The Conversation (0)
True North Copper Limited (ASX:TNC) (True North, TNC or the Company) is pleased to report high-grade assay results froma further three holes (MOXD218, MOXD219 and MOXD221) of its initial diamond drilling program at the Vero Resource, part of its 100%-owned Mt Oxide Project (located 110km north of Mount Isa, Queensland).
These results continue to confirm the Vero Resource hosts large-scale, high-grade copper-cobalt-silver mineralisation.
TNC previously announced an intercept of 66.50m (48.00m*) @ 4.95% Cu, 32.7g/t Ag and 686 ppm Co from 234.00m from the first drillhole of the program, MOXD2171.
Highlights
- 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. Highlights include:
- 42.10m (41.00m*) @ 1.66% Cu, 13.5g/t Ag and 1,083 ppm Co from 154.90m
- inc. 4.00m (2.24m*) @ 7.65% Cu, 57.3g/t Ag and 1,164 ppm Co from 191.20m
- 36.10m (20.10m*) @ 1.23% Cu, 15.7g/t Ag and 1,952 ppm Co from 266.90m
- 42.10m (41.00m*) @ 1.66% Cu, 13.5g/t Ag and 1,083 ppm Co from 154.90m
- MOXD219 intercepted northeastern extensions to high grade breccia style mineralisation which remains open along strike to the northeast and down dip. Highlights include:
- 22.90m (14.67m*) @ 1.64% Cu, 18.5g/t Ag and 2,256 ppm Co from 213.10m
- 14.70m (9.41m*) @ 2.95% Cu, 30.2g/t Ag and 1,945 ppm Co from 267.50m
- MOXD218 intersected large-scale zones of alteration related to the Vero mineralisation indicating potential extensions of the high-grade, steep structurally controlled system to the south.
- Resource infill and extension drilling continues with further assay results expected to be released through to the end of Q4 2023.
- Planning for airborne geophysics, prospect scale mapping and soil surveys underway on several prospective copper mineralised zones within the Mt Oxide Project that have received limited modern exploration.
- The Vero Resource, Mt Oxide contains a 15.98 Mt at 1.43% Cu and 6.91 g/t Ag total combined Measured, Indicated, and Inferred resource and a separate 9.15 Mt at 0.23% Co total combined Measured, Indicated, and Inferred resource2. Resource updates incorporating new drilling results are expected in Q1/Q2, 2024.
Comment
True North Copper’s Managing Director, Marty Costello said:
“The latest diamond drilling results from Vero validate Mt Oxide’s potential, providing further confidence for TNC following our initial result in MOXD217 which had an estimated true width of nearly 50m at 4.95% copper. Today’s results which include an intersection of 7.65% copper over 4m demonstrate the high-grade nature of copper mineralisation in the area and further extension of the Vero Resource’s high-grade ore body.
Our Mt Oxide Project and its Vero Resource are underexplored and this is the first significant on-ground exploration since 2012. This drilling program allows us to extend the Vero Resource and its incredibly impressive mineralisation. It also allows us to develop our exploration program and target new discoveries much more efficiently across the entire Mt Oxide Project.
The Mt Oxide Project is showing all the signs of a significant critical minerals project in a Tier 1 jurisdiction. We’re rapidly advancing our knowledge of a phenomenally mineralised system and we’re using this information to develop our mining studies and find new discoveries.
The latest assay results provide us with continued confidence in our 100% owned Vero Resource. We will use the results from this program to update existing copper, silver and cobalt resource estimates for the Vero Resource.
Copper sulphate production at our Cloncurry Project in Queensland is also consistently increasing since it commenced in July, providing the Company with valuable cashflow to support our exploration program at Mt Oxide.”
Figure 1. Location and regional geological framework Mt Oxide Project
Summary of TNC’s Drill Intersections to date
MOXD218, MOXD219 and MOXD221 were drilled in July and August 2023 with the aim of extending the steeply dipping high grade breccia style mineralisation down dip and to infill the shallowly dipping stratiform replacement and stockwork vein style mineralisation at the Vero Deposit (15.98 Mt at 1.43% Cu and 6.91 g/t Ag total combined Measured, Indicated, and Inferred resource and a separate 9.15 Mt at 0.23% Co total combined Measured, Indicated, and Inferred resource2).
Intercepts from MOXD219 and MOXD221 confirm the grade and tenor of the shallow flat lying mineralisation and have infilled and extended the drilled tested footprint of the steep mineralisation (Table 1). These intercepts will likely have a positive impact on the confidence and contained metal in future resource estimates.
Click here for the full ASX Release
This article includes content from True North Copper 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.
