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True North Copper Limited (ASX:TNC) (True North, TNC or the Company) is pleased to announce an update to the Mineral Resource at Wallace North, part of its Cloncurry Copper Project (Queensland), following the completion of an Advanced Grade Control (AGC) drilling and historic core re-assay program.
HIGHLIGHTS
Summary of JANUARY 2024 Wallace North JORC 2012 Resource:
All figures are rounded to reflect the relative accuracy of the estimates. Totals may not sum due to rounding.
- Re-estimation using results from AGC drilling and re-assayed historic core has resulted in:
- A significant increase from 23% (October 2023) to 90% (January 2024) in Indicated Resource proportion.
- A 300% increase in Indicated Resources (0.36 Mt to 1.43 Mt) and increase in Indicated contained Cu metal of +280% (from 4.70 kt Cu to 17.88 kt Cu) and in Indicated Au ounces of +224% (from 9.93 koz Au to 32.18 koz Au) from the October 2023 Resource.
- A ~15% increase in contained copper tonnes from 20.55 kt Cu (October 2023) to 23.49 kt Cu.
- The January 2024 Resource is currently being used in the development of the initial Wallace North Mine Reserve, which will form part of the Cloncurry Copper Project.
- Recent positive exploration and development outcomes across the Great Australia Mine Reserve (GAM) and the Wallace North Resource resulted in the decision to combine both projects as part of the Cloncurry Copper Project mine plan (refer to TNC ASX Announcement, 12 December 2023, TNC green-lights Cloncurry mining restart plan).
COMMENT
True North Copper’s Managing Director, Marty Costello said:
“The recently completed Wallace North grade control drilling program has resulted in a significant 300% increase in Indicated mineral resources.
Having most of the mineral inventory (90%) now classified as Indicated Resources, greatly increases our confidence and allows for a conversion to Probable Reserves of the economically viable material following mine-design.
We look forward to announcing the Wallace North Reserve shortly and subsequently the finalised Cloncurry Copper Project mine plans.”
Figure 1. Location of the Wallace North Project (Wallace Complex) within context of the Cloncurry Copper Project.Resource References: Rocklands: CuDECO. ASX: (CDU) Release 3 March 2016, Rocklands Feasibility Study. Monakoff: Glencore PLC. LON: (GLEN) Resources & Reserves Report 31 January 2023, Last retrieved 27 September 2023.
Wallace North Resource Update Summary
TNC engaged Encompass Mining Pty Ltd (Encompass), to update the geological model and mineral resource for the Wallace North (Cu /Au) deposit to include 142 advanced grade control reverse circulation (RC) holes for 7,594m completed by TNC in September 2023 (refer to TNC ASX Announcement, 7 November 2023, Wallace North AGC drilling hits 14.05% Cu, 25.70g/t Au; and Figure 2 & Figure 3) and 14 historic holes for 731 samples where results had been received for a TNC resampling program of historical diamond drillholes with QAQC issue (see JORC Table 1 for more details; Figure 2 & Figure 3).
The updated Wallace North Copper Project Mineral Resource (Table 1) has been classified and reported in accordance with the JORC Code, 2012 edition. Resource classification is based on confidence in the geological domaining, drill spacing and geostatistical measures. The Resource has been reported with Indicated and Inferred levels of confidence mainly based on robustness of mineralisation, data density and an overall Cu mineralisation envelope.
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TNC:AU
Cyprium Metals
Investor Insight
Cyprium Metals presents a compelling investment opportunity as a near-term copper producer with a well-defined strategy to generate early cash flow while scaling up production. The company’s brownfield assets, strategic partnerships, and disciplined capital management position it as an undervalued player in Australia’s growing copper market.
Overview
Cyprium Metals (ASX:CYM,OTC:CYPMF) is an Australian copper-focused exploration and development company dedicated to reviving brownfield assets with a clear path to production. The company’s primary focus is on the redevelopment of the Nifty copper complex, a historically productive copper mine in Western Australia, positioned for near-term production and long-term growth.
Nifty’s robust resource base, combined with strategic partnerships and a disciplined execution strategy, provides Cyprium with a strong foundation for scaling copper production. Advancing towards full copper production is the next strategic step, with plans to produce over 38,000 tons per annum through both cathode and concentrate production.
The company is also advancing the Maroochydore copper-cobalt project, located 70 km from Nifty, which further strengthens its asset portfolio in Paterson Province.
By prioritizing capital efficiency, operational excellence and commercial partnerships, Cyprium aims to deliver sustained value to shareholders while addressing the growing demand for copper in the global energy transition. Cyprium Metals is guided by a seasoned leadership team with deep experience in mine development, corporate strategy, and financial execution.
