TNC Hits Two Intersects of 26.20m @ 4.45% Cu and 46.60m @ 2.18% Cu, Vero Resource, Mt Oxide

True North Copper Limited (ASX:TNC) (True North, TNC or the Company) is pleased to report further phenomenal assay results from drillhole MOXD225, drilled as part of an initial Vero Resource drilling program. The Vero Resource is part of TNC’s 100% owned Mt Oxide Project (located 140km north of Mount Isa, Queensland, see Figure 1).

HIGHLIGHTS

• MOXD225 intercepted two wide intervals of high-grade copper mineralisation. Highlights include
  • 26.20m (16.48m*) @ 4.45% Cu, 42.9g/t Ag and 1,964 ppm Co from 258.80m
    • 10.90m (6.87m*) @ 7.32% Cu, 72.2g/t Ag and 2,915 ppm Co from 265.50m
  • 46.60m (34.02m*) @ 2.18% Cu, 26.3g/t Ag and 487 ppm Co from 352.50m
    • 4.20m (3.07m*) @ 11.15% Cu, 129.5g/t Ag and 135 ppm Co from 352.50m
• MOXD223 intercepted strong pyrite mineralisation with chalcopyrite and chalcocite best intercepts include:
  • 4.20m (3.02m*) @ 2.72% Cu, 32.4g/t Ag and 173 ppm Co from 231.25m
  • 6.50m (4.68m*) @ 1.40% Cu, 13.4g/t Ag and 62 ppm Co from 364.50m
• Results continue to confirm the Vero Resource hosts a large-scale, copper-cobalt-silver system with multiple, wide high- grade Cu-Co steeply dipping shoots and lenses.
• 3D geological interpretation, which will be used in resource estimation updating, will commence once all assay results have been returned. Metallurgical sampling is in progress.
• Assays for the final drillhole MOXD226A are expected by late November 2023.

COMMENT

True North Copper Managing Director, Marty Costello said:

We are thrilled to share these outstanding results from our recent Vero drilling program. The intersections in MOXD225 reveal remarkably high-grade copper and cobalt lenses, with two intersections impressively both returning over 100 Cu% m (downhole width by copper grade).

We are in the process of constructing a new geological model that will inform Vero Resource re-estimation and advance ongoing mining studies. Metallurgical sampling and test program design is also progressing as we continue to maximise the Mt Oxide Project’s highly prospective potential.

Assay results continue to confirm the Vero Resource’s phenomenal mineralisation. However, we are also committed to strategic exploration across the entire Mt Oxide Project and identifying other high-grade copper, cobalt and silver deposits.

We look forward to updating our shareholders with the remaining assay results from the Vero Resource drilling program.

Figure 1. Location and regional geological framework Mt Oxide Project

Summary of Drill Intersections

Drillholes MOXD222-225

MOXD222-225 were drilled in August and September 2023 (Figure 2) with the aim of extending the steeply dipping high grade breccia style mineralisation down dip and along strike as well as infilling the shallowly dipping stratiform replacement and stockwork vein style mineralisation at the Vero Copper-Silver-Cobalt 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 MOXD223, MOXD224 and MOXD225 confirm the grade and tenor of the shallow flat lying mineralisation and intercepts from MOXD225 have infilled the steep mineralisation at an approximately 25m spacing (Table 1). These intercepts will likely have a positive impact on the confidence and contained metal in future resource estimates.

MOXD226A – final drillhole of Vero Resource drilling program

Assay results from the final hole in TNCs initial drilling program at the Vero Resource MOXD226A, which also intercepted exceptional visual copper mineralisation1, are expected in late November. Visual estimates (as previously announced 23 October 20231) from MOXD226A include:

• 70.75m* from 224.55m consisting of four sub domains highlights include:
  • 19.60m* from 224.55m with vis. est. of 2-3% chalcocite, 0.3% covellite and 6% pyrite
  • 21.15m* from 244.15m with vis. est. of 1-2% chalcopyrite, 1% bornite, 0.5% chalcocite, 0.5% covellite and 4% pyrite
  • 18.95m* from 276.35m with vis. est. of 2% chalcocite, 2% covellite, and 13% pyrite
• 8.15m* from 343.15m with vis. est. 4% chalcocite, 1% covellite, 1-2% pyrite

Following receipt of final assays, 3D geological interpretation will commence to feed into future resource estimations. Metallurgical sampling and test program design has commenced. Surface geological and geochemical exploration is in planning stages and expected to commence Q4 2023.

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