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True North Copper Limited (ASX:TNC) (True North, TNC or the Company) is pleased to announce its advanced grade control drilling program at its copper-gold Wallace North project identified high grade zones of copper and gold mineralisation, which exceed the current updated resource model. Results are anticipated to have a positive impact on future resource estimates and open-pit designs.
HIGHLIGHTS
- Completed in September 2023, TNC’s Wallace North advanced grade control drilling program included 142 Reverse Circulation (RC) drillholes across 7,594m. The Wallace North Resource (Indicated and Inferred of 1.59Mt @ 1.29% Cu and 0.93 g/t Au)1 is on a fully permitted Mining Lease and is part of TNC’s Cloncurry Project. It is a target for near-term production.
- Results are still in the process of being interpreted. Initial assessment highlights multiple zones of higher grade than predicted. The results are anticipated to have a positive impact on future resource estimation and open-pit designs.
- Assays are pending for intercepts that remain open up or downhole and for those requiring QAQC checks. Final assay results of the program will feed into optimisation studies and early mine planning.
- Copper-gold (Cu-Au) shoots remain open at depth and will be a target for future drilling.
COMMENT
True North Copper’s Managing Director, Marty Costello said:
Results from the advanced grade control program further confirm our position Wallace North has the potential to deliver significant near-term value to the company, in an early production scenario.
These initial results confirm and, in some cases, exceed expected grades from comparisons to the current resource model. Not only do they indicate the potential to increase grade within the existing block model but also the potential to increase the overall resource.
With the return of all assays by the end of November 2023, mine optimisation and metallurgical studies will commence. These studies will assess the possibility of producing a copper-gold concentrate and will be finalised Q1 2024.
Wallace North is on a fully permitted Mining Lease, which allows near term development options to be assessed during the optimisation study phase. The Wallace North resource is an important part of our Cloncurry Project mining plans, with its near-term value reinforced through recent infill drilling and resource upgrade work completed across the resource.
Figure 1. WNR0017; 7.0m (5.6m*) @ 3.58% Cu and 3.96 g/t Au from 29.0m including 2.0m (1.6m*) @ 10.23% Cu and13.62g/t Au from 34.0m.
Figure 2. Location of the Wallace North Project (Wallace Complex) in relation to TNC’s and other projects in the area.Resource References: TNC GAM and Mt Norma: True North Copper. ASX (TNC): Release 16 June 2023, Prospectus; True North Copper. ASX (TNC): Release 28 February 2023, Acquisition of the True North Copper Assets. Rocklands: CuDECO. ASX: (CDU) Release 3 March 2016, Rocklands Feasibility Study. Greenmount: Moly Mines Ltd. ASX: (MOL) Release 28 May 2018, Annual General Meeting Presentation. Jericho: AIC Mines Ltd. ASX: (AIC) Release 06 February 2023, Jericho Mineral Resource. Eloise: AIC Mines Ltd. ASX: (AIC) Release 30 March 2023, Significant Increase in Mineral Resources and Ore Reserves at Eloise Copper Mine. Monakoff and E1: Glencore PLC. LON: (GLEN) Resources & Reserves Report 31 January 2023, Last retrieved 27 September 2023. Ernest Henry: Evolution Mining Ltd. ASX: (EVN) Release 16 February 2023, Annual Mineral Resources and Ore Reserves Statement. Copper String Project: Queensland Government. EIS document: Release September 2022, Copper String Project, Coordinator General’s evaluation report on the environmental Impact statement.
Wallace North - Advanced Grade Control Drilling
The Wallace North Advanced Grade control drilling was completed September 2023 and consisted of 142 RC holes for 7,594m drilled (Figure 3, Figure 4). These holes were drilled on a regular grid pattern on 15m centres at a nominal 60 degrees dip, orientated strike perpendicular and targeted the top ~55m of the Wallace North Au-Cu resource Resource (Ind. Inf. 1.59Mt @ 1.29% Cu and 0.93 g/t Au)1. All meters were pulverised, with 4,577 samples selected for assay at the lab based on PXRF analysis of RC chips returning >500ppm Cu. Assays results have all been received and are reported in this 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.
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