Company Highlights
- Cyprium Metals is redeveloping the Nifty Copper Complex, a historically significant copper operation with both oxide and sulphide resources, offering a low-risk pathway to production.
- The flagship Nifty copper mine has a mineral resource estimate of 1.04 million tons of copper and an additional 91,000 tons in leach pads, the project has substantial near-term revenue potential.
- The reprocessing of existing heap leach pads at Nifty offers a low-cost, high-margin opportunity to generate early-stage revenue and fund further project development.
- Macmahon Holdings is leading the bankable feasibility study under an early contractor involvement model, contributing internal resources to optimize the project’s execution.
- Offtake and financing agreements secured with Glencore, providing financial stability and downstream integration for copper sales.
- Led by executive chairman Matt Fifield, Cyprium’s team includes seasoned mine builders and financial strategists with extensive experience in copper development and operations.
- Trading at a fraction of its asset value, Cyprium presents a compelling investment opportunity, with limited equity research coverage despite its strong fundamentals and near-term production timeline.
Key Projects
Nifty Copper Complex
The Nifty copper mine is Cyprium’s flagship project, boasting a well-defined resource and established infrastructure that significantly reduces the capital intensity of restarting operations. With a resource base of 1.04 million tons of contained copper, the project offers a 20+ year mine life with brownfield expansion opportunities.
A key advantage of Nifty is the near-term revenue potential from reprocessing 91,000 tons of copper in existing heap leach pads. Macmahon Holdings is leading the bankable feasibility study execution. The company is also working in collaboration with strategic partner Glencore to secure offtake agreements and financial support.
Nifty heap leach pads
The production strategy involves an initial focus on heap leach processing, followed by a full-scale restart of open-pit mining and concentrator operations with plans to produce over 38,000 tons per annum through both cathode and concentrate production. The asset is projected to generate AU$4 billion EBITDA over its lifecycle, with a five-year payback period.
Maroochydore Copper-Cobalt Project
The Maroochydore copper-cobalt project is positioned as Cyprium’s next growth asset, complementing Nifty and enhancing the company’s regional production capacity. This asset holds a resource base of 712,000 tons of copper, with recently updated mineral resource estimates confirming further expansion potential. Located just 70 km from Nifty, Maroochydore benefits from shared infrastructure and operational synergies, strengthening its strategic value within Cyprium’s portfolio.
Management Team
Matt Fifield – Executive Chairman
Matt Fifield is a proven leader in corporate turnarounds and resource development, instrumental in repositioning Cyprium as a growth-focused copper producer. He is the managing director of Pacific Road Capital, a leading resource investment firm that has managed over $1 billion in funds raised to develop and enhance resource companies around the world. Fifield has participated in over $10 billion of capital raising and M&A transactions across his career and is a leading voice on responsible resource investing. He is a frequent speaker and contributor around issues of sustainable development practices.
Colin Mackey – Chief Operating Officer
Colin Mackey has extensive experience in mine operations and development, overseeing the Nifty restart strategy. A mining engineer by background, Mackey has worked with Goldfields, BHP and Theiss, before joining Rio Tinto in 2003, where he led the construction, development and operational improvement of multiple mining operations within the company’s portfolio. His most recent role was as managing director of Jadar and European operations for Rio Tinto. Mackey is a member of the Institute of Materials, Minerals and Mining and the Australian Institute of Company Directors.
Louis Chait – Chief Commercial Officer
Louis Chait is the former CFO of Glencore Copper, bringing deep financial and commercial expertise. He is a highly experienced corporate executive with more than 25 years’ experience in the global resources industry, having worked across senior business development and finance positions at Xstrata and Guildford Coal. He brings extensive commercial experience and skills in establishing successful, highly efficient operations in multiple jurisdictions. Chait is a member of Chartered Accountants, Australia and New Zealand.
Manu Trivedi – Interim CFO
Manu Triverdi is a chartered accountant and a CPA with 16 years of experience in financial and business strategies, controllership, compliance and leadership across various industries covering mining, power generation and retail, hospitality, commodities trading and education. Trivedi previously worked as group financial controller for tungsten miner Masan Resources, and has held other senior finance positions for mining projects in South Africa.
Peter van Luyt – Chief Geologist
Peter van Luyt is a geologist with 30 years’ experience in mining, development and exploration geology. He commenced his career as a mine geologist working in gold mines. Since 2004, he has been a contract and consultant geologist specialising in the development of and exploration for base metals and gold projects in Australia, Papua New Guinea and Canada.
