Geophysics Reveal Further Highly Prospective Targets at Mt Oxide Project

True North Copper Limited (ASX:TNC) (True North, TNC or the Company) is pleased to announce results from the geophysical survey at the Mt Gordon and Aquila prospects, part of TNC’s Mt Oxide Project, 140km north of Mt Isa in Queensland. The survey has been supported by a $300,000 Queensland Government Collaborate Exploration Initiative (CEI) Grant.

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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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