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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.
TNC:AU
Loyal to Acquire the High-Grade Highway Reward Copper Gold Mine
Key Highlights
- Loyal secures binding option to acquire the Highway Reward Copper Gold Mine in Queensland, Australia - one of the world’s highest-grade copper mines, with past production totalling 3.65Mt at 5.7% Cu and 260kt at 4.5 g/t Au.
- The acquisition is the first step in Loyal’s 2025 Strategic Plan to broaden its critical minerals portfolio into copper.
- No exploration has been conducted on the granted mining leases since operations ceased in July 2005 despite a ~680% increase in copper prices and a ~1,256% increase in gold prices since the 1997 feasibility study.
- Significant increase in copper and gold prices, combined with the previous exclusion of gold in sulphides from the mine plan, highlights the enhanced remnant copper-gold potential.
- Exploration potential for new discoveries both along strike and at depth, as previous mining only reached depths of 220 metres for open pit and 390 metres for underground operations, with limited exploration beyond mined zones.
- With $4.4 million in funding, Loyal is well-positioned to revisit the high-grade Highway Reward Copper Gold Mine by deploying modern exploration techniques. With global initiatives to enhance energy grids and no USA tariffs on Australian copper, the outlook for copper is strong and unencumbered.
Loyal‘s Managing Director, Mr. Adam Ritchie, commented:
"We are thrilled to secure this incredibly rare opportunity for our current and future Loyal investors. The Highway Reward Copper Gold Mine, considered one of the highest-grade copper mines in the world, is now primed for a revisit after 20 years of dormancy.
The granted mining leases of the Highway Reward mine provide an amazing speed to market opportunity - especially when both copper and gold are near all-time highs. The short-term and long-term opportunities at Highway Reward are exciting, considering the significant growth in commodity prices since the 1997 feasibility study. Copper is driving our electric future and gold continues to play an important role in our global economy.
Whilst a lot has changed in the past 28 years, the unwavering demand for copper and gold has only intensified. This is truly an amazing opportunity to unlock and showcase the immense potential of this forgotten mine. With modern technology and innovative mining techniques, we believe the Highway Reward Copper Gold Mine will provide exceptional value and returns to our Loyal shareholders."
Figure 1 Highway Reward Copper Gold Mine: Located 37 km south of Charters Towers within the Mount Windsor Volcanic Belt. Accessible via an all-weather highway, 172 km from the Port of Townsville, Queensland, Australia.
The Highway Reward Copper Gold Mine is located only 37 km from the active mining town of Charters Towers in Queensland, Australia, within the Mount Windsor Volcanic Belt. This area is renowned for its rich history in copper and gold mining, with strong social license support for mining activities. It features large-scale mining operations such as, Newmont’s 3.2 Moz Mt Leyshon gold mine and Yuxin Holding’s 3.4 Moz Pajingo gold mine. The region is close to the polymetallic, Thalanga Processing Plant and the Mount Carlton Processing Plant, with road and rail to Glencore’s Mount Isa copper hub, Townsville copper refinery and the Port of Townsville.
With the growth in commodity prices and advancements in exploration and mining technologies, the potential for remnant copper-gold mining has significantly improved. Previous mining operations targeted copper within chalcopyrite, while gold associated with both chalcopyrite and pyrite was excluded from the mine plan. With lower copper equivalent cut-off grades (copper & gold), higher continuity of copper-gold can be drill tested to demonstrate the reasonable prospects for eventual economic extraction and mineral resource potential.
Graph 1: Highway Reward Copper Gold Mine - mining ceased in July 2005: 28 Years of Commodity Growth
Significant potential will be assessed and areas tested for copper-gold extensions to subvertical trends, that may exist below current mining levels at the Highway Reward Copper-Gold Mine. The previously mined, copper-gold rich pipes will also be assessed for drill testing along strike (Figure 2). Previous mining and surface mapping geological observations illustrate that high- grade copper-gold pipes have been identified in dacite, rhyolite, and volcaniclastic host rocks, therefore strong prospectivity exists for discovering additional pipes beyond the historically mined zones in all rock types on the property, except recent overlying sediments that conceal the basement host rocks (Figure 2). No modern advanced geophysical techniques or data processing methods have yet been applied to assess this potential.
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This article includes content from Loyal Metals Limited, 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.
