: https://www.forumenergymetals.com.
This press release contains forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause Forum's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include but are not limited to: uncertainties related to the historical data, the work expenditure commitments; the ability to raise sufficient capital to fund future exploration or development programs; changes in economic conditions or financial markets; changes commodity prices, litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or an inability to obtain permits required in connection with maintaining or advancing its exploration projects.
ON BEHALF OF THE BOARD OF DIRECTORS
Richard J. Mazur, P.Geo.
President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information contact:
Rick Mazur, P.Geo., President & CEO
mazur@forumenergymetals.com
Tel: 604-630-1585
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/214272
News Provided by Newsfile via QuoteMedia
Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) ("Forum" or the "Company") announces that, further to its news release of June 3, 2024, it has completed its private placement offering of units priced at $0.135 per unit. The Company received subscriptions for a total of 7,084,000 units for total proceeds of $956,343 which included insiders subscribing for 780,000 units or $105,300. The Company anticipates formal closing of the offering later this week. Net proceeds will be used for general working capital.
About Forum Energy Metals
Forum Energy Metals Corp.(TSXV: FMC) (OTCQB: FDCFF) is focused on the discovery of high-grade unconformity-related uranium deposits in the Athabasca Basin, Saskatchewan and the Thelon Basin, Nunavut. For further information: https://www.forumenergymetals.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Richard J. Mazur, P.Geo.
President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information contact:
Rick Mazur, P.Geo., President & CEO
mazur@forumenergymetals.com
Tel: 604-630-1585
Not for distribution to United States Newswire Services or for dissemination in the United States
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/214233
News Provided by Newsfile via QuoteMedia
