True North Copper limited

TNC Green-Lights Cloncurry Copper Project Mining Restart Plan (Great Australia Mine and Wallace North)

True North Copper Limited (ASX:TNC) (True North, TNC or the Company) is pleased to announce the TNC Board has endorsed the Cloncurry Copper Project mining restart plan.


Recent positive exploration and development outcomes across the Great Australia Mine Reserve (GAM) and the Wallace North Resource (Wallace North) resulted in the decision to combine both projects as part of the mine plan going forward. This single proposed mining operation will be called the Cloncurry Copper Project (CCP) (see Figure 1).

The finalised CCP mine plans will be announced on completion of the updated Great Australia Mine Reserve and the maiden Wallace North Reserve (expected early 2024).

HIGHLIGHTS

  • TNC’s decision to combine both Great Australia Mine and Wallace North into the CCP was supported by the TNC Board based on internal management presentations on project economics. Further detail of the project economics will be announced with the finalised CCP mine plans on completion of the updated Great Australia Mine Reserve and the maiden Wallace North Reserve (expected early 2024).
  • The 100% TNC owned Wallace North is fully permitted, enabling the project to be incorporated into TNC’s mine plans earlier than initially anticipated by the company.
  • Exceptional Advanced Grade Control (AGC) drilling results at Wallace North included multiple gold and copper high-grade zones (refer to TNC ASX Announcement, 7 November 2023, Wallace North AGC drilling hits 14.05% Cu, 25.70g/t Au), and will be incorporated into the maiden Reserve. TNC is currently in the process of updating its Wallace North resource model (refer to TNC ASX Announcement, 7 October 2023, TNC increases Copper Gold Mineral Resource by 14% at Wallace North, Cloncurry) to include results from the AGC drilling.
  • As a result of recently completed drilling programs, the Great Australia Mine Reserve is in the process of being updated (Great Australia Mine Reserve includes Taipan, Orphan Shear and Great Australia resources). The Initial Reserve Statement (refer to TNC ASX announcement, 4 July 2023, Initial Ore Reserve for Great Australia Mine – Updated) does not incorporate results from any of TNC’s recent resource and grade control drilling, which the company has undertaken over the last six months.

COMMENT

True North Copper Managing Director, Marty Costello said:

Over the past six months, thanks to the tremendous efforts of our operational and technical teams, we have reached a point where the TNC Board can confidently commit to restart mining at our Cloncurry Copper Project.

As shown in the initial GAM Reserve announcement, the fully permitted project presents an opportunity for a low capital expenditure and cash-generative opportunity. TNC will release an update on project economics for the expanded CCP on completion of the updated Great Australia Mine Reserve and the maiden Wallace North Reserve in early 2024.

We also plan to reinvest expected free cash flows into the further exploration and development of what we believe to be one of Australia’s most promising Critical Mineral Copper Projects – the Mt Oxide Project.


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.


TNC:AU
True North Copper

True North Copper Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

The Conversation (0)
True North Copper (ASX:TNC)

True North Copper


Keep reading...Show less
  Far Northern Resources

Far Northern Resources Limited (ASX: FNR) – Admission and Quotation

Description

Far Northern Resources Limited (‘FNR’) was admitted to the Official List of ASX on Wednesday, 10 April 2024. The securities of FNR will commence quotation at 11:00 AEST on Friday, 12 April 2024.

Keep reading...Show less
Culpeo Minerals

Compelling IP Chargeability Target Defined at Fortuna

Culpeo Minerals Limited (“Culpeo” or the “Company”) (ASX:CPO, OTCQB:CPORF) is pleased to announce, that a possible new third zone of copper sulphide mineralisation has been identified within the El Quillay copper trend at its Fortuna Project in Chile (Figure 1). Considerable exploration potential exists within the 3km long trend which hosts high-grade copper mineralisation in a series of parallel structures.

Keep reading...Show less
Miramar Resources

Gold and Nickel Exploration Update

Miramar Resources Limited (ASX:M2R, “Miramar” or “the Company”) is pleased to provide an update on exploration programmes planned for its Eastern Goldfields and Gascoyne region projects.

Keep reading...Show less
True North Copper (ASX:TNC)

True North’s Cloncurry Copper Project Offers Strong Returns, Upsides, Analyst Says

Description:

True North Copper (ASX:TNC) offers investors strong risk-adjusted returns from current prices and several upside from its Cloncurry copper project, according to a report published by Australian market research firm Morgans.

With its portfolio of complementary copper assets in a world-class mining district in Australia, Morgans’ analyst Tom Sartor believes the value of in-situ copper at TNC’s assets will increase in line with the copper market.

Keep reading...Show less
Miramar Resources

Capital Raising to Progress Bangemall Exploration and Drilling

Miramar Resources Limited (ASX:M2R, “Miramar” or “the Company”) is pleased to advise it has received firm commitments from new and existing sophisticated investors to raise approximately $546,600 (before costs) by way of a placement of shares and announces a non-renounceable rights issue for eligible Shareholders.

Keep reading...Show less
Culpeo Minerals (ASX:CPO, OTCQB:CPORF)

Culpeo Minerals


Keep reading...Show less
True North Copper

True North Copper Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

Latest Press Releases

Related News

×