TNC Increases Wallace North Resource

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).

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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